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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 811-00215
Fidelity Hastings Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 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
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Date of fiscal year end:
| June 30
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Date of reporting period:
| June 30, 2026
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Item 1.
Reports to Stockholders
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ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
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Fidelity® Series Large Cap Stock Fund
Fidelity® Series Large Cap Stock Fund : FGLGX
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This annual shareholder report contains information about Fidelity® Series Large Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Series Large Cap Stock Fund
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$ 0 A
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0.00%B
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A Amount represents less than $.50
B Amount represents less than 0.005%
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, especially within industrials. An overweight in energy also boosted relative performance. Also lifting the fund's relative result were stock picks in communication services, primarily within the media & entertainment industry.
•The top individual relative contributor was an overweight in GE Vernova (+119%). This period we decreased our stake in GE Vernova. The company was one of the fund's largest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of our biggest holdings. An underweight in Netflix (-47%) also helped. This was a stake we established this period.
•In contrast, the biggest detractors from performance versus the benchmark were stock picks and an underweight in information technology, primarily within the technology hardware & equipment industry. An overweight in financials also hampered the fund's result. Also detracting from our result were picks in consumer discretionary. Lastly, the fund's position in cash detracted.
•Not owning Advanced Micro Devices, a benchmark component that gained roughly 309%, was the biggest individual relative detractor. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boston Scientific (-60%) also hurt.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Fidelity® Series Large Cap Stock Fund
|
$10,000
|
$12,115
|
$13,489
|
$14,276
|
$14,300
|
$21,315
|
$19,302
|
$23,747
|
$30,422
|
$37,241
|
$46,877
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Fidelity® Series Large Cap Stock Fund
|
25.88%
|
17.07%
|
16.71%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit www.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$29,154,341,218
|
|
Number of Holdings
|
176
|
|
Total Advisory Fee
|
$0
|
|
Portfolio Turnover
|
26%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
26.0
|
|
Industrials
|
17.2
|
|
Financials
|
12.4
|
|
Health Care
|
9.9
|
|
Communication Services
|
9.3
|
|
Consumer Discretionary
|
6.4
|
|
Energy
|
6.3
|
|
Consumer Staples
|
5.3
|
|
Materials
|
0.9
|
|
Utilities
|
0.7
|
|
Real Estate
|
0.7
|
|
|
|
Common Stocks
|
94.9
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.9
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 94.9
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.9
|
|
|
United States
|
92.8
|
United Kingdom
|
2.0
|
Canada
|
1.8
|
Belgium
|
1.2
|
Taiwan
|
1.1
|
Netherlands
|
0.8
|
France
|
0.1
|
Sweden
|
0.1
|
Italy
|
0.1
|
Portugal
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
United Kingdom - 2.0
|
|
|
Canada - 1.8
|
|
|
Belgium - 1.2
|
|
|
Taiwan - 1.1
|
|
|
Netherlands - 0.8
|
|
|
France - 0.1
|
|
|
Sweden - 0.1
|
|
|
Italy - 0.1
|
|
|
Portugal - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
7.8
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.4
|
|
Microsoft Corp
|
4.2
|
|
Wells Fargo & Co
|
3.8
|
|
GE Vernova Inc
|
3.6
|
|
Alphabet Inc Class A
|
3.4
|
|
Amazon.com Inc
|
3.3
|
|
Apple Inc
|
3.2
|
|
Exxon Mobil Corp
|
2.9
|
|
|
|
41.2
|
|
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. © 2026 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
1.9913361.102 2457-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Mega Cap Stock Fund
Fidelity® Mega Cap Stock Fund : FGRTX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Mega Cap Stock Fund
|
$ 65
|
0.58%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, especially within industrials. Stock selection in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks and an overweight in energy.
•The top individual relative contributor was an overweight in GE Vernova (+119%). The company was among the fund's biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of the fund's top holdings. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 112% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the technology hardware & equipment industry. Also hurting our result was stock selection in health care and real estate, primarily within the equity real estate investment trusts industry. Lastly, the fund's position in cash detracted.
•The largest individual relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained roughly 309%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boeing (+3%) also detracted. The company was one of our largest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Fidelity® Mega Cap Stock Fund
|
$10,000
|
$12,087
|
$13,401
|
$14,382
|
$14,683
|
$22,019
|
$19,598
|
$24,392
|
$31,328
|
$37,600
|
$46,780
|
Russell Top 200® Index
|
$10,000
|
$11,865
|
$13,694
|
$15,185
|
$16,886
|
$23,776
|
$21,052
|
$25,447
|
$32,425
|
$37,543
|
$45,836
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Fidelity® Mega Cap Stock Fund
|
24.41%
|
16.27%
|
16.68%
|
Russell Top 200® Index
|
22.09%
|
14.03%
|
16.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit www.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,992,194,569
|
|
Number of Holdings
|
116
|
|
Total Advisory Fee
|
$31,547,841
|
|
Portfolio Turnover
|
16%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
29.8
|
|
Industrials
|
15.3
|
|
Financials
|
12.0
|
|
Communication Services
|
10.9
|
|
Health Care
|
8.2
|
|
Consumer Discretionary
|
6.7
|
|
Energy
|
6.6
|
|
Consumer Staples
|
5.4
|
|
Utilities
|
0.6
|
|
Materials
|
0.3
|
|
Real Estate
|
0.2
|
|
|
|
Common Stocks
|
95.8
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.8
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
|
|
|
United States
|
93.1
|
United Kingdom
|
2.0
|
Taiwan
|
1.5
|
Canada
|
1.5
|
Belgium
|
0.8
|
Netherlands
|
0.6
|
Sweden
|
0.3
|
France
|
0.2
|
Brazil
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 93.1
|
|
|
United Kingdom - 2.0
|
|
|
Taiwan - 1.5
|
|
|
Canada - 1.5
|
|
|
Belgium - 0.8
|
|
|
Netherlands - 0.6
|
|
|
Sweden - 0.3
|
|
|
France - 0.2
|
|
|
Brazil - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
8.9
|
|
Microsoft Corp
|
5.0
|
|
Apple Inc
|
4.7
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.3
|
|
Amazon.com Inc
|
4.1
|
|
Wells Fargo & Co
|
4.1
|
|
Alphabet Inc Class A
|
4.0
|
|
GE Vernova Inc
|
3.8
|
|
Alphabet Inc Class C
|
3.4
|
|
|
|
46.9
|
|
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. © 2026 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
1.9913359.102 361-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Mega Cap Stock Fund
Fidelity Advisor® Mega Cap Stock Fund Class Z : FZALX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 53
|
0.47%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, especially within industrials. Stock selection in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks and an overweight in energy.
•The top individual relative contributor was an overweight in GE Vernova (+119%). The company was among the fund's biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of the fund's top holdings. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 112% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the technology hardware & equipment industry. Also hurting our result was stock selection in health care and real estate, primarily within the equity real estate investment trusts industry. Lastly, the fund's position in cash detracted.
•The largest individual relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained roughly 309%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boeing (+3%) also detracted. The company was one of our largest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Class Z
|
$10,000
|
$12,096
|
$13,438
|
$14,442
|
$14,756
|
$22,154
|
$19,735
|
$24,593
|
$31,624
|
$37,993
|
$47,322
|
Russell Top 200® Index
|
$10,000
|
$11,865
|
$13,694
|
$15,185
|
$16,886
|
$23,776
|
$21,052
|
$25,447
|
$32,425
|
$37,543
|
$45,836
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class Z
|
24.55%
|
16.39%
|
16.82%
|
Russell Top 200® Index
|
22.09%
|
14.03%
|
16.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,992,194,569
|
|
Number of Holdings
|
116
|
|
Total Advisory Fee
|
$31,547,841
|
|
Portfolio Turnover
|
16%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
29.8
|
|
Industrials
|
15.3
|
|
Financials
|
12.0
|
|
Communication Services
|
10.9
|
|
Health Care
|
8.2
|
|
Consumer Discretionary
|
6.7
|
|
Energy
|
6.6
|
|
Consumer Staples
|
5.4
|
|
Utilities
|
0.6
|
|
Materials
|
0.3
|
|
Real Estate
|
0.2
|
|
|
|
Common Stocks
|
95.8
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.8
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
|
|
|
United States
|
93.1
|
United Kingdom
|
2.0
|
Taiwan
|
1.5
|
Canada
|
1.5
|
Belgium
|
0.8
|
Netherlands
|
0.6
|
Sweden
|
0.3
|
France
|
0.2
|
Brazil
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 93.1
|
|
|
United Kingdom - 2.0
|
|
|
Taiwan - 1.5
|
|
|
Canada - 1.5
|
|
|
Belgium - 0.8
|
|
|
Netherlands - 0.6
|
|
|
Sweden - 0.3
|
|
|
France - 0.2
|
|
|
Brazil - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
8.9
|
|
Microsoft Corp
|
5.0
|
|
Apple Inc
|
4.7
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.3
|
|
Amazon.com Inc
|
4.1
|
|
Wells Fargo & Co
|
4.1
|
|
Alphabet Inc Class A
|
4.0
|
|
GE Vernova Inc
|
3.8
|
|
Alphabet Inc Class C
|
3.4
|
|
|
|
46.9
|
|
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. © 2026 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
1.9913358.102 2537-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Mega Cap Stock Fund
Fidelity Advisor® Mega Cap Stock Fund Class M : FTGRX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 124
|
1.11%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, especially within industrials. Stock selection in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks and an overweight in energy.
•The top individual relative contributor was an overweight in GE Vernova (+119%). The company was among the fund's biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of the fund's top holdings. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 112% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the technology hardware & equipment industry. Also hurting our result was stock selection in health care and real estate, primarily within the equity real estate investment trusts industry. Lastly, the fund's position in cash detracted.
•The largest individual relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained roughly 309%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boeing (+3%) also detracted. The company was one of our largest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000 and the current sales charge was paid.
Class M
|
$9,650
|
$11,596
|
$12,794
|
$13,663
|
$13,867
|
$20,688
|
$18,320
|
$22,673
|
$28,978
|
$34,583
|
$42,802
|
Russell Top 200® Index
|
$10,000
|
$11,865
|
$13,694
|
$15,185
|
$16,886
|
$23,776
|
$21,052
|
$25,447
|
$32,425
|
$37,543
|
$45,836
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class M (incl. 3.50% sales charge)
|
19.44%
|
14.83%
|
15.65%
|
Class M (without 3.50% sales charge)
|
23.77%
|
15.65%
|
16.06%
|
Russell Top 200® Index
|
22.09%
|
14.03%
|
16.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,992,194,569
|
|
Number of Holdings
|
116
|
|
Total Advisory Fee
|
$31,547,841
|
|
Portfolio Turnover
|
16%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
29.8
|
|
Industrials
|
15.3
|
|
Financials
|
12.0
|
|
Communication Services
|
10.9
|
|
Health Care
|
8.2
|
|
Consumer Discretionary
|
6.7
|
|
Energy
|
6.6
|
|
Consumer Staples
|
5.4
|
|
Utilities
|
0.6
|
|
Materials
|
0.3
|
|
Real Estate
|
0.2
|
|
|
|
Common Stocks
|
95.8
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.8
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
|
|
|
United States
|
93.1
|
United Kingdom
|
2.0
|
Taiwan
|
1.5
|
Canada
|
1.5
|
Belgium
|
0.8
|
Netherlands
|
0.6
|
Sweden
|
0.3
|
France
|
0.2
|
Brazil
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 93.1
|
|
|
United Kingdom - 2.0
|
|
|
Taiwan - 1.5
|
|
|
Canada - 1.5
|
|
|
Belgium - 0.8
|
|
|
Netherlands - 0.6
|
|
|
Sweden - 0.3
|
|
|
France - 0.2
|
|
|
Brazil - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
8.9
|
|
Microsoft Corp
|
5.0
|
|
Apple Inc
|
4.7
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.3
|
|
Amazon.com Inc
|
4.1
|
|
Wells Fargo & Co
|
4.1
|
|
Alphabet Inc Class A
|
4.0
|
|
GE Vernova Inc
|
3.8
|
|
Alphabet Inc Class C
|
3.4
|
|
|
|
46.9
|
|
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. © 2026 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
1.9913356.102 2037-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Mega Cap Stock Fund
Fidelity Advisor® Mega Cap Stock Fund Class I : FTRIX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 67
|
0.59%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, especially within industrials. Stock selection in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks and an overweight in energy.
•The top individual relative contributor was an overweight in GE Vernova (+119%). The company was among the fund's biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of the fund's top holdings. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 112% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the technology hardware & equipment industry. Also hurting our result was stock selection in health care and real estate, primarily within the equity real estate investment trusts industry. Lastly, the fund's position in cash detracted.
•The largest individual relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained roughly 309%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boeing (+3%) also detracted. The company was one of our largest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Class I
|
$10,000
|
$12,084
|
$13,397
|
$14,380
|
$14,673
|
$22,006
|
$19,584
|
$24,368
|
$31,299
|
$37,559
|
$46,730
|
Russell Top 200® Index
|
$10,000
|
$11,865
|
$13,694
|
$15,185
|
$16,886
|
$23,776
|
$21,052
|
$25,447
|
$32,425
|
$37,543
|
$45,836
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class I
|
24.42%
|
16.26%
|
16.67%
|
Russell Top 200® Index
|
22.09%
|
14.03%
|
16.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,992,194,569
|
|
Number of Holdings
|
116
|
|
Total Advisory Fee
|
$31,547,841
|
|
Portfolio Turnover
|
16%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
29.8
|
|
Industrials
|
15.3
|
|
Financials
|
12.0
|
|
Communication Services
|
10.9
|
|
Health Care
|
8.2
|
|
Consumer Discretionary
|
6.7
|
|
Energy
|
6.6
|
|
Consumer Staples
|
5.4
|
|
Utilities
|
0.6
|
|
Materials
|
0.3
|
|
Real Estate
|
0.2
|
|
|
|
Common Stocks
|
95.8
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.8
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
|
|
|
United States
|
93.1
|
United Kingdom
|
2.0
|
Taiwan
|
1.5
|
Canada
|
1.5
|
Belgium
|
0.8
|
Netherlands
|
0.6
|
Sweden
|
0.3
|
France
|
0.2
|
Brazil
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 93.1
|
|
|
United Kingdom - 2.0
|
|
|
Taiwan - 1.5
|
|
|
Canada - 1.5
|
|
|
Belgium - 0.8
|
|
|
Netherlands - 0.6
|
|
|
Sweden - 0.3
|
|
|
France - 0.2
|
|
|
Brazil - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
8.9
|
|
Microsoft Corp
|
5.0
|
|
Apple Inc
|
4.7
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.3
|
|
Amazon.com Inc
|
4.1
|
|
Wells Fargo & Co
|
4.1
|
|
Alphabet Inc Class A
|
4.0
|
|
GE Vernova Inc
|
3.8
|
|
Alphabet Inc Class C
|
3.4
|
|
|
|
46.9
|
|
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. © 2026 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
1.9913357.102 2038-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Mega Cap Stock Fund
Fidelity Advisor® Mega Cap Stock Fund Class C : FGRCX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 182
|
1.63%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, especially within industrials. Stock selection in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks and an overweight in energy.
•The top individual relative contributor was an overweight in GE Vernova (+119%). The company was among the fund's biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of the fund's top holdings. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 112% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the technology hardware & equipment industry. Also hurting our result was stock selection in health care and real estate, primarily within the equity real estate investment trusts industry. Lastly, the fund's position in cash detracted.
•The largest individual relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained roughly 309%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boeing (+3%) also detracted. The company was one of our largest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Class C
|
$10,000
|
$11,959
|
$13,132
|
$13,951
|
$14,098
|
$20,908
|
$18,420
|
$22,678
|
$28,828
|
$34,486
|
$42,793
|
Russell Top 200® Index
|
$10,000
|
$11,865
|
$13,694
|
$15,185
|
$16,886
|
$23,776
|
$21,052
|
$25,447
|
$32,425
|
$37,543
|
$45,836
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class C (incl. contingent deferred sales charge)
|
22.13%
|
15.05%
|
15.65%
|
Class C
|
23.13%
|
15.05%
|
15.65%
|
Russell Top 200® Index
|
22.09%
|
14.03%
|
16.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,992,194,569
|
|
Number of Holdings
|
116
|
|
Total Advisory Fee
|
$31,547,841
|
|
Portfolio Turnover
|
16%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
29.8
|
|
Industrials
|
15.3
|
|
Financials
|
12.0
|
|
Communication Services
|
10.9
|
|
Health Care
|
8.2
|
|
Consumer Discretionary
|
6.7
|
|
Energy
|
6.6
|
|
Consumer Staples
|
5.4
|
|
Utilities
|
0.6
|
|
Materials
|
0.3
|
|
Real Estate
|
0.2
|
|
|
|
Common Stocks
|
95.8
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.8
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
|
|
|
United States
|
93.1
|
United Kingdom
|
2.0
|
Taiwan
|
1.5
|
Canada
|
1.5
|
Belgium
|
0.8
|
Netherlands
|
0.6
|
Sweden
|
0.3
|
France
|
0.2
|
Brazil
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 93.1
|
|
|
United Kingdom - 2.0
|
|
|
Taiwan - 1.5
|
|
|
Canada - 1.5
|
|
|
Belgium - 0.8
|
|
|
Netherlands - 0.6
|
|
|
Sweden - 0.3
|
|
|
France - 0.2
|
|
|
Brazil - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
8.9
|
|
Microsoft Corp
|
5.0
|
|
Apple Inc
|
4.7
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.3
|
|
Amazon.com Inc
|
4.1
|
|
Wells Fargo & Co
|
4.1
|
|
Alphabet Inc Class A
|
4.0
|
|
GE Vernova Inc
|
3.8
|
|
Alphabet Inc Class C
|
3.4
|
|
|
|
46.9
|
|
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. © 2026 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
1.9913355.102 2036-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Mega Cap Stock Fund
Fidelity Advisor® Mega Cap Stock Fund Class A : FGTAX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 97
|
0.86%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, especially within industrials. Stock selection in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also contributing to our result were stock picks and an overweight in energy.
•The top individual relative contributor was an overweight in GE Vernova (+119%). The company was among the fund's biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+46%). The stock was one of the fund's top holdings. A non-benchmark stake in Taiwan Semiconductor Manufacturing gained about 112% and notably helped.
•In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the technology hardware & equipment industry. Also hurting our result was stock selection in health care and real estate, primarily within the equity real estate investment trusts industry. Lastly, the fund's position in cash detracted.
•The largest individual relative detractor this period was avoiding Advanced Micro Devices, a benchmark component that gained roughly 309%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained about 523%. An overweight in Boeing (+3%) also detracted. The company was one of our largest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and consumer staples sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000 and the current sales charge was paid.
Class A
|
$9,425
|
$11,356
|
$12,561
|
$13,438
|
$13,678
|
$20,463
|
$18,161
|
$22,538
|
$28,878
|
$34,546
|
$42,868
|
Russell Top 200® Index
|
$10,000
|
$11,865
|
$13,694
|
$15,185
|
$16,886
|
$23,776
|
$21,052
|
$25,447
|
$32,425
|
$37,543
|
$45,836
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class A (incl. 5.75% sales charge)
|
16.95%
|
14.57%
|
15.67%
|
Class A (without 5.75% sales charge)
|
24.09%
|
15.94%
|
16.35%
|
Russell Top 200® Index
|
22.09%
|
14.03%
|
16.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit institutional.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,992,194,569
|
|
Number of Holdings
|
116
|
|
Total Advisory Fee
|
$31,547,841
|
|
Portfolio Turnover
|
16%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
29.8
|
|
Industrials
|
15.3
|
|
Financials
|
12.0
|
|
Communication Services
|
10.9
|
|
Health Care
|
8.2
|
|
Consumer Discretionary
|
6.7
|
|
Energy
|
6.6
|
|
Consumer Staples
|
5.4
|
|
Utilities
|
0.6
|
|
Materials
|
0.3
|
|
Real Estate
|
0.2
|
|
|
|
Common Stocks
|
95.8
|
Preferred Stocks
|
0.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.8
|
|
|
Preferred Stocks - 0.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
|
|
|
United States
|
93.1
|
United Kingdom
|
2.0
|
Taiwan
|
1.5
|
Canada
|
1.5
|
Belgium
|
0.8
|
Netherlands
|
0.6
|
Sweden
|
0.3
|
France
|
0.2
|
Brazil
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 93.1
|
|
|
United Kingdom - 2.0
|
|
|
Taiwan - 1.5
|
|
|
Canada - 1.5
|
|
|
Belgium - 0.8
|
|
|
Netherlands - 0.6
|
|
|
Sweden - 0.3
|
|
|
France - 0.2
|
|
|
Brazil - 0.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
8.9
|
|
Microsoft Corp
|
5.0
|
|
Apple Inc
|
4.7
|
|
Boeing Co
|
4.6
|
|
GE Aerospace
|
4.3
|
|
Amazon.com Inc
|
4.1
|
|
Wells Fargo & Co
|
4.1
|
|
Alphabet Inc Class A
|
4.0
|
|
GE Vernova Inc
|
3.8
|
|
Alphabet Inc Class C
|
3.4
|
|
|
|
46.9
|
|
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. © 2026 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
1.9913354.102 2034-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
This report describes changes to the Fund that occurred during the reporting period.
|
|
|
Fidelity® Growth Discovery Fund
Fidelity® Growth Discovery Fund : FDSVX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Growth Discovery Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Growth Discovery Fund
|
$ 59
|
0.53%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, led by information technology. Picks in communication services also boosted relative performance. Also bolstering our relative result was an overweight in industrials, primarily within the capital goods industry.
•The top individual relative contributor was a non-benchmark stake in SK Hynix (+817%). This was an investment we established this period. The second-largest relative contributor was a non-benchmark stake in Taiwan Semiconductor Manufacturing (+110%). The company was among our biggest holdings. An overweight in Marvell Technology (+282%) also helped. This was a stake we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer discretionary. Security selection and an overweight in health care also hampered the fund's result. Also hurting was an underweight in information technology, primarily within the technology hardware & equipment industry.
•The biggest individual relative detractor was an underweight in Apple (+42%). The stock was one of the fund's biggest holdings. A second notable relative detractor was a stake in Advanced Micro Devices (+181%). This was an investment we established this period. The stock was one of our biggest holdings at period end. An underweight in Tesla (+32%) also detracted. This was a stake we established this period. The stock was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the materials and information technology sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Fidelity® Growth Discovery Fund
|
$10,000
|
$12,508
|
$15,377
|
$16,966
|
$21,265
|
$30,431
|
$25,226
|
$30,640
|
$41,638
|
$46,735
|
$57,449
|
Russell 3000® Growth Index
|
$10,000
|
$12,072
|
$14,784
|
$16,352
|
$19,940
|
$28,512
|
$22,873
|
$28,958
|
$38,287
|
$44,752
|
$52,917
|
Russell 3000® Index
|
$10,000
|
$11,851
|
$13,602
|
$14,824
|
$15,792
|
$22,767
|
$19,610
|
$23,327
|
$28,721
|
$33,114
|
$40,667
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Fidelity® Growth Discovery Fund
|
22.93%
|
13.55%
|
19.10%
|
Russell 3000® Growth Index
|
18.24%
|
13.17%
|
18.13%
|
Russell 3000® Index
|
22.81%
|
12.30%
|
15.06%
|
Visit www.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,753,220,891
|
|
Number of Holdings
|
144
|
|
Total Advisory Fee
|
$33,139,697
|
|
Portfolio Turnover
|
82%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
51.2
|
|
Communication Services
|
13.6
|
|
Industrials
|
9.7
|
|
Health Care
|
8.1
|
|
Consumer Discretionary
|
7.2
|
|
Materials
|
4.2
|
|
Financials
|
3.9
|
|
Energy
|
0.8
|
|
Utilities
|
0.2
|
|
Real Estate
|
0.1
|
|
|
|
Common Stocks
|
97.4
|
Preferred Stocks
|
1.6
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.4
|
|
|
Preferred Stocks - 1.6
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
91.0
|
Taiwan
|
3.5
|
Canada
|
0.9
|
Chile
|
0.7
|
Belgium
|
0.7
|
Netherlands
|
0.6
|
Luxembourg
|
0.6
|
Australia
|
0.5
|
Korea (South)
|
0.5
|
Others
|
1.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.0
|
|
|
Taiwan - 3.5
|
|
|
Canada - 0.9
|
|
|
Chile - 0.7
|
|
|
Belgium - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Luxembourg - 0.6
|
|
|
Australia - 0.5
|
|
|
Korea (South) - 0.5
|
|
|
Others - 1.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
13.7
|
|
Alphabet Inc Class A
|
10.5
|
|
Apple Inc
|
5.0
|
|
Broadcom Inc
|
4.3
|
|
Eli Lilly & Co
|
3.6
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.3
|
|
Advanced Micro Devices Inc
|
2.8
|
|
Micron Technology Inc
|
2.6
|
|
Tesla Inc
|
2.4
|
|
Amazon.com Inc
|
2.3
|
|
|
|
50.5
|
|
How has the Fund changed?
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
- Management fee
- Performance adjustment fee
|
|
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. © 2026 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
1.9913353.102 339-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
This report describes changes to the Fund that occurred during the reporting period.
|
|
|
Fidelity® Growth Discovery Fund
Fidelity® Growth Discovery Fund Class K : FGDKX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Growth Discovery Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$ 51
|
0.46%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, led by information technology. Picks in communication services also boosted relative performance. Also bolstering our relative result was an overweight in industrials, primarily within the capital goods industry.
•The top individual relative contributor was a non-benchmark stake in SK Hynix (+817%). This was an investment we established this period. The second-largest relative contributor was a non-benchmark stake in Taiwan Semiconductor Manufacturing (+110%). The company was among our biggest holdings. An overweight in Marvell Technology (+282%) also helped. This was a stake we established this period.
•In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer discretionary. Security selection and an overweight in health care also hampered the fund's result. Also hurting was an underweight in information technology, primarily within the technology hardware & equipment industry.
•The biggest individual relative detractor was an underweight in Apple (+42%). The stock was one of the fund's biggest holdings. A second notable relative detractor was a stake in Advanced Micro Devices (+181%). This was an investment we established this period. The stock was one of our biggest holdings at period end. An underweight in Tesla (+32%) also detracted. This was a stake we established this period. The stock was one of the fund's largest holdings at period end.
•Notable changes in positioning include increased exposure to the materials and information technology sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Class K
|
$10,000
|
$12,523
|
$15,410
|
$17,023
|
$21,357
|
$30,594
|
$25,380
|
$30,863
|
$41,974
|
$47,146
|
$57,997
|
Russell 3000® Growth Index
|
$10,000
|
$12,072
|
$14,784
|
$16,352
|
$19,940
|
$28,512
|
$22,873
|
$28,958
|
$38,287
|
$44,752
|
$52,917
|
Russell 3000® Index
|
$10,000
|
$11,851
|
$13,602
|
$14,824
|
$15,792
|
$22,767
|
$19,610
|
$23,327
|
$28,721
|
$33,114
|
$40,667
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class K
|
23.01%
|
13.65%
|
19.22%
|
Russell 3000® Growth Index
|
18.24%
|
13.17%
|
18.13%
|
Russell 3000® Index
|
22.81%
|
12.30%
|
15.06%
|
Visit www.401k.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$6,753,220,891
|
|
Number of Holdings
|
144
|
|
Total Advisory Fee
|
$33,139,697
|
|
Portfolio Turnover
|
82%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
51.2
|
|
Communication Services
|
13.6
|
|
Industrials
|
9.7
|
|
Health Care
|
8.1
|
|
Consumer Discretionary
|
7.2
|
|
Materials
|
4.2
|
|
Financials
|
3.9
|
|
Energy
|
0.8
|
|
Utilities
|
0.2
|
|
Real Estate
|
0.1
|
|
|
|
Common Stocks
|
97.4
|
Preferred Stocks
|
1.6
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.4
|
|
|
Preferred Stocks - 1.6
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
91.0
|
Taiwan
|
3.5
|
Canada
|
0.9
|
Chile
|
0.7
|
Belgium
|
0.7
|
Netherlands
|
0.6
|
Luxembourg
|
0.6
|
Australia
|
0.5
|
Korea (South)
|
0.5
|
Others
|
1.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.0
|
|
|
Taiwan - 3.5
|
|
|
Canada - 0.9
|
|
|
Chile - 0.7
|
|
|
Belgium - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Luxembourg - 0.6
|
|
|
Australia - 0.5
|
|
|
Korea (South) - 0.5
|
|
|
Others - 1.0
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
13.7
|
|
Alphabet Inc Class A
|
10.5
|
|
Apple Inc
|
5.0
|
|
Broadcom Inc
|
4.3
|
|
Eli Lilly & Co
|
3.6
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.3
|
|
Advanced Micro Devices Inc
|
2.8
|
|
Micron Technology Inc
|
2.6
|
|
Tesla Inc
|
2.4
|
|
Amazon.com Inc
|
2.3
|
|
|
|
50.5
|
|
How has the Fund changed?
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
- Management fee
- Performance adjustment fee
|
|
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. © 2026 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
1.9913352.102 2091-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Fund
Fidelity® Fund : FFIDX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Fund
|
$ 45
|
0.42%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially within information technology, where our stock picks in semiconductors & semiconductor equipment hurt most. Stock picks in health care, primarily within the health care equipment & services industry, also hampered the fund's result. Also detracting from our result were picks and an overweight in industrials, primarily within the capital goods industry.
•The biggest individual relative detractor was an underweight in Micron Technology (+839%). The stock was not held at period end. The second-largest relative detractor was an overweight in Boston Scientific (-60%). Not owning Advanced Micro Devices, a benchmark component that gained approximately 309%, was another notable relative detractor.
•In contrast, the biggest contributors to performance versus the benchmark were picks and an overweight in communication services, primarily within the media & entertainment industry. Stock selection and underweights in consumer staples and real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Alphabet (+102%). The company was among the fund's largest holdings. The second-largest relative contributor was our non-benchmark stake in Viking Holdings (+96%). This period we increased our stake in Viking Holdings. Another notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+40%). This period we decreased our investment in Taiwan Semiconductor Manufacturing.
•Notable changes in positioning include higher allocations to the consumer staples and energy sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Fidelity® Fund
|
$10,000
|
$11,434
|
$13,436
|
$14,548
|
$17,532
|
$24,009
|
$20,263
|
$24,532
|
$32,600
|
$36,438
|
$41,657
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Fidelity® Fund
|
14.33%
|
11.65%
|
15.34%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit www.fidelity.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$8,925,971,055
|
|
Number of Holdings
|
90
|
|
Total Advisory Fee
|
$37,288,469
|
|
Portfolio Turnover
|
50%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
27.6
|
|
Consumer Discretionary
|
12.7
|
|
Communication Services
|
12.3
|
|
Health Care
|
12.1
|
|
Financials
|
11.1
|
|
Industrials
|
7.2
|
|
Consumer Staples
|
7.0
|
|
Energy
|
4.2
|
|
Utilities
|
2.4
|
|
Real Estate
|
1.3
|
|
Materials
|
0.9
|
|
|
|
Common Stocks
|
98.7
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.7
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
97.3
|
Canada
|
1.4
|
Belgium
|
0.5
|
Netherlands
|
0.4
|
United Kingdom
|
0.3
|
Taiwan
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 97.3
|
|
|
Canada - 1.4
|
|
|
Belgium - 0.5
|
|
|
Netherlands - 0.4
|
|
|
United Kingdom - 0.3
|
|
|
Taiwan - 0.1
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
10.3
|
|
Alphabet Inc Class A
|
9.7
|
|
Amazon.com Inc
|
5.9
|
|
Microsoft Corp
|
5.7
|
|
Apple Inc
|
4.8
|
|
Broadcom Inc
|
3.7
|
|
Coca-Cola Co/The
|
3.0
|
|
Mastercard Inc Class A
|
2.9
|
|
Wells Fargo & Co
|
2.3
|
|
Boeing Co
|
2.3
|
|
|
|
50.6
|
|
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. © 2026 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
1.9913350.102 3-TSRA-0826
|
|
|
|
|
ANNUAL SHAREHOLDER REPORT | AS OF JUNE 30, 2026
|
|
|
|
Fidelity® Fund
Fidelity® Fund Class K : FFDKX
|
|
|
|
|
This annual shareholder report contains information about Fidelity® Fund for the period July 1, 2025 to June 30, 2026. 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 year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$ 37
|
0.34%
|
|
What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending June 30, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially within information technology, where our stock picks in semiconductors & semiconductor equipment hurt most. Stock picks in health care, primarily within the health care equipment & services industry, also hampered the fund's result. Also detracting from our result were picks and an overweight in industrials, primarily within the capital goods industry.
•The biggest individual relative detractor was an underweight in Micron Technology (+839%). The stock was not held at period end. The second-largest relative detractor was an overweight in Boston Scientific (-60%). Not owning Advanced Micro Devices, a benchmark component that gained approximately 309%, was another notable relative detractor.
•In contrast, the biggest contributors to performance versus the benchmark were picks and an overweight in communication services, primarily within the media & entertainment industry. Stock selection and underweights in consumer staples and real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.
•The top individual relative contributor was an overweight in Alphabet (+102%). The company was among the fund's largest holdings. The second-largest relative contributor was our non-benchmark stake in Viking Holdings (+96%). This period we increased our stake in Viking Holdings. Another notable relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+40%). This period we decreased our investment in Taiwan Semiconductor Manufacturing.
•Notable changes in positioning include higher allocations to the consumer staples and energy sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
June 30, 2016 through June 30, 2026.
Initial investment of $10,000.
Class K
|
$10,000
|
$11,446
|
$13,464
|
$14,591
|
$17,597
|
$24,120
|
$20,373
|
$24,687
|
$32,833
|
$36,725
|
$42,021
|
S&P 500® Index
|
$10,000
|
$11,790
|
$13,484
|
$14,889
|
$16,006
|
$22,536
|
$20,144
|
$24,091
|
$30,006
|
$34,556
|
$42,271
|
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
AVERAGE ANNUAL TOTAL RETURNS:
|
|
1 Year
|
5 Year
|
10 Year
|
Class K
|
14.42%
|
11.74%
|
15.44%
|
S&P 500® Index
|
22.32%
|
13.41%
|
15.51%
|
Visit www.401k.com for more recent performance information.
|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
|
Key Fund Statistics
(as of June 30, 2026)
KEY FACTS
|
|
|
Fund Size
|
$8,925,971,055
|
|
Number of Holdings
|
90
|
|
Total Advisory Fee
|
$37,288,469
|
|
Portfolio Turnover
|
50%
|
|
What did the Fund invest in?
(as of June 30, 2026)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
27.6
|
|
Consumer Discretionary
|
12.7
|
|
Communication Services
|
12.3
|
|
Health Care
|
12.1
|
|
Financials
|
11.1
|
|
Industrials
|
7.2
|
|
Consumer Staples
|
7.0
|
|
Energy
|
4.2
|
|
Utilities
|
2.4
|
|
Real Estate
|
1.3
|
|
Materials
|
0.9
|
|
|
|
Common Stocks
|
98.7
|
Preferred Stocks
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.7
|
|
|
Preferred Stocks - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
97.3
|
Canada
|
1.4
|
Belgium
|
0.5
|
Netherlands
|
0.4
|
United Kingdom
|
0.3
|
Taiwan
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 97.3
|
|
|
Canada - 1.4
|
|
|
Belgium - 0.5
|
|
|
Netherlands - 0.4
|
|
|
United Kingdom - 0.3
|
|
|
Taiwan - 0.1
|
|
|
|
TOP HOLDINGS (% of Fund's net assets)
|
|
|
NVIDIA Corp
|
10.3
|
|
Alphabet Inc Class A
|
9.7
|
|
Amazon.com Inc
|
5.9
|
|
Microsoft Corp
|
5.7
|
|
Apple Inc
|
4.8
|
|
Broadcom Inc
|
3.7
|
|
Coca-Cola Co/The
|
3.0
|
|
Mastercard Inc Class A
|
2.9
|
|
Wells Fargo & Co
|
2.3
|
|
Boeing Co
|
2.3
|
|
|
|
50.6
|
|
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. © 2026 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
1.9913349.102 2088-TSRA-0826
|
Item 2.
Code of Ethics
As of the end of the period, June 30, 2026, Fidelity Hastings Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Karen B. Peetz is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Peetz is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (PwC) in each of the last two fiscal years for services rendered to Fidelity Fund, Fidelity Growth Discovery Fund, Fidelity Mega Cap Stock Fund and Fidelity Series Large Cap Stock Fund (the Funds):
Services Billed by PwC
June 30, 2026 FeesA
| | | | |
| Audit Fees
| Audit-Related Fees
| Tax Fees
| All Other Fees
|
Fidelity Fund
| $50,500
| $4,600
| $9,100
| $1,400
|
Fidelity Growth Discovery Fund
| $38,000
| $3,600
| $9,100
| $1,100
|
Fidelity Mega Cap Stock Fund
| $45,800
| $4,300
| $9,300
| $1,300
|
Fidelity Series Large Cap Stock Fund
| $42,900
| $4,000
| $9,600
| $1,200
|
| | | | |
| Audit Fees
| Audit-Related Fees
| Tax Fees
| All Other Fees
|
Fidelity Fund
| $64,200
| $4,600
| $22,100
| $1,500
|
Fidelity Growth Discovery Fund
| $41,200
| $3,600
| $11,700
| $1,200
|
Fidelity Mega Cap Stock Fund
| $46,800
| $4,200
| $9,300
| $1,400
|
Fidelity Series Large Cap Stock Fund
| $43,700
| $4,000
| $9,600
| $1,300
|
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (Fund Service Providers):
Services Billed by PwC
| | |
| June 30, 2026A
| June 30, 2025A
|
Audit-Related Fees
| $9,348,700
| $9,680,100
|
Tax Fees
| $1,000
| $1,000
|
All Other Fees
| $-
| $-
|
A Amounts may reflect rounding.
Audit-Related Fees represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
Tax Fees represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
All Other Fees represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| | |
Billed By
| June 30, 2026A
| June 30, 2025A
|
PwC
| $14,619,700
| $14,712,100
|
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMRs review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committees consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chairs absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (De Minimis Exception)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds(s) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4.
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 Large Cap Stock Fund
Annual Report
June 30, 2026
Contents
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. © 2026 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 (Annual Report)
Fidelity® Series Large Cap Stock Fund
Schedule of Investments June 30, 2026
Showing Percentage of Net Assets
Common Stocks - 94.9%
|
|
|
|
Shares
|
Value ($)
|
BELGIUM - 1.2%
|
|
|
|
Health Care - 1.2%
|
|
|
|
Pharmaceuticals - 1.2%
|
|
|
|
UCB SA
|
|
1,133,900
|
339,445,664
|
CANADA - 1.8%
|
|
|
|
Energy - 1.5%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.5%
|
|
|
|
Athabasca Oil Corp (a)
|
|
7,394,600
|
53,285,959
|
Imperial Oil Ltd
|
|
3,529,000
|
396,283,124
|
TOTAL ENERGY
|
|
|
449,569,083
|
Industrials - 0.3%
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
Bombardier Inc Class B (a)
|
|
337,600
|
77,729,529
|
Information Technology - 0.0%
|
|
|
|
IT Services - 0.0%
|
|
|
|
Shopify Inc Class A (United States) (a)
|
|
50,700
|
5,788,926
|
TOTAL CANADA
|
|
|
533,087,538
|
FRANCE - 0.1%
|
|
|
|
Industrials - 0.1%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
Airbus SE
|
|
187,500
|
41,717,220
|
ITALY - 0.1%
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Davide Campari-Milano NV (b)
|
|
3,000,200
|
18,675,899
|
NETHERLANDS - 0.8%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Argenx SE ADR (a)
|
|
24,200
|
22,452,034
|
Information Technology - 0.7%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.7%
|
|
|
|
ASML Holding NV depository receipt
|
|
59,700
|
118,769,568
|
BE Semiconductor Industries NV
|
|
241,412
|
79,192,903
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
197,962,471
|
TOTAL NETHERLANDS
|
|
|
220,414,505
|
PORTUGAL - 0.0%
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Galp Energia SGPS SA
|
|
223,500
|
4,736,840
|
SWEDEN - 0.1%
|
|
|
|
Industrials - 0.1%
|
|
|
|
Machinery - 0.1%
|
|
|
|
Atlas Copco AB A Shares
|
|
1,579,300
|
32,010,822
|
TAIWAN - 1.1%
|
|
|
|
Information Technology - 1.1%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.1%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
665,200
|
317,679,564
|
UNITED KINGDOM - 2.0%
|
|
|
|
Consumer Staples - 0.8%
|
|
|
|
Beverages - 0.2%
|
|
|
|
Diageo PLC ADR (b)
|
|
560,900
|
45,085,142
|
Tobacco - 0.6%
|
|
|
|
British American Tobacco PLC ADR
|
|
2,975,100
|
183,742,176
|
TOTAL CONSUMER STAPLES
|
|
|
228,827,318
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
3i Group PLC
|
|
161,700
|
5,317,326
|
Health Care - 0.8%
|
|
|
|
Pharmaceuticals - 0.8%
|
|
|
|
GSK PLC ADR
|
|
4,579,628
|
240,064,100
|
Industrials - 0.4%
|
|
|
|
Aerospace & Defense - 0.4%
|
|
|
|
Rolls-Royce Holdings PLC
|
|
5,865,100
|
112,431,867
|
TOTAL UNITED KINGDOM
|
|
|
586,640,611
|
UNITED STATES - 87.7%
|
|
|
|
Communication Services - 9.3%
|
|
|
|
Diversified Telecommunication Services - 0.4%
|
|
|
|
Comcast Corp Class A
|
|
5,318,142
|
130,560,386
|
Entertainment - 0.5%
|
|
|
|
Netflix Inc (a)
|
|
1,033,400
|
73,784,760
|
Walt Disney Co/The
|
|
784,393
|
75,497,826
|
|
|
|
|
149,282,586
|
Interactive Media & Services - 8.4%
|
|
|
|
Alphabet Inc Class A
|
|
2,745,825
|
981,275,480
|
Alphabet Inc Class C
|
|
2,306,960
|
815,118,177
|
Meta Platforms Inc Class A
|
|
1,126,300
|
634,433,527
|
|
|
|
|
2,430,827,184
|
TOTAL COMMUNICATION SERVICES
|
|
|
2,710,670,156
|
Consumer Discretionary - 6.4%
|
|
|
|
Broadline Retail - 3.3%
|
|
|
|
Amazon.com Inc (a)
|
|
4,021,500
|
958,484,311
|
Hotels, Restaurants & Leisure - 0.9%
|
|
|
|
Booking Holdings Inc
|
|
170,925
|
30,465,672
|
Cava Group Inc (a)(b)
|
|
245,700
|
19,282,536
|
Chipotle Mexican Grill Inc (a)
|
|
328,500
|
11,169,000
|
Domino's Pizza Inc
|
|
203,000
|
60,096,120
|
Marriott International Inc/MD Class A1
|
|
150,400
|
55,736,736
|
Starbucks Corp
|
|
606,900
|
62,019,111
|
Wingstop Inc
|
|
189,437
|
32,850,270
|
|
|
|
|
271,619,445
|
Household Durables - 0.7%
|
|
|
|
DR Horton Inc
|
|
293,800
|
47,854,144
|
Leggett & Platt Inc
|
|
758,300
|
8,879,693
|
Somnigroup International Inc
|
|
1,662,900
|
130,371,360
|
Whirlpool Corp (b)
|
|
656,963
|
25,897,481
|
|
|
|
|
213,002,678
|
Specialty Retail - 1.3%
|
|
|
|
Home Depot Inc/The
|
|
468,900
|
165,371,652
|
Lowe's Cos Inc
|
|
829,507
|
182,897,998
|
RH (a)
|
|
104,093
|
17,147,240
|
|
|
|
|
365,416,890
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Lululemon Athletica Inc (a)
|
|
19,900
|
2,272,182
|
NIKE Inc Class B
|
|
1,497,400
|
61,468,270
|
|
|
|
|
63,740,452
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
1,872,263,776
|
Consumer Staples - 4.4%
|
|
|
|
Beverages - 1.8%
|
|
|
|
Brown-Forman Corp Class B (b)
|
|
1,791,986
|
47,756,427
|
Coca-Cola Co/The
|
|
2,270,095
|
184,490,621
|
Keurig Dr Pepper Inc
|
|
8,940,500
|
292,622,565
|
|
|
|
|
524,869,613
|
Consumer Staples Distribution & Retail - 0.6%
|
|
|
|
Kroger Co/The
|
|
362,200
|
20,112,966
|
Sprouts Farmers Market Inc (a)
|
|
688,608
|
58,242,465
|
Target Corp
|
|
775,700
|
101,314,177
|
|
|
|
|
179,669,608
|
Food Products - 0.2%
|
|
|
|
Lamb Weston Holdings Inc
|
|
894,491
|
38,624,121
|
Mondelez International Inc
|
|
131,300
|
7,594,392
|
|
|
|
|
46,218,513
|
Household Products - 0.1%
|
|
|
|
Procter & Gamble Co/The
|
|
112,700
|
16,526,328
|
Personal Care Products - 1.3%
|
|
|
|
Estee Lauder Cos Inc/The Class A
|
|
670,700
|
52,951,765
|
Kenvue Inc
|
|
17,203,611
|
328,761,006
|
|
|
|
|
381,712,771
|
Tobacco - 0.4%
|
|
|
|
Philip Morris International Inc
|
|
702,300
|
127,053,093
|
TOTAL CONSUMER STAPLES
|
|
|
1,276,049,926
|
Energy - 4.8%
|
|
|
|
Oil, Gas & Consumable Fuels - 4.8%
|
|
|
|
ConocoPhillips
|
|
809,400
|
84,145,224
|
Exxon Mobil Corp
|
|
6,243,501
|
853,611,457
|
Shell PLC ADR
|
|
6,019,500
|
466,752,030
|
TOTAL ENERGY
|
|
|
1,404,508,711
|
Financials - 12.4%
|
|
|
|
Banks - 7.4%
|
|
|
|
Bank of America Corp
|
|
12,101,094
|
689,520,336
|
M&T Bank Corp
|
|
469,620
|
111,774,256
|
PNC Financial Services Group Inc/The
|
|
1,052,721
|
259,200,965
|
Wells Fargo & Co
|
|
13,233,689
|
1,093,632,059
|
|
|
|
|
2,154,127,616
|
Capital Markets - 1.6%
|
|
|
|
Blue Owl Capital Inc Class A (b)
|
|
6,055,400
|
52,984,750
|
Charles Schwab Corp/The
|
|
950,700
|
87,721,089
|
Intercontinental Exchange Inc
|
|
315,000
|
38,779,650
|
KKR & Co Inc Class A
|
|
2,097,251
|
192,485,697
|
Moody's Corp
|
|
46,100
|
20,879,612
|
MSCI Inc
|
|
5,500
|
3,080,220
|
Raymond James Financial Inc
|
|
50,503
|
7,677,971
|
Robinhood Markets Inc Class A (a)
|
|
583,900
|
58,553,492
|
|
|
|
|
462,162,481
|
Financial Services - 2.7%
|
|
|
|
Apollo Global Management Inc
|
|
775,500
|
91,749,405
|
Corpay Inc (a)
|
|
69,600
|
23,195,592
|
Mastercard Inc Class A
|
|
401,389
|
206,153,390
|
PayPal Holdings Inc
|
|
373,900
|
16,145,002
|
Rocket Cos Inc Class A (a)
|
|
4,538,300
|
71,478,225
|
Visa Inc Class A
|
|
1,133,993
|
389,061,659
|
|
|
|
|
797,783,273
|
Insurance - 0.7%
|
|
|
|
Arthur J Gallagher & Co
|
|
321,100
|
73,714,927
|
Brown & Brown Inc
|
|
1,615,400
|
103,627,910
|
Chubb Ltd
|
|
89,997
|
30,665,577
|
|
|
|
|
208,008,414
|
TOTAL FINANCIALS
|
|
|
3,622,081,784
|
Health Care - 7.8%
|
|
|
|
Biotechnology - 0.4%
|
|
|
|
Alnylam Pharmaceuticals Inc (a)
|
|
158,850
|
47,818,616
|
Biogen Inc (a)
|
|
72,400
|
15,642,744
|
Gilead Sciences Inc
|
|
140,800
|
17,788,672
|
Nuvalent Inc Class A (a)
|
|
51,100
|
6,310,849
|
Vaxcyte Inc (a)
|
|
432,100
|
25,117,973
|
|
|
|
|
112,678,854
|
Health Care Equipment & Supplies - 2.0%
|
|
|
|
Abbott Laboratories
|
|
1,104,500
|
100,222,330
|
Alcon AG (United States) (b)
|
|
2,081,500
|
139,668,650
|
Baxter International Inc
|
|
8,971,214
|
191,266,282
|
Boston Scientific Corp (a)
|
|
3,455,195
|
147,467,723
|
Solventum Corp (a)
|
|
178,118
|
13,741,804
|
|
|
|
|
592,366,789
|
Health Care Providers & Services - 2.5%
|
|
|
|
Cardinal Health Inc
|
|
113,358
|
26,929,326
|
Cigna Group/The
|
|
506,511
|
139,634,952
|
Humana Inc
|
|
298,000
|
118,371,560
|
McKesson Corp
|
|
83,521
|
63,108,468
|
Molina Healthcare Inc (a)
|
|
125,800
|
28,770,460
|
UnitedHealth Group Inc
|
|
841,381
|
349,703,186
|
|
|
|
|
726,517,952
|
Life Sciences Tools & Services - 1.4%
|
|
|
|
Bruker Corp (b)
|
|
2,358,400
|
141,928,512
|
Danaher Corp
|
|
673,400
|
128,269,232
|
Thermo Fisher Scientific Inc
|
|
271,200
|
135,968,832
|
Waters Corp (a)
|
|
19,584
|
7,344,783
|
|
|
|
|
413,511,359
|
Pharmaceuticals - 1.5%
|
|
|
|
Eli Lilly & Co
|
|
106,200
|
127,379,466
|
Haleon PLC ADR
|
|
18,874,236
|
176,096,622
|
Johnson & Johnson
|
|
250,277
|
63,562,850
|
Merck & Co Inc
|
|
482,400
|
61,988,400
|
|
|
|
|
429,027,338
|
TOTAL HEALTH CARE
|
|
|
2,274,102,292
|
Industrials - 16.3%
|
|
|
|
Aerospace & Defense - 9.4%
|
|
|
|
Boeing Co (a)
|
|
6,102,786
|
1,321,070,086
|
GE Aerospace (c)
|
|
3,359,306
|
1,255,473,431
|
General Dynamics Corp
|
|
203,760
|
72,179,942
|
Howmet Aerospace Inc
|
|
69,400
|
18,658,884
|
Huntington Ingalls Industries Inc
|
|
155,950
|
43,648,846
|
RTX Corp
|
|
13,600
|
2,580,328
|
Textron Inc
|
|
144,318
|
13,238,290
|
|
|
|
|
2,726,849,807
|
Air Freight & Logistics - 1.0%
|
|
|
|
United Parcel Service Inc Class B
|
|
2,672,856
|
287,332,020
|
Building Products - 0.4%
|
|
|
|
A O Smith Corp
|
|
1,015,900
|
63,717,248
|
Modine Manufacturing Co (a)(b)
|
|
103,809
|
27,719,079
|
Trex Co Inc (a)
|
|
253,000
|
12,660,120
|
|
|
|
|
104,096,447
|
Commercial Services & Supplies - 0.0%
|
|
|
|
Veralto Corp
|
|
164,066
|
14,549,373
|
Electrical Equipment - 3.9%
|
|
|
|
Emerson Electric Co
|
|
261,900
|
37,490,985
|
GE Vernova Inc
|
|
896,959
|
1,053,801,251
|
Hubbell Inc
|
|
56,014
|
29,306,524
|
Vertiv Holdings Co Class A
|
|
92,096
|
30,835,583
|
|
|
|
|
1,151,434,343
|
Machinery - 1.3%
|
|
|
|
Allison Transmission Holdings Inc
|
|
161,200
|
18,173,688
|
Cummins Inc
|
|
75,000
|
53,490,750
|
Deere & Co
|
|
61,100
|
38,757,563
|
Donaldson Co Inc
|
|
313,322
|
28,126,916
|
Nordson Corp
|
|
54,500
|
16,442,105
|
Otis Worldwide Corp
|
|
1,579,784
|
113,112,535
|
Stanley Black & Decker Inc
|
|
120,500
|
11,341,460
|
Westinghouse Air Brake Technologies Corp
|
|
362,219
|
97,654,242
|
|
|
|
|
377,099,259
|
Professional Services - 0.2%
|
|
|
|
Equifax Inc
|
|
117,800
|
18,697,216
|
TransUnion
|
|
497,200
|
35,868,008
|
|
|
|
|
54,565,224
|
Trading Companies & Distributors - 0.1%
|
|
|
|
Watsco Inc
|
|
56,500
|
23,545,245
|
TOTAL INDUSTRIALS
|
|
|
4,739,471,718
|
Information Technology - 24.0%
|
|
|
|
Communications Equipment - 0.3%
|
|
|
|
Arista Networks Inc (a)
|
|
537,800
|
91,361,464
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Amphenol Corp Class A
|
|
146,900
|
25,901,408
|
Flex Ltd (a)
|
|
37,900
|
6,142,453
|
|
|
|
|
32,043,861
|
Semiconductors & Semiconductor Equipment - 14.1%
|
|
|
|
Applied Materials Inc
|
|
198,502
|
143,516,946
|
ARM Holdings PLC ADR (a)
|
|
83,500
|
29,606,595
|
Broadcom Inc
|
|
1,779,200
|
672,092,800
|
Cerebras Systems Inc Class A (a)(b)
|
|
83,200
|
18,387,200
|
Lam Research Corp
|
|
547,000
|
237,031,510
|
MACOM Technology Solutions Holdings Inc (a)
|
|
22,000
|
8,368,140
|
Micron Technology Inc (c)
|
|
527,500
|
608,887,975
|
NVIDIA Corp
|
|
11,291,300
|
2,259,276,217
|
Rambus Inc (a)
|
|
667,100
|
88,550,854
|
Teradyne Inc
|
|
71,000
|
34,352,640
|
|
|
|
|
4,100,070,877
|
Software - 4.7%
|
|
|
|
Adobe Inc (a)
|
|
190,400
|
39,035,808
|
Autodesk Inc (a)
|
|
211,728
|
41,164,158
|
Intuit Inc
|
|
57,000
|
14,877,000
|
Microsoft Corp
|
|
3,226,305
|
1,203,476,291
|
Oracle Corp
|
|
85,400
|
12,515,370
|
Salesforce Inc
|
|
67,400
|
10,558,884
|
Synopsys Inc (a)
|
|
92,200
|
41,127,654
|
|
|
|
|
1,362,755,165
|
Technology Hardware, Storage & Peripherals - 4.8%
|
|
|
|
Apple Inc
|
|
3,272,014
|
946,789,971
|
GPGI Inc Class A
|
|
9,463,160
|
149,991,086
|
Seagate Technology Holdings PLC
|
|
80,550
|
77,730,750
|
Western Digital Corp
|
|
352,900
|
225,404,288
|
|
|
|
|
1,399,916,095
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
6,986,147,462
|
Materials - 0.9%
|
|
|
|
Chemicals - 0.6%
|
|
|
|
Air Products and Chemicals Inc
|
|
104,000
|
30,490,720
|
Albemarle Corp
|
|
354,200
|
47,827,626
|
Dow Inc
|
|
389,800
|
10,664,928
|
LyondellBasell Industries NV Class A1
|
|
768,800
|
40,477,320
|
Sherwin-Williams Co/The
|
|
142,500
|
49,065,600
|
|
|
|
|
178,526,194
|
Construction Materials - 0.3%
|
|
|
|
James Hardie Industries PLC (a)
|
|
3,695,700
|
96,753,426
|
TOTAL MATERIALS
|
|
|
275,279,620
|
Real Estate - 0.7%
|
|
|
|
Industrial REITs - 0.1%
|
|
|
|
Terreno Realty Corp
|
|
254,600
|
16,490,442
|
Real Estate Management & Development - 0.4%
|
|
|
|
CBRE Group Inc Class A (a)
|
|
139,600
|
18,802,724
|
Compass Inc Class A (a)
|
|
8,855,003
|
109,182,187
|
|
|
|
|
127,984,911
|
Residential REITs - 0.1%
|
|
|
|
Sun Communities Inc
|
|
159,100
|
19,077,681
|
Specialized REITs - 0.1%
|
|
|
|
American Tower Corp
|
|
159,781
|
26,135,378
|
Equinix Inc
|
|
4,422
|
4,609,449
|
|
|
|
|
30,744,827
|
TOTAL REAL ESTATE
|
|
|
194,297,861
|
Utilities - 0.7%
|
|
|
|
Electric Utilities - 0.6%
|
|
|
|
Entergy Corp
|
|
221,400
|
25,430,004
|
Southern Co/The
|
|
1,546,500
|
148,015,515
|
|
|
|
|
173,445,519
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Vistra Corp
|
|
102,800
|
16,307,164
|
Multi-Utilities - 0.1%
|
|
|
|
Sempra
|
|
243,100
|
22,537,801
|
TOTAL UTILITIES
|
|
|
212,290,484
|
TOTAL UNITED STATES
|
|
|
25,567,163,790
|
|
TOTAL COMMON STOCKS
(Cost $14,634,100,694)
|
|
|
27,661,572,453
|
|
|
|
|
|
Convertible Preferred Stocks - 0.2%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.2%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Life Sciences Tools & Services - 0.0%
|
|
|
|
Bruker Corp 6.375% Series A
|
|
87,200
|
38,613,031
|
Information Technology - 0.2%
|
|
|
|
Software - 0.2%
|
|
|
|
Anthropic PBC Series G (d)(e)
|
|
76,085
|
44,814,826
|
TOTAL UNITED STATES
|
|
|
83,427,857
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $41,694,922)
|
|
|
83,427,857
|
|
|
|
|
|
Money Market Funds - 4.0%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
3.69
|
1,078,992,942
|
1,079,208,740
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
3.69
|
77,563,608
|
77,571,365
|
|
TOTAL MONEY MARKET FUNDS
(Cost $1,156,771,238)
|
|
|
|
1,156,780,105
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.1%
(Cost $15,832,566,854)
|
28,901,780,415
|
NET OTHER ASSETS (LIABILITIES) - 0.9%
|
252,560,803
|
NET ASSETS - 100.0%
|
29,154,341,218
|
|
|
|
Written Options
|
|
|
Clearinghouse / Counterparty
|
Number
of Contracts
|
Notional
Amount ($)
|
Exercise
Price ($)
|
Expiration
Date
|
Value ($)
|
Call Options
|
|
|
|
|
|
|
GE Aerospace
|
Chicago Board Options Exchange
|
1,676
|
62,637,148
|
410.00
|
9/2026
|
(1,826,840)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
532
|
61,408,228
|
760.00
|
7/2026
|
(21,343,840)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
532
|
61,408,228
|
800.00
|
7/2026
|
(19,304,950)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
231
|
26,664,099
|
1,250.00
|
8/2026
|
(2,900,205)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,375,835)
|
TOTAL WRITTEN OPTIONS (Premiums Received $(10,121,849))
|
|
|
|
|
|
(45,375,835)
|
Legend
(a)
|
Non-income producing.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(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 $212,117,703.
|
(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 $44,814,826 or 0.2% of net assets.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anthropic PBC Series G
|
1/27/2026
|
19,716,392
|
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
529,076,106
|
4,546,377,893
|
3,996,274,696
|
25,959,724
|
20,570
|
8,867
|
1,079,208,740
|
1,078,992,942
|
1.6%
|
Fidelity Securities Lending Cash Central Fund
|
126,479,306
|
1,779,038,087
|
1,827,943,587
|
767,730
|
(2,441)
|
-
|
77,571,365
|
77,563,608
|
0.2%
|
Total
|
655,555,412
|
6,325,415,980
|
5,824,218,283
|
26,727,454
|
18,129
|
8,867
|
1,156,780,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
2,710,670,156
|
2,710,670,156
|
-
|
-
|
Consumer Discretionary
|
1,872,263,776
|
1,872,263,776
|
-
|
-
|
Consumer Staples
|
1,523,553,143
|
1,523,553,143
|
-
|
-
|
Energy
|
1,858,814,634
|
1,854,077,794
|
4,736,840
|
-
|
Financials
|
3,627,399,110
|
3,622,081,784
|
5,317,326
|
-
|
Health Care
|
2,876,064,090
|
2,876,064,090
|
-
|
-
|
Industrials
|
5,003,361,156
|
4,817,201,247
|
186,159,909
|
-
|
Information Technology
|
7,507,578,423
|
7,507,578,423
|
-
|
-
|
Materials
|
275,279,620
|
275,279,620
|
-
|
-
|
Real Estate
|
194,297,861
|
194,297,861
|
-
|
-
|
Utilities
|
212,290,484
|
212,290,484
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
38,613,031
|
-
|
38,613,031
|
-
|
Information Technology
|
44,814,826
|
-
|
-
|
44,814,826
|
|
|
Money Market Funds
|
1,156,780,105
|
1,156,780,105
|
-
|
-
|
Total Investments in Securities:
|
28,901,780,415
|
28,622,138,483
|
234,827,106
|
44,814,826
|
Derivative Instruments:
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Written Options
|
(45,375,835)
|
(45,375,835)
|
-
|
-
|
Total Liabilities
|
(45,375,835)
|
(45,375,835)
|
-
|
-
|
Total Derivative Instruments:
|
(45,375,835)
|
(45,375,835)
|
-
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
Equity Risk
|
|
|
Written Options (a)
|
-
|
(45,375,835)
|
Total Equity Risk
|
-
|
(45,375,835)
|
Total Value of Derivatives
|
-
|
(45,375,835)
|
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements
Statement of Assets and Liabilities
|
As of June 30, 2026
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $212,158,611) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $14,675,795,616)
|
$
|
27,745,000,310
|
|
|
Fidelity Central Funds (cost $1,156,771,238)
|
|
1,156,780,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $15,832,566,854)
|
|
|
$
|
28,901,780,415
|
Cash
|
|
|
|
1,957,921
|
Foreign currency held at value (cost $153,235)
|
|
|
|
153,249
|
Receivable for fund shares sold
|
|
|
|
395,506,180
|
Dividends receivable
|
|
|
|
19,403,283
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
3,380,619
|
Other receivables
|
|
|
|
377,919
|
Total assets
|
|
|
|
29,322,559,586
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
40,852,587
|
|
|
Payable for fund shares redeemed
|
|
3,997,515
|
|
|
Written options, at value (premium received $10,121,849)
|
|
45,375,835
|
|
|
Other payables and accrued expenses
|
|
435,436
|
|
|
Collateral on securities loaned
|
|
77,556,995
|
|
|
Total liabilities
|
|
|
|
168,218,368
|
Net Assets
|
|
|
$
|
29,154,341,218
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
13,998,735,570
|
Total accumulated earnings (loss)
|
|
|
|
15,155,605,648
|
Net Assets
|
|
|
$
|
29,154,341,218
|
Net Asset Value, offering price and redemption price per share ($29,154,341,218 ÷ 987,650,328 shares)
|
|
|
$
|
29.52
|
Statement of Operations
|
|
Year ended June 30, 2026
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
311,798,270
|
Interest
|
|
|
|
471,733
|
Income from Fidelity Central Funds (including $767,730 from security lending)
|
|
|
|
26,727,454
|
Security lending
|
|
|
|
78,574
|
Total income
|
|
|
|
339,076,031
|
Expenses
|
|
|
|
|
Custodian fees and expenses
|
$
|
485,083
|
|
|
Independent trustees' fees and expenses
|
|
75,050
|
|
|
Miscellaneous
|
|
24,700
|
|
|
Total expenses before reductions
|
|
584,833
|
|
|
Expense reductions
|
|
(110,907)
|
|
|
Total expenses after reductions
|
|
|
|
473,926
|
Net Investment income (loss)
|
|
|
|
338,602,105
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
2,960,562,221
|
|
|
Fidelity Central Funds
|
|
18,129
|
|
|
Foreign currency transactions
|
|
(246,985)
|
|
|
Written options
|
|
35,028,298
|
|
|
Total net realized gain (loss)
|
|
|
|
2,995,361,663
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
2,375,255,111
|
|
|
Fidelity Central Funds
|
|
8,867
|
|
|
Assets and liabilities in foreign currencies
|
|
(203,592)
|
|
|
Written options
|
|
(36,797,237)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
2,338,263,149
|
Net gain (loss)
|
|
|
|
5,333,624,812
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
5,672,226,917
|
Statement of Changes in Net Assets
|
|
|
|
|
Year ended
June 30, 2026
|
|
Year ended
June 30, 2025
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
338,602,105
|
$
|
302,918,717
|
Net realized gain (loss)
|
|
2,995,361,663
|
|
1,562,888,094
|
Change in net unrealized appreciation (depreciation)
|
|
2,338,263,149
|
|
2,290,439,332
|
Net increase (decrease) in net assets resulting from operations
|
|
5,672,226,917
|
|
4,156,246,143
|
Distributions to shareholders
|
|
(2,245,087,816)
|
|
(1,506,107,434)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
4,833,181,344
|
|
3,650,707,884
|
Reinvestment of distributions
|
|
2,245,087,816
|
|
1,506,107,434
|
Cost of shares redeemed
|
|
(2,970,956,182)
|
|
(4,850,928,137)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
4,107,312,978
|
|
305,887,181
|
Total increase (decrease) in net assets
|
|
7,534,452,079
|
|
2,956,025,890
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
21,619,889,139
|
|
18,663,863,249
|
End of period
|
$
|
29,154,341,218
|
$
|
21,619,889,139
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
175,328,966
|
|
157,593,314
|
Issued in reinvestment of distributions
|
|
86,628,827
|
|
68,243,065
|
Redeemed
|
|
(109,289,194)
|
|
(204,590,685)
|
Net increase (decrease)
|
|
152,668,599
|
|
21,245,694
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Series Large Cap Stock Fund
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
25.89
|
$
|
22.94
|
$
|
18.90
|
$
|
16.37
|
$
|
19.80
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.37
|
|
.35
|
|
.35
|
|
.34
|
|
.34
|
Net realized and unrealized gain (loss)
|
|
5.89
|
|
4.43
|
|
4.72
|
|
3.27
|
|
(2.02)
|
Total from investment operations
|
|
6.26
|
|
4.78
|
|
5.07
|
|
3.61
|
|
(1.68)
|
Distributions from net investment income
|
|
(.37)
|
|
(.36)
|
|
(.36)
|
|
(.33)
|
|
(.47)
|
Distributions from net realized gain
|
|
(2.25)
|
|
(1.47)
|
|
(.68)
|
|
(.76)
|
|
(1.28)
|
Total distributions
|
|
(2.63) C
|
|
(1.83)
|
|
(1.03) C
|
|
(1.08) C
|
|
(1.75)
|
Net asset value, end of period
|
$
|
29.52
|
$
|
25.89
|
$
|
22.94
|
$
|
18.90
|
$
|
16.37
|
Total Return D
|
|
|
|
22.41%
|
|
28.11%
|
|
23.03%
|
|
(9.44)%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions G
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Expenses net of fee waivers, if any G
|
|
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Expenses net of all reductions, if any G
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Net investment income (loss)
|
|
1.36%
|
|
1.52%
|
|
1.73%
|
|
1.98%
|
|
1.84%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
29,154,341
|
$
|
21,619,889
|
$
|
18,663,863
|
$
|
15,147,344
|
$
|
12,798,487
|
Portfolio turnover rate H
|
|
|
|
17%
|
|
18%
|
|
12%
|
|
17%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount represents less than .005%.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended June 30, 2026
1. Organization.
Fidelity Series Large Cap Stock Fund (the Fund) is a fund of Fidelity Hastings 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 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 June 30, 2026 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, 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
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. As of June 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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, options transactions, passive foreign investment companies (PFIC), certain corporate actions, and losses deferred due to wash sales and offsetting positions.
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
|
$13,626,278,851
|
Gross unrealized depreciation
|
(605,423,031)
|
Net unrealized appreciation (depreciation)
|
$13,020,855,820
|
Tax Cost
|
$15,835,548,760
|
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income
|
$307,196,274
|
Undistributed long-term capital gain
|
$1,830,491,309
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$13,017,918,063
|
The tax character of distributions paid was as follows:
|
June 30, 2026
|
June 30, 2025
|
Ordinary Income
|
$364,972,892
|
$337,397,209
|
Long-term Capital Gains
|
1,880,114,924
|
1,168,710,225
|
Total
|
$2,245,087,816
|
$1,506,107,434
|
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.
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.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
Fidelity Series Large Cap Stock Fund
|
|
|
Equity Risk
|
|
|
Purchased Options
|
(2,163,097)
|
-
|
Written Options
|
35,028,298
|
(36,797,237)
|
Total Equity Risk
|
32,865,201
|
(36,797,237)
|
Totals
|
32,865,201
|
(36,797,237)
|
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
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 and/or OTC options were used to manage exposure to the market.
Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable.
Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
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 Large Cap Stock Fund
|
7,184,027,331
|
6,229,167,405
|
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.
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 Series Large Cap Stock Fund
|
$377,919
|
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Series Large Cap Stock Fund
|
69,958
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Large Cap Stock Fund
|
606,339,348
|
392,340,967
|
186,503,878
|
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 Large Cap Stock Fund
|
91,572
|
4,339
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
|
Amount ($)
|
Fidelity Series Large Cap Stock Fund
|
141,030,063
|
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 $110,907.
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.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Series Large Cap Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Large Cap Stock Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2026, the related statement of operations for the year ended June 30, 2026, the statement of changes in net assets for each of the two years in the period ended June 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2026 and the financial highlights for each of the five years in the period ended June 30, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 13, 2026
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2026,
$2,658,758,528, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $20,132,545 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 75% and 57% of the dividends distributed in August and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 90.56% and 70.23% of the dividends distributed in August and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 1.47% and 1.15% of the dividends distributed in August and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.
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)
Note: This is not applicable for any fund included in this document.
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 Large Cap Stock Fund
At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
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, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.
1.951035.113
MHT-ANN-0826
Fidelity® Mega Cap Stock Fund
Annual Report
June 30, 2026
Includes Fidelity and Fidelity Advisor share classes
Contents
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. © 2026 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 (Annual Report)
Fidelity® Mega Cap Stock Fund
Schedule of Investments June 30, 2026
Showing Percentage of Net Assets
Common Stocks - 95.8%
|
|
|
|
Shares
|
Value ($)
|
BELGIUM - 0.8%
|
|
|
|
Health Care - 0.8%
|
|
|
|
Pharmaceuticals - 0.8%
|
|
|
|
UCB SA
|
|
182,500
|
54,633,419
|
BRAZIL - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Banks - 0.0%
|
|
|
|
NU Holdings Ltd/Cayman Islands Class A (a)
|
|
191,500
|
2,558,440
|
CANADA - 1.5%
|
|
|
|
Energy - 1.5%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.5%
|
|
|
|
Imperial Oil Ltd
|
|
827,233
|
92,892,739
|
Suncor Energy Inc
|
|
187,100
|
10,065,736
|
TOTAL ENERGY
|
|
|
102,958,475
|
Information Technology - 0.0%
|
|
|
|
IT Services - 0.0%
|
|
|
|
Shopify Inc Class A (United States) (a)
|
|
23,400
|
2,671,812
|
TOTAL CANADA
|
|
|
105,630,287
|
FRANCE - 0.2%
|
|
|
|
Industrials - 0.2%
|
|
|
|
Aerospace & Defense - 0.2%
|
|
|
|
Airbus SE
|
|
72,000
|
16,019,412
|
NETHERLANDS - 0.6%
|
|
|
|
Information Technology - 0.6%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|
|
|
ASML Holding NV depository receipt
|
|
22,836
|
45,430,852
|
SWEDEN - 0.3%
|
|
|
|
Industrials - 0.3%
|
|
|
|
Machinery - 0.3%
|
|
|
|
Atlas Copco AB A Shares
|
|
968,200
|
19,624,440
|
TAIWAN - 1.5%
|
|
|
|
Information Technology - 1.5%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.5%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
222,000
|
106,020,540
|
UNITED KINGDOM - 2.0%
|
|
|
|
Consumer Staples - 1.2%
|
|
|
|
Beverages - 0.3%
|
|
|
|
Diageo PLC
|
|
1,114,862
|
22,453,431
|
Tobacco - 0.9%
|
|
|
|
British American Tobacco PLC ADR
|
|
992,300
|
61,284,448
|
TOTAL CONSUMER STAPLES
|
|
|
83,737,879
|
Health Care - 0.8%
|
|
|
|
Pharmaceuticals - 0.8%
|
|
|
|
GSK PLC ADR
|
|
1,063,066
|
55,725,919
|
TOTAL UNITED KINGDOM
|
|
|
139,463,798
|
UNITED STATES - 88.9%
|
|
|
|
Communication Services - 10.9%
|
|
|
|
Diversified Telecommunication Services - 0.3%
|
|
|
|
Comcast Corp Class A
|
|
988,097
|
24,257,781
|
Entertainment - 0.7%
|
|
|
|
Netflix Inc (a)
|
|
430,500
|
30,737,700
|
Walt Disney Co/The
|
|
174,899
|
16,834,029
|
|
|
|
|
47,571,729
|
Interactive Media & Services - 9.9%
|
|
|
|
Alphabet Inc Class A
|
|
774,000
|
276,604,380
|
Alphabet Inc Class C
|
|
675,410
|
238,642,615
|
Meta Platforms Inc Class A
|
|
307,600
|
173,268,004
|
|
|
|
|
688,514,999
|
TOTAL COMMUNICATION SERVICES
|
|
|
760,344,509
|
Consumer Discretionary - 6.7%
|
|
|
|
Broadline Retail - 4.1%
|
|
|
|
Amazon.com Inc (a)
|
|
1,189,510
|
283,507,814
|
Hotels, Restaurants & Leisure - 0.7%
|
|
|
|
Booking Holdings Inc
|
|
50,950
|
9,081,328
|
Chipotle Mexican Grill Inc (a)
|
|
257,200
|
8,744,800
|
Marriott International Inc/MD Class A1
|
|
19,000
|
7,041,210
|
McDonald's Corp
|
|
12,700
|
3,432,937
|
Starbucks Corp
|
|
170,300
|
17,402,957
|
|
|
|
|
45,703,232
|
Specialty Retail - 1.7%
|
|
|
|
Home Depot Inc/The
|
|
192,200
|
67,785,096
|
Lowe's Cos Inc
|
|
230,011
|
50,715,125
|
|
|
|
|
118,500,221
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
NIKE Inc Class B
|
|
509,700
|
20,923,185
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
468,634,452
|
Consumer Staples - 4.2%
|
|
|
|
Beverages - 1.6%
|
|
|
|
Coca-Cola Co/The
|
|
561,600
|
45,641,232
|
Keurig Dr Pepper Inc
|
|
1,944,800
|
63,653,304
|
Monster Beverage Corp (a)
|
|
32,100
|
3,085,452
|
PepsiCo Inc
|
|
19,100
|
2,586,140
|
|
|
|
|
114,966,128
|
Consumer Staples Distribution & Retail - 0.5%
|
|
|
|
Target Corp
|
|
254,910
|
33,293,795
|
Food Products - 0.1%
|
|
|
|
Mondelez International Inc
|
|
168,500
|
9,746,040
|
Household Products - 0.3%
|
|
|
|
Procter & Gamble Co/The
|
|
126,020
|
18,479,573
|
Personal Care Products - 1.1%
|
|
|
|
Kenvue Inc
|
|
3,931,157
|
75,124,410
|
Tobacco - 0.6%
|
|
|
|
Philip Morris International Inc
|
|
236,800
|
42,839,488
|
TOTAL CONSUMER STAPLES
|
|
|
294,449,434
|
Energy - 5.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 5.1%
|
|
|
|
ConocoPhillips
|
|
333,605
|
34,681,576
|
Exxon Mobil Corp
|
|
1,518,309
|
207,583,206
|
Shell PLC
|
|
54
|
2,098
|
Shell PLC ADR
|
|
1,518,313
|
117,729,990
|
TOTAL ENERGY
|
|
|
359,996,870
|
Financials - 12.0%
|
|
|
|
Banks - 7.2%
|
|
|
|
Bank of America Corp
|
|
2,959,574
|
168,636,527
|
JPMorgan Chase & Co
|
|
48,530
|
15,885,324
|
PNC Financial Services Group Inc/The
|
|
142,531
|
35,093,983
|
Wells Fargo & Co
|
|
3,400,976
|
281,056,657
|
|
|
|
|
500,672,491
|
Capital Markets - 1.5%
|
|
|
|
Blackstone Inc
|
|
20,900
|
2,459,303
|
Charles Schwab Corp/The
|
|
383,200
|
35,357,864
|
CME Group Inc Class A
|
|
9,200
|
2,031,636
|
Intercontinental Exchange Inc
|
|
96,000
|
11,818,560
|
KKR & Co Inc Class A
|
|
426,814
|
39,172,989
|
Moody's Corp
|
|
7,900
|
3,578,068
|
Robinhood Markets Inc Class A (a)
|
|
110,000
|
11,030,800
|
|
|
|
|
105,449,220
|
Consumer Finance - 0.0%
|
|
|
|
American Express Co
|
|
13,500
|
4,566,375
|
Financial Services - 2.7%
|
|
|
|
Apollo Global Management Inc
|
|
346,000
|
40,935,260
|
Mastercard Inc Class A
|
|
120,552
|
61,915,507
|
Visa Inc Class A
|
|
249,588
|
85,631,147
|
|
|
|
|
188,481,914
|
Insurance - 0.6%
|
|
|
|
Arthur J Gallagher & Co
|
|
126,600
|
29,063,562
|
Marsh & McLennan Cos Inc
|
|
81,300
|
13,550,271
|
|
|
|
|
42,613,833
|
TOTAL FINANCIALS
|
|
|
841,783,833
|
Health Care - 6.6%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Gilead Sciences Inc
|
|
19,700
|
2,488,898
|
Health Care Equipment & Supplies - 1.5%
|
|
|
|
Abbott Laboratories
|
|
381,200
|
34,590,088
|
Alcon AG (United States) (b)
|
|
514,000
|
34,489,400
|
Boston Scientific Corp (a)
|
|
844,117
|
36,026,914
|
|
|
|
|
105,106,402
|
Health Care Providers & Services - 2.1%
|
|
|
|
Cigna Group/The
|
|
79,362
|
21,878,516
|
Humana Inc
|
|
36,800
|
14,617,696
|
UnitedHealth Group Inc
|
|
252,703
|
105,030,948
|
|
|
|
|
141,527,160
|
Life Sciences Tools & Services - 1.4%
|
|
|
|
Danaher Corp
|
|
284,310
|
54,155,369
|
Thermo Fisher Scientific Inc
|
|
86,700
|
43,467,912
|
|
|
|
|
97,623,281
|
Pharmaceuticals - 1.6%
|
|
|
|
Eli Lilly & Co
|
|
28,300
|
33,943,869
|
Haleon PLC ADR
|
|
3,960,733
|
36,953,639
|
Johnson & Johnson
|
|
65,414
|
16,613,193
|
Merck & Co Inc
|
|
196,500
|
25,250,250
|
|
|
|
|
112,760,951
|
TOTAL HEALTH CARE
|
|
|
459,506,692
|
Industrials - 14.8%
|
|
|
|
Aerospace & Defense - 9.1%
|
|
|
|
Boeing Co (a)
|
|
1,477,056
|
319,738,313
|
GE Aerospace (c)
|
|
805,674
|
301,104,544
|
General Dynamics Corp
|
|
17,300
|
6,128,352
|
RTX Corp
|
|
30,400
|
5,767,792
|
|
|
|
|
632,739,001
|
Air Freight & Logistics - 1.1%
|
|
|
|
United Parcel Service Inc Class B
|
|
731,679
|
78,655,493
|
Electrical Equipment - 4.1%
|
|
|
|
Emerson Electric Co
|
|
139,900
|
20,026,685
|
GE Vernova Inc
|
|
221,918
|
260,722,581
|
|
|
|
|
280,749,266
|
Industrial Conglomerates - 0.0%
|
|
|
|
Honeywell Aerospace Inc
|
|
4,300
|
950,644
|
Honeywell International Inc
|
|
4,300
|
962,770
|
|
|
|
|
1,913,414
|
Machinery - 0.5%
|
|
|
|
Caterpillar Inc
|
|
25,500
|
27,154,950
|
Deere & Co
|
|
16,080
|
10,200,026
|
|
|
|
|
37,354,976
|
TOTAL INDUSTRIALS
|
|
|
1,031,412,150
|
Information Technology - 27.5%
|
|
|
|
Communications Equipment - 0.4%
|
|
|
|
Arista Networks Inc (a)
|
|
147,400
|
25,040,312
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Amphenol Corp Class A
|
|
33,400
|
5,889,088
|
IT Services - 0.0%
|
|
|
|
Accenture PLC Class A
|
|
11,900
|
1,480,836
|
Kyndryl Holdings Inc (a)
|
|
220
|
2,488
|
|
|
|
|
1,483,324
|
Semiconductors & Semiconductor Equipment - 16.1%
|
|
|
|
Applied Materials Inc
|
|
70,874
|
51,241,902
|
ARM Holdings PLC ADR (a)
|
|
16,600
|
5,885,862
|
Broadcom Inc
|
|
498,205
|
188,196,939
|
Cerebras Systems Inc Class A (a)(b)
|
|
20,500
|
4,530,500
|
Lam Research Corp
|
|
198,900
|
86,189,337
|
Micron Technology Inc (c)
|
|
147,700
|
170,488,633
|
NVIDIA Corp
|
|
3,105,650
|
621,409,509
|
|
|
|
|
1,127,942,682
|
Software - 5.5%
|
|
|
|
Adobe Inc (a)
|
|
51,900
|
10,640,538
|
Microsoft Corp
|
|
931,176
|
347,347,272
|
Oracle Corp
|
|
74,800
|
10,961,940
|
Salesforce Inc
|
|
41,600
|
6,517,056
|
Synopsys Inc (a)
|
|
21,400
|
9,545,898
|
|
|
|
|
385,012,704
|
Technology Hardware, Storage & Peripherals - 5.4%
|
|
|
|
Apple Inc
|
|
1,136,222
|
328,777,198
|
GPGI Inc Class A
|
|
1,204,865
|
19,097,110
|
Sandisk Corp (a)
|
|
5,500
|
12,505,515
|
Western Digital Corp
|
|
23,100
|
14,754,432
|
|
|
|
|
375,134,255
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
1,920,502,365
|
Materials - 0.3%
|
|
|
|
Chemicals - 0.3%
|
|
|
|
Air Products and Chemicals Inc
|
|
14,600
|
4,280,428
|
Linde PLC
|
|
6,700
|
3,476,898
|
Sherwin-Williams Co/The
|
|
39,100
|
13,462,912
|
TOTAL MATERIALS
|
|
|
21,220,238
|
Real Estate - 0.2%
|
|
|
|
Industrial REITs - 0.0%
|
|
|
|
Prologis Inc
|
|
22,800
|
3,088,716
|
Specialized REITs - 0.2%
|
|
|
|
American Tower Corp
|
|
61,810
|
10,110,262
|
TOTAL REAL ESTATE
|
|
|
13,198,978
|
Utilities - 0.6%
|
|
|
|
Electric Utilities - 0.5%
|
|
|
|
NextEra Energy Inc
|
|
37,900
|
3,326,483
|
Southern Co/The
|
|
290,300
|
27,784,613
|
|
|
|
|
31,111,096
|
Multi-Utilities - 0.1%
|
|
|
|
Sempra
|
|
81,400
|
7,546,594
|
TOTAL UTILITIES
|
|
|
38,657,690
|
TOTAL UNITED STATES
|
|
|
6,209,707,211
|
|
TOTAL COMMON STOCKS
(Cost $4,153,081,729)
|
|
|
6,699,088,399
|
|
|
|
|
|
Convertible Preferred Stocks - 0.2%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.2%
|
|
|
|
Information Technology - 0.2%
|
|
|
|
Software - 0.2%
|
|
|
|
Anthropic PBC Series G (d)(e)
(Cost $7,100,337)
|
|
27,400
|
16,138,874
|
|
|
|
|
|
Money Market Funds - 4.3%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
3.69
|
272,320,751
|
272,375,215
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
3.69
|
26,721,028
|
26,723,700
|
|
TOTAL MONEY MARKET FUNDS
(Cost $299,097,399)
|
|
|
|
299,098,915
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $4,459,279,465)
|
7,014,326,188
|
NET OTHER ASSETS (LIABILITIES) - (0.3)%
|
(22,131,619)
|
NET ASSETS - 100.0%
|
6,992,194,569
|
|
|
|
Written Options
|
|
|
Clearinghouse / Counterparty
|
Number
of Contracts
|
Notional
Amount ($)
|
Exercise
Price ($)
|
Expiration
Date
|
Value ($)
|
Call Options
|
|
|
|
|
|
|
GE Aerospace
|
Chicago Board Options Exchange
|
808
|
30,197,384
|
410.00
|
9/2026
|
(880,720)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
100
|
11,542,900
|
760.00
|
7/2026
|
(4,012,000)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
100
|
11,542,900
|
800.00
|
7/2026
|
(3,628,750)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
72
|
8,310,888
|
1,250.00
|
8/2026
|
(903,960)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,425,430)
|
TOTAL WRITTEN OPTIONS (Premiums Received $(2,822,592))
|
|
|
|
|
|
(9,425,430)
|
Legend
(a)
|
Non-income producing.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(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 $61,594,072.
|
(e)
|
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 $16,138,874 or 0.2% of net assets.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anthropic PBC Series G
|
1/27/2026
|
7,100,337
|
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
281,679,974
|
1,017,181,085
|
1,026,485,947
|
12,505,213
|
(1,413)
|
1,516
|
272,375,215
|
272,320,751
|
0.4%
|
Fidelity Securities Lending Cash Central Fund
|
48,867,560
|
405,002,388
|
427,146,971
|
161,571
|
723
|
-
|
26,723,700
|
26,721,028
|
0.1%
|
Total
|
330,547,534
|
1,422,183,473
|
1,453,632,918
|
12,666,784
|
(690)
|
1,516
|
299,098,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
760,344,509
|
760,344,509
|
-
|
-
|
Consumer Discretionary
|
468,634,452
|
468,634,452
|
-
|
-
|
Consumer Staples
|
378,187,313
|
355,733,882
|
22,453,431
|
-
|
Energy
|
462,955,345
|
462,953,247
|
2,098
|
-
|
Financials
|
844,342,273
|
844,342,273
|
-
|
-
|
Health Care
|
569,866,030
|
569,866,030
|
-
|
-
|
Industrials
|
1,067,056,002
|
1,031,412,150
|
35,643,852
|
-
|
Information Technology
|
2,074,625,569
|
2,074,625,569
|
-
|
-
|
Materials
|
21,220,238
|
21,220,238
|
-
|
-
|
Real Estate
|
13,198,978
|
13,198,978
|
-
|
-
|
Utilities
|
38,657,690
|
38,657,690
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Information Technology
|
16,138,874
|
-
|
-
|
16,138,874
|
|
|
Money Market Funds
|
299,098,915
|
299,098,915
|
-
|
-
|
Total Investments in Securities:
|
7,014,326,188
|
6,940,087,933
|
58,099,381
|
16,138,874
|
Derivative Instruments:
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Written Options
|
(9,425,430)
|
(9,425,430)
|
-
|
-
|
Total Liabilities
|
(9,425,430)
|
(9,425,430)
|
-
|
-
|
Total Derivative Instruments:
|
(9,425,430)
|
(9,425,430)
|
-
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
Equity Risk
|
|
|
Written Options (a)
|
-
|
(9,425,430)
|
Total Equity Risk
|
-
|
(9,425,430)
|
Total Value of Derivatives
|
-
|
(9,425,430)
|
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements
Statement of Assets and Liabilities
|
As of June 30, 2026
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $38,689,140) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $4,160,182,066)
|
$
|
6,715,227,273
|
|
|
Fidelity Central Funds (cost $299,097,399)
|
|
299,098,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $4,459,279,465)
|
|
|
$
|
7,014,326,188
|
Cash
|
|
|
|
943,913
|
Foreign currency held at value (cost $6,265)
|
|
|
|
6,266
|
Receivable for investments sold
|
|
|
|
2,066,463
|
Receivable for fund shares sold
|
|
|
|
18,351,934
|
Dividends receivable
|
|
|
|
4,043,473
|
Interest receivable
|
|
|
|
60
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
851,252
|
Other receivables
|
|
|
|
4,086
|
Total assets
|
|
|
|
7,040,593,635
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
1,382,086
|
|
|
Payable for fund shares redeemed
|
|
7,391,525
|
|
|
Accrued management fee
|
|
3,173,830
|
|
|
Distribution and service plan fees payable
|
|
165,598
|
|
|
Written options, at value (premium received $2,822,592)
|
|
9,425,430
|
|
|
Other payables and accrued expenses
|
|
136,897
|
|
|
Collateral on securities loaned
|
|
26,723,700
|
|
|
Total liabilities
|
|
|
|
48,399,066
|
Net Assets
|
|
|
$
|
6,992,194,569
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
4,226,318,773
|
Total accumulated earnings (loss)
|
|
|
|
2,765,875,796
|
Net Assets
|
|
|
$
|
6,992,194,569
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($407,322,754 ÷ 12,103,885 shares)(a)
|
|
|
$
|
33.65
|
Maximum offering price per share (100/94.25 of $33.65)
|
|
|
$
|
35.70
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($52,092,580 ÷ 1,547,610 shares)(a)
|
|
|
$
|
33.66
|
Maximum offering price per share (100/96.50 of $33.66)
|
|
|
$
|
34.88
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($74,404,353 ÷ 2,280,319 shares)(a)
|
|
|
$
|
32.63
|
Mega Cap Stock :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($3,910,306,854 ÷ 113,834,368 shares)
|
|
|
$
|
34.35
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,119,007,720 ÷ 32,549,037 shares)
|
|
|
$
|
34.38
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,429,060,308 ÷ 41,889,655 shares)
|
|
|
$
|
34.11
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Statement of Operations
|
|
Year ended June 30, 2026
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
70,164,096
|
Interest
|
|
|
|
96,950
|
Income from Fidelity Central Funds (including $161,571 from security lending)
|
|
|
|
12,666,784
|
Security lending
|
|
|
|
3,485
|
Total income
|
|
|
|
82,931,315
|
Expenses
|
|
|
|
|
Management fee
|
$
|
31,547,841
|
|
|
Distribution and service plan fees
|
|
1,688,838
|
|
|
Custodian fees and expenses
|
|
124,026
|
|
|
Independent trustees' fees and expenses
|
|
16,258
|
|
|
Registration fees
|
|
411,822
|
|
|
Audit fees
|
|
62,690
|
|
|
Legal
|
|
6,525
|
|
|
Miscellaneous
|
|
15,066
|
|
|
Total expenses before reductions
|
|
33,873,066
|
|
|
Expense reductions
|
|
(4,476)
|
|
|
Total expenses after reductions
|
|
|
|
33,868,590
|
Net Investment income (loss)
|
|
|
|
49,062,725
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
272,170,063
|
|
|
Fidelity Central Funds
|
|
(690)
|
|
|
Foreign currency transactions
|
|
(68,692)
|
|
|
Written options
|
|
3,903,823
|
|
|
Total net realized gain (loss)
|
|
|
|
276,004,504
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
900,813,086
|
|
|
Fidelity Central Funds
|
|
1,516
|
|
|
Assets and liabilities in foreign currencies
|
|
(24,603)
|
|
|
Written options
|
|
(6,739,047)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
894,050,952
|
Net gain (loss)
|
|
|
|
1,170,055,456
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
1,219,118,181
|
Statement of Changes in Net Assets
|
|
|
|
|
Year ended
June 30, 2026
|
|
Year ended
June 30, 2025
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
49,062,725
|
$
|
38,000,257
|
Net realized gain (loss)
|
|
276,004,504
|
|
135,946,700
|
Change in net unrealized appreciation (depreciation)
|
|
894,050,952
|
|
498,496,616
|
Net increase (decrease) in net assets resulting from operations
|
|
1,219,118,181
|
|
672,443,573
|
Distributions to shareholders
|
|
(199,362,895)
|
|
(89,177,833)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
1,725,991,916
|
|
604,795,252
|
Total increase (decrease) in net assets
|
|
2,745,747,202
|
|
1,188,060,992
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
4,246,447,367
|
|
3,058,386,375
|
End of period
|
$
|
6,992,194,569
|
$
|
4,246,447,367
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Mega Cap Stock Fund Class A
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
28.19
|
$
|
24.18
|
$
|
19.23
|
$
|
16.14
|
$
|
19.05
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.18
|
|
.21
|
|
.21
|
|
.17
|
|
.14
|
Net realized and unrealized gain (loss)
|
|
6.42
|
|
4.42
|
|
5.12
|
|
3.61
|
|
(2.17)
|
Total from investment operations
|
|
6.60
|
|
4.63
|
|
5.33
|
|
3.78
|
|
(2.03)
|
Distributions from net investment income
|
|
(.19)
|
|
(.20)
|
|
(.17)
|
|
(.18)
|
|
(.29)
|
Distributions from net realized gain
|
|
(.95)
|
|
(.42)
|
|
(.21)
|
|
(.51)
|
|
(.59)
|
Total distributions
|
|
(1.14)
|
|
(.62)
|
|
(.38)
|
|
(.69)
|
|
(.88)
|
Net asset value, end of period
|
$
|
33.65
|
$
|
28.19
|
$
|
24.18
|
$
|
19.23
|
$
|
16.14
|
Total Return C,D
|
|
|
|
19.63%
|
|
28.13%
|
|
24.10%
|
|
(11.25)% E
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.86%
|
|
.86%
|
|
.88%
|
|
.90%
|
|
.90%
|
Expenses net of fee waivers, if any
|
|
|
|
.86%
|
|
.88%
|
|
.90%
|
|
.89%
|
Expenses net of all reductions, if any
|
|
.86%
|
|
.86%
|
|
.88%
|
|
.90%
|
|
.89%
|
Net investment income (loss)
|
|
.59%
|
|
.83%
|
|
1.01%
|
|
.99%
|
|
.78%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
407,323
|
$
|
271,642
|
$
|
208,007
|
$
|
133,252
|
$
|
88,064
|
Portfolio turnover rate H
|
|
|
|
15%
|
|
9%
|
|
18%
|
|
13%
|
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 returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns do not include the effect of the sales charges.
EAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.29)%.
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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Mega Cap Stock Fund Class M
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
28.19
|
$
|
24.17
|
$
|
19.22
|
$
|
16.13
|
$
|
19.03
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.11
|
|
.15
|
|
.16
|
|
.13
|
|
.10
|
Net realized and unrealized gain (loss)
|
|
6.42
|
|
4.43
|
|
5.12
|
|
3.61
|
|
(2.17)
|
Total from investment operations
|
|
6.53
|
|
4.58
|
|
5.28
|
|
3.74
|
|
(2.07)
|
Distributions from net investment income
|
|
(.10)
|
|
(.14)
|
|
(.12)
|
|
(.13)
|
|
(.24)
|
Distributions from net realized gain
|
|
(.95)
|
|
(.42)
|
|
(.21)
|
|
(.51)
|
|
(.59)
|
Total distributions
|
|
(1.06) C
|
|
(.56)
|
|
(.33)
|
|
(.65) C
|
|
(.83)
|
Net asset value, end of period
|
$
|
33.66
|
$
|
28.19
|
$
|
24.17
|
$
|
19.22
|
$
|
16.13
|
Total Return D,E
|
|
|
|
19.34%
|
|
27.81%
|
|
23.76%
|
|
(11.45)% F
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.11%
|
|
1.11%
|
|
1.12%
|
|
1.16%
|
|
1.15%
|
Expenses net of fee waivers, if any
|
|
|
|
1.11%
|
|
1.11%
|
|
1.16%
|
|
1.15%
|
Expenses net of all reductions, if any
|
|
1.11%
|
|
1.11%
|
|
1.11%
|
|
1.16%
|
|
1.15%
|
Net investment income (loss)
|
|
.34%
|
|
.58%
|
|
.78%
|
|
.73%
|
|
.52%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
52,093
|
$
|
41,900
|
$
|
36,231
|
$
|
30,973
|
$
|
25,617
|
Portfolio turnover rate I
|
|
|
|
15%
|
|
9%
|
|
18%
|
|
13%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.49)%.
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.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Mega Cap Stock Fund Class C
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
27.40
|
$
|
23.53
|
$
|
18.74
|
$
|
15.74
|
$
|
18.58
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.05)
|
|
.01
|
|
.05
|
|
.03
|
|
- C
|
Net realized and unrealized gain (loss)
|
|
6.23
|
|
4.32
|
|
4.99
|
|
3.53
|
|
(2.12)
|
Total from investment operations
|
|
6.18
|
|
4.33
|
|
5.04
|
|
3.56
|
|
(2.12)
|
Distributions from net investment income
|
|
(.01)
|
|
(.04)
|
|
(.04)
|
|
(.04)
|
|
(.15)
|
Distributions from net realized gain
|
|
(.94)
|
|
(.42)
|
|
(.21)
|
|
(.51)
|
|
(.58)
|
Total distributions
|
|
(.95)
|
|
(.46)
|
|
(.25)
|
|
(.56) D
|
|
(.72) D
|
Net asset value, end of period
|
$
|
32.63
|
$
|
27.40
|
$
|
23.53
|
$
|
18.74
|
$
|
15.74
|
Total Return E,F
|
|
|
|
18.75%
|
|
27.12%
|
|
23.12%
|
|
(11.90)% G
|
Ratios to Average Net Assets B,H,I
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.63%
|
|
1.64%
|
|
1.66%
|
|
1.69%
|
|
1.67%
|
Expenses net of fee waivers, if any
|
|
|
|
1.64%
|
|
1.65%
|
|
1.68%
|
|
1.67%
|
Expenses net of all reductions, if any
|
|
1.63%
|
|
1.63%
|
|
1.65%
|
|
1.68%
|
|
1.67%
|
Net investment income (loss)
|
|
(.18)%
|
|
.06%
|
|
.24%
|
|
.21%
|
|
-% J
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
74,404
|
$
|
47,843
|
$
|
34,772
|
$
|
23,061
|
$
|
20,255
|
Portfolio turnover rate K
|
|
|
|
15%
|
|
9%
|
|
18%
|
|
13%
|
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 distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.94)%.
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.
JAmount represents less than .005%.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Mega Cap Stock Fund
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
28.75
|
$
|
24.63
|
$
|
19.58
|
$
|
16.42
|
$
|
19.36
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.27
|
|
.29
|
|
.28
|
|
.22
|
|
.20
|
Net realized and unrealized gain (loss)
|
|
6.55
|
|
4.52
|
|
5.20
|
|
3.68
|
|
(2.21)
|
Total from investment operations
|
|
6.82
|
|
4.81
|
|
5.48
|
|
3.90
|
|
(2.01)
|
Distributions from net investment income
|
|
(.26)
|
|
(.27)
|
|
(.22)
|
|
(.23)
|
|
(.34)
|
Distributions from net realized gain
|
|
(.95)
|
|
(.42)
|
|
(.21)
|
|
(.51)
|
|
(.59)
|
Total distributions
|
|
(1.22) C
|
|
(.69)
|
|
(.43)
|
|
(.74)
|
|
(.93)
|
Net asset value, end of period
|
$
|
34.35
|
$
|
28.75
|
$
|
24.63
|
$
|
19.58
|
$
|
16.42
|
Total Return D
|
|
|
|
20.02%
|
|
28.44%
|
|
24.46%
|
|
(10.99)% E
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.58%
|
|
.58%
|
|
.61%
|
|
.63%
|
|
.61%
|
Expenses net of fee waivers, if any
|
|
|
|
.58%
|
|
.60%
|
|
.62%
|
|
.61%
|
Expenses net of all reductions, if any
|
|
.58%
|
|
.58%
|
|
.60%
|
|
.62%
|
|
.61%
|
Net investment income (loss)
|
|
.87%
|
|
1.11%
|
|
1.29%
|
|
1.27%
|
|
1.06%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
3,910,307
|
$
|
2,534,999
|
$
|
1,973,946
|
$
|
1,203,802
|
$
|
927,217
|
Portfolio turnover rate H
|
|
|
|
15%
|
|
9%
|
|
18%
|
|
13%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
EAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.03)%.
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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Mega Cap Stock Fund Class I
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
28.78
|
$
|
24.66
|
$
|
19.61
|
$
|
16.45
|
$
|
19.39
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.27
|
|
.28
|
|
.27
|
|
.22
|
|
.19
|
Net realized and unrealized gain (loss)
|
|
6.55
|
|
4.53
|
|
5.22
|
|
3.68
|
|
(2.21)
|
Total from investment operations
|
|
6.82
|
|
4.81
|
|
5.49
|
|
3.90
|
|
(2.02)
|
Distributions from net investment income
|
|
(.27)
|
|
(.27)
|
|
(.23)
|
|
(.23)
|
|
(.34)
|
Distributions from net realized gain
|
|
(.95)
|
|
(.42)
|
|
(.21)
|
|
(.51)
|
|
(.59)
|
Total distributions
|
|
(1.22)
|
|
(.69)
|
|
(.44)
|
|
(.74)
|
|
(.92) C
|
Net asset value, end of period
|
$
|
34.38
|
$
|
28.78
|
$
|
24.66
|
$
|
19.61
|
$
|
16.45
|
Total Return D
|
|
|
|
20.00%
|
|
28.45%
|
|
24.43%
|
|
(11.00)% E
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.59%
|
|
.59%
|
|
.63%
|
|
.63%
|
|
.65%
|
Expenses net of fee waivers, if any
|
|
|
|
.59%
|
|
.62%
|
|
.62%
|
|
.64%
|
Expenses net of all reductions, if any
|
|
.59%
|
|
.59%
|
|
.62%
|
|
.62%
|
|
.64%
|
Net investment income (loss)
|
|
.86%
|
|
1.10%
|
|
1.27%
|
|
1.26%
|
|
1.03%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,119,008
|
$
|
531,235
|
$
|
382,995
|
$
|
132,416
|
$
|
52,884
|
Portfolio turnover rate H
|
|
|
|
15%
|
|
9%
|
|
18%
|
|
13%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
EAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.04)%.
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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Mega Cap Stock Fund Class Z
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
28.56
|
$
|
24.48
|
$
|
19.46
|
$
|
16.32
|
$
|
19.25
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.31
|
|
.31
|
|
.30
|
|
.24
|
|
.22
|
Net realized and unrealized gain (loss)
|
|
6.49
|
|
4.49
|
|
5.17
|
|
3.66
|
|
(2.20)
|
Total from investment operations
|
|
6.80
|
|
4.80
|
|
5.47
|
|
3.90
|
|
(1.98)
|
Distributions from net investment income
|
|
(.30)
|
|
(.30)
|
|
(.24)
|
|
(.25)
|
|
(.36)
|
Distributions from net realized gain
|
|
(.95)
|
|
(.42)
|
|
(.21)
|
|
(.51)
|
|
(.59)
|
Total distributions
|
|
(1.25)
|
|
(.72)
|
|
(.45)
|
|
(.76)
|
|
(.95)
|
Net asset value, end of period
|
$
|
34.11
|
$
|
28.56
|
$
|
24.48
|
$
|
19.46
|
$
|
16.32
|
Total Return C
|
|
|
|
20.14%
|
|
28.59%
|
|
24.62%
|
|
(10.92)% D
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.47%
|
|
.47%
|
|
.52%
|
|
.52%
|
|
.51%
|
Expenses net of fee waivers, if any
|
|
|
|
.47%
|
|
.51%
|
|
.52%
|
|
.51%
|
Expenses net of all reductions, if any
|
|
.47%
|
|
.47%
|
|
.51%
|
|
.52%
|
|
.51%
|
Net investment income (loss)
|
|
.98%
|
|
1.22%
|
|
1.38%
|
|
1.37%
|
|
1.16%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,429,060
|
$
|
818,829
|
$
|
422,435
|
$
|
192,632
|
$
|
222,146
|
Portfolio turnover rate G
|
|
|
|
15%
|
|
9%
|
|
18%
|
|
13%
|
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 returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (10.96)%.
EFees 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.
FExpense 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.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended June 30, 2026
1. Organization.
Fidelity Mega Cap Stock Fund (the Fund) is a fund of Fidelity Hastings 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, Mega Cap Stock, 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 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 June 30, 2026 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, 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.
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. 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. As of June 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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, certain corporate actions and losses deferred due to wash sales and offsetting positioins.
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
|
$2,715,904,826
|
Gross unrealized depreciation
|
(172,173,583)
|
Net unrealized appreciation (depreciation)
|
$2,543,731,243
|
Tax Cost
|
$4,461,169,515
|
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income
|
$53,397,582
|
Undistributed long-term capital gain
|
$168,806,381
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$2,543,671,832
|
The tax character of distributions paid was as follows:
|
June 30, 2026
|
June 30, 2025
|
Ordinary Income
|
$47,449,713
|
$40,014,802
|
Long-term Capital Gains
|
151,913,182
|
49,163,031
|
Total
|
$199,362,895
|
$89,177,833
|
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.
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. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these 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.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
Fidelity Mega Cap Stock Fund
|
|
|
Equity Risk
|
|
|
Purchased Options
|
(370,188)
|
-
|
Written Options
|
3,903,823
|
(6,739,047)
|
Total Equity Risk
|
3,533,635
|
(6,739,047)
|
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
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 options were used to manage exposure to the market.
Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.
Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
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 Mega Cap Stock Fund
|
2,456,740,940
|
852,110,013
|
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 management fee rate that may vary by class. 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. When determining a class's management 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 management 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
|
.60
|
Class M
|
.60
|
Class C
|
.62
|
Mega Cap Stock
|
.57
|
Class I
|
.58
|
Class Z
|
.46
|
One-twelfth of the management 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 management 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
|
.60
|
Class M
|
.60
|
Class C
|
.62
|
Mega Cap Stock
|
.57
|
Class I
|
.58
|
Class Z
|
.46
|
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 ($)
|
Class A
|
- %
|
.25%
|
849,458
|
37,011
|
Class M
|
.25%
|
.25%
|
234,656
|
-
|
Class C
|
.75%
|
.25%
|
604,724
|
185,908
|
|
|
|
1,688,838
|
222,919
|
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
330,246
|
Class M
|
5,772
|
Class CA
|
229
|
|
336,247
|
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 ($)
|
Fidelity Mega Cap Stock Fund
|
14,344
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Mega Cap Stock Fund
|
180,157,925
|
66,819,876
|
19,016,591
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
|
Amount ($)
|
Fidelity Mega Cap Stock Fund
|
6,018
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 ($)
|
Fidelity Mega Cap Stock Fund
|
17,872
|
-
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
|
Amount ($)
|
Fidelity Mega Cap Stock Fund
|
12,924,017
|
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 $4,476.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Fidelity Mega Cap Stock Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$11,657,006
|
$5,497,190
|
Class M
|
1,553,367
|
831,613
|
Class C
|
1,755,590
|
716,276
|
Mega Cap Stock
|
117,539,238
|
56,920,560
|
Class I
|
27,071,109
|
10,394,212
|
Class Z
|
39,786,585
|
14,817,982
|
Total
|
$199,362,895
|
$89,177,833
|
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
|
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Fidelity Mega Cap Stock Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
3,631,579
|
2,257,768
|
$112,055,461
|
$57,316,050
|
Reinvestment of distributions
|
396,807
|
226,275
|
11,561,937
|
5,446,810
|
Shares redeemed
|
(1,559,554)
|
(1,452,835)
|
(48,657,379)
|
(36,329,356)
|
Net increase (decrease)
|
2,468,832
|
1,031,208
|
$74,960,019
|
$26,433,504
|
Class M
|
|
|
|
|
Shares sold
|
338,492
|
274,899
|
$10,490,139
|
$7,029,016
|
Reinvestment of distributions
|
53,288
|
34,505
|
1,552,225
|
830,344
|
Shares redeemed
|
(330,545)
|
(322,309)
|
(10,200,012)
|
(8,260,393)
|
Net increase (decrease)
|
61,235
|
(12,905)
|
$1,842,352
|
$(401,033)
|
Class C
|
|
|
|
|
Shares sold
|
851,865
|
613,877
|
$25,616,870
|
$15,117,464
|
Reinvestment of distributions
|
61,965
|
30,558
|
1,752,768
|
714,530
|
Shares redeemed
|
(379,653)
|
(375,984)
|
(11,353,509)
|
(9,195,448)
|
Net increase (decrease)
|
534,177
|
268,451
|
$16,016,129
|
$6,636,546
|
Mega Cap Stock
|
|
|
|
|
Shares sold
|
48,674,960
|
28,871,381
|
$1,523,746,506
|
$746,504,089
|
Reinvestment of distributions
|
3,599,225
|
2,114,955
|
107,066,791
|
51,888,381
|
Shares redeemed
|
(26,624,666)
|
(22,938,304)
|
(842,554,136)
|
(585,929,361)
|
Net increase (decrease)
|
25,649,519
|
8,048,032
|
$788,259,161
|
$212,463,109
|
Class I
|
|
|
|
|
Shares sold
|
21,941,338
|
10,205,393
|
$688,279,009
|
$264,428,691
|
Reinvestment of distributions
|
897,849
|
414,797
|
26,773,221
|
10,192,705
|
Shares redeemed
|
(8,748,922)
|
(7,691,002)
|
(277,413,318)
|
(195,541,442)
|
Net increase (decrease)
|
14,090,265
|
2,929,188
|
$437,638,912
|
$79,079,954
|
Class Z
|
|
|
|
|
Shares sold
|
19,307,346
|
21,046,412
|
$600,766,390
|
$516,960,294
|
Reinvestment of distributions
|
541,957
|
278,046
|
16,071,557
|
6,781,731
|
Shares redeemed
|
(6,629,370)
|
(9,908,650)
|
(209,562,604)
|
(243,158,853)
|
Net increase (decrease)
|
13,219,933
|
11,415,808
|
$407,275,343
|
$280,583,172
|
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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Mega Cap Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Mega Cap Stock Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2026, the related statement of operations for the year ended June 30, 2026, the statement of changes in net assets for each of the two years in the period ended June 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2026 and the financial highlights for each of the five years in the period ended June 30, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 14, 2026
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2026, $219,133,202, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the short-term capital gain dividends distributed in December, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The fund designates $7,404,161 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.
Class A designates 100%, and 100%; Class M designates 100%, and 100%; Class C designates 100%, and 100%; Mega Cap Stock designates 100%, and 91%; Class I designates 100%, and 89%; and Class Z designates 100%, and 82%; of the dividends distributed in August and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A, Class M, Class C, Mega Cap Stock, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.
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)
Note: This is not applicable for any fund included in this document.
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 Mega Cap Stock Fund
At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
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, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.
1.723705.127
GII-ANN-0826
Fidelity® Growth Discovery Fund
Annual Report
June 30, 2026
Contents
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. © 2026 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 (Annual Report)
Fidelity® Growth Discovery Fund
Schedule of Investments June 30, 2026
Showing Percentage of Net Assets
Common Stocks - 97.4%
|
|
|
|
Shares
|
Value ($)
|
AUSTRALIA - 0.5%
|
|
|
|
Materials - 0.5%
|
|
|
|
Metals & Mining - 0.5%
|
|
|
|
BHP Group Ltd ADR (a)
|
|
430,248
|
35,843,961
|
BELGIUM - 0.7%
|
|
|
|
Health Care - 0.7%
|
|
|
|
Pharmaceuticals - 0.7%
|
|
|
|
UCB SA
|
|
147,370
|
44,116,860
|
BRAZIL - 0.3%
|
|
|
|
Materials - 0.3%
|
|
|
|
Metals & Mining - 0.3%
|
|
|
|
Vale SA ADR
|
|
1,197,400
|
18,008,896
|
CANADA - 0.9%
|
|
|
|
Information Technology - 0.4%
|
|
|
|
IT Services - 0.4%
|
|
|
|
Shopify Inc Class A (United States) (b)
|
|
260,700
|
29,766,726
|
Materials - 0.5%
|
|
|
|
Metals & Mining - 0.5%
|
|
|
|
Agnico Eagle Mines Ltd/CA (United States) (a)
|
|
99,324
|
15,408,132
|
Franco-Nevada Corp
|
|
77,000
|
16,066,709
|
TOTAL MATERIALS
|
|
|
31,474,841
|
TOTAL CANADA
|
|
|
61,241,567
|
CHILE - 0.7%
|
|
|
|
Materials - 0.7%
|
|
|
|
Metals & Mining - 0.7%
|
|
|
|
Antofagasta PLC
|
|
499,508
|
25,310,265
|
Lundin Mining Corp
|
|
875,574
|
21,336,039
|
|
|
|
|
|
TOTAL CHILE
|
|
|
46,646,304
|
CHINA - 0.4%
|
|
|
|
Industrials - 0.4%
|
|
|
|
Electrical Equipment - 0.4%
|
|
|
|
Contemporary Amperex Technology Co Ltd A Shares (China)
|
|
458,665
|
26,661,606
|
GERMANY - 0.1%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Specialty Retail - 0.1%
|
|
|
|
Auto1 Group SE (b)
|
|
188,541
|
4,989,288
|
ISRAEL - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Gamida Cell Ltd rights (a)(b)(d)
|
|
993,684
|
10
|
KOREA (SOUTH) - 0.5%
|
|
|
|
Information Technology - 0.5%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.5%
|
|
|
|
SK Hynix Inc
|
|
18,610
|
32,866,034
|
LUXEMBOURG - 0.6%
|
|
|
|
Materials - 0.6%
|
|
|
|
Metals & Mining - 0.6%
|
|
|
|
ArcelorMittal SA depository receipt
|
|
617,100
|
37,161,762
|
MEXICO - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
Southern Copper Corp (a)
|
|
21,491
|
3,745,022
|
NETHERLANDS - 0.6%
|
|
|
|
Health Care - 0.6%
|
|
|
|
Biotechnology - 0.6%
|
|
|
|
Argenx SE ADR (b)
|
|
41,102
|
38,133,203
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
NXP Semiconductors NV
|
|
13,600
|
3,822,008
|
TOTAL NETHERLANDS
|
|
|
41,955,211
|
NORWAY - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
Norsk Hydro ASA
|
|
237,200
|
2,146,371
|
SWEDEN - 0.1%
|
|
|
|
Industrials - 0.1%
|
|
|
|
Machinery - 0.1%
|
|
|
|
Epiroc AB A Shares
|
|
274,000
|
7,517,669
|
TAIWAN - 3.5%
|
|
|
|
Information Technology - 3.5%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.2%
|
|
|
|
Chroma ATE Inc
|
|
183,000
|
12,736,695
|
Semiconductors & Semiconductor Equipment - 3.3%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
468,316
|
223,653,672
|
TOTAL TAIWAN
|
|
|
236,390,367
|
UNITED KINGDOM - 0.1%
|
|
|
|
Financials - 0.1%
|
|
|
|
Financial Services - 0.1%
|
|
|
|
Revolut Group Holdings Ltd (b)(d)(e)
|
|
3,300
|
4,547,202
|
UNITED STATES - 88.4%
|
|
|
|
Communication Services - 13.6%
|
|
|
|
Diversified Telecommunication Services - 0.6%
|
|
|
|
Space Exploration Technologies Corp (c)
|
|
136,663
|
23,350,240
|
Space Exploration Technologies Corp (c)
|
|
99,145
|
16,092,919
|
Space Exploration Technologies Corp Class A
|
|
77
|
13,156
|
|
|
|
|
39,456,315
|
Entertainment - 0.2%
|
|
|
|
Live Nation Entertainment Inc (b)
|
|
81,234
|
14,874,758
|
Interactive Media & Services - 12.8%
|
|
|
|
Alphabet Inc Class A
|
|
1,973,918
|
705,419,076
|
Alphabet Inc Class C
|
|
95,850
|
33,866,681
|
Epic Games Inc (b)(d)(e)
|
|
2,244
|
990,591
|
Meta Platforms Inc Class A
|
|
214,436
|
120,789,654
|
|
|
|
|
861,066,002
|
TOTAL COMMUNICATION SERVICES
|
|
|
915,397,075
|
Consumer Discretionary - 7.1%
|
|
|
|
Automobiles - 2.4%
|
|
|
|
Tesla Inc (b)
|
|
386,112
|
162,398,707
|
Waymo LLC Class B (d)(e)
|
|
3,000
|
492,960
|
|
|
|
|
162,891,667
|
Broadline Retail - 2.3%
|
|
|
|
Amazon.com Inc (b)
|
|
640,912
|
152,754,966
|
Hotels, Restaurants & Leisure - 1.4%
|
|
|
|
Hilton Worldwide Holdings Inc
|
|
122,821
|
40,587,428
|
Viking Holdings Ltd (b)
|
|
540,435
|
56,567,331
|
|
|
|
|
97,154,759
|
Household Durables - 0.4%
|
|
|
|
Blu Homes Inc (b)(d)(e)
|
|
3,320,224
|
1,029
|
SharkNinja Inc (b)
|
|
213,900
|
32,570,553
|
|
|
|
|
32,571,582
|
Specialty Retail - 0.6%
|
|
|
|
Ross Stores Inc
|
|
105,200
|
22,391,820
|
Williams-Sonoma Inc
|
|
64,717
|
15,085,533
|
|
|
|
|
37,477,353
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
482,850,327
|
Energy - 0.8%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
SLB Ltd
|
|
150,024
|
6,974,615
|
Oil, Gas & Consumable Fuels - 0.7%
|
|
|
|
APA Corp
|
|
715,894
|
23,316,668
|
Exxon Mobil Corp
|
|
159,857
|
21,855,649
|
Ovintiv Inc
|
|
54,200
|
2,853,630
|
|
|
|
|
48,025,947
|
TOTAL ENERGY
|
|
|
55,000,562
|
Financials - 3.8%
|
|
|
|
Banks - 0.3%
|
|
|
|
Bank of America Corp
|
|
311,198
|
17,732,062
|
Pathward Financial Inc
|
|
37,000
|
3,221,220
|
|
|
|
|
20,953,282
|
Capital Markets - 1.5%
|
|
|
|
Cboe Global Markets Inc
|
|
71,300
|
17,302,371
|
Morgan Stanley
|
|
295,510
|
61,773,410
|
State Street Corp
|
|
114,500
|
19,419,200
|
|
|
|
|
98,494,981
|
Financial Services - 2.0%
|
|
|
|
Mastercard Inc Class A
|
|
264,538
|
135,866,717
|
TOTAL FINANCIALS
|
|
|
255,314,980
|
Health Care - 6.8%
|
|
|
|
Biotechnology - 2.2%
|
|
|
|
Adamas Pharmaceuticals Inc rights (b)(d)
|
|
678,800
|
7
|
Alnylam Pharmaceuticals Inc (b)
|
|
93,819
|
28,242,334
|
Blueprint Medicines Corp rights (b)(d)(e)
|
|
20,114
|
0
|
Cogent Biosciences Inc (b)
|
|
213,545
|
8,264,192
|
Cytokinetics Inc (b)
|
|
128,101
|
10,912,924
|
Hemab Therapeutics Holdings Inc
|
|
29,100
|
1,068,843
|
Insmed Inc (b)
|
|
235,186
|
25,075,531
|
Legend Biotech Corp ADR (b)
|
|
240,613
|
6,948,903
|
Moderna Inc (a)(b)
|
|
551,960
|
38,653,759
|
Revolution Medicines Inc (b)
|
|
76,300
|
14,289,464
|
Twist Bioscience Corp (b)
|
|
12,100
|
1,244,848
|
Tyra Biosciences Inc (b)
|
|
341,700
|
10,913,898
|
|
|
|
|
145,614,703
|
Health Care Equipment & Supplies - 1.0%
|
|
|
|
Edwards Lifesciences Corp (b)
|
|
389,200
|
35,207,032
|
Medline Inc Class A (a)
|
|
750,200
|
29,587,888
|
|
|
|
|
64,794,920
|
Pharmaceuticals - 3.6%
|
|
|
|
Crinetics Pharmaceuticals Inc (b)
|
|
132,400
|
4,954,408
|
Eli Lilly & Co
|
|
200,714
|
240,742,393
|
|
|
|
|
245,696,801
|
TOTAL HEALTH CARE
|
|
|
456,106,424
|
Industrials - 9.0%
|
|
|
|
Aerospace & Defense - 0.6%
|
|
|
|
Anduril Industries Inc Class B (d)(e)
|
|
800
|
55,160
|
Beta Technologies Inc Class A (b)
|
|
34,600
|
579,550
|
Boeing Co (b)
|
|
169,000
|
36,583,430
|
GE Aerospace
|
|
13,950
|
5,213,534
|
|
|
|
|
42,431,674
|
Air Freight & Logistics - 0.0%
|
|
|
|
CH Robinson Worldwide Inc
|
|
26,301
|
4,953,529
|
Building Products - 0.8%
|
|
|
|
Trane Technologies PLC
|
|
109,210
|
53,639,584
|
Construction & Engineering - 0.7%
|
|
|
|
Dycom Industries Inc (b)
|
|
57,400
|
29,020,866
|
EMCOR Group Inc
|
|
18,400
|
15,269,792
|
|
|
|
|
44,290,658
|
Electrical Equipment - 1.8%
|
|
|
|
Eaton Corp PLC
|
|
30,800
|
13,124,496
|
GE Vernova Inc
|
|
63,807
|
74,964,292
|
Nextpower Inc Class A (b)
|
|
285,700
|
34,038,298
|
|
|
|
|
122,127,086
|
Ground Transportation - 0.4%
|
|
|
|
Old Dominion Freight Line Inc
|
|
117,498
|
25,450,067
|
Machinery - 3.5%
|
|
|
|
Caterpillar Inc
|
|
61,200
|
65,171,880
|
Cummins Inc
|
|
62,200
|
44,361,662
|
Deere & Co
|
|
51,279
|
32,527,808
|
PACCAR Inc
|
|
214,400
|
25,753,728
|
Parker-Hannifin Corp
|
|
26,200
|
25,626,744
|
Westinghouse Air Brake Technologies Corp
|
|
167,161
|
45,066,606
|
|
|
|
|
238,508,428
|
Passenger Airlines - 0.4%
|
|
|
|
Delta Air Lines Inc
|
|
280,818
|
26,301,414
|
Trading Companies & Distributors - 0.8%
|
|
|
|
Ferguson Enterprises Inc (United Kingdom)
|
|
136,018
|
32,367,541
|
United Rentals Inc
|
|
16,156
|
18,302,971
|
|
|
|
|
50,670,512
|
TOTAL INDUSTRIALS
|
|
|
608,372,952
|
Information Technology - 45.5%
|
|
|
|
Communications Equipment - 0.7%
|
|
|
|
Arista Networks Inc (b)
|
|
218,900
|
37,186,732
|
Lumentum Holdings Inc (b)
|
|
10,100
|
8,666,406
|
|
|
|
|
45,853,138
|
Electronic Equipment, Instruments & Components - 2.1%
|
|
|
|
Amphenol Corp Class A
|
|
391,607
|
69,048,146
|
Coherent Corp (b)
|
|
60,400
|
23,825,988
|
Corning Inc
|
|
201,400
|
51,443,602
|
|
|
|
|
144,317,736
|
Semiconductors & Semiconductor Equipment - 31.6%
|
|
|
|
Advanced Micro Devices Inc (b)
|
|
327,800
|
190,422,298
|
Analog Devices Inc
|
|
147,000
|
58,383,990
|
Applied Materials Inc
|
|
152,000
|
109,896,000
|
Broadcom Inc
|
|
767,993
|
290,109,356
|
Intel Corp (b)
|
|
379,600
|
53,003,548
|
KLA Corp
|
|
232,400
|
70,117,404
|
Lam Research Corp
|
|
249,500
|
108,115,835
|
MACOM Technology Solutions Holdings Inc (b)
|
|
66,100
|
25,142,457
|
Marvell Technology Inc
|
|
216,100
|
64,374,029
|
Micron Technology Inc
|
|
151,700
|
175,105,793
|
Monolithic Power Systems Inc
|
|
9,000
|
12,441,240
|
NVIDIA Corp
|
|
4,624,694
|
925,355,023
|
SiTime Corp (b)
|
|
27,400
|
20,428,344
|
Teradyne Inc
|
|
54,800
|
26,514,432
|
|
|
|
|
2,129,409,749
|
Software - 5.4%
|
|
|
|
Asapp Inc warrants 8/28/2028 (b)(d)(e)
|
|
1,014,955
|
263,888
|
Cadence Design Systems Inc (b)
|
|
191,400
|
71,836,248
|
Canva Inc Class A (b)(d)(e)
|
|
2,900
|
3,684,827
|
Crowdstrike Holdings Inc Class A (b)
|
|
29,600
|
22,588,944
|
Datadog Inc Class A (b)
|
|
257,600
|
67,068,736
|
Microsoft Corp
|
|
408,699
|
152,452,901
|
Palo Alto Networks Inc (b)
|
|
145,600
|
49,652,512
|
|
|
|
|
367,548,056
|
Technology Hardware, Storage & Peripherals - 5.7%
|
|
|
|
Apple Inc
|
|
1,172,644
|
339,316,269
|
Seagate Technology Holdings PLC
|
|
47,300
|
45,644,500
|
|
|
|
|
384,960,769
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
3,072,089,448
|
Materials - 1.5%
|
|
|
|
Chemicals - 0.5%
|
|
|
|
Corteva Inc
|
|
396,168
|
33,551,468
|
Metals & Mining - 1.0%
|
|
|
|
Alcoa Corp
|
|
974,515
|
50,811,212
|
Steel Dynamics Inc
|
|
59,500
|
13,652,870
|
|
|
|
|
64,464,082
|
TOTAL MATERIALS
|
|
|
98,015,550
|
Real Estate - 0.1%
|
|
|
|
Health Care REITs - 0.1%
|
|
|
|
Ventas Inc
|
|
147,900
|
13,133,520
|
Utilities - 0.2%
|
|
|
|
Electric Utilities - 0.2%
|
|
|
|
NRG Energy Inc
|
|
96,755
|
14,132,035
|
TOTAL UNITED STATES
|
|
|
5,970,412,873
|
ZAMBIA - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
First Quantum Minerals Ltd (b)
|
|
64
|
1,748
|
|
TOTAL COMMON STOCKS
(Cost $3,953,841,529)
|
|
|
6,574,252,751
|
|
|
|
|
|
Convertible Preferred Stocks - 1.6%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 1.6%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Waymo LLC Series D-2 (d)(e)
|
|
10,600
|
1,741,792
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Akeana Series C (b)(d)(e)
|
|
30,000
|
450,300
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
ElevateBio LLC Series C (b)(d)(e)
|
|
75,700
|
139,287
|
Industrials - 0.2%
|
|
|
|
Aerospace & Defense - 0.2%
|
|
|
|
Anduril Industries Inc Series F (b)(d)(e)
|
|
114,642
|
7,904,566
|
Anduril Industries Inc Series G (b)(d)(e)
|
|
7,400
|
510,230
|
Anduril Industries Inc Series H (d)(e)
|
|
66,800
|
4,605,860
|
|
|
|
|
13,020,656
|
Air Freight & Logistics - 0.0%
|
|
|
|
Zipline International Inc Series H (d)(e)
|
|
58,100
|
3,268,706
|
TOTAL INDUSTRIALS
|
|
|
16,289,362
|
Information Technology - 1.3%
|
|
|
|
Software - 1.3%
|
|
|
|
Anthropic PBC Series F (d)(e)
|
|
25,300
|
14,901,953
|
Anthropic PBC Series G (d)(e)
|
|
42,800
|
25,209,628
|
Anthropic PBC Series H (d)(e)
|
|
26,600
|
15,667,666
|
Asapp Inc Series C (b)(d)(e)
|
|
250,763
|
401,221
|
Asapp Inc Series D (b)(d)(e)
|
|
1,768,998
|
1,786,688
|
Canva Inc Series A (b)(d)(e)
|
|
423
|
537,476
|
Canva Inc Series A2 (b)(d)(e)
|
|
77
|
97,839
|
Databricks Inc Series K (d)(e)
|
|
23,900
|
4,758,968
|
OpenAI Group Pbc Series A-2 (d)(e)
|
|
18,274
|
12,566,847
|
World Labs Technologies Inc Series C (d)(e)
|
|
6,200
|
1,944,134
|
World Labs Technologies Inc Series C PRIME (d)(e)
|
|
4,743
|
1,592,747
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
79,465,167
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
Illuminated Holdings Inc Series C2 (b)(d)(e)
|
|
50,974
|
1,401,785
|
Illuminated Holdings Inc Series C3 (b)(d)(e)
|
|
63,718
|
1,756,705
|
Illuminated Holdings Inc Series C4 (b)(d)(e)
|
|
18,303
|
506,810
|
Illuminated Holdings Inc Series C5 (b)(d)(e)
|
|
36,887
|
1,031,729
|
Illuminated Holdings Inc Series E2 (d)(e)
|
|
113,528
|
3,122,021
|
TOTAL MATERIALS
|
|
|
7,819,050
|
TOTAL UNITED STATES
|
|
|
105,904,958
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $70,038,183)
|
|
|
105,904,958
|
|
|
|
|
|
Money Market Funds - 1.2%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
3.69
|
29,130,512
|
29,136,338
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
3.69
|
54,486,495
|
54,491,943
|
|
TOTAL MONEY MARKET FUNDS
(Cost $83,626,191)
|
|
|
|
83,628,281
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.2%
(Cost $4,107,505,903)
|
6,763,785,990
|
NET OTHER ASSETS (LIABILITIES) - (0.2)%
|
(10,565,099)
|
NET ASSETS - 100.0%
|
6,753,220,891
|
|
|
|
Legend
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing.
|
(c)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $39,443,159 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(e)
|
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 $115,940,615 or 1.7% of net assets.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Akeana Series C
|
1/23/2024
|
382,824
|
|
|
|
|
Anduril Industries Inc Class B
|
6/16/2025
|
32,706
|
|
|
|
|
Anduril Industries Inc Series F
|
8/7/2024
|
2,491,927
|
|
|
|
|
Anduril Industries Inc Series G
|
4/17/2025
|
302,533
|
|
|
|
|
Anduril Industries Inc Series H
|
5/12/2026
|
4,606,040
|
|
|
|
|
Anthropic PBC Series F
|
8/18/2025
|
3,566,480
|
|
|
|
|
Anthropic PBC Series G
|
1/27/2026
|
11,091,038
|
|
|
|
|
Anthropic PBC Series H
|
5/28/2026
|
15,667,653
|
|
|
|
|
Asapp Inc Series C
|
4/30/2021
|
1,654,308
|
|
|
|
|
Asapp Inc Series D
|
8/29/2023
|
6,830,986
|
|
|
|
|
Asapp Inc warrants 8/28/2028
|
8/29/2023
|
1
|
|
|
|
|
Blu Homes Inc
|
5/21/2020
|
5,743
|
|
|
|
|
Blueprint Medicines Corp rights
|
7/21/2025
|
9,252
|
|
|
|
|
Canva Inc Class A
|
8/19/2025 - 11/12/2025
|
4,773,806
|
|
|
|
|
Canva Inc Series A
|
9/22/2023
|
451,198
|
|
|
|
|
Canva Inc Series A2
|
9/22/2023
|
82,132
|
|
|
|
|
Databricks Inc Series K
|
9/8/2025
|
3,585,000
|
|
|
|
|
ElevateBio LLC Series C
|
3/9/2021
|
317,561
|
|
|
|
|
Epic Games Inc
|
3/29/2021
|
1,985,940
|
|
|
|
|
Illuminated Holdings Inc Series C2
|
7/7/2020
|
1,274,350
|
|
|
|
|
Illuminated Holdings Inc Series C3
|
7/7/2020
|
1,911,540
|
|
|
|
|
Illuminated Holdings Inc Series C4
|
1/8/2021
|
658,908
|
|
|
|
|
Illuminated Holdings Inc Series C5
|
6/16/2021
|
1,593,518
|
|
|
|
|
Illuminated Holdings Inc Series E2
|
6/14/2023 - 9/27/2023
|
1,908,400
|
|
|
|
|
OpenAI Group Pbc Series A-2
|
9/30/2024
|
3,433,000
|
|
|
|
|
Revolut Group Holdings Ltd
|
1/28/2026
|
4,653,315
|
|
|
|
|
Waymo LLC Class B
|
4/22/2026
|
492,948
|
|
|
|
|
Waymo LLC Series D-2
|
2/2/2026
|
1,741,749
|
|
|
|
|
World Labs Technologies Inc Series C
|
2/17/2026
|
1,613,479
|
|
|
|
|
World Labs Technologies Inc Series C PRIME
|
2/17/2026
|
1,604,605
|
|
|
|
|
Zipline International Inc Series H
|
12/3/2025
|
3,268,954
|
|
|
|
|
Additional information on each lock-up restriction is as follows:
|
Security
|
Restriction Expiration Date
|
Space Exploration Technologies Corp
|
12/8/2026
|
|
|
|
Space Exploration Technologies Corp
|
12/8/2026
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
63,622,227
|
1,140,080,568
|
1,174,568,749
|
944,928
|
202
|
2,090
|
29,136,338
|
29,130,512
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
186,613,316
|
705,873,691
|
837,996,443
|
413,557
|
1,379
|
-
|
54,491,943
|
54,486,495
|
0.1%
|
Total
|
250,235,543
|
1,845,954,259
|
2,012,565,192
|
1,358,485
|
1,581
|
2,090
|
83,628,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
915,397,075
|
874,963,325
|
39,443,159
|
990,591
|
Consumer Discretionary
|
487,839,615
|
487,345,626
|
-
|
493,989
|
Energy
|
55,000,562
|
55,000,562
|
-
|
-
|
Financials
|
259,862,182
|
255,314,980
|
-
|
4,547,202
|
Health Care
|
538,356,497
|
538,356,480
|
-
|
17
|
Industrials
|
642,552,227
|
608,317,792
|
34,179,275
|
55,160
|
Information Technology
|
3,374,934,583
|
3,325,383,139
|
45,602,729
|
3,948,715
|
Materials
|
273,044,455
|
270,898,084
|
2,146,371
|
-
|
Real Estate
|
13,133,520
|
13,133,520
|
-
|
-
|
Utilities
|
14,132,035
|
14,132,035
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Consumer Discretionary
|
1,741,792
|
-
|
-
|
1,741,792
|
Financials
|
450,300
|
-
|
-
|
450,300
|
Health Care
|
139,287
|
-
|
-
|
139,287
|
Industrials
|
16,289,362
|
-
|
-
|
16,289,362
|
Information Technology
|
79,465,167
|
-
|
-
|
79,465,167
|
Materials
|
7,819,050
|
-
|
-
|
7,819,050
|
|
|
Money Market Funds
|
83,628,281
|
83,628,281
|
-
|
-
|
Total Investments in Securities:
|
6,763,785,990
|
6,526,473,824
|
121,371,534
|
115,940,632
|
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
Beginning Balance ($)
|
Net Realized Gain (Loss) on Investment Securities ($)
|
Net Unrealized Gain (Loss) on Investment Securities ($)
|
Cost of Purchases ($)
|
Proceeds of Sales ($)
|
Amortization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2026 ($)
|
Common Stocks
|
7,720,638
|
(42,554)
|
(4,171,437)
|
9,962,027
|
(3,433,000)
|
-
|
-
|
-
|
10,035,674
|
(2,600,472)
|
Convertible Preferred Stocks
|
18,502,273
|
-
|
39,735,053
|
52,086,397
|
(4,418,765)
|
-
|
-
|
-
|
105,904,958
|
42,778,184
|
Convertible Corporate Bonds
|
793,732
|
-
|
15,868
|
-
|
(809,600)
|
-
|
-
|
-
|
-
|
-
|
Preferred Securities
|
1,310,539
|
-
|
(211,739)
|
-
|
(1,098,800)
|
-
|
-
|
-
|
-
|
-
|
|
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.
|
|
|
|
Financial Statements
Statement of Assets and Liabilities
|
As of June 30, 2026
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $76,959,595) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $4,023,879,712)
|
$
|
6,680,157,709
|
|
|
Fidelity Central Funds (cost $83,626,191)
|
|
83,628,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $4,107,505,903)
|
|
|
$
|
6,763,785,990
|
Cash
|
|
|
|
30,645,118
|
Foreign currency held at value (cost $3,857,569)
|
|
|
|
3,853,361
|
Receivable for investments sold
|
|
|
|
35,925,547
|
Receivable for fund shares sold
|
|
|
|
2,140,893
|
Dividends receivable
|
|
|
|
1,251,312
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
136,358
|
Other receivables
|
|
|
|
16,078
|
Total assets
|
|
|
|
6,837,754,657
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
21,858,334
|
|
|
Payable for fund shares redeemed
|
|
4,432,407
|
|
|
Accrued management fee
|
|
3,673,020
|
|
|
Other payables and accrued expenses
|
|
85,246
|
|
|
Collateral on securities loaned
|
|
54,484,759
|
|
|
Total liabilities
|
|
|
|
84,533,766
|
Net Assets
|
|
|
$
|
6,753,220,891
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
4,017,025,220
|
Total accumulated earnings (loss)
|
|
|
|
2,736,195,671
|
Net Assets
|
|
|
$
|
6,753,220,891
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Growth Discovery :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($6,052,016,781 ÷ 76,438,307 shares)
|
|
|
$
|
79.18
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($701,204,110 ÷ 8,831,258 shares)
|
|
|
$
|
79.40
|
Statement of Operations
|
|
Year ended June 30, 2026
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
32,292,905
|
Income from Fidelity Central Funds (including $413,557 from security lending)
|
|
|
|
1,358,485
|
Security lending
|
|
|
|
14,007
|
Total income
|
|
|
|
33,665,397
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
38,194,019
|
|
|
Performance adjustment
|
|
(5,054,322)
|
|
|
Custodian fees and expenses
|
|
74,678
|
|
|
Independent trustees' fees and expenses
|
|
20,346
|
|
|
Registration fees
|
|
116,411
|
|
|
Audit fees
|
|
82,308
|
|
|
Legal
|
|
7,892
|
|
|
Interest
|
|
50,985
|
|
|
Miscellaneous
|
|
21,043
|
|
|
Total expenses
|
|
|
|
33,513,360
|
Net Investment income (loss)
|
|
|
|
152,037
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
237,236,919
|
|
|
Redemptions in-kind
|
|
554,951,694
|
|
|
Fidelity Central Funds
|
|
1,581
|
|
|
Foreign currency transactions
|
|
(401,969)
|
|
|
Futures contracts
|
|
1,660,672
|
|
|
Total net realized gain (loss)
|
|
|
|
793,448,897
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
535,681,881
|
|
|
Fidelity Central Funds
|
|
2,090
|
|
|
Assets and liabilities in foreign currencies
|
|
(79,477)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
535,604,494
|
Net gain (loss)
|
|
|
|
1,329,053,391
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
1,329,205,428
|
Statement of Changes in Net Assets
|
|
|
|
|
Year ended
June 30, 2026
|
|
Year ended
June 30, 2025
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
152,037
|
$
|
32,348
|
Net realized gain (loss)
|
|
793,448,897
|
|
676,202,460
|
Change in net unrealized appreciation (depreciation)
|
|
535,604,494
|
|
(3,389,348)
|
Net increase (decrease) in net assets resulting from operations
|
|
1,329,205,428
|
|
672,845,460
|
Distributions to shareholders
|
|
(111,294,245)
|
|
(728,368,940)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
(778,165,705)
|
|
479,939,387
|
Total increase (decrease) in net assets
|
|
439,745,478
|
|
424,415,907
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
6,313,475,413
|
|
5,889,059,506
|
End of period
|
$
|
6,753,220,891
|
$
|
6,313,475,413
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Growth Discovery Fund
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
65.48
|
$
|
66.33
|
$
|
50.18
|
$
|
42.65
|
$
|
58.70
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
- C
|
|
- C
|
|
(.04)
|
|
.18
|
|
(.07)
|
Net realized and unrealized gain (loss)
|
|
14.81
|
|
7.05
|
|
17.56
|
|
8.84
|
|
(8.48)
|
Total from investment operations
|
|
14.81
|
|
7.05
|
|
17.52
|
|
9.02
|
|
(8.55)
|
Distributions from net investment income
|
|
(.12)
|
|
-
|
|
(.03)
|
|
(.01)
|
|
(.13)
|
Distributions from net realized gain
|
|
(.99)
|
|
(7.90)
|
|
(1.35)
|
|
(1.48)
|
|
(7.37)
|
Total distributions
|
|
(1.11)
|
|
(7.90)
|
|
(1.37) D
|
|
(1.49)
|
|
(7.50)
|
Net asset value, end of period
|
$
|
79.18
|
$
|
65.48
|
$
|
66.33
|
$
|
50.18
|
$
|
42.65
|
Total Return E
|
|
|
|
12.24%
|
|
35.89%
|
|
21.46%
|
|
(17.10)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.53%
|
|
.62%
|
|
.69%
|
|
.83%
|
|
.77%
|
Expenses net of fee waivers, if any
|
|
|
|
.62%
|
|
.69%
|
|
.83%
|
|
.77%
|
Expenses net of all reductions, if any
|
|
.53%
|
|
.62%
|
|
.69%
|
|
.83%
|
|
.77%
|
Net investment income (loss)
|
|
-% H
|
|
(.01)%
|
|
(.08)%
|
|
.40%
|
|
(.14)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
6,052,017
|
$
|
5,621,912
|
$
|
5,286,394
|
$
|
3,073,034
|
$
|
2,338,597
|
Portfolio turnover rate I
|
|
|
|
60% J
|
|
41% J
|
|
53%
|
|
45%
|
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 distributions per share do not sum due to rounding.
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%.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Growth Discovery Fund Class K
|
|
|
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
65.66
|
$
|
66.47
|
$
|
50.29
|
$
|
42.71
|
$
|
58.78
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.04
|
|
.04
|
|
.01
|
|
.22
|
|
(.02)
|
Net realized and unrealized gain (loss)
|
|
14.86
|
|
7.07
|
|
17.59
|
|
8.87
|
|
(8.50)
|
Total from investment operations
|
|
14.90
|
|
7.11
|
|
17.60
|
|
9.09
|
|
(8.52)
|
Distributions from net investment income
|
|
(.17)
|
|
-
|
|
(.08)
|
|
(.03)
|
|
(.16)
|
Distributions from net realized gain
|
|
(.99)
|
|
(7.92)
|
|
(1.35)
|
|
(1.48)
|
|
(7.40)
|
Total distributions
|
|
(1.16)
|
|
(7.92)
|
|
(1.42) C
|
|
(1.51)
|
|
(7.55) C
|
Net asset value, end of period
|
$
|
79.40
|
$
|
65.66
|
$
|
66.47
|
$
|
50.29
|
$
|
42.71
|
Total Return D
|
|
|
|
12.32%
|
|
36.00%
|
|
21.61%
|
|
(17.04)%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.46%
|
|
.54%
|
|
.59%
|
|
.73%
|
|
.68%
|
Expenses net of fee waivers, if any
|
|
|
|
.54%
|
|
.59%
|
|
.72%
|
|
.68%
|
Expenses net of all reductions, if any
|
|
.46%
|
|
.54%
|
|
.59%
|
|
.72%
|
|
.68%
|
Net investment income (loss)
|
|
.06%
|
|
.07%
|
|
.02%
|
|
.50%
|
|
(.05)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
701,204
|
$
|
691,564
|
$
|
602,666
|
$
|
380,324
|
$
|
429,818
|
Portfolio turnover rate G
|
|
|
|
60% H
|
|
41% H
|
|
53%
|
|
45%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended June 30, 2026
1. Organization.
Fidelity Growth Discovery Fund (the Fund) is a non-diversified fund of Fidelity Hastings 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 Growth Discovery and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 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.
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 InputA
|
Common Stocks
|
$10,035,674
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
4.0 - 15.5 / 7.4
|
Increase
|
|
|
|
Enterprise value/Net income multiple (EV/NI)
|
28.0
|
Increase
|
|
|
Black scholes
|
Discount rate
|
4.2%
|
Increase
|
|
|
|
Term
|
2.0
|
Increase
|
|
|
|
Volatility
|
65.0%
|
Increase
|
Convertible Preferred Stocks
|
$105,904,958
|
Market approach
|
Transaction price
|
$12.76 - $338.31 / $301.54
|
Increase
|
|
|
|
Discount rate
|
25.0%
|
Decrease
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
5.8 - 54.1 / 20.3
|
Increase
|
|
|
Black scholes
|
Discount rate
|
4.2% - 4.3% / 4.2%
|
Increase
|
|
|
|
Term
|
2.0 - 4.0 / 3.3
|
Increase
|
|
|
|
Volatility
|
45.0% - 75.0% / 54.5%
|
Increase
|
|
|
|
|
|
|
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 June 30, 2026, 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, 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. 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. As of June 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 futures contracts, 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
|
$2,702,825,470
|
Gross unrealized depreciation
|
(62,229,175)
|
Net unrealized appreciation (depreciation)
|
$2,640,596,295
|
Tax Cost
|
$4,123,189,695
|
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income
|
$366,087
|
Undistributed long-term capital gain
|
$95,314,105
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$2,640,515,478
|
The tax character of distributions paid was as follows:
|
June 30, 2026
|
June 30, 2025
|
Ordinary Income
|
$12,451,447
|
$ 5,120,258
|
Long-term Capital Gains
|
98,842,798
|
723,248,682
|
Total
|
$111,294,245
|
$ 728,368,940
|
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.
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. Subsequent payments from or to a fund are made as needed depending on the 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 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.
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 Growth Discovery Fund
|
5,616,089,732
|
5,253,807,859
|
Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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
|
Net realized gain or loss on Affiliated Issuers ($)
|
Net realized gain or loss on Unaffiliated Issuers ($)
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
Fidelity Growth Discovery Fund
|
19,242,053
|
-
|
554,951,694
|
554,951,694
|
1,284,554,781
|
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares 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 on Investments ($)
|
Total Proceeds ($)
|
Fidelity Growth Discovery Fund
|
5,541,301
|
268,261,597
|
344,296,738
|
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 %
|
Growth Discovery
|
.66
|
Class K
|
.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 %
|
Growth Discovery
|
.60
|
Class K
|
.53
|
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. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
|
Performance Adjustment Index
|
Fidelity Growth Discovery Fund
|
Russell 3000 Growth Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Growth Discovery. 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 annual performance adjustment was (.08)%.
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 ($)
|
Fidelity Growth Discovery Fund
|
60,345
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Growth Discovery Fund
|
Borrower
|
21,217,150
|
4.33%
|
50,985
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Growth Discovery Fund
|
715,276,668
|
875,565,716
|
74,557,277
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
|
Amount ($)
|
Fidelity Growth Discovery Fund
|
7,541
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 ($)
|
Fidelity Growth Discovery Fund
|
39,252
|
14,378
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
|
Amount ($)
|
Fidelity Growth Discovery Fund
|
23,443,495
|
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Fidelity Growth Discovery Fund
|
|
|
Distributions to shareholders
|
|
|
Growth Discovery
|
$99,232,719
|
$656,325,543
|
Class K
|
12,061,526
|
72,043,397
|
Total
|
$111,294,245
|
$728,368,940
|
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
|
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Fidelity Growth Discovery Fund
|
|
|
|
|
Growth Discovery
|
|
|
|
|
Shares sold
|
25,931,898
|
25,370,863
|
$1,762,095,366
|
$1,578,561,607
|
Reinvestment of distributions
|
1,292,252
|
10,154,732
|
86,219,060
|
601,890,192
|
Shares redeemed
|
(36,647,183)
|
(29,364,939)
|
(2,506,089,240)
|
(1,791,187,382)
|
Net increase (decrease)
|
(9,423,033)
|
6,160,656
|
$(657,774,814)
|
$389,264,417
|
Class K
|
|
|
|
|
Shares sold
|
1,177,598
|
3,855,430
|
$83,727,099
|
$238,997,686
|
Reinvestment of distributions
|
180,400
|
1,214,747
|
12,061,526
|
72,043,397
|
Shares redeemed
|
(3,058,628)
|
(3,604,447)
|
(216,179,516)
|
(220,366,113)
|
Net increase (decrease)
|
(1,700,630)
|
1,465,730
|
$(120,390,891)
|
$90,674,970
|
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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Growth Discovery Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Discovery Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2026, the related statement of operations for the year ended June 30, 2026, the statement of changes in net assets for each of the two years in the period ended June 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2026 and the financial highlights for each of the five years in the period ended June 30, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 14, 2026
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2026, $239,813,895, or, if subsequently determined to be different, the net capital gain of such year.
Growth Discovery, and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Growth Discovery, and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.
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)
Note: This is not applicable for any fund included in this document.
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 Growth Discovery Fund
At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
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, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.
1.705796.128
CII-ANN-0826
Fidelity® Fund
Annual Report
June 30, 2026
Contents
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. © 2026 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 (Annual Report)
Schedule of Investments June 30, 2026
Showing Percentage of Net Assets
Common Stocks - 98.7%
|
|
|
|
Shares
|
Value ($)
|
BELGIUM - 0.5%
|
|
|
|
Health Care - 0.5%
|
|
|
|
Pharmaceuticals - 0.5%
|
|
|
|
UCB SA
|
|
136,900
|
40,982,548
|
CANADA - 1.4%
|
|
|
|
Energy - 1.4%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.4%
|
|
|
|
Imperial Oil Ltd
|
|
1,058,908
|
118,908,294
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Xenon Pharmaceuticals Inc (a)
|
|
63,900
|
3,857,004
|
TOTAL CANADA
|
|
|
122,765,298
|
NETHERLANDS - 0.4%
|
|
|
|
Health Care - 0.4%
|
|
|
|
Biotechnology - 0.4%
|
|
|
|
Argenx SE ADR (a)
|
|
27,000
|
25,049,790
|
Newamsterdam Pharma Co NV (a)
|
|
243,800
|
8,262,382
|
|
|
|
|
|
TOTAL NETHERLANDS
|
|
|
33,312,172
|
TAIWAN - 0.1%
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.1%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
41,400
|
19,771,398
|
UNITED KINGDOM - 0.3%
|
|
|
|
Industrials - 0.3%
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
Rolls-Royce Holdings PLC
|
|
1,167,500
|
22,380,557
|
UNITED STATES - 96.0%
|
|
|
|
Communication Services - 12.3%
|
|
|
|
Entertainment - 1.7%
|
|
|
|
Netflix Inc (a)
|
|
1,204,000
|
85,965,600
|
Walt Disney Co/The
|
|
679,500
|
65,401,875
|
|
|
|
|
151,367,475
|
Interactive Media & Services - 10.6%
|
|
|
|
Alphabet Inc Class A
|
|
2,423,254
|
865,998,282
|
Meta Platforms Inc Class A
|
|
145,901
|
82,184,574
|
|
|
|
|
948,182,856
|
TOTAL COMMUNICATION SERVICES
|
|
|
1,099,550,331
|
Consumer Discretionary - 12.7%
|
|
|
|
Automobiles - 0.7%
|
|
|
|
General Motors Co
|
|
777,297
|
59,914,053
|
Broadline Retail - 5.9%
|
|
|
|
Amazon.com Inc (a)
|
|
2,194,430
|
523,020,446
|
Diversified Consumer Services - 0.5%
|
|
|
|
Service Corp International/US
|
|
593,402
|
45,074,816
|
Hotels, Restaurants & Leisure - 2.6%
|
|
|
|
Booking Holdings Inc
|
|
606,700
|
108,138,208
|
Domino's Pizza Inc
|
|
111,000
|
32,860,440
|
Viking Holdings Ltd (a)
|
|
853,800
|
89,367,246
|
|
|
|
|
230,365,894
|
Household Durables - 1.1%
|
|
|
|
PulteGroup Inc
|
|
380,800
|
52,249,568
|
Somnigroup International Inc
|
|
554,200
|
43,449,280
|
|
|
|
|
95,698,848
|
Specialty Retail - 1.5%
|
|
|
|
Lowe's Cos Inc
|
|
400,000
|
88,196,000
|
Ross Stores Inc
|
|
234,900
|
49,998,465
|
|
|
|
|
138,194,465
|
Textiles, Apparel & Luxury Goods - 0.4%
|
|
|
|
PVH Corp
|
|
577,800
|
42,907,428
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
1,135,175,950
|
Consumer Staples - 7.0%
|
|
|
|
Beverages - 4.7%
|
|
|
|
Coca-Cola Co/The
|
|
3,247,800
|
263,948,706
|
Keurig Dr Pepper Inc
|
|
4,734,400
|
154,956,912
|
|
|
|
|
418,905,618
|
Consumer Staples Distribution & Retail - 1.1%
|
|
|
|
Kroger Co/The
|
|
674,400
|
37,449,432
|
Target Corp
|
|
434,700
|
56,776,167
|
|
|
|
|
94,225,599
|
Household Products - 0.8%
|
|
|
|
Procter & Gamble Co/The
|
|
494,400
|
72,498,816
|
Personal Care Products - 0.4%
|
|
|
|
Kenvue Inc
|
|
1,890,049
|
36,118,836
|
TOTAL CONSUMER STAPLES
|
|
|
621,748,869
|
Energy - 2.8%
|
|
|
|
Oil, Gas & Consumable Fuels - 2.8%
|
|
|
|
ConocoPhillips
|
|
431,800
|
44,889,928
|
Exxon Mobil Corp
|
|
1,076,185
|
147,136,013
|
Shell PLC ADR
|
|
708,800
|
54,960,352
|
TOTAL ENERGY
|
|
|
246,986,293
|
Financials - 11.1%
|
|
|
|
Banks - 5.8%
|
|
|
|
Bank of America Corp
|
|
1,522,400
|
86,746,352
|
KeyCorp
|
|
4,435,300
|
102,233,665
|
US Bancorp
|
|
2,068,425
|
124,932,870
|
Wells Fargo & Co
|
|
2,511,100
|
207,517,304
|
|
|
|
|
521,430,191
|
Financial Services - 2.9%
|
|
|
|
Mastercard Inc Class A
|
|
510,508
|
262,196,909
|
Insurance - 2.4%
|
|
|
|
Arthur J Gallagher & Co
|
|
822,000
|
188,706,540
|
Reinsurance Group of America Inc
|
|
100,915
|
21,459,575
|
|
|
|
|
210,166,115
|
TOTAL FINANCIALS
|
|
|
993,793,215
|
Health Care - 11.2%
|
|
|
|
Biotechnology - 3.2%
|
|
|
|
AbbVie Inc
|
|
365,500
|
91,974,420
|
Alnylam Pharmaceuticals Inc (a)
|
|
48,700
|
14,660,161
|
Biogen Inc (a)
|
|
134,000
|
28,952,040
|
Cogent Biosciences Inc (a)
|
|
476,900
|
18,456,030
|
Gilead Sciences Inc
|
|
478,100
|
60,403,154
|
Insmed Inc (a)
|
|
192,900
|
20,566,998
|
Kiniksa Pharmaceuticals International Plc Class A (a)
|
|
187,400
|
11,984,230
|
Kymera Therapeutics Inc (a)
|
|
52,700
|
6,043,109
|
Moderna Inc (a)
|
|
313,900
|
21,982,417
|
Tyra Biosciences Inc (a)
|
|
248,500
|
7,937,090
|
Vaxcyte Inc (a)
|
|
92,300
|
5,365,399
|
|
|
|
|
288,325,048
|
Health Care Equipment & Supplies - 1.5%
|
|
|
|
Boston Scientific Corp (a)
|
|
1,565,100
|
66,798,468
|
Edwards Lifesciences Corp (a)
|
|
284,000
|
25,690,640
|
Medline Inc Class A (b)
|
|
1,143,600
|
45,103,584
|
|
|
|
|
137,592,692
|
Health Care Providers & Services - 2.4%
|
|
|
|
Cencora Inc
|
|
111,300
|
31,495,674
|
CVS Health Corp
|
|
1,465,000
|
151,554,250
|
GMR Solutions Inc Class A (b)
|
|
1,821,000
|
28,152,660
|
|
|
|
|
211,202,584
|
Life Sciences Tools & Services - 1.4%
|
|
|
|
Danaher Corp
|
|
319,200
|
60,801,216
|
Thermo Fisher Scientific Inc
|
|
123,700
|
62,018,232
|
|
|
|
|
122,819,448
|
Pharmaceuticals - 2.7%
|
|
|
|
Eli Lilly & Co
|
|
123,300
|
147,889,719
|
MBX Biosciences Inc (a)
|
|
321,100
|
17,724,720
|
Merck & Co Inc
|
|
524,100
|
67,346,850
|
Structure Therapeutics Inc ADR (a)
|
|
197,200
|
10,583,724
|
|
|
|
|
243,545,013
|
TOTAL HEALTH CARE
|
|
|
1,003,484,785
|
Industrials - 6.9%
|
|
|
|
Aerospace & Defense - 3.7%
|
|
|
|
Anduril Industries Inc Class B (c)(d)
|
|
1,799
|
124,041
|
Anduril Industries Inc Class C (c)(d)
|
|
1
|
69
|
Boeing Co (a)
|
|
923,834
|
199,982,346
|
GE Aerospace
|
|
226,400
|
84,612,472
|
Howmet Aerospace Inc
|
|
159,100
|
42,775,626
|
|
|
|
|
327,494,554
|
Building Products - 0.4%
|
|
|
|
Trane Technologies PLC
|
|
77,100
|
37,868,436
|
Electrical Equipment - 0.1%
|
|
|
|
GE Vernova Inc
|
|
9,400
|
11,043,684
|
Machinery - 2.4%
|
|
|
|
Parker-Hannifin Corp
|
|
148,600
|
145,348,632
|
Westinghouse Air Brake Technologies Corp
|
|
248,700
|
67,049,520
|
|
|
|
|
212,398,152
|
Professional Services - 0.3%
|
|
|
|
Leidos Holdings Inc
|
|
251,000
|
25,845,470
|
TOTAL INDUSTRIALS
|
|
|
614,650,296
|
Information Technology - 27.4%
|
|
|
|
IT Services - 2.7%
|
|
|
|
IBM Corporation
|
|
465,500
|
130,903,255
|
Twilio Inc Class A (a)
|
|
536,500
|
110,696,045
|
|
|
|
|
241,599,300
|
Semiconductors & Semiconductor Equipment - 14.0%
|
|
|
|
Broadcom Inc
|
|
864,200
|
326,451,550
|
NVIDIA Corp
|
|
4,569,700
|
914,351,273
|
|
|
|
|
1,240,802,823
|
Software - 5.9%
|
|
|
|
Microsoft Corp
|
|
1,369,240
|
510,753,905
|
PTC Inc (a)
|
|
146,600
|
16,655,226
|
|
|
|
|
527,409,131
|
Technology Hardware, Storage & Peripherals - 4.8%
|
|
|
|
Apple Inc
|
|
1,495,900
|
432,853,624
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
2,442,664,878
|
Materials - 0.9%
|
|
|
|
Chemicals - 0.9%
|
|
|
|
Corteva Inc
|
|
665,000
|
56,318,850
|
Mosaic Co/The
|
|
1,533,500
|
32,494,865
|
TOTAL MATERIALS
|
|
|
88,813,715
|
Real Estate - 1.3%
|
|
|
|
Residential REITs - 0.6%
|
|
|
|
Camden Property Trust
|
|
441,200
|
50,512,988
|
Retail REITs - 0.7%
|
|
|
|
Macerich Co/The
|
|
2,488,700
|
62,690,353
|
TOTAL REAL ESTATE
|
|
|
113,203,341
|
Utilities - 2.4%
|
|
|
|
Electric Utilities - 1.4%
|
|
|
|
Constellation Energy Corp
|
|
218,700
|
54,318,519
|
NRG Energy Inc
|
|
442,100
|
64,573,126
|
|
|
|
|
118,891,645
|
Independent Power and Renewable Electricity Producers - 0.6%
|
|
|
|
Vistra Corp
|
|
345,600
|
54,822,528
|
Multi-Utilities - 0.4%
|
|
|
|
Sempra
|
|
391,600
|
36,305,236
|
TOTAL UTILITIES
|
|
|
210,019,409
|
TOTAL UNITED STATES
|
|
|
8,570,091,082
|
|
TOTAL COMMON STOCKS
(Cost $5,394,212,748)
|
|
|
8,809,303,055
|
|
|
|
|
|
Convertible Preferred Stocks - 0.1%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.1%
|
|
|
|
Industrials - 0.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
Anduril Industries Inc Series G (a)(c)(d)
|
|
17,400
|
1,199,730
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
OpenAI Group Pbc Series A-2 (c)(d)
|
|
13,233
|
9,100,202
|
TOTAL UNITED STATES
|
|
|
10,299,932
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,197,399)
|
|
|
10,299,932
|
|
|
|
|
|
Money Market Funds - 1.7%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (e)
|
|
3.69
|
109,748,491
|
109,770,441
|
Fidelity Securities Lending Cash Central Fund (e)(f)
|
|
3.69
|
43,145,360
|
43,149,675
|
|
TOTAL MONEY MARKET FUNDS
(Cost $152,919,851)
|
|
|
|
152,920,116
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.5%
(Cost $5,550,329,998)
|
8,972,523,103
|
NET OTHER ASSETS (LIABILITIES) - (0.5)%
|
(46,552,048)
|
NET ASSETS - 100.0%
|
8,925,971,055
|
|
|
|
Legend
(a)
|
Non-income producing.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
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 $10,424,042 or 0.1% of net assets.
|
(e)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(f)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anduril Industries Inc Class B
|
6/16/2025
|
73,548
|
|
|
|
|
Anduril Industries Inc Class C
|
6/16/2025
|
41
|
|
|
|
|
Anduril Industries Inc Series G
|
4/17/2025
|
711,360
|
|
|
|
|
OpenAI Group Pbc Series A-2
|
9/30/2024
|
2,486,039
|
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
95,235,248
|
2,470,325,830
|
2,455,786,929
|
4,738,292
|
(3,741)
|
33
|
109,770,441
|
109,748,491
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
80,332,269
|
606,663,539
|
643,856,081
|
139,933
|
9,948
|
-
|
43,149,675
|
43,145,360
|
0.1%
|
Total
|
175,567,517
|
3,076,989,369
|
3,099,643,010
|
4,878,225
|
6,207
|
33
|
152,920,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
1,099,550,331
|
1,099,550,331
|
-
|
-
|
Consumer Discretionary
|
1,135,175,950
|
1,135,175,950
|
-
|
-
|
Consumer Staples
|
621,748,869
|
621,748,869
|
-
|
-
|
Energy
|
365,894,587
|
365,894,587
|
-
|
-
|
Financials
|
993,793,215
|
993,793,215
|
-
|
-
|
Health Care
|
1,081,636,509
|
1,081,636,509
|
-
|
-
|
Industrials
|
637,030,853
|
614,526,186
|
22,380,557
|
124,110
|
Information Technology
|
2,462,436,276
|
2,462,436,276
|
-
|
-
|
Materials
|
88,813,715
|
88,813,715
|
-
|
-
|
Real Estate
|
113,203,341
|
113,203,341
|
-
|
-
|
Utilities
|
210,019,409
|
210,019,409
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Industrials
|
1,199,730
|
-
|
-
|
1,199,730
|
Information Technology
|
9,100,202
|
-
|
-
|
9,100,202
|
|
|
Money Market Funds
|
152,920,116
|
152,920,116
|
-
|
-
|
Total Investments in Securities:
|
8,972,523,103
|
8,939,718,504
|
22,380,557
|
10,424,042
|
Financial Statements
Statement of Assets and Liabilities
|
As of June 30, 2026
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $48,868,054) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $5,397,410,147)
|
$
|
8,819,602,987
|
|
|
Fidelity Central Funds (cost $152,919,851)
|
|
152,920,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $5,550,329,998)
|
|
|
$
|
8,972,523,103
|
Cash
|
|
|
|
1,420,937
|
Receivable for fund shares sold
|
|
|
|
671,920
|
Dividends receivable
|
|
|
|
6,611,514
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
336,041
|
Other receivables
|
|
|
|
20,587
|
Total assets
|
|
|
|
8,981,584,102
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
5,302,158
|
|
|
Payable for fund shares redeemed
|
|
3,962,557
|
|
|
Accrued management fee
|
|
3,111,176
|
|
|
Other payables and accrued expenses
|
|
87,481
|
|
|
Collateral on securities loaned
|
|
43,149,675
|
|
|
Total liabilities
|
|
|
|
55,613,047
|
Net Assets
|
|
|
$
|
8,925,971,055
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
5,268,315,044
|
Total accumulated earnings (loss)
|
|
|
|
3,657,656,011
|
Net Assets
|
|
|
$
|
8,925,971,055
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Fidelity Fund :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($8,617,742,786 ÷ 75,362,751 shares)
|
|
|
$
|
114.35
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($308,228,269 ÷ 2,692,185 shares)
|
|
|
$
|
114.49
|
Statement of Operations
|
|
Year ended June 30, 2026
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
77,984,001
|
Interest
|
|
|
|
18,397
|
Income from Fidelity Central Funds (including $139,933 from security lending)
|
|
|
|
4,878,225
|
Security lending
|
|
|
|
897
|
Total income
|
|
|
|
82,881,520
|
Expenses
|
|
|
|
|
Management fee
|
$
|
37,288,469
|
|
|
Custodian fees and expenses
|
|
83,240
|
|
|
Independent trustees' fees and expenses
|
|
27,996
|
|
|
Registration fees
|
|
76,947
|
|
|
Audit fees
|
|
93,724
|
|
|
Legal
|
|
11,939
|
|
|
Interest
|
|
4,270
|
|
|
Miscellaneous
|
|
28,673
|
|
|
Total expenses
|
|
|
|
37,615,258
|
Net Investment income (loss)
|
|
|
|
45,266,262
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of foreign taxes of $1,157,619)
|
|
481,924,040
|
|
|
Redemptions in-kind
|
|
1,016,477,964
|
|
|
Fidelity Central Funds
|
|
6,207
|
|
|
Foreign currency transactions
|
|
462,637
|
|
|
Futures contracts
|
|
6,016,330
|
|
|
Total net realized gain (loss)
|
|
|
|
1,504,887,178
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(350,841,177)
|
|
|
Fidelity Central Funds
|
|
33
|
|
|
Assets and liabilities in foreign currencies
|
|
(15,786)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(350,856,930)
|
Net gain (loss)
|
|
|
|
1,154,030,248
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
1,199,296,510
|
Statement of Changes in Net Assets
|
|
|
|
|
Year ended
June 30, 2026
|
|
Year ended
June 30, 2025
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
45,266,262
|
$
|
26,749,666
|
Net realized gain (loss)
|
|
1,504,887,178
|
|
1,739,805,867
|
Change in net unrealized appreciation (depreciation)
|
|
(350,856,930)
|
|
(830,051,188)
|
Net increase (decrease) in net assets resulting from operations
|
|
1,199,296,510
|
|
936,504,345
|
Distributions to shareholders
|
|
(107,608,837)
|
|
-
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
(647,850,933)
|
|
(685,113,318)
|
Total increase (decrease) in net assets
|
|
443,836,740
|
|
251,391,027
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
8,482,134,315
|
|
8,230,743,288
|
End of period
|
$
|
8,925,971,055
|
$
|
8,482,134,315
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
101.22
|
$
|
90.56
|
$
|
69.85
|
$
|
58.06
|
$
|
72.20
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.55
|
|
.30
|
|
.42
|
|
.44
|
|
.25
|
Net realized and unrealized gain (loss)
|
|
13.90
|
|
10.36
|
|
22.08
|
|
11.74
|
|
(10.75)
|
Total from investment operations
|
|
14.45
|
|
10.66
|
|
22.50
|
|
12.18
|
|
(10.50)
|
Distributions from net investment income
|
|
(.45)
|
|
-
|
|
(.49)
|
|
(.39)
|
|
(.21)
|
Distributions from net realized gain
|
|
(.87)
|
|
-
|
|
(1.31)
|
|
-
|
|
(3.44)
|
Total distributions
|
|
(1.32)
|
|
-
|
|
(1.79) C
|
|
(.39)
|
|
(3.64) C
|
Net asset value, end of period
|
$
|
114.35
|
$
|
101.22
|
$
|
90.56
|
$
|
69.85
|
$
|
58.06
|
Total Return D
|
|
|
|
11.77%
|
|
32.89%
|
|
21.06%
|
|
(15.60)%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.42%
|
|
.42%
|
|
.45%
|
|
.46%
|
|
.45%
|
Expenses net of fee waivers, if any
|
|
|
|
.42%
|
|
.44%
|
|
.46%
|
|
.45%
|
Expenses net of all reductions, if any
|
|
.42%
|
|
.42%
|
|
.44%
|
|
.46%
|
|
.45%
|
Net investment income (loss)
|
|
.50%
|
|
.32%
|
|
.55%
|
|
.71%
|
|
.35%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
8,617,743
|
$
|
8,184,621
|
$
|
7,905,243
|
$
|
6,125,431
|
$
|
5,467,793
|
Portfolio turnover rate G
|
|
|
|
31% H
|
|
25% H
|
|
43% H
|
|
39%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Years ended June 30,
|
|
2026
|
|
2025
|
|
2024
|
|
2023
|
|
2022
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
101.34
|
$
|
90.60
|
$
|
69.88
|
$
|
58.07
|
$
|
72.21
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.64
|
|
.38
|
|
.48
|
|
.50
|
|
.30
|
Net realized and unrealized gain (loss)
|
|
13.92
|
|
10.36
|
|
22.09
|
|
11.74
|
|
(10.74)
|
Total from investment operations
|
|
14.56
|
|
10.74
|
|
22.57
|
|
12.24
|
|
(10.44)
|
Distributions from net investment income
|
|
(.53)
|
|
-
|
|
(.55)
|
|
(.43)
|
|
(.26)
|
Distributions from net realized gain
|
|
(.87)
|
|
-
|
|
(1.31)
|
|
-
|
|
(3.44)
|
Total distributions
|
|
(1.41) C
|
|
-
|
|
(1.85) C
|
|
(.43)
|
|
(3.70)
|
Net asset value, end of period
|
$
|
114.49
|
$
|
101.34
|
$
|
90.60
|
$
|
69.88
|
$
|
58.07
|
Total Return D
|
|
|
|
11.85%
|
|
33.00%
|
|
21.18%
|
|
(15.54)%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.34%
|
|
.34%
|
|
.37%
|
|
.38%
|
|
.38%
|
Expenses net of fee waivers, if any
|
|
|
|
.34%
|
|
.36%
|
|
.37%
|
|
.37%
|
Expenses net of all reductions, if any
|
|
.34%
|
|
.34%
|
|
.36%
|
|
.37%
|
|
.37%
|
Net investment income (loss)
|
|
.58%
|
|
.40%
|
|
.63%
|
|
.79%
|
|
.43%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
308,228
|
$
|
297,513
|
$
|
325,500
|
$
|
237,320
|
$
|
673,876
|
Portfolio turnover rate G
|
|
|
|
31% H
|
|
25% H
|
|
43% H
|
|
39%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
HPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended June 30, 2026
1. Organization.
Fidelity Fund (the Fund) is a fund of Fidelity Hastings 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 Fidelity Fund and Class K shares, each of which has equal rights as to assets and voting privileges.
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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 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 June 30, 2026 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, 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.
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. 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. As of June 30, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
|
$3,670,369,622
|
Gross unrealized depreciation
|
(249,958,461)
|
Net unrealized appreciation (depreciation)
|
$3,420,411,161
|
Tax Cost
|
$5,552,111,942
|
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income
|
$29,269,543
|
Undistributed long-term capital gain
|
$207,986,105
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$3,420,400,364
|
The tax character of distributions paid was as follows:
|
June 30, 2026
|
June 30, 2025
|
Ordinary Income
|
$37,055,573
|
$-
|
Long-term Capital Gains
|
70,553,264
|
-
|
Total
|
$107,608,837
|
$-
|
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.
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. Subsequent payments from or to a fund are made as needed depending on the 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 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.
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 ($)
|
Fidelity Fund
|
5,428,398,720
|
4,363,214,978
|
Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Net realized gain or loss on Affiliated Issuers ($)
|
Net realized gain or loss on Unaffiliated Issuers ($)
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
Fidelity Fund
|
16,175,685
|
-
|
1,016,477,964
|
1,016,477,964
|
1,790,557,386
|
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
Fidelity Fund
|
26,276,518
|
1,467,282,026
|
2,399,477,110
|
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 management fee rate that may vary by class. 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. When determining a class's management 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 management 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 Fund
|
.42
|
Class K
|
.34
|
One-twelfth of the management 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 management 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 Fund
|
.42
|
Class K
|
.34
|
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.
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 Fund
|
84,961
|
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 Fund
|
Borrower
|
12,665,000
|
4.05%
|
4,270
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 Fund
|
656,206,312
|
451,809,416
|
57,023,742
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
|
Amount ($)
|
Fidelity Fund
|
10,431
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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 ($)
|
Fidelity Fund
|
14,763
|
46
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
|
Amount ($)
|
Fidelity Fund
|
6,608,764
|
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Fidelity Fund
|
|
|
Distributions to shareholders
|
|
|
Fidelity Fund
|
$103,761,865
|
$ -
|
Class K
|
3,846,972
|
-
|
Total
|
$107,608,837
|
$ -
|
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
|
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Year ended
June 30, 2026
|
Year ended
June 30, 2025
|
Fidelity Fund
|
|
|
|
|
Fidelity Fund
|
|
|
|
|
Shares sold
|
17,926,028
|
29,228,915
|
$1,969,103,043
|
$2,644,849,576
|
Reinvestment of distributions
|
842,256
|
-
|
92,963,395
|
-
|
Shares redeemed
|
(24,266,658)
|
(35,662,230)
|
(2,683,740,532)
|
(3,270,137,564)
|
Net increase (decrease)
|
(5,498,374)
|
(6,433,315)
|
$(621,674,094)
|
$(625,287,988)
|
Class K
|
|
|
|
|
Shares sold
|
342,575
|
346,185
|
$38,344,796
|
$32,047,616
|
Reinvestment of distributions
|
34,903
|
-
|
3,846,972
|
-
|
Shares redeemed
|
(621,076)
|
(1,003,321)
|
(68,368,607)
|
(91,872,946)
|
Net increase (decrease)
|
(243,598)
|
(657,136)
|
$(26,176,839)
|
$(59,825,330)
|
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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2026, the related statement of operations for the year ended June 30, 2026, the statement of changes in net assets for each of the two years in the period ended June 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2026 and the financial highlights for each of the five years in the period ended June 30, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
August 13, 2026
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2026, $478,449,221, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Fund and Class K designate 100% of each dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Fidelity Fund and Class K designate 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.
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)
Note: This is not applicable for any fund included in this document.
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 Fund
At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
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, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.
1.705632.129
FID-ANN-0826
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.
Purchase 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 trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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 trusts 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 trusts 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
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 Hastings Street Trust
| |
| By: | /s/Stacie M. Smith |
| | Stacie M. Smith |
| | President and Treasurer (Principal Executive Officer) |
| | |
| Date: | August 21, 2026 |
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: | August 21, 2026 |
| |
| By: | /s/Stephanie Caron |
| | Stephanie Caron |
| | Chief Financial Officer (Principal Financial Officer) |
| | |
| Date: | August 21, 2026 |