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, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | December 31, 2020 |
Item 1.
Reports to Stockholders
Fidelity® Fund
Semi-Annual Report
December 31, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2020
% of fund's net assets | |
Apple, Inc. | 10.6 |
Microsoft Corp. | 9.3 |
Alphabet, Inc. Class A | 5.7 |
Amazon.com, Inc. | 5.4 |
Facebook, Inc. Class A | 3.4 |
UnitedHealth Group, Inc. | 2.2 |
Visa, Inc. Class A | 2.1 |
MasterCard, Inc. Class A | 1.9 |
The Home Depot, Inc. | 1.9 |
Adobe, Inc. | 1.8 |
44.3 |
Top Five Market Sectors as of December 31, 2020
% of fund's net assets | |
Information Technology | 36.1 |
Health Care | 13.2 |
Consumer Discretionary | 13.0 |
Communication Services | 12.9 |
Consumer Staples | 7.4 |
Asset Allocation (% of fund's net assets)
As of December 31, 2020* | ||
Stocks | 98.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2% |
* Foreign investments – 3.6%
Schedule of Investments December 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 12.9% | |||
Entertainment - 2.6% | |||
Activision Blizzard, Inc. | 537,400 | $49,898 | |
Electronic Arts, Inc. | 305,000 | 43,798 | |
Take-Two Interactive Software, Inc. (a) | 221,032 | 45,928 | |
139,624 | |||
Interactive Media & Services - 10.3% | |||
Alphabet, Inc.: | |||
Class A (a) | 174,000 | 304,959 | |
Class C (a) | 38,000 | 66,571 | |
Facebook, Inc. Class A (a) | 656,500 | 179,330 | |
550,860 | |||
TOTAL COMMUNICATION SERVICES | 690,484 | ||
CONSUMER DISCRETIONARY - 13.0% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Airbnb, Inc. Class A | 16,600 | 2,437 | |
Household Durables - 0.8% | |||
D.R. Horton, Inc. | 460,801 | 31,758 | |
NVR, Inc. (a) | 2,520 | 10,281 | |
42,039 | |||
Internet & Direct Marketing Retail - 6.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 85,200 | 19,829 | |
Amazon.com, Inc. (a) | 89,300 | 290,844 | |
eBay, Inc. | 600,700 | 30,185 | |
Etsy, Inc. (a) | 14,000 | 2,491 | |
JD.com, Inc. Class A | 142,900 | 6,294 | |
349,643 | |||
Multiline Retail - 1.2% | |||
Dollar General Corp. | 294,800 | 61,996 | |
Specialty Retail - 3.9% | |||
AutoZone, Inc. (a) | 8,200 | 9,721 | |
Best Buy Co., Inc. | 348,700 | 34,797 | |
Lowe's Companies, Inc. | 291,000 | 46,708 | |
The Home Depot, Inc. | 383,700 | 101,918 | |
TJX Companies, Inc. | 39,000 | 2,663 | |
Tractor Supply Co. | 77,700 | 10,923 | |
206,730 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
NIKE, Inc. Class B | 210,000 | 29,709 | |
TOTAL CONSUMER DISCRETIONARY | 692,554 | ||
CONSUMER STAPLES - 7.4% | |||
Beverages - 1.0% | |||
Boston Beer Co., Inc. Class A (a) | 2,900 | 2,883 | |
PepsiCo, Inc. | 354,700 | 52,602 | |
55,485 | |||
Food & Staples Retailing - 3.0% | |||
Costco Wholesale Corp. | 224,000 | 84,399 | |
Walmart, Inc. | 546,000 | 78,706 | |
163,105 | |||
Food Products - 0.3% | |||
The Hershey Co. | 100,000 | 15,233 | |
Household Products - 2.0% | |||
Clorox Co. | 50,735 | 10,244 | |
Procter & Gamble Co. | 647,000 | 90,024 | |
Reynolds Consumer Products, Inc. | 200,000 | 6,008 | |
106,276 | |||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 212,900 | 56,672 | |
TOTAL CONSUMER STAPLES | 396,771 | ||
FINANCIALS - 7.0% | |||
Banks - 1.6% | |||
JPMorgan Chase & Co. | 675,000 | 85,772 | |
Capital Markets - 4.5% | |||
BlackRock, Inc. Class A | 26,000 | 18,760 | |
MarketAxess Holdings, Inc. | 26,400 | 15,063 | |
Moody's Corp. | 120,000 | 34,829 | |
Morgan Stanley | 233,500 | 16,002 | |
MSCI, Inc. | 192,357 | 85,893 | |
Nordnet AB | 164,900 | 2,572 | |
S&P Global, Inc. | 203,000 | 66,732 | |
239,851 | |||
Insurance - 0.9% | |||
Progressive Corp. | 453,700 | 44,862 | |
TOTAL FINANCIALS | 370,485 | ||
HEALTH CARE - 13.2% | |||
Biotechnology - 1.8% | |||
AbbVie, Inc. | 336,800 | 36,088 | |
Regeneron Pharmaceuticals, Inc. (a) | 81,300 | 39,277 | |
Vertex Pharmaceuticals, Inc. (a) | 82,800 | 19,569 | |
94,934 | |||
Health Care Equipment & Supplies - 5.0% | |||
Abbott Laboratories | 380,400 | 41,650 | |
Danaher Corp. | 378,000 | 83,969 | |
DexCom, Inc. (a) | 15,000 | 5,546 | |
Edwards Lifesciences Corp. (a) | 339,200 | 30,945 | |
Hologic, Inc. (a) | 212,516 | 15,478 | |
Intuitive Surgical, Inc. (a) | 42,800 | 35,015 | |
Masimo Corp. (a) | 32,000 | 8,588 | |
Quidel Corp. (a) | 24,700 | 4,437 | |
ResMed, Inc. | 146,400 | 31,119 | |
West Pharmaceutical Services, Inc. | 35,000 | 9,916 | |
266,663 | |||
Health Care Providers & Services - 3.4% | |||
Cigna Corp. | 122,400 | 25,481 | |
Humana, Inc. | 44,900 | 18,421 | |
Laboratory Corp. of America Holdings (a) | 96,505 | 19,644 | |
UnitedHealth Group, Inc. | 332,000 | 116,426 | |
179,972 | |||
Life Sciences Tools & Services - 1.7% | |||
Bio-Rad Laboratories, Inc. Class A (a) | 8,100 | 4,722 | |
Charles River Laboratories International, Inc. (a) | 17,488 | 4,370 | |
Mettler-Toledo International, Inc. (a) | 6,400 | 7,294 | |
PerkinElmer, Inc. | 60,800 | 8,725 | |
Sartorius Stedim Biotech | 11,100 | 3,949 | |
Thermo Fisher Scientific, Inc. | 137,000 | 63,812 | |
92,872 | |||
Pharmaceuticals - 1.3% | |||
Roche Holding AG (participation certificate) | 75,000 | 26,122 | |
Royalty Pharma PLC | 112,150 | 5,613 | |
Zoetis, Inc. Class A | 239,800 | 39,687 | |
71,422 | |||
TOTAL HEALTH CARE | 705,863 | ||
INDUSTRIALS - 5.2% | |||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 54,000 | 5,069 | |
United Parcel Service, Inc. Class B | 146,500 | 24,671 | |
29,740 | |||
Airlines - 0.6% | |||
Southwest Airlines Co. | 651,471 | 30,365 | |
Building Products - 1.7% | |||
Carrier Global Corp. | 589,482 | 22,235 | |
Fortune Brands Home & Security, Inc. | 312,100 | 26,753 | |
Trane Technologies PLC | 272,500 | 39,556 | |
88,544 | |||
Commercial Services & Supplies - 0.2% | |||
Copart, Inc. (a) | 77,000 | 9,798 | |
Electrical Equipment - 0.3% | |||
AMETEK, Inc. | 53,300 | 6,446 | |
Rockwell Automation, Inc. | 50,000 | 12,541 | |
18,987 | |||
Industrial Conglomerates - 0.7% | |||
Roper Technologies, Inc. | 84,308 | 36,344 | |
Machinery - 0.7% | |||
Cummins, Inc. | 58,100 | 13,195 | |
Otis Worldwide Corp. | 365,600 | 24,696 | |
37,891 | |||
Professional Services - 0.2% | |||
Verisk Analytics, Inc. | 55,200 | 11,459 | |
Road & Rail - 0.2% | |||
Old Dominion Freight Lines, Inc. | 69,400 | 13,545 | |
TOTAL INDUSTRIALS | 276,673 | ||
INFORMATION TECHNOLOGY - 36.1% | |||
Electronic Equipment & Components - 1.3% | |||
Amphenol Corp. Class A | 451,700 | 59,069 | |
Keysight Technologies, Inc. (a) | 62,000 | 8,190 | |
67,259 | |||
IT Services - 6.7% | |||
Accenture PLC Class A | 183,800 | 48,010 | |
Adyen BV (a)(b) | 2,400 | 5,577 | |
Booz Allen Hamilton Holding Corp. Class A | 200,000 | 17,436 | |
EPAM Systems, Inc. (a) | 44,100 | 15,803 | |
MasterCard, Inc. Class A | 293,900 | 104,905 | |
PayPal Holdings, Inc. (a) | 222,400 | 52,086 | |
Snowflake Computing, Inc. (c) | 15,200 | 4,277 | |
Visa, Inc. Class A | 505,000 | 110,459 | |
358,553 | |||
Semiconductors & Semiconductor Equipment - 4.4% | |||
ASML Holding NV | 78,000 | 38,042 | |
Broadcom, Inc. | 69,900 | 30,606 | |
KLA-Tencor Corp. | 156,200 | 40,442 | |
Lam Research Corp. | 135,000 | 63,756 | |
NVIDIA Corp. | 81,100 | 42,350 | |
Skyworks Solutions, Inc. | 68,400 | 10,457 | |
Texas Instruments, Inc. | 66,900 | 10,980 | |
236,633 | |||
Software - 13.1% | |||
Adobe, Inc. (a) | 191,700 | 95,873 | |
ANSYS, Inc. (a) | 44,700 | 16,262 | |
C3.Ai, Inc. (c) | 8,000 | 1,110 | |
Cadence Design Systems, Inc. (a) | 135,000 | 18,418 | |
Duck Creek Technologies, Inc. (a)(c) | 5,700 | 247 | |
Fortinet, Inc. (a) | 262,000 | 38,915 | |
Microsoft Corp. | 2,239,000 | 497,998 | |
Salesforce.com, Inc. (a) | 69,300 | 15,421 | |
Slack Technologies, Inc. Class A (a) | 110,000 | 4,646 | |
Synopsys, Inc. (a) | 39,700 | 10,292 | |
699,182 | |||
Technology Hardware, Storage & Peripherals - 10.6% | |||
Apple, Inc. | 4,240,000 | 562,605 | |
TOTAL INFORMATION TECHNOLOGY | 1,924,232 | ||
MATERIALS - 0.8% | |||
Chemicals - 0.8% | |||
Sherwin-Williams Co. | 57,700 | 42,404 | |
REAL ESTATE - 1.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
American Tower Corp. | 230,800 | 51,805 | |
Prologis (REIT), Inc. | 59,362 | 5,916 | |
SBA Communications Corp. Class A | 101,600 | 28,664 | |
86,385 | |||
UTILITIES - 1.6% | |||
Electric Utilities - 1.6% | |||
NextEra Energy, Inc. | 1,086,800 | 83,847 | |
TOTAL COMMON STOCKS | |||
(Cost $2,253,527) | 5,269,698 | ||
Money Market Funds - 1.4% | |||
Fidelity Cash Central Fund 0.11% (d) | 68,448,245 | 68,462 | |
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) | 5,400,295 | 5,401 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $73,861) | 73,863 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $2,327,388) | 5,343,561 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (9,013) | ||
NET ASSETS - 100% | $5,334,548 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,577,000 or 0.1% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $43 |
Fidelity Securities Lending Cash Central Fund | 5 |
Total | $48 |
Amounts in the 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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $690,484 | $690,484 | $-- | $-- |
Consumer Discretionary | 692,554 | 686,260 | 6,294 | -- |
Consumer Staples | 396,771 | 396,771 | -- | -- |
Financials | 370,485 | 367,913 | 2,572 | -- |
Health Care | 705,863 | 679,741 | 26,122 | -- |
Industrials | 276,673 | 276,673 | -- | -- |
Information Technology | 1,924,232 | 1,918,655 | 5,577 | -- |
Materials | 42,404 | 42,404 | -- | -- |
Real Estate | 86,385 | 86,385 | -- | -- |
Utilities | 83,847 | 83,847 | -- | -- |
Money Market Funds | 73,863 | 73,863 | -- | -- |
Total Investments in Securities: | $5,343,561 | $5,302,996 | $40,565 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | December 31, 2020 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $4,960) — See accompanying schedule: Unaffiliated issuers (cost $2,253,527) | $5,269,698 | |
Fidelity Central Funds (cost $73,861) | 73,863 | |
Total Investment in Securities (cost $2,327,388) | $5,343,561 | |
Cash | 3 | |
Receivable for investments sold | 22,153 | |
Receivable for fund shares sold | 508 | |
Dividends receivable | 2,036 | |
Distributions receivable from Fidelity Central Funds | 9 | |
Prepaid expenses | 7 | |
Other receivables | 84 | |
Total assets | 5,368,361 | |
Liabilities | ||
Payable for investments purchased | $1,604 | |
Payable for fund shares redeemed | 24,692 | |
Accrued management fee | 1,401 | |
Other affiliated payables | 602 | |
Other payables and accrued expenses | 114 | |
Collateral on securities loaned | 5,400 | |
Total liabilities | 33,813 | |
Net Assets | $5,334,548 | |
Net Assets consist of: | ||
Paid in capital | $2,269,862 | |
Total accumulated earnings (loss) | 3,064,686 | |
Net Assets | $5,334,548 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Fund: | ||
Net Asset Value, offering price and redemption price per share ($5,018,944 ÷ 80,476.74 shares) | $62.37 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($315,604 ÷ 5,061.42 shares) | $62.35 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended December 31, 2020 (Unaudited) | |
Investment Income | ||
Dividends | $25,038 | |
Income from Fidelity Central Funds (including $5 from security lending) | 48 | |
Total income | 25,086 | |
Expenses | ||
Management fee | $8,358 | |
Transfer agent fees | 3,075 | |
Accounting fees | 545 | |
Custodian fees and expenses | 33 | |
Independent trustees' fees and expenses | 14 | |
Registration fees | 37 | |
Audit | 37 | |
Legal | 7 | |
Miscellaneous | 12 | |
Total expenses before reductions | 12,118 | |
Expense reductions | (43) | |
Total expenses after reductions | 12,075 | |
Net investment income (loss) | 13,011 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 170,358 | |
Fidelity Central Funds | (1) | |
Foreign currency transactions | 4 | |
Total net realized gain (loss) | 170,361 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 690,921 | |
Assets and liabilities in foreign currencies | 22 | |
Total change in net unrealized appreciation (depreciation) | 690,943 | |
Net gain (loss) | 861,304 | |
Net increase (decrease) in net assets resulting from operations | $874,315 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended December 31, 2020 (Unaudited) | Year ended June 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $13,011 | $36,643 |
Net realized gain (loss) | 170,361 | 77,994 |
Change in net unrealized appreciation (depreciation) | 690,943 | 745,394 |
Net increase (decrease) in net assets resulting from operations | 874,315 | 860,031 |
Distributions to shareholders | (143,823) | (249,202) |
Share transactions - net increase (decrease) | (319,731) | (32,583) |
Total increase (decrease) in net assets | 410,761 | 578,246 |
Net Assets | ||
Beginning of period | 4,923,787 | 4,345,541 |
End of period | $5,334,548 | $4,923,787 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Fund
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $54.21 | $47.60 | $46.86 | $44.92 | $42.04 | $44.69 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .15 | .39 | .46 | .45 | .44 | .38 |
Net realized and unrealized gain (loss) | 9.70 | 8.96 | 3.26 | 6.74 | 5.33 | (.73) |
Total from investment operations | 9.85 | 9.35 | 3.72 | 7.19 | 5.77 | (.35) |
Distributions from net investment income | (.32) | (.42) | (.44) | (.45) | (.44) | (.31) |
Distributions from net realized gain | (1.38) | (2.32) | (2.54) | (4.80) | (2.45) | (1.99) |
Total distributions | (1.69)B | (2.74) | (2.98) | (5.25) | (2.89) | (2.30) |
Net asset value, end of period | $62.37 | $54.21 | $47.60 | $46.86 | $44.92 | $42.04 |
Total ReturnC,D | 18.29% | 20.51% | 8.27% | 17.51% | 14.34% | (.83)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .47%G | .48% | .50% | .50% | .52% | .52% |
Expenses net of fee waivers, if any | .47%G | .48% | .49% | .50% | .52% | .52% |
Expenses net of all reductions | .47%G | .48% | .49% | .50% | .51% | .52% |
Net investment income (loss) | .49%G | .79% | 1.01% | .99% | 1.04% | .91% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $5,019 | $4,402 | $4,019 | $4,129 | $3,884 | $3,762 |
Portfolio turnover rateH | 34%G | 51% | 45% | 38% | 82% | 67% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Fund Class K
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $54.20 | $47.60 | $46.86 | $44.92 | $42.04 | $44.69 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .17 | .43 | .50 | .49 | .49 | .42 |
Net realized and unrealized gain (loss) | 9.71 | 8.96 | 3.26 | 6.74 | 5.32 | (.72) |
Total from investment operations | 9.88 | 9.39 | 3.76 | 7.23 | 5.81 | (.30) |
Distributions from net investment income | (.35) | (.46) | (.48) | (.49) | (.48) | (.36) |
Distributions from net realized gain | (1.38) | (2.32) | (2.54) | (4.80) | (2.45) | (1.99) |
Total distributions | (1.73) | (2.79)B | (3.02) | (5.29) | (2.93) | (2.35) |
Net asset value, end of period | $62.35 | $54.20 | $47.60 | $46.86 | $44.92 | $42.04 |
Total ReturnC,D | 18.35% | 20.60% | 8.37% | 17.63% | 14.46% | (.72)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .39%G | .40% | .40% | .41% | .41% | .41% |
Expenses net of fee waivers, if any | .39%G | .40% | .40% | .41% | .41% | .41% |
Expenses net of all reductions | .39%G | .39% | .40% | .40% | .41% | .41% |
Net investment income (loss) | .57%G | .87% | 1.10% | 1.08% | 1.14% | 1.02% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $316 | $522 | $326 | $450 | $563 | $696 |
Portfolio turnover rateH | 34%G | 51% | 45% | 38% | 82% | 67% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended December 31, 2020
(Amounts in thousands except percentages)
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, 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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 December 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Fund | $57 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes as follows:
Gross unrealized appreciation | $3,020,894 |
Gross unrealized depreciation | (6,876) |
Net unrealized appreciation (depreciation) | $3,014,018 |
Tax cost | $2,329,543 |
The Fund elected to defer to its next fiscal year approximately $2,481 of capital losses recognized during the period November 1, 2019 to June 30, 2020.
Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Fund | 880,103 | 1,333,534 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .09% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .32% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Fidelity Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Fidelity Fund | $2,975 | .12 |
Class K | 100 | .04 |
$3,075 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Fund | .02 |
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 | $12 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Amount | |
Fidelity Fund | $6 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Fund | $1 | $–(a) | $– |
(a) In the amount of less than five hundred dollars.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $34 for the period.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended December 31, 2020 | Year ended June 30, 2020 | |
Distributions to shareholders | ||
Fidelity Fund | $133,806 | $229,125 |
Class K | 10,017 | 20,077 |
Total | $143,823 | $249,202 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended December 31, 2020 | Year ended June 30, 2020 | Six months ended December 31, 2020 | Year ended June 30, 2020 | |
Fidelity Fund | ||||
Shares sold | 1,519 | 3,204 | $90,562 | $157,342 |
Reinvestment of distributions | 2,042 | 4,413 | 122,813 | 210,705 |
Shares redeemed | (4,285) | (10,845) | (255,879) | (523,734) |
Net increase (decrease) | (724) | (3,228) | $(42,504) | $(155,687) |
Class K | ||||
Shares sold | 670 | 10,270 | $39,793 | $505,232 |
Reinvestment of distributions | 167 | 418 | 10,017 | 20,077 |
Shares redeemed | (5,412) | (7,909) | (327,037) | (402,205) |
Net increase (decrease) | (4,575) | 2,779 | $(277,227) | $123,104 |
11. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Export and Multinational Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Export and Multinational Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Export and Multinational Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Export and Multinational Fund access to a larger portfolio with a similar investment objective.
The reorganization does not require Fidelity Export and Multinational Fund shareholder approval and is expected to become effective in April 16, 2021. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2020 to December 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2020 | Ending Account Value December 31, 2020 | Expenses Paid During Period-B July 1, 2020 to December 31, 2020 | |
Fidelity Fund | ||||
Fidelity Fund | .47% | |||
Actual | $1,000.00 | $1,182.90 | $2.59 | |
Hypothetical-C | $1,000.00 | $1,022.84 | $2.40 | |
Class K | .39% | |||
Actual | $1,000.00 | $1,183.50 | $2.15 | |
Hypothetical-C | $1,000.00 | $1,023.24 | $1.99 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
FID-SANN-0221
1.540016.123
Fidelity® Growth Discovery Fund
Semi-Annual Report
December 31, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2020
% of fund's net assets | |
Microsoft Corp. | 8.8 |
Alphabet, Inc. Class A | 5.9 |
Apple, Inc. | 5.7 |
Amazon.com, Inc. | 5.1 |
Facebook, Inc. Class A | 4.7 |
Qualcomm, Inc. | 3.8 |
NVIDIA Corp. | 3.2 |
UnitedHealth Group, Inc. | 3.0 |
Adobe, Inc. | 2.9 |
Tencent Holdings Ltd. | 2.0 |
45.1 |
Top Five Market Sectors as of December 31, 2020
% of fund's net assets | |
Information Technology | 37.4 |
Health Care | 17.1 |
Communication Services | 14.4 |
Consumer Discretionary | 12.1 |
Industrials | 8.0 |
Asset Allocation (% of fund's net assets)
As of December 31, 2020* | ||
Stocks | 99.6% | |
Convertible Securities | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.2% |
* Foreign investments - 16.7%
Schedule of Investments December 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 14.4% | |||
Diversified Telecommunication Services - 0.4% | |||
Cellnex Telecom SA (a) | 208,900 | $12,536 | |
Entertainment - 0.8% | |||
Activision Blizzard, Inc. | 211,300 | 19,619 | |
DouYu International Holdings Ltd. ADR (b) | 218,000 | 2,411 | |
22,030 | |||
Interactive Media & Services - 13.2% | |||
Alphabet, Inc. Class A (b) | 100,552 | 176,231 | |
Facebook, Inc. Class A (b) | 514,391 | 140,511 | |
Match Group, Inc. (b) | 42,938 | 6,492 | |
Tencent Holdings Ltd. | 830,200 | 59,736 | |
Tongdao Liepin Group (b) | 1,213,400 | 2,924 | |
Zoominfo Technologies, Inc. | 164,100 | 7,915 | |
393,809 | |||
Wireless Telecommunication Services - 0.0% | |||
Mobile TeleSystems OJSC sponsored ADR | 23,000 | 206 | |
TOTAL COMMUNICATION SERVICES | 428,581 | ||
CONSUMER DISCRETIONARY - 12.1% | |||
Automobiles - 0.7% | |||
Ferrari NV | 85,400 | 19,601 | |
XPeng, Inc. ADR (b)(c) | 28,800 | 1,234 | |
20,835 | |||
Diversified Consumer Services - 0.6% | |||
Laureate Education, Inc. Class A (b) | 1,192,400 | 17,361 | |
Hotels, Restaurants & Leisure - 0.8% | |||
Airbnb, Inc. Class A | 9,300 | 1,365 | |
Compass Group PLC | 92,100 | 1,718 | |
Dalata Hotel Group PLC | 300,600 | 1,390 | |
Flutter Entertainment PLC | 24,000 | 4,959 | |
Hilton Worldwide Holdings, Inc. | 126,800 | 14,108 | |
23,540 | |||
Household Durables - 1.4% | |||
Blu Investments LLC (d)(e) | 3,320,224 | 1 | |
D.R. Horton, Inc. | 293,600 | 20,235 | |
NVR, Inc. (b) | 3,040 | 12,403 | |
Purple Innovation, Inc. (b) | 52,700 | 1,736 | |
Toll Brothers, Inc. | 195,900 | 8,516 | |
42,891 | |||
Internet & Direct Marketing Retail - 6.4% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 151,000 | 35,142 | |
Amazon.com, Inc. (b) | 46,400 | 151,122 | |
Delivery Hero AG (a)(b) | 28,300 | 4,426 | |
Pinduoduo, Inc. ADR (b) | 9,900 | 1,759 | |
192,449 | |||
Specialty Retail - 0.6% | |||
Aritzia LP (b) | 59,900 | 1,214 | |
Ulta Beauty, Inc. (b) | 55,500 | 15,937 | |
17,151 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
LVMH Moet Hennessy Louis Vuitton SE | 46,880 | 29,347 | |
Prada SpA (b) | 2,052,400 | 13,555 | |
Samsonite International SA (a)(b) | 2,543,400 | 4,508 | |
47,410 | |||
TOTAL CONSUMER DISCRETIONARY | 361,637 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 1.8% | |||
Fever-Tree Drinks PLC | 351 | 12 | |
Kweichow Moutai Co. Ltd. (A Shares) | 86,329 | 26,428 | |
Monster Beverage Corp. (b) | 286,100 | 26,459 | |
52,899 | |||
Household Products - 1.1% | |||
Energizer Holdings, Inc. | 370,200 | 15,615 | |
Reckitt Benckiser Group PLC | 193,503 | 17,271 | |
32,886 | |||
Tobacco - 0.4% | |||
Swedish Match Co. AB | 172,500 | 13,424 | |
TOTAL CONSUMER STAPLES | 99,209 | ||
ENERGY - 1.5% | |||
Oil, Gas & Consumable Fuels - 1.5% | |||
Enterprise Products Partners LP | 74,900 | 1,467 | |
EOG Resources, Inc. | 29,400 | 1,466 | |
Reliance Industries Ltd. | 1,371,053 | 37,259 | |
Reliance Industries Ltd. | 88,203 | 1,349 | |
Valero Energy Corp. | 64,100 | 3,626 | |
45,167 | |||
FINANCIALS - 3.4% | |||
Banks - 1.2% | |||
Comerica, Inc. | 215,400 | 12,032 | |
HDFC Bank Ltd. (b) | 72,910 | 1,436 | |
HDFC Bank Ltd. sponsored ADR (b) | 159,200 | 11,504 | |
M&T Bank Corp. | 24,000 | 3,055 | |
Metro Bank PLC (b)(c) | 25,300 | 48 | |
Wintrust Financial Corp. | 126,000 | 7,697 | |
35,772 | |||
Capital Markets - 0.9% | |||
CME Group, Inc. | 132,645 | 24,148 | |
JMP Group, Inc. (b)(c) | 75,200 | 290 | |
MSCI, Inc. | 4,100 | 1,831 | |
26,269 | |||
Consumer Finance - 0.7% | |||
Capital One Financial Corp. | 224,700 | 22,212 | |
Insurance - 0.6% | |||
American Financial Group, Inc. | 47,500 | 4,162 | |
Arthur J. Gallagher & Co. | 56,300 | 6,965 | |
BRP Group, Inc. (b) | 11,000 | 330 | |
RenaissanceRe Holdings Ltd. | 31,500 | 5,223 | |
16,680 | |||
Thrifts & Mortgage Finance - 0.0% | |||
Rocket Cos., Inc. (b) | 67,000 | 1,355 | |
TOTAL FINANCIALS | 102,288 | ||
HEALTH CARE - 17.0% | |||
Biotechnology - 4.1% | |||
ACADIA Pharmaceuticals, Inc. (b) | 112,700 | 6,025 | |
Affimed NV (b) | 200,400 | 1,166 | |
Alnylam Pharmaceuticals, Inc. (b) | 19,000 | 2,469 | |
Applied Therapeutics, Inc. (b) | 153,100 | 3,370 | |
Atara Biotherapeutics, Inc. (b) | 156,700 | 3,076 | |
Biogen, Inc. (b) | 7,600 | 1,861 | |
BioNTech SE ADR (b)(c) | 64,732 | 5,277 | |
Certara, Inc. | 57,600 | 1,942 | |
CRISPR Therapeutics AG (b)(c) | 36,800 | 5,634 | |
Gamida Cell Ltd. (b)(c) | 615,200 | 5,162 | |
Hookipa Pharma, Inc. (b) | 116,600 | 1,293 | |
Innovent Biologics, Inc. (a)(b) | 410,500 | 4,345 | |
Insmed, Inc. (b) | 309,678 | 10,309 | |
Neurocrine Biosciences, Inc. (b) | 189,300 | 18,144 | |
Prelude Therapeutics, Inc. | 11,400 | 816 | |
Regeneron Pharmaceuticals, Inc. (b) | 60,700 | 29,325 | |
Rubius Therapeutics, Inc. (b) | 22,900 | 174 | |
Sarepta Therapeutics, Inc. (b) | 8,500 | 1,449 | |
Seres Therapeutics, Inc. (b) | 52,200 | 1,279 | |
Vertex Pharmaceuticals, Inc. (b) | 72,093 | 17,038 | |
Viela Bio, Inc. (b) | 20,600 | 741 | |
120,895 | |||
Health Care Equipment & Supplies - 3.8% | |||
Axonics Modulation Technologies, Inc. (b) | 90,700 | 4,528 | |
Danaher Corp. | 122,355 | 27,180 | |
Haemonetics Corp. (b) | 140,600 | 16,696 | |
Hologic, Inc. (b) | 351,400 | 25,592 | |
Intuitive Surgical, Inc. (b) | 35,600 | 29,124 | |
Nevro Corp. (b) | 33,200 | 5,747 | |
Outset Medical, Inc. (c) | 21,742 | 1,236 | |
Penumbra, Inc. (b) | 21,300 | 3,728 | |
113,831 | |||
Health Care Providers & Services - 3.8% | |||
Centene Corp. (b) | 174,600 | 10,481 | |
Guardant Health, Inc. (b) | 13,200 | 1,701 | |
HealthEquity, Inc. (b) | 128,200 | 8,937 | |
UnitedHealth Group, Inc. | 259,000 | 90,826 | |
111,945 | |||
Health Care Technology - 1.3% | |||
Inspire Medical Systems, Inc. (b) | 76,279 | 14,347 | |
MultiPlan Corp. (d) | 494,524 | 3,951 | |
MultiPlan Corp.: | |||
Class A (b)(c) | 81,300 | 650 | |
warrants (b)(d) | 24,481 | 58 | |
Schrodinger, Inc. | 39,200 | 3,104 | |
Simulations Plus, Inc. | 32,500 | 2,337 | |
Veeva Systems, Inc. Class A (b) | 56,700 | 15,437 | |
39,884 | |||
Life Sciences Tools & Services - 1.8% | |||
10X Genomics, Inc. (b) | 43,300 | 6,131 | |
Berkeley Lights, Inc. (b)(c) | 101,800 | 9,102 | |
Bio-Rad Laboratories, Inc. Class A (b) | 6,100 | 3,556 | |
Bio-Techne Corp. | 5,400 | 1,715 | |
Bruker Corp. | 200,900 | 10,875 | |
Charles River Laboratories International, Inc. (b) | 32,700 | 8,170 | |
Codexis, Inc. (b) | 219,400 | 4,790 | |
Fluidigm Corp. (b) | 388,300 | 2,330 | |
Nanostring Technologies, Inc. (b) | 103,700 | 6,935 | |
Sotera Health Co. | 51,200 | 1,405 | |
55,009 | |||
Pharmaceuticals - 2.2% | |||
AstraZeneca PLC sponsored ADR | 292,100 | 14,602 | |
Eli Lilly & Co. | 253,900 | 42,868 | |
Endo International PLC (b) | 402,600 | 2,891 | |
Reata Pharmaceuticals, Inc. (b) | 14,500 | 1,792 | |
Revance Therapeutics, Inc. (b) | 169,200 | 4,795 | |
66,948 | |||
TOTAL HEALTH CARE | 508,512 | ||
INDUSTRIALS - 8.0% | |||
Aerospace & Defense - 0.8% | |||
Airbus Group NV | 60,200 | 6,607 | |
Axon Enterprise, Inc. (b) | 2,400 | 294 | |
TransDigm Group, Inc. | 28,227 | 17,468 | |
24,369 | |||
Airlines - 0.7% | |||
Ryanair Holdings PLC sponsored ADR (b) | 189,400 | 20,830 | |
Building Products - 0.4% | |||
Builders FirstSource, Inc. (b) | 84,100 | 3,432 | |
Fortune Brands Home & Security, Inc. | 98,100 | 8,409 | |
11,841 | |||
Electrical Equipment - 0.7% | |||
Bloom Energy Corp. Class A (b) | 66,900 | 1,917 | |
Generac Holdings, Inc. (b) | 89,200 | 20,285 | |
22,202 | |||
Industrial Conglomerates - 1.4% | |||
General Electric Co. | 3,839,400 | 41,466 | |
Machinery - 1.0% | |||
Ingersoll Rand, Inc. (b) | 459,600 | 20,939 | |
Woodward, Inc. | 67,500 | 8,203 | |
29,142 | |||
Professional Services - 1.5% | |||
Equifax, Inc. | 148,700 | 28,675 | |
Upwork, Inc. (b) | 444,682 | 15,350 | |
44,025 | |||
Road & Rail - 1.3% | |||
Uber Technologies, Inc. (b) | 788,072 | 40,192 | |
Trading Companies & Distributors - 0.2% | |||
BMC Stock Holdings, Inc. (b) | 64,800 | 3,478 | |
Fastenal Co. | 28,000 | 1,367 | |
4,845 | |||
TOTAL INDUSTRIALS | 238,912 | ||
INFORMATION TECHNOLOGY - 37.4% | |||
Electronic Equipment & Components - 0.4% | |||
II-VI, Inc. (b) | 140,113 | 10,643 | |
Jabil, Inc. | 1,200 | 51 | |
Novanta, Inc. (b) | 4,900 | 579 | |
11,273 | |||
IT Services - 3.9% | |||
Adyen BV (a)(b) | 4,000 | 9,294 | |
Black Knight, Inc. (b) | 144,070 | 12,729 | |
CACI International, Inc. Class A (b) | 25,200 | 6,283 | |
Edenred SA | 1,000 | 57 | |
MasterCard, Inc. Class A | 30,800 | 10,994 | |
MongoDB, Inc. Class A (b) | 73,800 | 26,497 | |
Okta, Inc. (b) | 33,000 | 8,391 | |
Shopify, Inc. Class A (b) | 15,800 | 17,841 | |
Square, Inc. (b) | 114,900 | 25,007 | |
117,093 | |||
Semiconductors & Semiconductor Equipment - 10.7% | |||
Aixtron AG (b) | 117,000 | 2,035 | |
Allegro MicroSystems LLC (b) | 16,900 | 451 | |
Array Technologies, Inc. | 91,300 | 3,939 | |
ASML Holding NV | 52,900 | 25,800 | |
Enphase Energy, Inc. (b) | 81,800 | 14,353 | |
MediaTek, Inc. | 57,000 | 1,515 | |
NVIDIA Corp. | 183,200 | 95,667 | |
NXP Semiconductors NV | 198,200 | 31,516 | |
Qualcomm, Inc. | 735,300 | 112,016 | |
SiTime Corp. (b) | 35,700 | 3,996 | |
SolarEdge Technologies, Inc. (b) | 27,000 | 8,616 | |
Universal Display Corp. | 81,800 | 18,798 | |
318,702 | |||
Software - 15.7% | |||
Adobe, Inc. (b) | 172,800 | 86,421 | |
Agora, Inc. ADR (b)(c) | 3,500 | 138 | |
Cloudflare, Inc. (b) | 47,800 | 3,632 | |
CyberArk Software Ltd. (b) | 24,000 | 3,878 | |
Datadog, Inc. Class A (b) | 5,100 | 502 | |
Duck Creek Technologies, Inc. (b) | 2,800 | 121 | |
Elastic NV (b) | 1,800 | 263 | |
FireEye, Inc. (b) | 1,093,100 | 25,207 | |
JFrog Ltd. (c) | 3,500 | 220 | |
Manhattan Associates, Inc. (b) | 101,700 | 10,697 | |
Microsoft Corp. | 1,178,100 | 262,031 | |
NICE Systems Ltd. sponsored ADR (b) | 33,100 | 9,385 | |
Palo Alto Networks, Inc. (b) | 37,400 | 13,292 | |
Rapid7, Inc. (b) | 38,400 | 3,462 | |
Salesforce.com, Inc. (b) | 208,564 | 46,412 | |
Tenable Holdings, Inc. (b) | 70,000 | 3,658 | |
Volue A/S | 88,400 | 515 | |
469,834 | |||
Technology Hardware, Storage & Peripherals - 6.7% | |||
Apple, Inc. | 1,277,000 | 169,445 | |
Samsung Electronics Co. Ltd. | 413,010 | 30,737 | |
200,182 | |||
TOTAL INFORMATION TECHNOLOGY | 1,117,084 | ||
MATERIALS - 1.8% | |||
Chemicals - 1.5% | |||
Albemarle Corp. U.S. | 56,000 | 8,261 | |
DuPont de Nemours, Inc. | 32,100 | 2,283 | |
LG Chemical Ltd. | 22,160 | 16,777 | |
Sherwin-Williams Co. | 24,100 | 17,711 | |
45,032 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. | 78,400 | 7,946 | |
Metals & Mining - 0.0% | |||
MP Materials Corp. (b)(c) | 28,500 | 917 | |
TOTAL MATERIALS | 53,895 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
Simon Property Group, Inc. | 156,400 | 13,338 | |
Real Estate Management & Development - 0.2% | |||
CBRE Group, Inc. (b) | 52,400 | 3,287 | |
KE Holdings, Inc. ADR (b) | 56,100 | 3,452 | |
6,739 | |||
TOTAL REAL ESTATE | 20,077 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,617,622) | 2,975,362 | ||
Convertible Preferred Stocks - 0.2% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
Nuvation Bio, Inc. Series A (b)(d) | 607,600 | 1,191 | |
Health Care Technology - 0.1% | |||
Vor Biopharma, Inc. (d)(e) | 2,297,342 | 1,608 | |
TOTAL HEALTH CARE | 2,799 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (Escrow) (b)(d)(e) | 48,212 | 2 | |
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (d)(e) | 50,974 | 1,835 | |
Series C3 (d)(e) | 63,718 | 2,294 | |
4,129 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $4,850) | 6,930 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund 0.11% (f) | 8,542,099 | 8,544 | |
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) | 19,879,168 | 19,881 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $28,425) | 28,425 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $1,650,897) | 3,010,717 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (24,869) | ||
NET ASSETS - 100% | $2,985,848 |
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,109,000 or 1.2% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,940,000 or 0.4% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
AppNexus, Inc. Series E (Escrow) | 8/1/14 | $0 |
Blu Investments LLC | 5/21/20 | $6 |
Illuminated Holdings, Inc. Series C2 | 7/7/20 | $1,274 |
Illuminated Holdings, Inc. Series C3 | 7/7/20 | $1,912 |
MultiPlan Corp. | 10/8/20 | $4,896 |
MultiPlan Corp. warrants | 10/8/20 | $0 |
Nuvation Bio, Inc. Series A | 6/17/19 | $469 |
Vor Biopharma, Inc. | 6/30/20 | $1,195 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $16 |
Fidelity Securities Lending Cash Central Fund | 67 |
Total | $83 |
Amounts in the 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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $428,581 | $368,845 | $59,736 | $-- |
Consumer Discretionary | 361,637 | 326,145 | 35,491 | 1 |
Consumer Staples | 99,209 | 68,514 | 30,695 | -- |
Energy | 45,167 | 45,167 | -- | -- |
Financials | 102,288 | 100,852 | 1,436 | -- |
Health Care | 511,311 | 508,454 | 1,249 | 1,608 |
Industrials | 238,912 | 232,305 | 6,607 | -- |
Information Technology | 1,117,086 | 1,105,240 | 11,844 | 2 |
Materials | 58,024 | 53,895 | -- | 4,129 |
Real Estate | 20,077 | 20,077 | -- | -- |
Money Market Funds | 28,425 | 28,425 | -- | -- |
Total Investments in Securities: | $3,010,717 | $2,857,919 | $147,058 | $5,740 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 83.3% |
Cayman Islands | 3.6% |
Netherlands | 3.2% |
India | 1.6% |
Korea (South) | 1.5% |
Ireland | 1.0% |
France | 1.0% |
Others (Individually Less Than 1%) | 4.8% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | December 31, 2020 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $18,918) — See accompanying schedule: Unaffiliated issuers (cost $1,622,472) | $2,982,292 | |
Fidelity Central Funds (cost $28,425) | 28,425 | |
Total Investment in Securities (cost $1,650,897) | $3,010,717 | |
Cash | 21 | |
Foreign currency held at value (cost $21) | 21 | |
Receivable for investments sold | 17,281 | |
Receivable for fund shares sold | 2,403 | |
Dividends receivable | 1,057 | |
Distributions receivable from Fidelity Central Funds | 36 | |
Prepaid expenses | 3 | |
Other receivables | 50 | |
Total assets | 3,031,589 | |
Liabilities | ||
Payable for investments purchased | $358 | |
Payable for fund shares redeemed | 21,603 | |
Accrued management fee | 1,588 | |
Other affiliated payables | 369 | |
Other payables and accrued expenses | 1,948 | |
Collateral on securities loaned | 19,875 | |
Total liabilities | 45,741 | |
Net Assets | $2,985,848 | |
Net Assets consist of: | ||
Paid in capital | $1,543,642 | |
Total accumulated earnings (loss) | 1,442,206 | |
Net Assets | $2,985,848 | |
Net Asset Value and Maximum Offering Price | ||
Growth Discovery: | ||
Net Asset Value, offering price and redemption price per share ($2,620,424 ÷ 50,660.6 shares) | $51.73 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($365,424 ÷ 7,058.9 shares) | $51.77 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended December 31, 2020 (Unaudited) | |
Investment Income | ||
Dividends | $7,231 | |
Income from Fidelity Central Funds (including $67 from security lending) | 83 | |
Total income | 7,314 | |
Expenses | ||
Management fee | ||
Basic fee | $7,255 | |
Performance adjustment | 888 | |
Transfer agent fees | 1,729 | |
Accounting fees | 406 | |
Custodian fees and expenses | 35 | |
Independent trustees' fees and expenses | 7 | |
Registration fees | 45 | |
Audit | 27 | |
Legal | 6 | |
Interest | 1 | |
Miscellaneous | 6 | |
Total expenses before reductions | 10,405 | |
Expense reductions | (67) | |
Total expenses after reductions | 10,338 | |
Net investment income (loss) | (3,024) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 259,744 | |
Fidelity Central Funds | 3 | |
Foreign currency transactions | (97) | |
Total net realized gain (loss) | 259,650 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $867) | 369,594 | |
Assets and liabilities in foreign currencies | 7 | |
Total change in net unrealized appreciation (depreciation) | 369,601 | |
Net gain (loss) | 629,251 | |
Net increase (decrease) in net assets resulting from operations | $626,227 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended December 31, 2020 (Unaudited) | Year ended June 30, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(3,024) | $1,703 |
Net realized gain (loss) | 259,650 | 140,699 |
Change in net unrealized appreciation (depreciation) | 369,601 | 342,871 |
Net increase (decrease) in net assets resulting from operations | 626,227 | 485,273 |
Distributions to shareholders | (271,476) | (93,441) |
Share transactions - net increase (decrease) | 220,508 | (53,438) |
Total increase (decrease) in net assets | 575,259 | 338,394 |
Net Assets | ||
Beginning of period | 2,410,589 | 2,072,195 |
End of period | $2,985,848 | $2,410,589 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Growth Discovery Fund
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $45.22 | $37.74 | $35.75 | $30.58 | $24.47 | $24.93 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.06) | .03 | .04 | .07 | .06 | .01 |
Net realized and unrealized gain (loss) | 11.55 | 9.15 | 3.51 | 6.71 | 6.07 | (.43) |
Total from investment operations | 11.49 | 9.18 | 3.55 | 6.78 | 6.13 | (.42) |
Distributions from net investment income | (.01) | (.02) | (.06) | (.05) | (.02) | (.03) |
Distributions from net realized gain | (4.98) | (1.68) | (1.50) | (1.56) | – | (.01) |
Total distributions | (4.98)B | (1.70) | (1.56) | (1.61) | (.02) | (.04) |
Net asset value, end of period | $51.73 | $45.22 | $37.74 | $35.75 | $30.58 | $24.47 |
Total ReturnC,D | 26.11% | 25.33% | 10.33% | 22.94% | 25.08% | (1.68)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .77%G | .79% | .77% | .74% | .66% | .78% |
Expenses net of fee waivers, if any | .77%G | .79% | .77% | .74% | .66% | .78% |
Expenses net of all reductions | .77%G | .78% | .76% | .73% | .65% | .78% |
Net investment income (loss) | (.23)%G | .06% | .11% | .22% | .24% | .03% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $2,620 | $2,094 | $1,707 | $1,546 | $1,157 | $1,000 |
Portfolio turnover rateH | 51%G | 54% | 49% | 45% | 65% | 57% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Growth Discovery Fund Class K
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $45.27 | $37.78 | $35.78 | $30.61 | $24.48 | $24.94 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.03) | .06 | .08 | .11 | .10 | .04 |
Net realized and unrealized gain (loss) | 11.56 | 9.17 | 3.52 | 6.71 | 6.07 | (.43) |
Total from investment operations | 11.53 | 9.23 | 3.60 | 6.82 | 6.17 | (.39) |
Distributions from net investment income | (.03) | (.06) | (.10) | (.09) | (.04) | (.06) |
Distributions from net realized gain | (5.00) | (1.68) | (1.50) | (1.56) | – | (.01) |
Total distributions | (5.03) | (1.74) | (1.60) | (1.65) | (.04) | (.07) |
Net asset value, end of period | $51.77 | $45.27 | $37.78 | $35.78 | $30.61 | $24.48 |
Total ReturnB,C | 26.17% | 25.46% | 10.47% | 23.05% | 25.23% | (1.57)% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .68%F | .69% | .66% | .63% | .54% | .66% |
Expenses net of fee waivers, if any | .68%F | .69% | .66% | .63% | .54% | .66% |
Expenses net of all reductions | .67%F | .68% | .66% | .63% | .53% | .65% |
Net investment income (loss) | (.14)%F | .17% | .22% | .32% | .36% | .16% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $365 | $316 | $366 | $361 | $207 | $176 |
Portfolio turnover rateG | 51%F | 54% | 49% | 45% | 65% | 57% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees 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.
E Expense 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.
F Annualized
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended December 31, 2020
(Amounts in thousands except percentages)
1. Organization.
Fidelity Growth Discovery 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 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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 December 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,374,744 |
Gross unrealized depreciation | (17,613) |
Net unrealized appreciation (depreciation) | $1,357,131 |
Tax cost | $1,653,586 |
Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Growth Discovery Fund | 685,614 | 732,650 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Discovery as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .59% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Discovery, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Growth Discovery | $1,652 | .14 |
Class K | 77 | .04 |
$1,729 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Growth Discovery Fund | .03 |
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 | $12 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 | $4,609 | .33% | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Amount | |
Fidelity Growth Discovery Fund | $3 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Income 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 | $8 | $38 | $3,897 |
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $63 for the period.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended December 31, 2020 | Year ended June 30, 2020 | |
Distributions to shareholders | ||
Growth Discovery | $236,484 | $77,138 |
Class K | 34,992 | 16,303 |
Total | $271,476 | $93,441 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended December 31, 2020 | Year ended June 30, 2020 | Six months ended December 31, 2020 | Year ended June 30, 2020 | |
Growth Discovery | ||||
Shares sold | 4,656 | 10,637 | $231,416 | $411,449 |
Reinvestment of distributions | 4,468 | 1,952 | 222,760 | 72,723 |
Shares redeemed | (4,776) | (11,498) | (237,155) | (436,482) |
Net increase (decrease) | 4,348 | 1,091 | $217,021 | $47,690 |
Class K | ||||
Shares sold | 1,289 | 2,932 | $64,365 | $114,471 |
Reinvestment of distributions | 702 | 439 | 34,992 | 16,303 |
Shares redeemed | (1,917) | (6,064) | (95,870) | (231,902) |
Net increase (decrease) | 74 | (2,693) | $3,487 | $(101,128) |
11. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2020 to December 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2020 | Ending Account Value December 31, 2020 | Expenses Paid During Period-B July 1, 2020 to December 31, 2020 | |
Fidelity Growth Discovery Fund | ||||
Growth Discovery | .77% | |||
Actual | $1,000.00 | $1,261.10 | $4.39 | |
Hypothetical-C | $1,000.00 | $1,021.32 | $3.92 | |
Class K | .68% | |||
Actual | $1,000.00 | $1,261.70 | $3.88 | |
Hypothetical-C | $1,000.00 | $1,021.78 | $3.47 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
CII-SANN-0221
1.714430.122
Fidelity® Mega Cap Stock Fund
Semi-Annual Report
December 31, 2020
Includes Fidelity and Fidelity Advisor share classes
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2020
% of fund's net assets | |
General Electric Co. | 6.5 |
Microsoft Corp. | 6.0 |
Apple, Inc. | 4.9 |
Bank of America Corp. | 4.1 |
JPMorgan Chase & Co. | 4.0 |
Wells Fargo & Co. | 3.5 |
Exxon Mobil Corp. | 3.0 |
The Walt Disney Co. | 3.0 |
Visa, Inc. Class A | 2.6 |
Alphabet, Inc. Class A | 2.4 |
40.0 |
Top Five Market Sectors as of December 31, 2020
% of fund's net assets | |
Information Technology | 18.9 |
Financials | 15.7 |
Industrials | 14.3 |
Communication Services | 13.5 |
Health Care | 12.4 |
Asset Allocation (% of fund's net assets)
As of December 31, 2020* | ||
Stocks | 99.1% | |
Other Investments | 0.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.6% |
* Foreign investments - 19.5%
Schedule of Investments December 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 13.5% | |||
Diversified Telecommunication Services - 1.3% | |||
Verizon Communications, Inc. | 292,776 | $17,200,590 | |
Entertainment - 6.2% | |||
Activision Blizzard, Inc. | 86,341 | 8,016,762 | |
Nintendo Co. Ltd. ADR (a) | 178,900 | 14,405,028 | |
The Walt Disney Co. | 208,399 | 37,757,731 | |
Vivendi SA | 591,799 | 19,071,981 | |
79,251,502 | |||
Interactive Media & Services - 4.8% | |||
Alphabet, Inc.: | |||
Class A (b) | 17,800 | 31,196,992 | |
Class C (b) | 17,600 | 30,833,088 | |
Facebook, Inc. Class A (b) | 900 | 245,844 | |
62,275,924 | |||
Media - 1.2% | |||
Comcast Corp. Class A | 285,687 | 14,969,999 | |
TOTAL COMMUNICATION SERVICES | 173,698,015 | ||
CONSUMER DISCRETIONARY - 5.4% | |||
Automobiles - 0.4% | |||
General Motors Co. | 136,900 | 5,700,516 | |
Hotels, Restaurants & Leisure - 0.2% | |||
Marriott International, Inc. Class A | 14,300 | 1,886,456 | |
Household Durables - 2.1% | |||
D.R. Horton, Inc. | 66,500 | 4,583,180 | |
Lennar Corp. Class A | 62,000 | 4,726,260 | |
Sony Corp. sponsored ADR | 170,900 | 17,277,990 | |
26,587,430 | |||
Internet & Direct Marketing Retail - 1.6% | |||
The Booking Holdings, Inc. (b) | 9,393 | 20,920,747 | |
Specialty Retail - 1.1% | |||
Lowe's Companies, Inc. | 89,911 | 14,431,615 | |
TOTAL CONSUMER DISCRETIONARY | 69,526,764 | ||
CONSUMER STAPLES - 5.1% | |||
Beverages - 2.8% | |||
Anheuser-Busch InBev SA NV ADR (a) | 128,407 | 8,976,933 | |
Diageo PLC | 436,533 | 17,273,071 | |
Keurig Dr. Pepper, Inc. | 234,100 | 7,491,200 | |
The Coca-Cola Co. | 38,500 | 2,111,340 | |
35,852,544 | |||
Food & Staples Retailing - 1.1% | |||
Sysco Corp. | 188,499 | 13,997,936 | |
Food Products - 1.2% | |||
JDE Peet's BV | 146,300 | 6,603,977 | |
Nestle SA sponsored ADR | 78,551 | 9,253,308 | |
15,857,285 | |||
TOTAL CONSUMER STAPLES | 65,707,765 | ||
ENERGY - 7.9% | |||
Oil, Gas & Consumable Fuels - 7.9% | |||
Canadian Natural Resources Ltd. (a) | 499,900 | 12,022,595 | |
Exxon Mobil Corp. | 937,487 | 38,643,214 | |
Hess Corp. | 372,416 | 19,659,841 | |
Phillips 66 Co. | 96,400 | 6,742,216 | |
Royal Dutch Shell PLC Class B sponsored ADR | 471,800 | 15,857,198 | |
Total SA sponsored ADR | 212,955 | 8,924,944 | |
101,850,008 | |||
FINANCIALS - 15.7% | |||
Banks - 13.3% | |||
Bank of America Corp. | 1,716,061 | 52,013,809 | |
JPMorgan Chase & Co. | 406,030 | 51,594,232 | |
PNC Financial Services Group, Inc. | 87,231 | 12,997,419 | |
U.S. Bancorp | 204,712 | 9,537,532 | |
Wells Fargo & Co. | 1,467,821 | 44,298,838 | |
170,441,830 | |||
Capital Markets - 0.5% | |||
Charles Schwab Corp. | 125,000 | 6,630,000 | |
Diversified Financial Services - 1.9% | |||
Berkshire Hathaway, Inc. Class B (b) | 105,000 | 24,346,350 | |
TOTAL FINANCIALS | 201,418,180 | ||
HEALTH CARE - 12.4% | |||
Health Care Equipment & Supplies - 2.4% | |||
Boston Scientific Corp. (b) | 395,624 | 14,222,683 | |
Medtronic PLC | 139,096 | 16,293,705 | |
30,516,388 | |||
Health Care Providers & Services - 2.7% | |||
Cigna Corp. | 45,862 | 9,547,551 | |
UnitedHealth Group, Inc. | 70,698 | 24,792,375 | |
34,339,926 | |||
Pharmaceuticals - 7.3% | |||
Bayer AG | 118,518 | 6,982,037 | |
Bristol-Myers Squibb Co. | 333,399 | 20,680,740 | |
GlaxoSmithKline PLC sponsored ADR | 409,433 | 15,067,134 | |
Johnson & Johnson | 173,013 | 27,228,786 | |
Roche Holding AG (participation certificate) | 25,088 | 8,738,114 | |
Sanofi SA sponsored ADR | 318,573 | 15,479,462 | |
94,176,273 | |||
TOTAL HEALTH CARE | 159,032,587 | ||
INDUSTRIALS - 14.3% | |||
Aerospace & Defense - 1.8% | |||
Airbus Group NV | 22,800 | 2,502,168 | |
Raytheon Technologies Corp. | 133,730 | 9,563,032 | |
The Boeing Co. | 50,200 | 10,745,812 | |
22,811,012 | |||
Air Freight & Logistics - 2.1% | |||
United Parcel Service, Inc. Class B | 160,279 | 26,990,984 | |
Electrical Equipment - 0.7% | |||
Rockwell Automation, Inc. | 36,500 | 9,154,565 | |
Industrial Conglomerates - 7.4% | |||
3M Co. | 3,600 | 629,244 | |
General Electric Co. | 7,684,339 | 82,990,862 | |
Siemens AG sponsored ADR | 160,679 | 11,535,145 | |
95,155,251 | |||
Machinery - 2.3% | |||
Caterpillar, Inc. | 89,900 | 16,363,598 | |
Deere & Co. | 38,000 | 10,223,900 | |
Epiroc AB Class B | 213,000 | 3,595,804 | |
30,183,302 | |||
TOTAL INDUSTRIALS | 184,295,114 | ||
INFORMATION TECHNOLOGY - 18.9% | |||
IT Services - 4.2% | |||
Fidelity National Information Services, Inc. | 58,200 | 8,232,972 | |
Fiserv, Inc. (b) | 34,800 | 3,962,328 | |
MasterCard, Inc. Class A | 25,252 | 9,013,449 | |
Visa, Inc. Class A | 152,188 | 33,288,081 | |
54,496,830 | |||
Semiconductors & Semiconductor Equipment - 3.8% | |||
Applied Materials, Inc. | 153,374 | 13,236,176 | |
ASML Holding NV | 5,836 | 2,846,334 | |
Lam Research Corp. | 22,100 | 10,437,167 | |
Qualcomm, Inc. | 144,516 | 22,015,567 | |
48,535,244 | |||
Software - 6.0% | |||
Microsoft Corp. | 346,666 | 77,105,452 | |
Technology Hardware, Storage & Peripherals - 4.9% | |||
Apple, Inc. | 472,632 | 62,713,540 | |
TOTAL INFORMATION TECHNOLOGY | 242,851,066 | ||
MATERIALS - 5.7% | |||
Chemicals - 1.1% | |||
DuPont de Nemours, Inc. | 163,328 | 11,614,254 | |
Linde PLC | 10,400 | 2,740,504 | |
14,354,758 | |||
Metals & Mining - 4.6% | |||
Anglo American PLC (United Kingdom) | 182,800 | 6,060,741 | |
BHP Billiton Ltd. sponsored ADR (a) | 453,070 | 29,603,594 | |
Freeport-McMoRan, Inc. | 696,300 | 18,117,726 | |
Southern Copper Corp. (a) | 73,500 | 4,786,320 | |
58,568,381 | |||
TOTAL MATERIALS | 72,923,139 | ||
REAL ESTATE - 0.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Simon Property Group, Inc. | 16,000 | 1,364,480 | |
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
Southern Co. | 14,700 | 903,021 | |
TOTAL COMMON STOCKS | |||
(Cost $885,950,842) | 1,273,570,139 | ||
Other - 0.3% | |||
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels – 0.3% | |||
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e) | |||
(Cost $9,242,241) | 9,242,241 | 3,923,331 | |
Money Market Funds - 3.5% | |||
Fidelity Cash Central Fund 0.11% (f) | 1,938,844 | 1,939,232 | |
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) | 42,947,978 | 42,952,273 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $44,891,505) | 44,891,505 | ||
TOTAL INVESTMENT IN SECURITIES - 102.9% | |||
(Cost $940,084,588) | 1,322,384,975 | ||
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (37,488,735) | ||
NET ASSETS - 100% | $1,284,896,240 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 $3,923,331 or 0.3% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $9,242,241 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $3,419 |
Fidelity Securities Lending Cash Central Fund | 36,037 |
Total | $39,456 |
Amounts in the 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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $173,698,015 | $173,698,015 | $-- | $-- |
Consumer Discretionary | 69,526,764 | 69,526,764 | -- | -- |
Consumer Staples | 65,707,765 | 48,434,694 | 17,273,071 | -- |
Energy | 101,850,008 | 101,850,008 | -- | -- |
Financials | 201,418,180 | 201,418,180 | -- | -- |
Health Care | 159,032,587 | 143,312,436 | 15,720,151 | -- |
Industrials | 184,295,114 | 178,197,142 | 6,097,972 | -- |
Information Technology | 242,851,066 | 242,851,066 | -- | -- |
Materials | 72,923,139 | 72,923,139 | -- | -- |
Real Estate | 1,364,480 | 1,364,480 | -- | -- |
Utilities | 903,021 | 903,021 | -- | -- |
Other | 3,923,331 | -- | -- | 3,923,331 |
Money Market Funds | 44,891,505 | 44,891,505 | -- | -- |
Total Investments in Securities: | $1,322,384,975 | $1,279,370,450 | $39,091,194 | $3,923,331 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 80.5% |
United Kingdom | 4.2% |
France | 3.4% |
Japan | 2.4% |
Australia | 2.3% |
Ireland | 1.5% |
Germany | 1.4% |
Switzerland | 1.4% |
Canada | 1.0% |
Others (Individually Less Than 1%) | 1.9% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
December 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $41,509,039) — See accompanying schedule: Unaffiliated issuers (cost $895,193,083) | $1,277,493,470 | |
Fidelity Central Funds (cost $44,891,505) | 44,891,505 | |
Total Investment in Securities (cost $940,084,588) | $1,322,384,975 | |
Restricted cash | 10,300 | |
Receivable for investments sold | 11,350,712 | |
Receivable for fund shares sold | 12,449,982 | |
Dividends receivable | 1,693,528 | |
Distributions receivable from Fidelity Central Funds | 7,536 | |
Prepaid expenses | 1,460 | |
Other receivables | 17,858 | |
Total assets | 1,347,916,351 | |
Liabilities | ||
Payable for fund shares redeemed | $19,354,198 | |
Accrued management fee | 455,215 | |
Distribution and service plan fees payable | 45,491 | |
Other affiliated payables | 175,670 | |
Other payables and accrued expenses | 37,987 | |
Collateral on securities loaned | 42,951,550 | |
Total liabilities | 63,020,111 | |
Net Assets | $1,284,896,240 | |
Net Assets consist of: | ||
Paid in capital | $884,326,832 | |
Total accumulated earnings (loss) | 400,569,408 | |
Net Assets | $1,284,896,240 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($65,524,545 ÷ 4,128,441 shares)(a) | $15.87 | |
Maximum offering price per share (100/94.25 of $15.87) | $16.84 | |
Class M: | ||
Net Asset Value and redemption price per share ($23,584,763 ÷ 1,485,411 shares)(a) | $15.88 | |
Maximum offering price per share (100/96.50 of $15.88) | $16.46 | |
Class C: | ||
Net Asset Value and offering price per share ($27,081,581 ÷ 1,742,204 shares)(a) | $15.54 | |
Mega Cap Stock: | ||
Net Asset Value, offering price and redemption price per share ($856,693,523 ÷ 53,186,153 shares) | $16.11 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($25,612,479 ÷ 1,587,013 shares) | $16.14 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($286,399,349 ÷ 17,889,657 shares) | $16.01 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended December 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $11,786,828 | |
Income from Fidelity Central Funds (including $36,037 from security lending) | 39,456 | |
Total income | 11,826,284 | |
Expenses | ||
Management fee | $2,512,610 | |
Transfer agent fees | 842,339 | |
Distribution and service plan fees | 254,804 | |
Accounting fees | 189,494 | |
Custodian fees and expenses | 18,749 | |
Independent trustees' fees and expenses | 2,980 | |
Registration fees | 43,298 | |
Audit | 38,384 | |
Legal | 1,783 | |
Interest | 152 | |
Miscellaneous | 8,155 | |
Total expenses before reductions | 3,912,748 | |
Expense reductions | (34,580) | |
Total expenses after reductions | 3,878,168 | |
Net investment income (loss) | 7,948,116 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 68,167,759 | |
Fidelity Central Funds | 889 | |
Foreign currency transactions | (9,648) | |
Total net realized gain (loss) | 68,159,000 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 187,669,020 | |
Assets and liabilities in foreign currencies | 29,780 | |
Total change in net unrealized appreciation (depreciation) | 187,698,800 | |
Net gain (loss) | 255,857,800 | |
Net increase (decrease) in net assets resulting from operations | $263,805,916 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended December 31, 2020 (Unaudited) | Year ended June 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $7,948,116 | $28,604,904 |
Net realized gain (loss) | 68,159,000 | 297,938,210 |
Change in net unrealized appreciation (depreciation) | 187,698,800 | (306,494,208) |
Net increase (decrease) in net assets resulting from operations | 263,805,916 | 20,048,906 |
Distributions to shareholders | (99,856,123) | (231,107,026) |
Share transactions - net increase (decrease) | 12,870,192 | (628,569,227) |
Total increase (decrease) in net assets | 176,819,985 | (839,627,347) |
Net Assets | ||
Beginning of period | 1,108,076,255 | 1,947,703,602 |
End of period | $1,284,896,240 | $1,108,076,255 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Mega Cap Stock Fund Class A
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.83 | $15.51 | $17.34 | $18.42 | $15.56 | $16.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .08 | .22 | .29 | .23 | .22 | .23 |
Net realized and unrealized gain (loss) | 3.20 | .08 | .77 | 1.49 | 2.94 | (.65) |
Total from investment operations | 3.28 | .30 | 1.06 | 1.72 | 3.16 | (.42) |
Distributions from net investment income | (.24) | (.27) | (.26) | (.24) | (.22) | (.18) |
Distributions from net realized gain | (1.00) | (1.70) | (2.63) | (2.56) | (.09) | (.40) |
Total distributions | (1.24) | (1.98)B | (2.89) | (2.80) | (.30)B | (.58) |
Net asset value, end of period | $15.87 | $13.83 | $15.51 | $17.34 | $18.42 | $15.56 |
Total ReturnC,D,E | 24.63% | 1.78% | 6.99% | 10.60% | 20.49% | (2.56)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .93%H | .93% | .93% | .93% | .94% | .95% |
Expenses net of fee waivers, if any | .93%H | .93% | .93% | .93% | .94% | .95% |
Expenses net of all reductions | .92%H | .92% | .93% | .93% | .94% | .95% |
Net investment income (loss) | 1.10%H | 1.56% | 1.88% | 1.33% | 1.30% | 1.46% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $65,525 | $54,948 | $64,311 | $62,333 | $60,362 | $68,801 |
Portfolio turnover rateI | 62%H | 49%J | 36% | 39% | 25% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Mega Cap Stock Fund Class M
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.82 | $15.50 | $17.31 | $18.39 | $15.54 | $16.57 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .19 | .25 | .19 | .18 | .19 |
Net realized and unrealized gain (loss) | 3.21 | .06 | .78 | 1.48 | 2.93 | (.65) |
Total from investment operations | 3.27 | .25 | 1.03 | 1.67 | 3.11 | (.46) |
Distributions from net investment income | (.20) | (.23) | (.21) | (.19) | (.18) | (.16) |
Distributions from net realized gain | (1.00) | (1.70) | (2.63) | (2.56) | (.09) | (.40) |
Total distributions | (1.21)B | (1.93) | (2.84) | (2.75) | (.26)B | (.57)B |
Net asset value, end of period | $15.88 | $13.82 | $15.50 | $17.31 | $18.39 | $15.54 |
Total ReturnC,D,E | 24.49% | 1.50% | 6.79% | 10.33% | 20.17% | (2.83)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.18%H | 1.18% | 1.19% | 1.19% | 1.20% | 1.21% |
Expenses net of fee waivers, if any | 1.18%H | 1.18% | 1.19% | 1.19% | 1.20% | 1.21% |
Expenses net of all reductions | 1.17%H | 1.18% | 1.18% | 1.18% | 1.20% | 1.20% |
Net investment income (loss) | .85%H | 1.31% | 1.63% | 1.07% | 1.04% | 1.21% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $23,585 | $21,208 | $25,031 | $26,446 | $28,248 | $26,145 |
Portfolio turnover rateI | 62%H | 49%J | 36% | 39% | 25% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees 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.
G Expense 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.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Mega Cap Stock Fund Class C
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.53 | $15.20 | $17.03 | $18.13 | $15.32 | $16.35 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .02 | .11 | .17 | .10 | .09 | .11 |
Net realized and unrealized gain (loss) | 3.12 | .08 | .77 | 1.47 | 2.90 | (.64) |
Total from investment operations | 3.14 | .19 | .94 | 1.57 | 2.99 | (.53) |
Distributions from net investment income | (.13) | (.15) | (.13) | (.11) | (.09) | (.09) |
Distributions from net realized gain | (1.00) | (1.70) | (2.63) | (2.56) | (.09) | (.40) |
Total distributions | (1.13) | (1.86)B | (2.77)B | (2.67) | (.18) | (.50)B |
Net asset value, end of period | $15.54 | $13.53 | $15.20 | $17.03 | $18.13 | $15.32 |
Total ReturnC,D,E | 24.04% | 1.05% | 6.23% | 9.81% | 19.59% | (3.32)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.70%H | 1.69% | 1.68% | 1.68% | 1.69% | 1.70% |
Expenses net of fee waivers, if any | 1.70%H | 1.69% | 1.67% | 1.68% | 1.69% | 1.70% |
Expenses net of all reductions | 1.70%H | 1.69% | 1.67% | 1.68% | 1.69% | 1.69% |
Net investment income (loss) | .32%H | .80% | 1.14% | .58% | .55% | .72% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $27,082 | $24,283 | $28,459 | $33,640 | $34,205 | $31,605 |
Portfolio turnover rateI | 62%H | 49%J | 36% | 39% | 25% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees 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.
G Expense 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.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Mega Cap Stock Fund
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.04 | $15.71 | $17.52 | $18.58 | $15.68 | $16.72 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .27 | .34 | .28 | .27 | .27 |
Net realized and unrealized gain (loss) | 3.25 | .07 | .78 | 1.50 | 2.97 | (.66) |
Total from investment operations | 3.35 | .34 | 1.12 | 1.78 | 3.24 | (.39) |
Distributions from net investment income | (.28) | (.31) | (.30) | (.27) | (.26) | (.25) |
Distributions from net realized gain | (1.00) | (1.70) | (2.63) | (2.56) | (.09) | (.40) |
Total distributions | (1.28) | (2.01) | (2.93) | (2.84)B | (.34)B | (.65) |
Net asset value, end of period | $16.11 | $14.04 | $15.71 | $17.52 | $18.58 | $15.68 |
Total ReturnC,D | 24.79% | 2.09% | 7.33% | 10.86% | 20.87% | (2.36)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .65%G | .65% | .65% | .68% | .68% | .69% |
Expenses net of fee waivers, if any | .65%G | .64% | .65% | .68% | .68% | .69% |
Expenses net of all reductions | .64%G | .64% | .65% | .68% | .68% | .68% |
Net investment income (loss) | 1.38%G | 1.84% | 2.16% | 1.58% | 1.56% | 1.73% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $856,694 | $773,080 | $1,488,549 | $1,715,822 | $1,613,374 | $3,059,691 |
Portfolio turnover rateH | 62%G | 49%I | 36% | 39% | 25% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Mega Cap Stock Fund Class I
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.07 | $15.72 | $17.53 | $18.60 | $15.70 | $16.73 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .27 | .34 | .28 | .27 | .27 |
Net realized and unrealized gain (loss) | 3.27 | .06 | .79 | 1.50 | 2.97 | (.65) |
Total from investment operations | 3.37 | .33 | 1.13 | 1.78 | 3.24 | (.38) |
Distributions from net investment income | (.29) | (.28) | (.30) | (.29) | (.26) | (.24) |
Distributions from net realized gain | (1.00) | (1.70) | (2.63) | (2.56) | (.09) | (.40) |
Total distributions | (1.30)B | (1.98) | (2.94)B | (2.85) | (.34)B | (.65)B |
Net asset value, end of period | $16.14 | $14.07 | $15.72 | $17.53 | $18.60 | $15.70 |
Total ReturnC,D | 24.83% | 2.04% | 7.33% | 10.87% | 20.84% | (2.31)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .63%G | .66% | .66% | .67% | .67% | .68% |
Expenses net of fee waivers, if any | .63%G | .66% | .66% | .67% | .67% | .68% |
Expenses net of all reductions | .62%G | .65% | .66% | .66% | .67% | .68% |
Net investment income (loss) | 1.40%G | 1.83% | 2.15% | 1.60% | 1.57% | 1.73% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $25,612 | $20,725 | $147,465 | $143,472 | $153,622 | $148,414 |
Portfolio turnover rateH | 62%G | 49%I | 36% | 39% | 25% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Mega Cap Stock Fund Class Z
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.97 | $15.65 | $17.46 | $18.53 | $15.65 | $16.69 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .11 | .28 | .35 | .30 | .31 | .29 |
Net realized and unrealized gain (loss) | 3.23 | .08 | .79 | 1.51 | 2.94 | (.66) |
Total from investment operations | 3.34 | .36 | 1.14 | 1.81 | 3.25 | (.37) |
Distributions from net investment income | (.30) | (.33) | (.32) | (.31) | (.28) | (.27) |
Distributions from net realized gain | (1.00) | (1.70) | (2.63) | (2.56) | (.09) | (.40) |
Total distributions | (1.30) | (2.04)B | (2.95) | (2.88)B | (.37) | (.67) |
Net asset value, end of period | $16.01 | $13.97 | $15.65 | $17.46 | $18.53 | $15.65 |
Total ReturnC,D | 24.87% | 2.18% | 7.47% | 11.09% | 20.96% | (2.21)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .52%G | .53% | .53% | .53% | .53% | .54% |
Expenses net of fee waivers, if any | .52%G | .52% | .53% | .53% | .53% | .54% |
Expenses net of all reductions | .52%G | .52% | .53% | .53% | .53% | .53% |
Net investment income (loss) | 1.50%G | 1.96% | 2.29% | 1.73% | 1.71% | 1.88% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $286,399 | $213,832 | $193,889 | $81,817 | $318,575 | $2,414 |
Portfolio turnover rateH | 62%G | 49%I | 36% | 39% | 25% | 25% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense 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.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended December 31, 2020
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. 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 ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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 December 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain conversion ratio adjustments, 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 | $443,853,485 |
Gross unrealized depreciation | (69,961,662) |
Net unrealized appreciation (depreciation) | $373,891,823 |
Tax cost | $948,493,152 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Mega Cap Stock Fund | 3,933,631 | .31 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Mega Cap Stock Fund | 356,748,633 | 432,388,076 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .43% of the Fund's average net assets.
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% | $73,735 | $923 |
Class M | .25% | .25% | 54,904 | – |
Class C | .75% | .25% | 126,165 | 6,402 |
$254,804 | $7,325 |
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 | $12,754 |
Class M | 692 |
Class C(a) | 648 |
$14,094 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $57,453 | .19 |
Class M | 21,766 | .20 |
Class C | 27,906 | .22 |
Mega Cap Stock | 667,838 | .17 |
Class I | 14,771 | .15 |
Class Z | 52,605 | .04 |
$842,339 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Mega Cap Stock Fund | .03 |
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 | $4,920 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 Mega Cap Stock Fund | Borrower | $5,459,333 | .33% | $152 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 34,711,873 shares of the Fund were redeemed in-kind for investments and cash with a value of $479,587,757. The Fund had a net realized gain of $163,794,969 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 as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Amount | |
Fidelity Mega Cap Stock Fund | $1,264 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Income 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 | $4,662 | $– | $– |
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $31,032 for the period. In addition, 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 $225.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,323.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended December 31, 2020 | Year ended June 30, 2020 | |
Distributions to shareholders | ||
Class A | $4,929,428 | $8,395,068 |
Class M | 1,781,202 | 3,118,098 |
Class C | 1,970,202 | 3,472,715 |
Mega Cap Stock | 68,467,281 | 177,319,965 |
Class I | 1,732,149 | 14,008,605 |
Class Z | 20,975,861 | 24,792,575 |
Total | $99,856,123 | $231,107,026 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended December 31, 2020 | Year ended June 30, 2020 | Six months ended December 31, 2020 | Year ended June 30, 2020 | |
Class A | ||||
Shares sold | 316,682 | 817,004 | $4,624,199 | $11,447,774 |
Reinvestment of distributions | 330,881 | 578,670 | 4,880,913 | 8,345,810 |
Shares redeemed | (490,900) | (1,569,350) | (7,127,786) | (20,618,219) |
Net increase (decrease) | 156,663 | (173,676) | $2,377,326 | $(824,635) |
Class M | ||||
Shares sold | 53,256 | 155,487 | $759,128 | $2,137,780 |
Reinvestment of distributions | 120,261 | 214,844 | 1,773,468 | 3,095,560 |
Shares redeemed | (222,376) | (451,236) | (3,253,488) | (6,283,175) |
Net increase (decrease) | (48,859) | (80,905) | $(720,892) | $(1,049,835) |
Class C | ||||
Shares sold | 39,202 | 272,177 | $557,493 | $3,783,021 |
Reinvestment of distributions | 136,418 | 244,286 | 1,967,822 | 3,450,764 |
Shares redeemed | (228,727) | (593,414) | (3,245,537) | (8,328,227) |
Net increase (decrease) | (53,107) | (76,951) | $(720,222) | $(1,094,442) |
Mega Cap Stock | ||||
Shares sold | 1,845,589 | 6,791,560 | $27,333,082 | $98,790,648 |
Reinvestment of distributions | 4,347,425 | 11,687,019 | 65,033,627 | 170,166,146 |
Shares redeemed | (8,071,409) | (58,163,611)(a) | (120,548,921) | (811,041,049)(a) |
Net increase (decrease) | (1,878,395) | (39,685,032) | $(28,182,212) | $(542,084,255) |
Class I | ||||
Shares sold | 453,000 | 1,236,550 | $7,199,429 | $18,320,713 |
Reinvestment of distributions | 113,556 | 941,632 | 1,695,026 | 13,546,920 |
Shares redeemed | (452,662) | (10,086,316)(a) | (6,682,053) | (151,919,782)(a) |
Net increase (decrease) | 113,894 | (7,908,134) | $2,212,402 | $(120,052,149) |
Class Z | ||||
Shares sold | 4,005,765 | 19,469,575 | $58,104,198 | $254,329,513 |
Reinvestment of distributions | 766,455 | 191,450 | 11,457,036 | 2,824,739 |
Shares redeemed | (2,187,512) | (16,747,108) | (31,657,444) | (220,618,163) |
Net increase (decrease) | 2,584,708 | 2,913,917 | $37,903,790 | $36,536,089 |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
11. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2020 to December 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2020 | Ending Account Value December 31, 2020 | Expenses Paid During Period-B July 1, 2020 to December 31, 2020 | |
Fidelity Mega Cap Stock Fund | ||||
Class A | .93% | |||
Actual | $1,000.00 | $1,246.30 | $5.27 | |
Hypothetical-C | $1,000.00 | $1,020.52 | $4.74 | |
Class M | 1.18% | |||
Actual | $1,000.00 | $1,244.90 | $6.68 | |
Hypothetical-C | $1,000.00 | $1,019.26 | $6.01 | |
Class C | 1.70% | |||
Actual | $1,000.00 | $1,240.40 | $9.60 | |
Hypothetical-C | $1,000.00 | $1,016.64 | $8.64 | |
Mega Cap Stock | .65% | |||
Actual | $1,000.00 | $1,247.90 | $3.68 | |
Hypothetical-C | $1,000.00 | $1,021.93 | $3.31 | |
Class I | .63% | |||
Actual | $1,000.00 | $1,248.30 | $3.57 | |
Hypothetical-C | $1,000.00 | $1,022.03 | $3.21 | |
Class Z | .52% | |||
Actual | $1,000.00 | $1,248.70 | $2.95 | |
Hypothetical-C | $1,000.00 | $1,022.58 | $2.65 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
GII-SANN-0221
1.714809.124
Fidelity® Series Large Cap Stock Fund
Semi-Annual Report
December 31, 2020
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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. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2020
% of fund's net assets | |
General Electric Co. | 6.6 |
Microsoft Corp. | 6.3 |
Comcast Corp. Class A | 3.7 |
Apple, Inc. | 3.5 |
Wells Fargo & Co. | 3.4 |
Bank of America Corp. | 3.2 |
Exxon Mobil Corp. | 3.2 |
Altria Group, Inc. | 2.8 |
Qualcomm, Inc. | 2.7 |
Bristol-Myers Squibb Co. | 2.2 |
37.6 |
Top Five Market Sectors as of December 31, 2020
% of fund's net assets | |
Information Technology | 19.6 |
Financials | 16.7 |
Health Care | 16.0 |
Industrials | 14.9 |
Communication Services | 8.7 |
Asset Allocation (% of fund's net assets)
As of December 31, 2020* | ||
Stocks | 97.8% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1% |
* Foreign investments – 11.1%
Schedule of Investments December 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 8.7% | |||
Diversified Telecommunication Services - 0.6% | |||
Verizon Communications, Inc. | 1,347,433 | $79,161,689 | |
Entertainment - 3.0% | |||
Activision Blizzard, Inc. | 567,722 | 52,712,988 | |
Nintendo Co. Ltd. ADR (a) | 759,900 | 61,187,148 | |
The Walt Disney Co. | 997,793 | 180,780,136 | |
Vivendi SA | 3,646,281 | 117,509,160 | |
412,189,432 | |||
Interactive Media & Services - 1.0% | |||
Alphabet, Inc.: | |||
Class A (b) | 28,711 | 50,320,047 | |
Class C (b) | 27,173 | 47,603,835 | |
Match Group, Inc. (b) | 332,415 | 50,257,824 | |
148,181,706 | |||
Media - 4.1% | |||
Comcast Corp. Class A | 9,861,542 | 516,744,801 | |
Discovery Communications, Inc. Class A (a)(b) | 272,701 | 8,205,573 | |
Interpublic Group of Companies, Inc. | 2,104,270 | 49,492,430 | |
574,442,804 | |||
TOTAL COMMUNICATION SERVICES | 1,213,975,631 | ||
CONSUMER DISCRETIONARY - 5.4% | |||
Auto Components - 0.6% | |||
BorgWarner, Inc. | 2,105,162 | 81,343,460 | |
Automobiles - 0.7% | |||
General Motors Co. | 2,386,700 | 99,382,188 | |
Distributors - 0.1% | |||
LKQ Corp. (b) | 438,981 | 15,469,690 | |
Hotels, Restaurants & Leisure - 0.3% | |||
Marriott International, Inc. Class A | 91,400 | 12,057,488 | |
Starbucks Corp. | 222,200 | 23,770,956 | |
35,828,444 | |||
Household Durables - 1.4% | |||
Mohawk Industries, Inc. (b) | 595,289 | 83,905,985 | |
Sony Corp. sponsored ADR | 239,800 | 24,243,780 | |
Whirlpool Corp. | 466,263 | 84,155,809 | |
192,305,574 | |||
Internet & Direct Marketing Retail - 1.1% | |||
Expedia, Inc. | 287,500 | 38,065,000 | |
Ocado Group PLC (b) | 93,600 | 2,927,314 | |
The Booking Holdings, Inc. (b) | 52,837 | 117,682,265 | |
158,674,579 | |||
Specialty Retail - 1.1% | |||
Lowe's Companies, Inc. | 993,247 | 159,426,076 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
Tapestry, Inc. | 288,950 | 8,980,566 | |
TOTAL CONSUMER DISCRETIONARY | 751,410,577 | ||
CONSUMER STAPLES - 6.2% | |||
Beverages - 1.5% | |||
Anheuser-Busch InBev SA NV ADR (a) | 96,400 | 6,739,324 | |
Diageo PLC sponsored ADR | 307,800 | 48,881,718 | |
Keurig Dr. Pepper, Inc. | 496,700 | 15,894,400 | |
The Coca-Cola Co. | 2,417,295 | 132,564,458 | |
204,079,900 | |||
Food & Staples Retailing - 0.8% | |||
Performance Food Group Co. (b) | 594,500 | 28,304,145 | |
Sysco Corp. | 1,171,300 | 86,980,738 | |
115,284,883 | |||
Food Products - 0.1% | |||
Lamb Weston Holdings, Inc. | 141,200 | 11,118,088 | |
Household Products - 0.3% | |||
Colgate-Palmolive Co. | 15,800 | 1,351,058 | |
Spectrum Brands Holdings, Inc. | 482,882 | 38,138,020 | |
39,489,078 | |||
Personal Products - 0.1% | |||
Unilever PLC | 267,300 | 16,185,304 | |
Tobacco - 3.4% | |||
Altria Group, Inc. | 9,361,559 | 383,823,919 | |
British American Tobacco PLC sponsored ADR | 2,359,206 | 88,446,633 | |
472,270,552 | |||
TOTAL CONSUMER STAPLES | 858,427,805 | ||
ENERGY - 7.0% | |||
Energy Equipment & Services - 0.2% | |||
Subsea 7 SA (b) | 2,173,000 | 22,327,139 | |
Oil, Gas & Consumable Fuels - 6.8% | |||
Cabot Oil & Gas Corp. | 554,200 | 9,022,376 | |
Cenovus Energy, Inc. (Canada) | 17,131,181 | 104,302,500 | |
Equinor ASA sponsored ADR | 1,892,196 | 31,069,858 | |
Exxon Mobil Corp. | 10,665,943 | 439,650,170 | |
Hess Corp. | 3,410,572 | 180,044,096 | |
Kosmos Energy Ltd. | 15,222,778 | 35,773,528 | |
Phillips 66 Co. | 738,700 | 51,664,678 | |
Royal Dutch Shell PLC Class B sponsored ADR | 2,709,800 | 91,076,378 | |
942,603,584 | |||
TOTAL ENERGY | 964,930,723 | ||
FINANCIALS - 16.7% | |||
Banks - 11.1% | |||
Bank of America Corp. | 14,850,894 | 450,130,597 | |
JPMorgan Chase & Co. | 1,605,471 | 204,007,200 | |
M&T Bank Corp. | 194,620 | 24,775,126 | |
PNC Financial Services Group, Inc. | 1,115,921 | 166,272,229 | |
Truist Financial Corp. | 2,492,123 | 119,447,455 | |
U.S. Bancorp | 2,136,019 | 99,517,125 | |
Wells Fargo & Co. | 15,520,637 | 468,412,825 | |
1,532,562,557 | |||
Capital Markets - 3.5% | |||
KKR & Co. LP | 1,632,651 | 66,106,039 | |
Morgan Stanley | 1,154,724 | 79,133,236 | |
Northern Trust Corp. | 1,734,546 | 161,555,614 | |
Raymond James Financial, Inc. | 304,402 | 29,122,139 | |
State Street Corp. | 2,118,541 | 154,187,414 | |
490,104,442 | |||
Consumer Finance - 0.7% | |||
Discover Financial Services | 998,500 | 90,394,205 | |
Insurance - 0.3% | |||
Chubb Ltd. | 233,497 | 35,939,858 | |
The Travelers Companies, Inc. | 87,940 | 12,344,138 | |
48,283,996 | |||
Thrifts & Mortgage Finance - 1.1% | |||
MGIC Investment Corp. | 7,136,677 | 89,565,296 | |
Radian Group, Inc. | 3,060,608 | 61,977,312 | |
151,542,608 | |||
TOTAL FINANCIALS | 2,312,887,808 | ||
HEALTH CARE - 16.0% | |||
Biotechnology - 1.6% | |||
AbbVie, Inc. | 263,176 | 28,199,308 | |
ADC Therapeutics SA (b) | 202,900 | 6,494,829 | |
Alexion Pharmaceuticals, Inc. (b) | 644,183 | 100,647,152 | |
Alnylam Pharmaceuticals, Inc. (b) | 166,750 | 21,672,498 | |
Crinetics Pharmaceuticals, Inc. (b) | 312,140 | 4,404,295 | |
Gritstone Oncology, Inc. (b) | 692,962 | 2,730,270 | |
Heron Therapeutics, Inc. (b) | 138,417 | 2,929,596 | |
Insmed, Inc. (b) | 768,029 | 25,567,685 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 783,118 | 19,343,015 | |
Vaxcyte, Inc. | 173,900 | 4,620,523 | |
216,609,171 | |||
Health Care Equipment & Supplies - 1.2% | |||
Becton, Dickinson & Co. | 169,006 | 42,288,681 | |
Boston Scientific Corp. (b) | 3,393,119 | 121,982,628 | |
Intuitive Surgical, Inc. (b) | 1,500 | 1,227,150 | |
165,498,459 | |||
Health Care Providers & Services - 6.4% | |||
AmerisourceBergen Corp. | 432,738 | 42,304,467 | |
Cardinal Health, Inc. | 1,474,958 | 78,998,750 | |
Centene Corp. (b) | 246,700 | 14,809,401 | |
Cigna Corp. | 903,311 | 188,051,284 | |
Covetrus, Inc. (b) | 537,673 | 15,452,722 | |
CVS Health Corp. | 2,580,752 | 176,265,362 | |
McKesson Corp. | 937,721 | 163,088,436 | |
UnitedHealth Group, Inc. | 593,081 | 207,981,645 | |
886,952,067 | |||
Health Care Technology - 0.0% | |||
Castlight Health, Inc. Class B (b) | 43,985 | 57,181 | |
Pharmaceuticals - 6.8% | |||
Bayer AG | 2,601,672 | 153,267,614 | |
Bristol-Myers Squibb Co. | 4,950,860 | 307,101,846 | |
GlaxoSmithKline PLC sponsored ADR | 4,777,536 | 175,813,325 | |
Intra-Cellular Therapies, Inc. (b) | 123,400 | 3,924,120 | |
Johnson & Johnson | 1,502,871 | 236,521,838 | |
Pliant Therapeutics, Inc. | 234,300 | 5,323,296 | |
Sanofi SA sponsored ADR | 1,117,400 | 54,294,466 | |
TherapeuticsMD, Inc. (a)(b) | 8,186,714 | 9,905,924 | |
946,152,429 | |||
TOTAL HEALTH CARE | 2,215,269,307 | ||
INDUSTRIALS - 14.9% | |||
Aerospace & Defense - 1.3% | |||
Airbus Group NV | 277,500 | 30,454,017 | |
General Dynamics Corp. | 205,260 | 30,546,793 | |
Huntington Ingalls Industries, Inc. | 150,350 | 25,631,668 | |
MTU Aero Engines Holdings AG | 35,900 | 9,358,026 | |
Raytheon Technologies Corp. | 250,469 | 17,911,038 | |
Safran SA (b) | 91,300 | 12,940,303 | |
The Boeing Co. | 282,791 | 60,534,241 | |
187,376,086 | |||
Air Freight & Logistics - 3.0% | |||
FedEx Corp. | 463,447 | 120,320,110 | |
United Parcel Service, Inc. Class B | 1,750,756 | 294,827,310 | |
415,147,420 | |||
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR (b) | 136,200 | 14,979,276 | |
Building Products - 0.1% | |||
Johnson Controls International PLC | 396,100 | 18,454,299 | |
Electrical Equipment - 1.1% | |||
Acuity Brands, Inc. | 267,469 | 32,387,821 | |
Hubbell, Inc. Class B | 194,314 | 30,466,492 | |
Vertiv Holdings Co. | 569,900 | 10,640,033 | |
Vertiv Holdings LLC (c) | 4,500,000 | 84,015,000 | |
157,509,346 | |||
Industrial Conglomerates - 6.9% | |||
3M Co. | 255,773 | 44,706,563 | |
General Electric Co. | 83,942,918 | 906,583,517 | |
951,290,080 | |||
Machinery - 1.3% | |||
Caterpillar, Inc. | 62,200 | 11,321,644 | |
Cummins, Inc. | 92,800 | 21,074,880 | |
Epiroc AB Class A | 278,000 | 5,052,576 | |
Flowserve Corp. | 756,785 | 27,887,527 | |
Fortive Corp. | 411,600 | 29,149,512 | |
Otis Worldwide Corp. | 298,584 | 20,169,349 | |
Stanley Black & Decker, Inc. | 140,300 | 25,051,968 | |
Westinghouse Air Brake Co. | 496,085 | 36,313,422 | |
176,020,878 | |||
Professional Services - 0.1% | |||
Equifax, Inc. | 42,500 | 8,195,700 | |
Road & Rail - 1.0% | |||
J.B. Hunt Transport Services, Inc. | 129,263 | 17,663,789 | |
Knight-Swift Transportation Holdings, Inc. Class A | 1,975,615 | 82,620,219 | |
Ryder System, Inc. | 608,500 | 37,580,960 | |
137,864,968 | |||
Trading Companies & Distributors - 0.0% | |||
Beijer Ref AB (B Shares) | 77,700 | 3,555,210 | |
TOTAL INDUSTRIALS | 2,070,393,263 | ||
INFORMATION TECHNOLOGY - 19.6% | |||
Electronic Equipment & Components - 0.1% | |||
CDW Corp. | 53,600 | 7,063,944 | |
Vontier Corp. (b) | 412,880 | 13,790,192 | |
20,854,136 | |||
IT Services - 4.0% | |||
Amadeus IT Holding SA Class A | 316,000 | 23,326,256 | |
Edenred SA | 480,200 | 27,225,792 | |
Fidelity National Information Services, Inc. | 690,900 | 97,734,714 | |
Genpact Ltd. | 618,100 | 25,564,616 | |
IBM Corp. | 169,800 | 21,374,424 | |
MasterCard, Inc. Class A | 121,889 | 43,507,060 | |
Snowflake Computing, Inc. (a) | 12,000 | 3,376,800 | |
Twilio, Inc. Class A (b) | 25,600 | 8,665,600 | |
Unisys Corp. (b) | 2,032,299 | 39,995,644 | |
Visa, Inc. Class A | 1,186,793 | 259,587,233 | |
550,358,139 | |||
Semiconductors & Semiconductor Equipment - 3.5% | |||
Analog Devices, Inc. | 167,838 | 24,794,708 | |
Applied Materials, Inc. | 375,002 | 32,362,673 | |
Intel Corp. | 190,900 | 9,510,638 | |
Lam Research Corp. | 41,900 | 19,788,113 | |
Marvell Technology Group Ltd. | 532,791 | 25,328,884 | |
NVIDIA Corp. | 3,032 | 1,583,310 | |
Qualcomm, Inc. | 2,413,931 | 367,738,249 | |
481,106,575 | |||
Software - 8.3% | |||
Autodesk, Inc. (b) | 142,928 | 43,641,636 | |
Dynatrace, Inc. (b) | 436,194 | 18,874,114 | |
Elastic NV (b) | 262,000 | 38,286,060 | |
Microsoft Corp. | 3,916,405 | 871,086,800 | |
PTC, Inc. (b) | 199,600 | 23,874,156 | |
SAP SE sponsored ADR (a) | 1,093,646 | 142,600,502 | |
Workday, Inc. Class A (b) | 58,400 | 13,993,224 | |
1,152,356,492 | |||
Technology Hardware, Storage & Peripherals - 3.7% | |||
Apple, Inc. | 3,673,804 | 487,477,053 | |
Samsung Electronics Co. Ltd. | 342,150 | 25,463,086 | |
512,940,139 | |||
TOTAL INFORMATION TECHNOLOGY | 2,717,615,481 | ||
MATERIALS - 2.4% | |||
Chemicals - 1.3% | |||
DuPont de Nemours, Inc. | 1,642,100 | 116,769,731 | |
Intrepid Potash, Inc. (b) | 13,649 | 329,623 | |
Livent Corp. (b) | 53,600 | 1,009,824 | |
Nutrien Ltd. | 790,392 | 38,026,244 | |
PPG Industries, Inc. | 174,300 | 25,137,546 | |
181,272,968 | |||
Metals & Mining - 1.1% | |||
BHP Billiton Ltd. sponsored ADR (a) | 1,111,669 | 72,636,452 | |
Freeport-McMoRan, Inc. | 2,812,542 | 73,182,343 | |
145,818,795 | |||
TOTAL MATERIALS | 327,091,763 | ||
REAL ESTATE - 0.6% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
American Tower Corp. | 153,081 | 34,360,561 | |
Equinix, Inc. | 26,422 | 18,870,064 | |
Simon Property Group, Inc. | 358,900 | 30,606,992 | |
83,837,617 | |||
UTILITIES - 0.3% | |||
Electric Utilities - 0.2% | |||
Entergy Corp. | 135,400 | 13,518,336 | |
Southern Co. | 328,300 | 20,167,469 | |
33,685,805 | |||
Multi-Utilities - 0.1% | |||
CenterPoint Energy, Inc. | 472,300 | 10,220,572 | |
Sempra Energy | 35,080 | 4,469,543 | |
14,690,115 | |||
TOTAL UTILITIES | 48,375,920 | ||
TOTAL COMMON STOCKS | |||
(Cost $9,832,960,373) | 13,564,215,895 | ||
Other - 0.1% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e) | |||
(Cost $28,952,535) | 28,952,535 | 12,290,351 | |
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund 0.11% (f) | 214,317,046 | 214,359,909 | |
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) | 205,287,841 | 205,308,370 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $419,668,279) | 419,668,279 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% | |||
(Cost $10,281,581,187) | 13,996,174,525 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (124,437,084) | ||
NET ASSETS - 100% | $13,871,737,441 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(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 $96,305,351 or 0.7% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 – 10/30/18 | $28,952,535 |
Vertiv Holdings LLC | 2/6/20 | $45,000,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $113,296 |
Fidelity Securities Lending Cash Central Fund | 602,069 |
Total | $715,365 |
Amounts in the 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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $1,213,975,631 | $1,213,975,631 | $-- | $-- |
Consumer Discretionary | 751,410,577 | 751,410,577 | -- | -- |
Consumer Staples | 858,427,805 | 858,427,805 | -- | -- |
Energy | 964,930,723 | 942,603,584 | 22,327,139 | -- |
Financials | 2,312,887,808 | 2,312,887,808 | -- | -- |
Health Care | 2,215,269,307 | 2,062,001,693 | 153,267,614 | -- |
Industrials | 2,070,393,263 | 2,009,033,131 | 61,360,132 | -- |
Information Technology | 2,717,615,481 | 2,694,289,225 | 23,326,256 | -- |
Materials | 327,091,763 | 327,091,763 | -- | -- |
Real Estate | 83,837,617 | 83,837,617 | -- | -- |
Utilities | 48,375,920 | 48,375,920 | -- | -- |
Other | 12,290,351 | -- | -- | 12,290,351 |
Money Market Funds | 419,668,279 | 419,668,279 | -- | -- |
Total Investments in Securities: | $13,996,174,525 | $13,723,603,033 | $260,281,141 | $12,290,351 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 88.9% |
United Kingdom | 3.0% |
Germany | 2.2% |
France | 1.6% |
Canada | 1.0% |
Others (Individually Less Than 1%) | 3.3% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
December 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $199,267,420) — See accompanying schedule: Unaffiliated issuers (cost $9,861,912,908) | $13,576,506,246 | |
Fidelity Central Funds (cost $419,668,279) | 419,668,279 | |
Total Investment in Securities (cost $10,281,581,187) | $13,996,174,525 | |
Restricted cash | 34,488 | |
Foreign currency held at value (cost $695,308) | 695,308 | |
Receivable for investments sold | 13,714,452 | |
Receivable for fund shares sold | 86,885,313 | |
Dividends receivable | 24,415,244 | |
Distributions receivable from Fidelity Central Funds | 86,711 | |
Other receivables | 5,828 | |
Total assets | 14,122,011,869 | |
Liabilities | ||
Payable for investments purchased | $24,565,630 | |
Payable for fund shares redeemed | 20,311,714 | |
Other payables and accrued expenses | 105,525 | |
Collateral on securities loaned | 205,291,559 | |
Total liabilities | 250,274,428 | |
Net Assets | $13,871,737,441 | |
Net Assets consist of: | ||
Paid in capital | $10,064,038,032 | |
Total accumulated earnings (loss) | 3,807,699,409 | |
Net Assets | $13,871,737,441 | |
Net Asset Value, offering price and redemption price per share ($13,871,737,441 ÷ 843,254,162 shares) | $16.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended December 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $139,520,189 | |
Income from Fidelity Central Funds (including $602,069 from security lending) | 715,365 | |
Total income | 140,235,554 | |
Expenses | ||
Custodian fees and expenses | $117,376 | |
Independent trustees' fees and expenses | 32,680 | |
Interest | 5,101 | |
Miscellaneous | 12,554 | |
Total expenses before reductions | 167,711 | |
Expense reductions | (1,244) | |
Total expenses after reductions | 166,467 | |
Net investment income (loss) | 140,069,087 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 329,435,708 | |
Fidelity Central Funds | 10,952 | |
Foreign currency transactions | (53,982) | |
Total net realized gain (loss) | 329,392,678 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,330,972,432 | |
Fidelity Central Funds | (9,507) | |
Assets and liabilities in foreign currencies | 195,725 | |
Total change in net unrealized appreciation (depreciation) | 2,331,158,650 | |
Net gain (loss) | 2,660,551,328 | |
Net increase (decrease) in net assets resulting from operations | $2,800,620,415 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended December 31, 2020 (Unaudited) | Year ended June 30, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $140,069,087 | $332,450,444 |
Net realized gain (loss) | 329,392,678 | 529,110,850 |
Change in net unrealized appreciation (depreciation) | 2,331,158,650 | (764,350,243) |
Net increase (decrease) in net assets resulting from operations | 2,800,620,415 | 97,211,051 |
Distributions to shareholders | (734,672,078) | (865,411,192) |
Share transactions | ||
Proceeds from sales of shares | 658,869,902 | 1,690,293,273 |
Reinvestment of distributions | 734,672,077 | 865,411,192 |
Cost of shares redeemed | (1,525,143,766) | (3,964,209,797) |
Net increase (decrease) in net assets resulting from share transactions | (131,601,787) | (1,408,505,332) |
Total increase (decrease) in net assets | 1,934,346,550 | (2,176,705,473) |
Net Assets | ||
Beginning of period | 11,937,390,891 | 14,114,096,364 |
End of period | $13,871,737,441 | $11,937,390,891 |
Other Information | ||
Shares | ||
Sold | 45,131,537 | 116,279,274 |
Issued in reinvestment of distributions | 48,706,129 | 58,634,910 |
Redeemed | (99,207,854) | (268,503,818) |
Net increase (decrease) | (5,370,188) | (93,589,634) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Large Cap Stock Fund
Six months ended (Unaudited) December 31, | Years endedJune 30, | |||||
2020 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.07 | $14.98 | $15.76 | $15.00 | $12.57 | $13.67 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .16 | .37 | .42 | .38 | .26 | .24 |
Net realized and unrealized gain (loss) | 3.10 | (.32) | .42 | 1.26 | 2.38 | (.59) |
Total from investment operations | 3.26 | .05 | .84 | 1.64 | 2.64 | (.35) |
Distributions from net investment income | (.37) | (.28) | (.39) | (.34) | (.19) | (.26) |
Distributions from net realized gain | (.52) | (.68) | (1.22) | (.54) | (.02) | (.49) |
Total distributions | (.88)B | (.96) | (1.62)B | (.88) | (.21) | (.75) |
Net asset value, end of period | $16.45 | $14.07 | $14.98 | $15.76 | $15.00 | $12.57 |
Total ReturnC,D | 23.83% | .17% | 5.83% | 11.35% | 21.15% | (2.56)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | - %G,H | - %H | - %H | - %H | .56% | .63% |
Expenses net of fee waivers, if any | - %G,H | - %H | - %H | - %H | .56% | .63% |
Expenses net of all reductions | - %G,H | - %H | - %H | - %H | .56% | .63% |
Net investment income (loss) | 2.19%G | 2.58% | 2.80% | 2.47% | 1.83% | 1.89% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $13,871,737 | $11,937,391 | $14,114,096 | $13,059,805 | $4,904,453 | $3,411,837 |
Portfolio turnover rateI | 19%G | 28%J | 41%K | 44% | 54%J | 36% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees 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.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
G Annualized
H Amount represents less than $.005 per share.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended December 31, 2020
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 and Fidelity managed 529 plans. 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendor 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 December 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to certain conversion ratio adjustments, foreign currency transactions, certain foreign taxes, partnerships and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $4,673,480,078 |
Gross unrealized depreciation | (1,022,385,462) |
Net unrealized appreciation (depreciation) | $3,651,094,616 |
Tax cost | $10,345,079,909 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Series Large Cap Stock Fund | 12,324,839 | .09% |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Series Large Cap Stock Fund | 1,167,422,441 | 1,944,291,891 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Series Large Cap Stock Fund | $37,699 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by 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 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 Series Large Cap Stock Fund | Borrower | $556,510,000 | .33% | $5,101 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $576,379,736 in exchange for 38,761,697 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Amount | |
Fidelity Series Large Cap Stock Fund | $13,285 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Income 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 | $112,912 | $244,369 | $– |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,244.
9. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2020 to December 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value July 1, 2020 | Ending Account Value December 31, 2020 | Expenses Paid During Period-B July 1, 2020 to December 31, 2020 | |
Fidelity Series Large Cap Stock Fund | - %-C | |||
Actual | $1,000.00 | $1,238.30 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.21 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
MHT-SANN-0221
1.951032.108
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Hastings Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Hastings Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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 | |
Date: | February 17, 2021 |
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 | |
Date: | February 17, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | February 17, 2021 |