UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05251
Fidelity Concord Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | April 30 |
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Date of reporting period: | April 30, 2023 |
Item 1.
Reports to Stockholders
Fidelity® Mid-Cap Stock K6 Fund
Annual Report
April 30, 2023
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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Life of Fund A |
| Fidelity® Mid-Cap Stock K6 Fund | 1.82% | 10.62% |
A From June 13, 2019
| $10,000 Over Life of Fund |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Mid-Cap Stock K6 Fund, on June 13, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period. |
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Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Nicola Stafford:
For the fiscal year ending April 30, 2023, the fund gained 1.82%, outperforming the 1.33% result of the benchmark S&P MidCap 400 Index. Versus the benchmark, security selection was the primary contributor, led by the energy sector. Arch Capital, the fund's biggest individual contributor, gained 64% this period. This was among the fund's biggest holdings. Our second-largest contributor was Brunello Cucinelli Spa, which gained about 85% the past year. This was among the largest holdings as of April 30. Another contributor this period was Hess. The stock gained 42% the past 12 months. This was among our biggest holdings. All of these contributors were non-benchmark positions. In contrast, the largest detractor from performance versus the benchmark was our stock selection in information technology. Weak picks in the industrials sector, especially within the capital goods industry, also hampered relative performance. Also hampering the fund's relative performance was security selection in consumer staples. The biggest individual relative detractor was an overweight position in EQT (-11%). EQT was among our largest holdings this period. The fund's position in Comerica returned approximately -46%. We reduced our non-benchmark investment in the company the past 12 months. Avoiding First Solar, a benchmark component that gained roughly 112%, also hurt relative performance. Notable changes in positioning include decreased exposure to the real estate sector and a higher allocation to information technology.
Note to shareholders:
John Roth retired from Fidelity at the end of 2022, leaving Nicola Stafford with sole management responsibilities for the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| Arch Capital Group Ltd. | 2.1 | |
| Hess Corp. | 1.9 | |
| Molina Healthcare, Inc. | 1.7 | |
| WNS Holdings Ltd. sponsored ADR | 1.5 | |
| AECOM | 1.4 | |
| Brunello Cucinelli SpA | 1.4 | |
| Cheniere Energy, Inc. | 1.4 | |
| American Financial Group, Inc. | 1.3 | |
| Performance Food Group Co. | 1.3 | |
| Imperial Oil Ltd. | 1.3 | |
| | 15.3 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 22.4 | |
| Financials | 16.5 | |
| Consumer Discretionary | 11.7 | |
| Energy | 9.2 | |
| Materials | 7.9 | |
| Health Care | 6.7 | |
| Real Estate | 5.7 | |
| Utilities | 4.8 | |
| Information Technology | 4.8 | |
| Consumer Staples | 4.8 | |
| Communication Services | 3.1 | |
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Asset Allocation (% of Fund's net assets) |
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Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
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Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 3.1% | | | |
| Entertainment - 1.6% | | | |
| Endeavor Group Holdings, Inc. (a)(b) | | 265,445 | 6,843,172 |
| Liberty Media Corp. Liberty Formula One Class A (a) | | 35,025 | 2,268,920 |
| Warner Music Group Corp. Class A | | 135,334 | 4,123,627 |
| | | | 13,235,719 |
| Interactive Media & Services - 0.4% | | | |
| Ziff Davis, Inc. (a) | | 41,039 | 3,001,592 |
| Media - 1.1% | | | |
| Cable One, Inc. (b) | | 4,559 | 3,457,591 |
| Interpublic Group of Companies, Inc. | | 162,243 | 5,796,942 |
| | | | 9,254,533 |
TOTAL COMMUNICATION SERVICES | | | 25,491,844 |
| CONSUMER DISCRETIONARY - 11.7% | | | |
| Automobile Components - 1.1% | | | |
| American Axle & Manufacturing Holdings, Inc. (a) | | 431,328 | 3,083,995 |
| Aptiv PLC (a) | | 59,406 | 6,110,501 |
| | | | 9,194,496 |
| Diversified Consumer Services - 1.0% | | | |
| Duolingo, Inc. (a) | | 24,285 | 3,306,646 |
| H&R Block, Inc. | | 156,642 | 5,311,730 |
| | | | 8,618,376 |
| Hotels, Restaurants & Leisure - 4.3% | | | |
| ARAMARK Holdings Corp. | | 180,473 | 6,262,413 |
| Caesars Entertainment, Inc. (a) | | 63,995 | 2,898,334 |
| Churchill Downs, Inc. | | 32,076 | 9,383,192 |
| Domino's Pizza, Inc. | | 13,570 | 4,308,068 |
| Vail Resorts, Inc. (b) | | 16,538 | 3,977,720 |
| Wyndham Hotels & Resorts, Inc. | | 127,008 | 8,664,486 |
| | | | 35,494,213 |
| Household Durables - 1.7% | | | |
| D.R. Horton, Inc. | | 53,680 | 5,895,138 |
| Mohawk Industries, Inc. (a) | | 24,429 | 2,587,031 |
| NVR, Inc. (a) | | 908 | 5,302,720 |
| | | | 13,784,889 |
| Specialty Retail - 0.7% | | | |
| Best Buy Co., Inc. | | 26,702 | 1,989,833 |
| Foot Locker, Inc. | | 84,400 | 3,543,956 |
| | | | 5,533,789 |
| Textiles, Apparel & Luxury Goods - 2.9% | | | |
| Brunello Cucinelli SpA | | 123,952 | 11,841,721 |
| PVH Corp. | | 78,390 | 6,726,646 |
| Tapestry, Inc. | | 126,362 | 5,156,833 |
| | | | 23,725,200 |
TOTAL CONSUMER DISCRETIONARY | | | 96,350,963 |
| CONSUMER STAPLES - 4.7% | | | |
| Beverages - 0.4% | | | |
| Boston Beer Co., Inc. Class A (a) | | 11,215 | 3,560,875 |
| Consumer Staples Distribution & Retail - 2.2% | | | |
| Albertsons Companies, Inc. | | 149,307 | 3,120,516 |
| Grocery Outlet Holding Corp. (a)(b) | | 142,659 | 4,248,385 |
| Performance Food Group Co. (a) | | 170,195 | 10,669,525 |
| | | | 18,038,426 |
| Food Products - 1.3% | | | |
| Bunge Ltd. | | 41,808 | 3,913,229 |
| Freshpet, Inc. (a)(b) | | 46,243 | 3,189,380 |
| Nomad Foods Ltd. (a) | | 206,388 | 3,880,094 |
| | | | 10,982,703 |
| Household Products - 0.6% | | | |
| Energizer Holdings, Inc. | | 74,767 | 2,499,461 |
| Reynolds Consumer Products, Inc. | | 74,550 | 2,089,637 |
| | | | 4,589,098 |
| Personal Care Products - 0.2% | | | |
| Olaplex Holdings, Inc. (a)(b) | | 332,164 | 1,229,007 |
TOTAL CONSUMER STAPLES | | | 38,400,109 |
| ENERGY - 9.2% | | | |
| Energy Equipment & Services - 0.5% | | | |
| Expro Group Holdings NV (a) | | 209,851 | 4,173,936 |
| Oil, Gas & Consumable Fuels - 8.7% | | | |
| Canadian Natural Resources Ltd. | | 141,021 | 8,593,345 |
| Cheniere Energy, Inc. | | 75,744 | 11,588,832 |
| Energy Transfer LP | | 675,228 | 8,696,937 |
| EQT Corp. | | 185,673 | 6,468,847 |
| Golar LNG Ltd. (a) | | 182,943 | 4,152,806 |
| Hess Corp. | | 109,924 | 15,945,575 |
| Imperial Oil Ltd. | | 208,649 | 10,635,347 |
| Range Resources Corp. | | 202,387 | 5,353,136 |
| | | | 71,434,825 |
TOTAL ENERGY | | | 75,608,761 |
| FINANCIALS - 16.5% | | | |
| Banks - 4.8% | | | |
| BOK Financial Corp. | | 81,510 | 6,836,244 |
| Comerica, Inc. | | 29,242 | 1,268,226 |
| First Horizon National Corp. | | 530,847 | 9,316,365 |
| Huntington Bancshares, Inc. | | 414,758 | 4,645,290 |
| M&T Bank Corp. | | 50,121 | 6,305,222 |
| U.S. Bancorp | | 139,200 | 4,771,776 |
| Wintrust Financial Corp. | | 98,567 | 6,739,026 |
| | | | 39,882,149 |
| Capital Markets - 1.8% | | | |
| Cboe Global Markets, Inc. | | 20,501 | 2,863,990 |
| Lazard Ltd. Class A | | 76,405 | 2,391,477 |
| Northern Trust Corp. | | 35,923 | 2,807,742 |
| Raymond James Financial, Inc. | | 40,410 | 3,658,317 |
| TPG, Inc. (b) | | 108,196 | 3,134,438 |
| | | | 14,855,964 |
| Financial Services - 1.9% | | | |
| Equitable Holdings, Inc. | | 73,859 | 1,919,595 |
| Euronet Worldwide, Inc. (a) | | 35,720 | 3,955,633 |
| Radian Group, Inc. (b) | | 353,575 | 8,581,265 |
| Shift4 Payments, Inc. (a) | | 19,195 | 1,300,845 |
| | | | 15,757,338 |
| Insurance - 8.0% | | | |
| American Financial Group, Inc. | | 86,946 | 10,670,883 |
| Arch Capital Group Ltd. (a) | | 232,753 | 17,472,762 |
| Assurant, Inc. | | 23,046 | 2,837,654 |
| Beazley PLC | | 438,493 | 3,281,658 |
| First American Financial Corp. | | 129,083 | 7,436,472 |
| Hartford Financial Services Group, Inc. | | 68,444 | 4,858,840 |
| Hiscox Ltd. | | 289,655 | 4,302,763 |
| RenaissanceRe Holdings Ltd. | | 49,114 | 10,579,647 |
| The Travelers Companies, Inc. | | 23,934 | 4,335,405 |
| | | | 65,776,084 |
TOTAL FINANCIALS | | | 136,271,535 |
| HEALTH CARE - 6.6% | | | |
| Biotechnology - 0.1% | | | |
| Day One Biopharmaceuticals, Inc. (a) | | 47,700 | 591,480 |
| Health Care Equipment & Supplies - 2.1% | | | |
| Hologic, Inc. (a) | | 92,626 | 7,966,762 |
| Masimo Corp. (a) | | 35,424 | 6,700,095 |
| Tandem Diabetes Care, Inc. (a) | | 61,368 | 2,428,945 |
| | | | 17,095,802 |
| Health Care Providers & Services - 3.2% | | | |
| Centene Corp. (a) | | 104,745 | 7,220,073 |
| Henry Schein, Inc. (a) | | 44,968 | 3,633,864 |
| LifeStance Health Group, Inc. (a) | | 160,787 | 1,310,414 |
| Molina Healthcare, Inc. (a) | | 47,547 | 14,163,776 |
| | | | 26,328,127 |
| Health Care Technology - 0.2% | | | |
| Evolent Health, Inc. (c) | | 63,000 | 2,179,139 |
| Life Sciences Tools & Services - 0.2% | | | |
| 10X Genomics, Inc. (a)(b) | | 27,936 | 1,464,684 |
| Pharmaceuticals - 0.8% | | | |
| Recordati SpA | | 67,781 | 3,116,725 |
| UCB SA | | 20,603 | 1,916,540 |
| Viatris, Inc. | | 157,532 | 1,469,774 |
| | | | 6,503,039 |
TOTAL HEALTH CARE | | | 54,162,271 |
| INDUSTRIALS - 22.3% | | | |
| Aerospace & Defense - 1.7% | | | |
| BWX Technologies, Inc. | | 73,138 | 4,723,252 |
| Huntington Ingalls Industries, Inc. | | 25,725 | 5,187,704 |
| Woodward, Inc. | | 46,239 | 4,439,869 |
| | | | 14,350,825 |
| Air Freight & Logistics - 0.4% | | | |
| GXO Logistics, Inc. (a) | | 63,780 | 3,388,631 |
| Building Products - 2.4% | | | |
| Builders FirstSource, Inc. (a) | | 82,330 | 7,802,414 |
| Fortune Brands Home & Security, Inc. | | 32,413 | 2,096,797 |
| Johnson Controls International PLC | | 50,299 | 3,009,892 |
| Owens Corning | | 64,339 | 6,872,049 |
| | | | 19,781,152 |
| Commercial Services & Supplies - 1.3% | | | |
| CoreCivic, Inc. (a) | | 212,685 | 1,869,501 |
| GFL Environmental, Inc. | | 248,207 | 9,015,217 |
| | | | 10,884,718 |
| Construction & Engineering - 1.8% | | | |
| AECOM | | 142,590 | 11,842,100 |
| Willscot Mobile Mini Holdings (a) | | 63,200 | 2,869,280 |
| | | | 14,711,380 |
| Electrical Equipment - 2.7% | | | |
| Acuity Brands, Inc. | | 36,571 | 5,755,544 |
| Generac Holdings, Inc. (a) | | 37,292 | 3,811,988 |
| Regal Rexnord Corp. | | 61,658 | 8,025,405 |
| Sensata Technologies, Inc. PLC | | 100,839 | 4,381,455 |
| | | | 21,974,392 |
| Ground Transportation - 1.4% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 138,784 | 7,816,315 |
| RXO, Inc. | | 195,029 | 3,528,075 |
| | | | 11,344,390 |
| Machinery - 5.5% | | | |
| Allison Transmission Holdings, Inc. | | 131,133 | 6,397,979 |
| Chart Industries, Inc. (a)(b) | | 44,422 | 5,912,568 |
| Crane Co. | | 59,346 | 4,277,066 |
| Crane Nxt Co. | | 98,046 | 4,643,459 |
| Donaldson Co., Inc. | | 129,312 | 8,217,778 |
| Fortive Corp. | | 97,163 | 6,130,014 |
| Oshkosh Corp. | | 68,242 | 5,221,878 |
| PACCAR, Inc. | | 58,887 | 4,398,270 |
| | | | 45,199,012 |
| Marine Transportation - 0.4% | | | |
| Kirby Corp. (a) | | 47,982 | 3,447,027 |
| Professional Services - 4.2% | | | |
| ASGN, Inc. (a) | | 14,591 | 1,044,570 |
| Concentrix Corp. | | 30,319 | 2,926,087 |
| Leidos Holdings, Inc. | | 46,590 | 4,344,983 |
| Science Applications International Corp. | | 51,512 | 5,255,769 |
| SS&C Technologies Holdings, Inc. | | 64,805 | 3,793,685 |
| TransUnion Holding Co., Inc. | | 73,729 | 5,073,292 |
| WNS Holdings Ltd. sponsored ADR (a) | | 131,836 | 11,887,652 |
| | | | 34,326,038 |
| Trading Companies & Distributors - 0.5% | | | |
| Beacon Roofing Supply, Inc. (a) | | 68,066 | 4,096,212 |
TOTAL INDUSTRIALS | | | 183,503,777 |
| INFORMATION TECHNOLOGY - 4.8% | | | |
| Communications Equipment - 0.4% | | | |
| Lumentum Holdings, Inc. (a) | | 60,652 | 2,926,459 |
| Electronic Equipment, Instruments & Components - 1.2% | | | |
| Fabrinet (a) | | 46,010 | 4,368,650 |
| Flex Ltd. (a) | | 145,007 | 2,982,794 |
| Keysight Technologies, Inc. (a) | | 15,189 | 2,196,937 |
| | | | 9,548,381 |
| IT Services - 1.4% | | | |
| Akamai Technologies, Inc. (a) | | 30,223 | 2,477,379 |
| Amdocs Ltd. | | 57,252 | 5,224,245 |
| MongoDB, Inc. Class A (a) | | 14,674 | 3,521,173 |
| | | | 11,222,797 |
| Semiconductors & Semiconductor Equipment - 0.3% | | | |
| Skyworks Solutions, Inc. | | 26,074 | 2,761,237 |
| Software - 1.5% | | | |
| Aspen Technology, Inc. | | 17,076 | 3,022,452 |
| Black Knight, Inc. (a) | | 60,516 | 3,306,594 |
| Dynatrace, Inc. (a) | | 152,637 | 6,453,492 |
| | | | 12,782,538 |
TOTAL INFORMATION TECHNOLOGY | | | 39,241,412 |
| MATERIALS - 7.9% | | | |
| Chemicals - 2.7% | | | |
| Cabot Corp. | | 55,398 | 3,975,360 |
| Celanese Corp. Class A | | 24,817 | 2,636,558 |
| CF Industries Holdings, Inc. | | 53,353 | 3,819,008 |
| LG Chemical Ltd. | | 6,956 | 3,865,474 |
| Nutrien Ltd. | | 45,728 | 3,172,288 |
| Westlake Corp. | | 39,523 | 4,496,927 |
| | | | 21,965,615 |
| Containers & Packaging - 1.4% | | | |
| Avery Dennison Corp. | | 15,645 | 2,729,740 |
| O-I Glass, Inc. (a) | | 408,804 | 9,185,826 |
| | | | 11,915,566 |
| Metals & Mining - 3.8% | | | |
| Commercial Metals Co. | | 142,811 | 6,667,846 |
| Franco-Nevada Corp. | | 34,537 | 5,240,518 |
| Freeport-McMoRan, Inc. | | 125,529 | 4,758,804 |
| Lundin Mining Corp. | | 549,464 | 4,197,478 |
| Newcrest Mining Ltd. | | 125,563 | 2,397,609 |
| Novagold Resources, Inc. (a) | | 398,813 | 2,160,599 |
| Steel Dynamics, Inc. | | 55,375 | 5,756,231 |
| | | | 31,179,085 |
TOTAL MATERIALS | | | 65,060,266 |
| REAL ESTATE - 5.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.2% | | | |
| Cousins Properties, Inc. | | 129,803 | 2,831,003 |
| Essex Property Trust, Inc. | | 9,697 | 2,130,722 |
| Gaming & Leisure Properties | | 131,476 | 6,836,752 |
| Healthcare Trust of America, Inc. | | 327,667 | 6,481,253 |
| National Retail Properties, Inc. | | 135,649 | 5,900,732 |
| Realty Income Corp. | | 82,765 | 5,200,953 |
| Spirit Realty Capital, Inc. | | 115,414 | 4,438,822 |
| VICI Properties, Inc. | | 204,671 | 6,946,534 |
| Welltower, Inc. | | 25,825 | 2,045,857 |
| | | | 42,812,628 |
| Real Estate Management & Development - 0.5% | | | |
| Jones Lang LaSalle, Inc. (a) | | 29,070 | 4,041,893 |
TOTAL REAL ESTATE | | | 46,854,521 |
| UTILITIES - 4.8% | | | |
| Electric Utilities - 2.9% | | | |
| Alliant Energy Corp. | | 117,500 | 6,478,950 |
| FirstEnergy Corp. | | 104,997 | 4,178,881 |
| IDACORP, Inc. | | 52,153 | 5,795,241 |
| OGE Energy Corp. | | 200,252 | 7,517,460 |
| | | | 23,970,532 |
| Gas Utilities - 0.6% | | | |
| Atmos Energy Corp. | | 44,865 | 5,120,891 |
| Independent Power and Renewable Electricity Producers - 0.9% | | | |
| The AES Corp. | | 143,943 | 3,405,691 |
| Vistra Corp. | | 161,689 | 3,857,900 |
| | | | 7,263,591 |
| Multi-Utilities - 0.4% | | | |
| NiSource, Inc. | | 124,373 | 3,539,656 |
TOTAL UTILITIES | | | 39,894,670 |
| TOTAL COMMON STOCKS (Cost $730,394,794) | | | 800,840,129 |
| | | | |
| Convertible Preferred Stocks - 0.3% |
| | | Shares | Value ($) |
| CONSUMER STAPLES - 0.1% | | | |
| Food Products - 0.1% | | | |
| Bowery Farming, Inc. Series C1 (a)(c)(d) | | 19,457 | 181,339 |
| HEALTH CARE - 0.1% | | | |
| Biotechnology - 0.1% | | | |
| National Resilience, Inc. Series B (a)(c)(d) | | 15,539 | 943,683 |
| INDUSTRIALS - 0.1% | | | |
| Construction & Engineering - 0.1% | | | |
| Beta Technologies, Inc. Series B, 6.00% (c)(d) | | 11,901 | 876,271 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,612,360) | | | 2,001,293 |
| | | | |
| Money Market Funds - 5.2% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.88% (e) | | 19,533,992 | 19,537,899 |
| Fidelity Securities Lending Cash Central Fund 4.88% (e)(f) | | 23,294,096 | 23,296,425 |
| TOTAL MONEY MARKET FUNDS (Cost $42,834,324) | | | 42,834,324 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $775,841,478) | 845,675,746 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (22,707,534) |
| NET ASSETS - 100.0% | 822,968,212 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,180,432 or 0.5% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 1,227,826 |
| | | |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 1,172,271 |
| | | |
| Evolent Health, Inc. | 3/28/23 | 1,827,000 |
| | | |
| National Resilience, Inc. Series B | 12/01/20 | 212,263 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 21,371,002 | 195,790,902 | 197,624,005 | 913,666 | - | - | 19,537,899 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 15,217,524 | 163,412,160 | 155,333,259 | 55,196 | - | - | 23,296,425 | 0.1% |
| Total | 36,588,526 | 359,203,062 | 352,957,264 | 968,862 | - | - | 42,834,324 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 25,491,844 | 25,491,844 | - | - |
Consumer Discretionary | 96,350,963 | 96,350,963 | - | - |
Consumer Staples | 38,581,448 | 38,400,109 | - | 181,339 |
Energy | 75,608,761 | 75,608,761 | - | - |
Financials | 136,271,535 | 136,271,535 | - | - |
Health Care | 55,105,954 | 51,983,132 | 2,179,139 | 943,683 |
Industrials | 184,380,048 | 183,503,777 | - | 876,271 |
Information Technology | 39,241,412 | 39,241,412 | - | - |
Materials | 65,060,266 | 58,797,183 | 6,263,083 | - |
Real Estate | 46,854,521 | 46,854,521 | - | - |
Utilities | 39,894,670 | 39,894,670 | - | - |
|
| Money Market Funds | 42,834,324 | 42,834,324 | - | - |
| Total Investments in Securities: | 845,675,746 | 835,232,231 | 8,442,222 | 2,001,293 |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $23,150,752) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $733,007,154) | $ | 802,841,422 | | |
Fidelity Central Funds (cost $42,834,324) | | 42,834,324 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $775,841,478) | | | $ | 845,675,746 |
| Cash | | | | 2,742 |
| Foreign currency held at value (cost $59,468) | | | | 59,468 |
| Receivable for investments sold | | | | 1,833,024 |
| Receivable for fund shares sold | | | | 723,548 |
| Dividends receivable | | | | 308,953 |
| Distributions receivable from Fidelity Central Funds | | | | 92,292 |
Total assets | | | | 848,695,773 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,597,923 | | |
| Payable for fund shares redeemed | | 529,013 | | |
| Accrued management fee | | 304,604 | | |
| Other payables and accrued expenses | | 30 | | |
| Collateral on securities loaned | | 23,295,991 | | |
| Total Liabilities | | | | 25,727,561 |
| Net Assets | | | $ | 822,968,212 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 785,550,310 |
| Total accumulated earnings (loss) | | | | 37,417,902 |
| Net Assets | | | $ | 822,968,212 |
Net Asset Value , offering price and redemption price per share ($822,968,212 ÷ 60,865,505 shares) | | | $ | 13.52 |
| Statement of Operations |
| | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 11,726,347 |
| Interest | | | | 68 |
| Income from Fidelity Central Funds (including $55,196 from security lending) | | | | 968,862 |
| Total Income | | | | 12,695,277 |
| Expenses | | | | |
| Management fee | $ | 2,812,906 | | |
| Independent trustees' fees and expenses | | 2,944 | | |
| Total expenses before reductions | | 2,815,850 | | |
| Expense reductions | | (369) | | |
| Total expenses after reductions | | | | 2,815,481 |
| Net Investment income (loss) | | | | 9,879,796 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (32,316,920) | | |
| Redemptions in-kind | | 16,581,447 | | |
| Foreign currency transactions | | (1,659) | | |
| Total net realized gain (loss) | | | | (15,737,132) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 25,485,796 | | |
| Assets and liabilities in foreign currencies | | 2,797 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 25,488,593 |
| Net gain (loss) | | | | 9,751,461 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 19,631,257 |
| Statement of Changes in Net Assets |
| |
| | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 9,879,796 | $ | 6,629,271 |
| Net realized gain (loss) | | (15,737,132) | | 9,367,287 |
| Change in net unrealized appreciation (depreciation) | | 25,488,593 | | (14,219,391) |
| Net increase (decrease) in net assets resulting from operations | | 19,631,257 | | 1,777,167 |
| Distributions to shareholders | | (16,927,430) | | (17,547,894) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 410,750,484 | | 380,459,853 |
| Reinvestment of distributions | | 16,927,430 | | 17,547,894 |
| Cost of shares redeemed | | (183,950,405) | | (125,624,170) |
Net increase (decrease) in net assets resulting from share transactions | | 243,727,509 | | 272,383,577 |
| Total increase (decrease) in net assets | | 246,431,336 | | 256,612,850 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 576,536,876 | | 319,924,026 |
| End of period | $ | 822,968,212 | $ | 576,536,876 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 31,165,672 | | 27,206,050 |
| Issued in reinvestment of distributions | | 1,289,203 | | 1,240,806 |
| Redeemed | | (13,767,167) | | (8,904,637) |
| Net increase (decrease) | | 18,687,708 | | 19,542,219 |
| | | | | |
Financial Highlights
| Fidelity® Mid-Cap Stock K6 Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | |
| Net asset value, beginning of period | $ | 13.67 | $ | 14.13 | $ | 8.78 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | |
Net investment income (loss) B,C | | .21 | | .19 | | .15 | | .11 |
| Net realized and unrealized gain (loss) | | .03 | | (.07) | | 5.37 | | (1.27) |
| Total from investment operations | | .24 | | .12 | | 5.52 | | (1.16) |
| Distributions from net investment income | | (.17) | | (.13) | | (.17) | | (.06) |
| Distributions from net realized gain | | (.21) | | (.45) | | - | | - |
| Total distributions | | (.39) D | | (.58) | | (.17) | | (.06) |
| Net asset value, end of period | $ | 13.52 | $ | 13.67 | $ | 14.13 | $ | 8.78 |
Total Return E,F | | 1.82% | | .78% | | 63.39% | | (11.74)% |
Ratios to Average Net Assets C,G,H | | | | | | | | |
| Expenses before reductions | | .45% | | .45% | | .45% | | .45% I |
| Expenses net of fee waivers, if any | | .45% | | .45% | | .45% | | .45% I |
| Expenses net of all reductions | | .45% | | .45% | | .44% | | .45% I |
| Net investment income (loss) | | 1.58% | | 1.35% | | 1.35% | | 1.29% I |
| Supplemental Data | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 822,968 | $ | 576,537 | $ | 319,924 | $ | 108,435 |
Portfolio turnover rate J | | 34% K | | 40% K | | 61% K | | 52% I,K |
A For the period June 13, 2019 (commencement of operations) through April 30, 2020.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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.
H 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2023
1. Organization.
Fidelity Mid-Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $109,289,797 |
| Gross unrealized depreciation | (43,277,961) |
| Net unrealized appreciation (depreciation) | $66,011,836 |
| Tax Cost | $779,663,910 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $3,349,484 |
| Capital loss carryforward | $(31,554,388) |
| Net unrealized appreciation (depreciation) on securities and other investments | $65,622,804 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(15,032,339) |
Long-term | (16,522,049) |
| Total capital loss carryforward | $(31,554,388) |
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $7,865,886 | $7,952,847 |
| Long-term Capital Gains | 9,061,544 | 9,595,047 |
| Total | $16,927,430 | $17,547,894 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Mid-Cap Stock K6 Fund | 267,687,757 | 199,223,646 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss($) | Total Proceeds($) |
| Fidelity Mid-Cap Stock K6 Fund | 4,189,666 | 16,581,447 | 56,686,184 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds($) |
| Fidelity Mid-Cap Stock K6 Fund | 18,276,381 | 237,757,517 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds($) |
| Fidelity Mid-Cap Stock K6 Fund | 16,479,320 | 227,539,776 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Mid-Cap Stock K6 Fund | $5,381 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Mid-Cap Stock K6 Fund | 13,439,980 | 8,730,233 | (955,805) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Mid-Cap Stock K6 Fund | $5,791 | $690 | $- |
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 $369.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Mid-Cap Stock K6 Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Mid-Cap Stock K6 Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the "Fund") as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2023 and for the period June 13, 2019 (commencement of operations) through April 30, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the three years in the period ended April 30, 2023 and for the period June 13, 2019 (commencement of operations) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Mid-Cap Stock K6 Fund | | | | .45% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,021.40 | | $ 2.26 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.56 | | $ 2.26 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates $397,027 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 100% and 93% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 99.98% and 96.22% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 0.03% and 3.79% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9893890.103
MCS-K6-ANN-0623
Fidelity® Large Cap Stock Fund
Annual Report
April 30, 2023
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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Large Cap Stock Fund | 8.33% | 10.77% | 11.54% |
| $10,000 Over 10 Years |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock Fund on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Matt Fruhan:
For the fiscal year, the fund gained 8.33%, outperforming the 2.66% result of the benchmark S&P 500 ® index. The primary contributor to performance versus the benchmark was stock selection in the industrials sector, especially within the capital goods industry. An overweight and stock picking in energy also bolstered the fund's relative result. Also helping was an underweight and security selection in the consumer discretionary sector, primarily driven by the automobiles & components industry. The biggest individual relative contributor was an overweight position in General Electric (+72%). General Electric was among the fund's biggest holdings. Also boosting the fund was our overweight in Exxon Mobil, which gained 44%. The company was the fund's largest holding. Avoiding Tesla, a benchmark component that returned roughly -43%, also aided relative performance. In contrast, the largest detractor from performance versus the benchmark was stock picks in financials. Also hampering the fund's relative result was stock picks in the consumer staples sector, especially within the food, beverage & tobacco industry. An underweight and stock picking in information technology also hurt the fund's relative performance. Our lighter-than-benchmark position in Nvidia, a stake we established this period, was the fund's biggest individual relative detractor and gained 50% the past 12 months. Another notable relative detractor was an outsized stake in Bank of America (-16%), which was among our largest holdings. Another notable relative detractor was an overweighting in Wells Fargo (-7%), which was among the fund's biggest holdings. Notable changes in positioning include a lower allocation to the consumer staples and consumer discretionary sectors.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| Exxon Mobil Corp. | 7.8 | |
| Microsoft Corp. | 6.8 | |
| General Electric Co. | 6.4 | |
| Wells Fargo & Co. | 5.2 | |
| Apple, Inc. | 3.3 | |
| Bank of America Corp. | 2.5 | |
| Hess Corp. | 2.1 | |
| The Boeing Co. | 2.1 | |
| Comcast Corp. Class A | 2.1 | |
| Visa, Inc. Class A | 1.8 | |
| | 40.1 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 17.1 | |
| Information Technology | 15.8 | |
| Industrials | 15.4 | |
| Health Care | 13.2 | |
| Energy | 12.5 | |
| Communication Services | 8.6 | |
| Consumer Staples | 4.7 | |
| Consumer Discretionary | 3.9 | |
| Materials | 2.9 | |
| Real Estate | 0.9 | |
| Utilities | 0.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Showing Percentage of Net Assets
| Common Stocks - 95.5% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 8.6% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Cellnex Telecom SA (a) | | 123,252 | 5,189 |
| Verizon Communications, Inc. | | 151,974 | 5,901 |
| | | | 11,090 |
| Entertainment - 1.3% | | | |
| Activision Blizzard, Inc. | | 47,834 | 3,717 |
| Nintendo Co. Ltd. ADR | | 369,505 | 3,902 |
| The Walt Disney Co. (b) | | 174,629 | 17,899 |
| Universal Music Group NV | | 610,763 | 13,332 |
| | | | 38,850 |
| Interactive Media & Services - 4.4% | | | |
| Alphabet, Inc.: | | | |
| Class A (b) | | 387,080 | 41,549 |
| Class C (b) | | 357,341 | 38,671 |
| Match Group, Inc. (b) | | 137,840 | 5,086 |
| Meta Platforms, Inc. Class A (b) | | 179,779 | 43,204 |
| Snap, Inc. Class A (b) | | 416,661 | 3,629 |
| | | | 132,139 |
| Media - 2.6% | | | |
| Charter Communications, Inc. Class A (b) | | 5,699 | 2,101 |
| Comcast Corp. Class A | | 1,517,490 | 62,779 |
| Interpublic Group of Companies, Inc. | | 408,984 | 14,613 |
| | | | 79,493 |
TOTAL COMMUNICATION SERVICES | | | 261,572 |
| CONSUMER DISCRETIONARY - 3.9% | | | |
| Automobile Components - 0.3% | | | |
| BorgWarner, Inc. | | 173,218 | 8,337 |
| Automobiles - 0.1% | | | |
| General Motors Co. | | 64,694 | 2,137 |
| Broadline Retail - 0.2% | | | |
| Amazon.com, Inc. (b) | | 59,344 | 6,258 |
| Hotels, Restaurants & Leisure - 1.8% | | | |
| Amadeus IT Holding SA Class A (b) | | 83,033 | 5,836 |
| Booking Holdings, Inc. (b) | | 11,701 | 31,433 |
| Expedia, Inc. (b) | | 49,840 | 4,683 |
| Marriott International, Inc. Class A | | 53,328 | 9,031 |
| Starbucks Corp. | | 33,783 | 3,861 |
| | | | 54,844 |
| Household Durables - 0.4% | | | |
| Mohawk Industries, Inc. (b) | | 63,528 | 6,728 |
| Sony Group Corp. sponsored ADR | | 42,963 | 3,852 |
| Whirlpool Corp. | | 12,974 | 1,811 |
| | | | 12,391 |
| Specialty Retail - 1.0% | | | |
| Lowe's Companies, Inc. | | 140,310 | 29,161 |
| RH (b) | | 7,300 | 1,862 |
| | | | 31,023 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| NIKE, Inc. Class B | | 19,790 | 2,508 |
TOTAL CONSUMER DISCRETIONARY | | | 117,498 |
| CONSUMER STAPLES - 4.7% | | | |
| Beverages - 1.8% | | | |
| Diageo PLC sponsored ADR (c) | | 75,059 | 13,923 |
| Keurig Dr. Pepper, Inc. | | 347,399 | 11,360 |
| The Coca-Cola Co. | | 442,558 | 28,390 |
| | | | 53,673 |
| Consumer Staples Distribution & Retail - 1.5% | | | |
| Costco Wholesale Corp. | | 3,588 | 1,806 |
| Performance Food Group Co. (b) | | 104,014 | 6,521 |
| Sysco Corp. | | 243,992 | 18,724 |
| Target Corp. | | 29,792 | 4,700 |
| U.S. Foods Holding Corp. (b) | | 136,265 | 5,233 |
| Walmart, Inc. | | 52,357 | 7,904 |
| | | | 44,888 |
| Household Products - 0.1% | | | |
| Colgate-Palmolive Co. | | 3,090 | 247 |
| Procter & Gamble Co. | | 3,999 | 625 |
| Spectrum Brands Holdings, Inc. | | 50,678 | 3,370 |
| | | | 4,242 |
| Personal Care Products - 0.4% | | | |
| Haleon PLC ADR | | 1,267,737 | 11,245 |
| Tobacco - 0.9% | | | |
| Altria Group, Inc. | | 568,461 | 27,008 |
TOTAL CONSUMER STAPLES | | | 141,056 |
| ENERGY - 12.5% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Baker Hughes Co. Class A | | 21,486 | 628 |
| Oil, Gas & Consumable Fuels - 12.5% | | | |
| Canadian Natural Resources Ltd. | | 93,799 | 5,716 |
| Cenovus Energy, Inc. (Canada) | | 1,963,918 | 32,963 |
| Exxon Mobil Corp. | | 2,008,678 | 237,705 |
| Hess Corp. | | 438,355 | 63,588 |
| Imperial Oil Ltd. | | 355,988 | 18,146 |
| Kosmos Energy Ltd. (b) | | 2,664,318 | 17,052 |
| Phillips 66 Co. | | 29,762 | 2,946 |
| | | | 378,116 |
TOTAL ENERGY | | | 378,744 |
| FINANCIALS - 17.1% | | | |
| Banks - 10.9% | | | |
| Bank of America Corp. | | 2,606,795 | 76,327 |
| JPMorgan Chase & Co. | | 226,958 | 31,375 |
| M&T Bank Corp. | | 43,784 | 5,508 |
| PNC Financial Services Group, Inc. | | 194,100 | 25,282 |
| Truist Financial Corp. | | 506,886 | 16,514 |
| U.S. Bancorp | | 454,694 | 15,587 |
| Wells Fargo & Co. | | 3,969,298 | 157,780 |
| | | | 328,373 |
| Capital Markets - 2.1% | | | |
| Charles Schwab Corp. | | 5,998 | 313 |
| CME Group, Inc. | | 3,999 | 743 |
| KKR & Co. LP | | 284,678 | 15,108 |
| Morgan Stanley | | 166,162 | 14,950 |
| Northern Trust Corp. | | 307,078 | 24,001 |
| Raymond James Financial, Inc. | | 76,233 | 6,901 |
| State Street Corp. | | 30,155 | 2,179 |
| | | | 64,195 |
| Financial Services - 3.9% | | | |
| Acacia Research Corp. (b) | | 24,000 | 92 |
| Edenred SA | | 180,291 | 11,705 |
| Fidelity National Information Services, Inc. | | 122,999 | 7,223 |
| Global Payments, Inc. | | 15,650 | 1,764 |
| MasterCard, Inc. Class A | | 29,713 | 11,292 |
| MGIC Investment Corp. | | 260,879 | 3,879 |
| PayPal Holdings, Inc. (b) | | 80,644 | 6,129 |
| Radian Group, Inc. (c) | | 841,198 | 20,416 |
| Visa, Inc. Class A | | 240,648 | 56,006 |
| | | | 118,506 |
| Insurance - 0.2% | | | |
| Chubb Ltd. | | 30,106 | 6,068 |
TOTAL FINANCIALS | | | 517,142 |
| HEALTH CARE - 13.2% | | | |
| Biotechnology - 0.5% | | | |
| Alnylam Pharmaceuticals, Inc. (b) | | 33,046 | 6,583 |
| Argenx SE ADR (b) | | 2,990 | 1,160 |
| Insmed, Inc. (b) | | 135,222 | 2,637 |
| Vaxcyte, Inc. (b) | | 88,285 | 3,781 |
| Verve Therapeutics, Inc. (b)(c) | | 48,505 | 773 |
| | | | 14,934 |
| Health Care Equipment & Supplies - 3.1% | | | |
| Abbott Laboratories | | 10,465 | 1,156 |
| Becton, Dickinson & Co. | | 31,284 | 8,269 |
| Boston Scientific Corp. (b) | | 807,829 | 42,104 |
| GE Healthcare Holding LLC | | 479,932 | 39,038 |
| iRhythm Technologies, Inc. (b) | | 299 | 39 |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | | 139,707 | 2,951 |
| | | | 93,557 |
| Health Care Providers & Services - 5.3% | | | |
| Cardinal Health, Inc. | | 235,268 | 19,316 |
| Centene Corp. (b) | | 25,216 | 1,738 |
| Cigna Group | | 130,169 | 32,971 |
| CVS Health Corp. | | 269,707 | 19,772 |
| Guardant Health, Inc. (b) | | 63,633 | 1,436 |
| Humana, Inc. | | 10,865 | 5,764 |
| McKesson Corp. | | 86,043 | 31,340 |
| UnitedHealth Group, Inc. | | 98,133 | 48,290 |
| | | | 160,627 |
| Life Sciences Tools & Services - 0.3% | | | |
| Danaher Corp. | | 32,534 | 7,708 |
| Pharmaceuticals - 4.0% | | | |
| Bristol-Myers Squibb Co. | | 790,706 | 52,795 |
| Eli Lilly & Co. | | 36,297 | 14,369 |
| GSK PLC sponsored ADR | | 584,701 | 21,067 |
| Johnson & Johnson | | 192,501 | 31,512 |
| Sanofi SA sponsored ADR | | 48,298 | 2,591 |
| Viatris, Inc. | | 34,589 | 323 |
| | | | 122,657 |
TOTAL HEALTH CARE | | | 399,483 |
| INDUSTRIALS - 15.2% | | | |
| Aerospace & Defense - 3.6% | | | |
| Airbus Group NV | | 129,887 | 18,189 |
| General Dynamics Corp. | | 38,892 | 8,492 |
| Huntington Ingalls Industries, Inc. | | 24,922 | 5,026 |
| MTU Aero Engines AG | | 11,763 | 3,081 |
| Raytheon Technologies Corp. | | 48,626 | 4,858 |
| Safran SA | | 25,027 | 3,892 |
| Textron, Inc. | | 28,996 | 1,941 |
| The Boeing Co. (b) | | 305,733 | 63,219 |
| | | | 108,698 |
| Air Freight & Logistics - 1.8% | | | |
| FedEx Corp. | | 64,076 | 14,595 |
| United Parcel Service, Inc. Class B | | 226,787 | 40,779 |
| | | | 55,374 |
| Building Products - 0.2% | | | |
| Johnson Controls International PLC | | 74,760 | 4,474 |
| Commercial Services & Supplies - 0.1% | | | |
| ACV Auctions, Inc. Class A (b) | | 257,749 | 3,358 |
| Electrical Equipment - 1.1% | | | |
| Acuity Brands, Inc. | | 52,158 | 8,209 |
| Hubbell, Inc. Class B | | 34,145 | 9,196 |
| Regal Rexnord Corp. | | 50,175 | 6,531 |
| Vertiv Holdings Co. | | 678,182 | 10,118 |
| | | | 34,054 |
| Ground Transportation - 0.5% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 249,919 | 14,075 |
| Industrial Conglomerates - 6.5% | | | |
| 3M Co. | | 25,955 | 2,757 |
| General Electric Co. | | 1,947,107 | 192,705 |
| | | | 195,462 |
| Machinery - 1.1% | | | |
| Chart Industries, Inc. (b)(c) | | 30,795 | 4,099 |
| Cummins, Inc. | | 17,643 | 4,147 |
| Flowserve Corp. | | 170,923 | 5,707 |
| Fortive Corp. | | 87,720 | 5,534 |
| Otis Worldwide Corp. | | 56,260 | 4,799 |
| Stanley Black & Decker, Inc. (c) | | 38,017 | 3,282 |
| Westinghouse Air Brake Tech Co. | | 56,972 | 5,564 |
| | | | 33,132 |
| Passenger Airlines - 0.1% | | | |
| Copa Holdings SA Class A | | 9,271 | 837 |
| Ryanair Holdings PLC sponsored ADR (b) | | 27,911 | 2,668 |
| | | | 3,505 |
| Professional Services - 0.2% | | | |
| Equifax, Inc. | | 12,265 | 2,556 |
| Genpact Ltd. | | 96,386 | 4,294 |
| | | | 6,850 |
| Trading Companies & Distributors - 0.0% | | | |
| Beijer Ref AB (B Shares) (c) | | 63,002 | 1,028 |
TOTAL INDUSTRIALS | | | 460,010 |
| INFORMATION TECHNOLOGY - 15.8% | | | |
| Electronic Equipment, Instruments & Components - 0.2% | | | |
| Mirion Technologies, Inc. (b)(d) | | 671,520 | 5,439 |
| IT Services - 0.3% | | | |
| IBM Corp. | | 33,095 | 4,184 |
| Snowflake, Inc. (b) | | 1,894 | 280 |
| Twilio, Inc. Class A (b) | | 66,013 | 3,473 |
| Unisys Corp. (b) | | 384,692 | 1,235 |
| | | | 9,172 |
| Semiconductors & Semiconductor Equipment - 2.6% | | | |
| Analog Devices, Inc. | | 32,885 | 5,915 |
| Applied Materials, Inc. | | 64,746 | 7,318 |
| Intel Corp. | | 90,676 | 2,816 |
| Lam Research Corp. | | 12,266 | 6,428 |
| Marvell Technology, Inc. | | 356,149 | 14,061 |
| NVIDIA Corp. | | 32,184 | 8,931 |
| Qualcomm, Inc. | | 228,224 | 26,657 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 62,284 | 5,251 |
| | | | 77,377 |
| Software - 9.3% | | | |
| Adobe, Inc. (b) | | 52,547 | 19,840 |
| Autodesk, Inc. (b) | | 32,420 | 6,315 |
| DoubleVerify Holdings, Inc. (b) | | 46,951 | 1,381 |
| Elastic NV (b) | | 95,918 | 5,491 |
| Intuit, Inc. | | 17,196 | 7,634 |
| Microsoft Corp. | | 670,693 | 206,077 |
| PTC, Inc. (b) | | 27,510 | 3,460 |
| Salesforce, Inc. (b) | | 13,466 | 2,671 |
| SAP SE sponsored ADR | | 196,878 | 26,632 |
| Workday, Inc. Class A (b) | | 9,271 | 1,726 |
| | | | 281,227 |
| Technology Hardware, Storage & Peripherals - 3.4% | | | |
| Apple, Inc. | | 593,518 | 100,708 |
| Samsung Electronics Co. Ltd. | | 65,110 | 3,205 |
| | | | 103,913 |
TOTAL INFORMATION TECHNOLOGY | | | 477,128 |
| MATERIALS - 2.9% | | | |
| Chemicals - 0.6% | | | |
| Axalta Coating Systems Ltd. (b) | | 36,993 | 1,168 |
| DuPont de Nemours, Inc. | | 229,143 | 15,976 |
| LyondellBasell Industries NV Class A | | 18,497 | 1,750 |
| Sherwin-Williams Co. | | 5,199 | 1,235 |
| | | | 20,129 |
| Metals & Mining - 2.3% | | | |
| First Quantum Minerals Ltd. | | 856,184 | 20,803 |
| Freeport-McMoRan, Inc. | | 974,135 | 36,929 |
| Glencore PLC | | 1,964,195 | 11,594 |
| | | | 69,326 |
TOTAL MATERIALS | | | 89,455 |
| REAL ESTATE - 0.9% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.9% | | | |
| American Tower Corp. | | 39,947 | 8,165 |
| Crown Castle International Corp. | | 33,693 | 4,147 |
| Equinix, Inc. | | 1,121 | 812 |
| Simon Property Group, Inc. | | 124,409 | 14,098 |
| | | | 27,222 |
| UTILITIES - 0.7% | | | |
| Electric Utilities - 0.6% | | | |
| Entergy Corp. | | 26,415 | 2,842 |
| PG&E Corp. (b) | | 147,871 | 2,530 |
| Southern Co. | | 182,186 | 13,400 |
| | | | 18,772 |
| Multi-Utilities - 0.1% | | | |
| Sempra Energy | | 7,241 | 1,126 |
TOTAL UTILITIES | | | 19,898 |
| TOTAL COMMON STOCKS (Cost $1,943,353) | | | 2,889,208 |
| | | | |
| Preferred Stocks - 0.2% |
| | | Shares | Value ($) (000s) |
| Convertible Preferred Stocks - 0.0% | | | |
| COMMUNICATION SERVICES - 0.0% | | | |
| Interactive Media & Services - 0.0% | | | |
| Reddit, Inc. Series E (b)(d)(e) | | 3,600 | 131 |
| | | | |
| Nonconvertible Preferred Stocks - 0.2% | | | |
| INDUSTRIALS - 0.2% | | | |
| Aerospace & Defense - 0.2% | | | |
| Embraer SA sponsored ADR (b) | | 347,490 | 5,369 |
| | | | |
| TOTAL PREFERRED STOCKS (Cost $4,290) | | | 5,500 |
| | | | |
| Money Market Funds - 4.9% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.88% (f) | | 126,755,772 | 126,781 |
| Fidelity Securities Lending Cash Central Fund 4.88% (f)(g) | | 21,434,508 | 21,437 |
| TOTAL MONEY MARKET FUNDS (Cost $148,218) | | | 148,218 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $2,095,861) | 3,042,926 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (17,679) |
| NET ASSETS - 100.0% | 3,025,247 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,189,000 or 0.2% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,570,000 or 0.2% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Mirion Technologies, Inc. | 6/16/21 | 6,715 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 153 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 1 | 297,996 | 171,216 | 2,895 | - | - | 126,781 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 2,427 | 340,847 | 321,837 | 100 | - | - | 21,437 | 0.1% |
| Total | 2,428 | 638,843 | 493,053 | 2,995 | - | - | 148,218 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 261,703 | 256,383 | 5,189 | 131 |
Consumer Discretionary | 117,498 | 111,662 | 5,836 | - |
Consumer Staples | 141,056 | 141,056 | - | - |
Energy | 378,744 | 378,744 | - | - |
Financials | 517,142 | 517,142 | - | - |
Health Care | 399,483 | 399,483 | - | - |
Industrials | 465,379 | 443,298 | 22,081 | - |
Information Technology | 477,128 | 473,923 | 3,205 | - |
Materials | 89,455 | 77,861 | 11,594 | - |
Real Estate | 27,222 | 27,222 | - | - |
Utilities | 19,898 | 19,898 | - | - |
|
| Money Market Funds | 148,218 | 148,218 | - | - |
| Total Investments in Securities: | 3,042,926 | 2,994,890 | 47,905 | 131 |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amount) | | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $20,920) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,947,643) | $ | 2,894,708 | | |
Fidelity Central Funds (cost $148,218) | | 148,218 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,095,861) | | | $ | 3,042,926 |
| Restricted cash | | | | 2,097 |
| Receivable for investments sold | | | | 1,358 |
| Receivable for fund shares sold | | | | 2,294 |
| Dividends receivable | | | | 2,607 |
| Distributions receivable from Fidelity Central Funds | | | | 487 |
| Prepaid expenses | | | | 1 |
Total assets | | | | 3,051,770 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,008 | | |
| Payable for fund shares redeemed | | 1,814 | | |
| Accrued management fee | | 1,770 | | |
| Other affiliated payables | | 408 | | |
| Other payables and accrued expenses | | 84 | | |
| Collateral on securities loaned | | 21,439 | | |
| Total Liabilities | | | | 26,523 |
| Net Assets | | | $ | 3,025,247 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,064,294 |
| Total accumulated earnings (loss) | | | | 960,953 |
| Net Assets | | | $ | 3,025,247 |
Net Asset Value , offering price and redemption price per share ($3,025,247 ÷ 73,843 shares) | | | $ | 40.97 |
| Statement of Operations |
| Amounts in thousands | | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 53,821 |
| Income from Fidelity Central Funds (including $100 from security lending) | | | | 2,995 |
| Total Income | | | | 56,816 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 14,618 | | |
| Performance adjustment | | 1,495 | | |
| Transfer agent fees | | 4,003 | | |
| Accounting fees | | 731 | | |
| Custodian fees and expenses | | 102 | | |
| Independent trustees' fees and expenses | | 14 | | |
| Registration fees | | 84 | | |
| Audit | | 64 | | |
| Legal | | 6 | | |
| Interest | | 1 | | |
| Miscellaneous | | 12 | | |
| Total expenses before reductions | | 21,130 | | |
| Expense reductions | | (114) | | |
| Total expenses after reductions | | | | 21,016 |
| Net Investment income (loss) | | | | 35,800 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 16,748 | | |
| Redemptions in-kind | | 3,730 | | |
| Foreign currency transactions | | 416 | | |
| Total net realized gain (loss) | | | | 20,894 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 169,923 | | |
| Assets and liabilities in foreign currencies | | 26 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 169,949 |
| Net gain (loss) | | | | 190,843 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 226,643 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 35,800 | $ | 54,976 |
| Net realized gain (loss) | | 20,894 | | 102,427 |
| Change in net unrealized appreciation (depreciation) | | 169,949 | | (174,723) |
| Net increase (decrease) in net assets resulting from operations | | 226,643 | | (17,320) |
| Distributions to shareholders | | (83,013) | | (142,957) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 710,784 | | 694,858 |
| Reinvestment of distributions | | 62,219 | | 104,823 |
| Cost of shares redeemed | | (760,670) | | (739,260) |
Net increase (decrease) in net assets resulting from share transactions | | 12,333 | | 60,421 |
| Total increase (decrease) in net assets | | 155,963 | | (99,856) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,869,284 | | 2,969,140 |
| End of period | $ | 3,025,247 | $ | 2,869,284 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 19,028 | | 16,637 |
| Issued in reinvestment of distributions | | 1,672 | | 2,547 |
| Redeemed | | (20,438) | | (17,865) |
| Net increase (decrease) | | 262 | | 1,319 |
| | | | | |
Financial Highlights
| Fidelity® Large Cap Stock Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.00 | $ | 41.09 | $ | 27.80 | $ | 32.11 | $ | 33.02 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .49 | | .75 C | | .57 | | .63 | | .63 |
| Net realized and unrealized gain (loss) | | 2.64 | | (.86) | | 14.10 | | (3.12) | | 2.17 |
| Total from investment operations | | 3.13 | | (.11) | | 14.67 | | (2.49) | | 2.80 |
| Distributions from net investment income | | (.48) | | (.77) | | (.65) | | (.62) | | (.53) D |
| Distributions from net realized gain | | (.68) | | (1.21) | | (.73) | | (1.20) | | (3.18) D |
| Total distributions | | (1.16) | | (1.98) | | (1.38) | | (1.82) | | (3.71) |
| Net asset value, end of period | $ | 40.97 | $ | 39.00 | $ | 41.09 | $ | 27.80 | $ | 32.11 |
Total Return E | | 8.33% | | (.46)% | | 54.08% | | (8.41)% | | 9.57% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .76% | | .54% | | .48% | | .47% | | .63% |
| Expenses net of fee waivers, if any | | .76% | | .53% | | .48% | | .47% | | .63% |
| Expenses net of all reductions | | .76% | | .53% | | .48% | | .47% | | .62% |
| Net investment income (loss) | | 1.29% | | 1.80% C | | 1.73% | | 2.05% | | 1.96% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,025 | $ | 2,869 | $ | 2,969 | $ | 2,173 | $ | 2,796 |
Portfolio turnover rate H | | 8% I | | 15% I | | 18% | | 32% I | | 35% I |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.24%.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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.
For the period ended April 30, 2023
( Amounts in thousands except percentages)
1. Organization.
Fidelity Large Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, 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 | $1,077,765 |
| Gross unrealized depreciation | (135,144) |
| Net unrealized appreciation (depreciation) | $942,621 |
| Tax Cost | $2,100,305 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $11,909 |
| Undistributed long-term capital gain | $6,610 |
| Net unrealized appreciation (depreciation) on securities and other investments | $942,435 |
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $34,532 | $71,263 |
| Long-term Capital Gains | 48,481 | 71,694 |
| Total | $83,013 | $142,957 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Large Cap Stock Fund | 218,669 | 366,613 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Large Cap Stock Fund | 194 | 3,730 | 7,555 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Large Cap Stock Fund | 19 | 409 | 779 |
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 Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .58% 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 Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .14% of average net assets.
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 annual rates:
| | % of Average Net Assets |
| Fidelity Large 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 Large Cap Stock Fund | $5 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 Large Cap Stock Fund | Borrower | $4,819 | .59% | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Large Cap Stock Fund | 27,332 | 17,757 | 3,894 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Large Cap Stock Fund | $5 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Large Cap Stock Fund | $11 | $- | $- |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $114.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Large Cap Stock Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Large Cap Stock Fund | | | | .83% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,098.20 | | $ 4.32 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.68 | | $ 4.16 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2023, $10,679,565, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed in June and December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.703546.125
LCS-ANN-0623
Fidelity® Founders Fund
Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Life of Fund A |
| Class A (incl.5.75% sales charge) | -7.54% | 10.88% |
| Class M (incl.3.50% sales charge) | -5.62% | 11.23% |
Class C (incl. contingent deferred sales charge) | -3.62% | 11.61% |
| Fidelity® Founders Fund | -1.69% | 12.73% |
| Class I | -1.64% | 12.77% |
| Class Z | -1.55% | 12.89% |
A From February 14, 2019
Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.
| $10,000 Over Life of Fund |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Founders Fund, a class of the fund, on February 14, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Daniel Kelley:
For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned about -3% to -2%, trailing the 1.50% gain of the benchmark Russell 3000 ® Index. Versus the benchmark, security selection was the primary detractor, especially within information technology. The software & services area of the information technology sector notably hurt the fund's relative result. Security selection in financials, stock picks and an overweight in communication services, investment choices in industrials, and an overweight in materials also hampered the fund's performance versus the benchmark. The fund's biggest individual relative detractor was an outsized stake in Alphabet, which returned roughly -6% the past year. The company was a top-10 holding. Also hindering performance was an overweight in ZoomInfo Technologies, which returned -54%, and an outsized stake in Airbnb, which returned -21%. In contrast, stock selection in health care and an average overweight in energy boosted the fund's result versus the benchmark. Lastly, the fund's position in cash helped relative performance. The fund's biggest individual relative contributor was an overweight in Hess, which gained 43% the past 12 months. Also boosting value was our outsized stake in Meta Platforms, which gained 18%, and an overweight in Steel Dynamics, which rose 23%. Hess, Meta Platforms and Steel Dynamics were among the fund's biggest holdings this period. Notable changes in positioning include significantly reduced exposure to the energy sector and higher allocations to information technology and industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| Microsoft Corp. | 7.6 | |
| Meta Platforms, Inc. Class A | 4.1 | |
| Marriott International, Inc. Class A | 3.4 | |
| Alphabet, Inc. Class C | 3.2 | |
| Uber Technologies, Inc. | 3.0 | |
| UnitedHealth Group, Inc. | 2.8 | |
| NVIDIA Corp. | 2.7 | |
| Amazon.com, Inc. | 2.7 | |
| Netflix, Inc. | 2.5 | |
| Barrick Gold Corp. | 2.4 | |
| | 34.4 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 23.7 | |
| Consumer Discretionary | 16.2 | |
| Communication Services | 13.6 | |
| Health Care | 12.3 | |
| Financials | 8.9 | |
| Industrials | 8.0 | |
| Materials | 6.2 | |
| Energy | 4.9 | |
| Consumer Staples | 2.4 | |
| Real Estate | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 97.5% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 13.5% | | | |
| Entertainment - 4.7% | | | |
| Endeavor Group Holdings, Inc. (a) | | 31,228 | 805,058 |
| Netflix, Inc. (a) | | 7,153 | 2,359,989 |
| Sea Ltd. ADR (a) | | 15,049 | 1,146,282 |
| Spotify Technology SA (a) | | 898 | 119,973 |
| | | | 4,431,302 |
| Interactive Media & Services - 7.8% | | | |
| Alphabet, Inc. Class C (a) | | 27,472 | 2,973,020 |
| Meta Platforms, Inc. Class A (a) | | 15,733 | 3,780,955 |
| VerticalScope Holdings, Inc. (a) | | 7,292 | 18,676 |
| Zoominfo Technologies, Inc. (a) | | 22,404 | 490,872 |
| | | | 7,263,523 |
| Media - 1.0% | | | |
| Comcast Corp. Class A | | 11,150 | 461,276 |
| S4 Capital PLC (a) | | 1,787 | 3,283 |
| The Trade Desk, Inc. (a) | | 7,981 | 513,498 |
| | | | 978,057 |
TOTAL COMMUNICATION SERVICES | | | 12,672,882 |
| CONSUMER DISCRETIONARY - 16.2% | | | |
| Automobiles - 0.4% | | | |
| Rivian Automotive, Inc. (a) | | 1,109 | 14,217 |
| Tesla, Inc. (a) | | 2,019 | 331,742 |
| | | | 345,959 |
| Broadline Retail - 3.1% | | | |
| Amazon.com, Inc. (a) | | 23,505 | 2,478,602 |
| Global-e Online Ltd. (a) | | 14,100 | 393,108 |
| | | | 2,871,710 |
| Hotels, Restaurants & Leisure - 5.4% | | | |
| Airbnb, Inc. Class A (a) | | 12,334 | 1,476,010 |
| Draftkings Holdings, Inc. | | 9,914 | 217,216 |
| Dutch Bros, Inc. (a)(b) | | 300 | 9,345 |
| Marriott International, Inc. Class A | | 18,933 | 3,206,114 |
| Monarch Casino & Resort, Inc. | | 724 | 50,217 |
| Penn Entertainment, Inc. (a) | | 3,300 | 98,307 |
| | | | 5,057,209 |
| Household Durables - 0.5% | | | |
| D.R. Horton, Inc. | | 3,600 | 395,352 |
| Garmin Ltd. | | 756 | 74,217 |
| | | | 469,569 |
| Specialty Retail - 2.0% | | | |
| Aritzia, Inc. (a) | | 31,917 | 1,014,390 |
| Auto1 Group SE (a)(c) | | 4,871 | 38,280 |
| Farfetch Ltd. Class A (a) | | 7,984 | 32,176 |
| Industria de Diseno Textil SA | | 16,312 | 560,076 |
| Revolve Group, Inc. (a)(b) | | 7,800 | 161,070 |
| thredUP, Inc. (a) | | 400 | 1,056 |
| Wayfair LLC Class A (a) | | 2,097 | 73,039 |
| | | | 1,880,087 |
| Textiles, Apparel & Luxury Goods - 4.8% | | | |
| Brunello Cucinelli SpA | | 3,512 | 335,518 |
| Capri Holdings Ltd. (a) | | 10,761 | 446,582 |
| LVMH Moet Hennessy Louis Vuitton SE | | 1,298 | 1,248,522 |
| Moncler SpA | | 9,182 | 679,501 |
| On Holding AG (a) | | 300 | 9,735 |
| Prada SpA | | 108,538 | 799,131 |
| Ralph Lauren Corp. | | 8,669 | 995,115 |
| | | | 4,514,104 |
TOTAL CONSUMER DISCRETIONARY | | | 15,138,638 |
| CONSUMER STAPLES - 2.4% | | | |
| Beverages - 1.8% | | | |
| Boston Beer Co., Inc. Class A (a) | | 600 | 190,506 |
| Monster Beverage Corp. | | 26,724 | 1,496,544 |
| | | | 1,687,050 |
| Personal Care Products - 0.6% | | | |
| Estee Lauder Companies, Inc. Class A | | 2,089 | 515,398 |
| The Beauty Health Co. (a)(b) | | 3,600 | 41,256 |
| | | | 556,654 |
TOTAL CONSUMER STAPLES | | | 2,243,704 |
| ENERGY - 4.9% | | | |
| Oil, Gas & Consumable Fuels - 4.9% | | | |
| Devon Energy Corp. | | 2,021 | 107,982 |
| Hess Corp. | | 13,315 | 1,931,474 |
| Reliance Industries Ltd. | | 10,760 | 319,879 |
| Tourmaline Oil Corp. | | 49,569 | 2,227,010 |
| | | | 4,586,345 |
| FINANCIALS - 8.9% | | | |
| Banks - 0.5% | | | |
| Pinnacle Financial Partners, Inc. | | 5,665 | 307,213 |
| Starling Bank Ltd. Series D (a)(d)(e) | | 44,800 | 170,033 |
| | | | 477,246 |
| Capital Markets - 4.0% | | | |
| Antin Infrastructure Partners SA | | 962 | 16,218 |
| Ares Management Corp. | | 7,477 | 654,910 |
| BlackRock, Inc. Class A | | 3,304 | 2,217,645 |
| EQT AB | | 2,811 | 60,249 |
| Intercontinental Exchange, Inc. | | 5,091 | 554,563 |
| Morningstar, Inc. | | 1,074 | 191,505 |
| | | | 3,695,090 |
| Consumer Finance - 0.0% | | | |
| NerdWallet, Inc. (a) | | 400 | 5,428 |
| Upstart Holdings, Inc. (a)(b) | | 1,650 | 22,935 |
| | | | 28,363 |
| Financial Services - 2.8% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 3,521 | 1,156,825 |
| Block, Inc. Class A (a) | | 15,520 | 943,461 |
| Nuvei Corp. (Canada) (a)(c) | | 1,390 | 56,447 |
| Remitly Global, Inc. (a) | | 200 | 3,360 |
| Toast, Inc. (a) | | 24,188 | 440,222 |
| | | | 2,600,315 |
| Insurance - 1.6% | | | |
| American Financial Group, Inc. | | 11,035 | 1,354,326 |
| Arthur J. Gallagher & Co. | | 635 | 132,118 |
| | | | 1,486,444 |
TOTAL FINANCIALS | | | 8,287,458 |
| HEALTH CARE - 12.3% | | | |
| Biotechnology - 3.5% | | | |
| Argenx SE ADR (a) | | 2,405 | 932,851 |
| Blueprint Medicines Corp. (a) | | 872 | 44,516 |
| Celldex Therapeutics, Inc. (a) | | 5,436 | 170,908 |
| Prelude Therapeutics, Inc. (a) | | 300 | 1,938 |
| Regeneron Pharmaceuticals, Inc. (a) | | 2,324 | 1,863,360 |
| TG Therapeutics, Inc. (a) | | 9,875 | 245,196 |
| | | | 3,258,769 |
| Health Care Equipment & Supplies - 2.9% | | | |
| Inspire Medical Systems, Inc. (a) | | 2,631 | 704,135 |
| Masimo Corp. (a) | | 5,077 | 960,264 |
| Penumbra, Inc. (a) | | 3,645 | 1,035,617 |
| | | | 2,700,016 |
| Health Care Providers & Services - 3.6% | | | |
| Guardant Health, Inc. (a) | | 2,678 | 60,416 |
| Oak Street Health, Inc. (a) | | 18,548 | 722,816 |
| The Joint Corp. (a) | | 1,173 | 18,522 |
| UnitedHealth Group, Inc. | | 5,292 | 2,604,140 |
| | | | 3,405,894 |
| Health Care Technology - 0.4% | | | |
| Doximity, Inc. (a)(b) | | 1,932 | 71,001 |
| Evolent Health, Inc. (d) | | 7,850 | 271,528 |
| | | | 342,529 |
| Life Sciences Tools & Services - 1.7% | | | |
| Bio-Rad Laboratories, Inc. Class A (a) | | 733 | 330,429 |
| Bruker Corp. | | 4,388 | 347,222 |
| Danaher Corp. | | 3,922 | 929,161 |
| Stevanato Group SpA | | 1,249 | 33,111 |
| | | | 1,639,923 |
| Pharmaceuticals - 0.2% | | | |
| Ventyx Biosciences, Inc. (a) | | 4,324 | 162,582 |
TOTAL HEALTH CARE | | | 11,509,713 |
| INDUSTRIALS - 8.0% | | | |
| Aerospace & Defense - 0.4% | | | |
| HEICO Corp. Class A | | 2,738 | 367,522 |
| Commercial Services & Supplies - 3.3% | | | |
| Cintas Corp. | | 2,204 | 1,004,517 |
| GFL Environmental, Inc. | | 12,822 | 465,439 |
| Rollins, Inc. | | 34,134 | 1,442,162 |
| Waste Connections, Inc. (United States) | | 824 | 114,660 |
| | | | 3,026,778 |
| Construction & Engineering - 0.0% | | | |
| Bowman Consulting Group Ltd. (a) | | 333 | 9,923 |
| Electrical Equipment - 0.0% | | | |
| Nextracker, Inc. Class A | | 400 | 12,596 |
| Ground Transportation - 3.0% | | | |
| Uber Technologies, Inc. (a) | | 89,826 | 2,789,097 |
| Professional Services - 1.3% | | | |
| TDCX, Inc. ADR (a) | | 300 | 2,109 |
| Thomson Reuters Corp. | | 9,413 | 1,237,790 |
| | | | 1,239,899 |
TOTAL INDUSTRIALS | | | 7,445,815 |
| INFORMATION TECHNOLOGY - 23.5% | | | |
| Communications Equipment - 0.3% | | | |
| Arista Networks, Inc. (a) | | 1,689 | 270,510 |
| Electronic Equipment, Instruments & Components - 0.0% | | | |
| Vontier Corp. | | 1,083 | 29,382 |
| IT Services - 2.5% | | | |
| CGI, Inc. Class A (sub. vtg.) (a) | | 890 | 90,330 |
| Cloudflare, Inc. (a) | | 6,095 | 286,770 |
| Globant SA (a) | | 4,300 | 674,541 |
| MongoDB, Inc. Class A (a) | | 2,235 | 536,311 |
| Shopify, Inc. Class A (a) | | 14,693 | 711,876 |
| | | | 2,299,828 |
| Semiconductors & Semiconductor Equipment - 4.9% | | | |
| Analog Devices, Inc. | | 11,476 | 2,064,303 |
| NVIDIA Corp. | | 9,218 | 2,557,903 |
| | | | 4,622,206 |
| Software - 15.8% | | | |
| Adobe, Inc. (a) | | 3,731 | 1,408,676 |
| BlackLine, Inc. (a) | | 6,322 | 352,199 |
| Dynatrace, Inc. (a) | | 16,353 | 691,405 |
| Fortinet, Inc. (a) | | 3,933 | 247,976 |
| HashiCorp, Inc. (a) | | 200 | 5,362 |
| Intuit, Inc. | | 1,223 | 542,951 |
| Microsoft Corp. | | 23,019 | 7,072,811 |
| Momentive Global, Inc. (a) | | 3,844 | 36,095 |
| nCino, Inc. (a) | | 84 | 2,077 |
| Paycom Software, Inc. (a) | | 3,109 | 902,760 |
| Salesforce, Inc. (a) | | 4,924 | 976,774 |
| Samsara, Inc. (a)(b) | | 800 | 14,440 |
| Synopsys, Inc. (a) | | 1,096 | 406,967 |
| Tenable Holdings, Inc. (a) | | 3,593 | 132,905 |
| Workday, Inc. Class A (a) | | 9,989 | 1,859,352 |
| Zscaler, Inc. (a) | | 1,454 | 131,005 |
| | | | 14,783,755 |
TOTAL INFORMATION TECHNOLOGY | | | 22,005,681 |
| MATERIALS - 6.2% | | | |
| Chemicals - 0.4% | | | |
| Westlake Corp. | | 2,984 | 339,520 |
| Metals & Mining - 5.8% | | | |
| ArcelorMittal SA sponsored GDR (depository receipt) Class A | | 11,200 | 318,864 |
| Barrick Gold Corp. | | 118,413 | 2,254,584 |
| First Quantum Minerals Ltd. | | 28,978 | 704,104 |
| Steel Dynamics, Inc. | | 21,204 | 2,204,156 |
| | | | 5,481,708 |
TOTAL MATERIALS | | | 5,821,228 |
| REAL ESTATE - 1.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.6% | | | |
| Equity Residential (SBI) | | 11,360 | 718,520 |
| Public Storage | | 2,629 | 775,108 |
| | | | 1,493,628 |
| TOTAL COMMON STOCKS (Cost $76,552,466) | | | 91,205,092 |
| | | | |
| Convertible Preferred Stocks - 0.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(d)(e) | | 638 | 126,962 |
| Reddit, Inc. Series E (a)(d)(e) | | 200 | 7,278 |
| | | | 134,240 |
| INFORMATION TECHNOLOGY - 0.2% | | | |
| IT Services - 0.2% | | | |
| Yanka Industries, Inc.: | | | |
| Series E (a)(d)(e) | | 2,484 | 20,568 |
| Series F (a)(d)(e) | | 12,743 | 105,512 |
| | | | 126,080 |
| Software - 0.0% | | | |
| Evozyne LLC Series A (a)(d)(e) | | 1,000 | 16,690 |
TOTAL INFORMATION TECHNOLOGY | | | 142,770 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $537,084) | | | 277,010 |
| | | | |
| Money Market Funds - 2.7% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.88% (f) | | 2,147,497 | 2,147,926 |
| Fidelity Securities Lending Cash Central Fund 4.88% (f)(g) | | 320,368 | 320,400 |
| TOTAL MONEY MARKET FUNDS (Cost $2,468,326) | | | 2,468,326 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $79,557,876) | 93,950,428 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (435,644) |
| NET ASSETS - 100.0% | 93,514,784 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | 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 $94,727 or 0.1% of net assets. |
| (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 $718,571 or 0.8% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| ByteDance Ltd. Series E1 | 11/18/20 | 69,908 |
| | | |
| Evolent Health, Inc. | 3/28/23 | 227,650 |
| | | |
| Evozyne LLC Series A | 4/09/21 | 22,470 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 8,495 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 85,152 |
| | | |
| Yanka Industries, Inc. Series E | 5/15/20 | 30,005 |
| | | |
| Yanka Industries, Inc. Series F | 4/08/21 | 406,206 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 7,486,787 | 33,753,617 | 39,092,478 | 86,822 | - | - | 2,147,926 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 2,063,628 | 14,125,651 | 15,868,879 | 26,389 | - | - | 320,400 | 0.0% |
| Total | 9,550,415 | 47,879,268 | 54,961,357 | 113,211 | - | - | 2,468,326 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 12,807,122 | 12,672,882 | - | 134,240 |
Consumer Discretionary | 15,138,638 | 13,090,985 | 2,047,653 | - |
Consumer Staples | 2,243,704 | 2,243,704 | - | - |
Energy | 4,586,345 | 4,266,466 | 319,879 | - |
Financials | 8,287,458 | 8,117,425 | - | 170,033 |
Health Care | 11,509,713 | 11,238,185 | 271,528 | - |
Industrials | 7,445,815 | 7,445,815 | - | - |
Information Technology | 22,148,451 | 22,005,681 | - | 142,770 |
Materials | 5,821,228 | 5,821,228 | - | - |
Real Estate | 1,493,628 | 1,493,628 | - | - |
|
| Money Market Funds | 2,468,326 | 2,468,326 | - | - |
| Total Investments in Securities: | 93,950,428 | 90,864,325 | 2,639,060 | 447,043 |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $310,045) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $77,089,550) | $ | 91,482,102 | | |
Fidelity Central Funds (cost $2,468,326) | | 2,468,326 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $79,557,876) | | | $ | 93,950,428 |
| Receivable for investments sold | | | | 320,452 |
| Receivable for fund shares sold | | | | 258,017 |
| Dividends receivable | | | | 11,530 |
| Distributions receivable from Fidelity Central Funds | | | | 14,413 |
| Prepaid expenses | | | | 38 |
Total assets | | | | 94,554,878 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 528,739 | | |
| Payable for fund shares redeemed | | 89,379 | | |
| Accrued management fee | | 40,224 | | |
| Distribution and service plan fees payable | | 7,552 | | |
| Other affiliated payables | | 18,423 | | |
| Other payables and accrued expenses | | 35,377 | | |
| Collateral on securities loaned | | 320,400 | | |
| Total Liabilities | | | | 1,040,094 |
| Net Assets | | | $ | 93,514,784 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 83,228,022 |
| Total accumulated earnings (loss) | | | | 10,286,762 |
| Net Assets | | | $ | 93,514,784 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($13,883,656 ÷ 921,282 shares) (a) | | | $ | 15.07 |
| Maximum offering price per share (100/94.25 of $15.07) | | | $ | 15.99 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($8,353,641 ÷ 557,921 shares) (a) | | | $ | 14.97 |
| Maximum offering price per share (100/96.50 of $14.97) | | | $ | 15.51 |
| Class C : | | | | |
Net Asset Value and offering price per share ($1,613,065 ÷ 109,292 shares) (a) | | | $ | 14.76 |
| Fidelity Founders Fund : | | | | |
Net Asset Value , offering price and redemption price per share ($62,600,686 ÷ 4,128,660 shares) | | | $ | 15.16 |
| Class I : | | | | |
Net Asset Value , offering price and redemption price per share ($2,898,814 ÷ 191,246 shares) | | | $ | 15.16 |
| Class Z : | | | | |
Net Asset Value , offering price and redemption price per share ($4,164,922 ÷ 273,765 shares) | | | $ | 15.21 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| Statement of Operations |
| | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 1,415,167 |
| Income from Fidelity Central Funds (including $26,389 from security lending) | | | | 113,211 |
| Total Income | | | | 1,528,378 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 490,849 | | |
| Performance adjustment | | 42,163 | | |
| Transfer agent fees | | 187,575 | | |
| Distribution and service plan fees | | 83,755 | | |
| Accounting fees | | 33,293 | | |
| Custodian fees and expenses | | 6,230 | | |
| Independent trustees' fees and expenses | | 476 | | |
| Registration fees | | 84,940 | | |
| Audit | | 42,481 | | |
| Legal | | 1,227 | | |
| Miscellaneous | | 500 | | |
| Total expenses before reductions | | 973,489 | | |
| Expense reductions | | (68,315) | | |
| Total expenses after reductions | | | | 905,174 |
| Net Investment income (loss) | | | | 623,204 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (3,920,653) | | |
| Foreign currency transactions | | (3,462) | | |
| Total net realized gain (loss) | | | | (3,924,115) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,444) | | (384,582) | | |
| Assets and liabilities in foreign currencies | | 32 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (384,550) |
| Net gain (loss) | | | | (4,308,665) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (3,685,461) |
| Statement of Changes in Net Assets |
| |
| | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 623,204 | $ | 277,310 |
| Net realized gain (loss) | | (3,924,115) | | 4,996,988 |
| Change in net unrealized appreciation (depreciation) | | (384,550) | | (18,472,780) |
| Net increase (decrease) in net assets resulting from operations | | (3,685,461) | | (13,198,482) |
| Distributions to shareholders | | (2,274,733) | | (8,615,166) |
| Share transactions - net increase (decrease) | | (11,151,975) | | (8,024,643) |
| Total increase (decrease) in net assets | | (17,112,169) | | (29,838,291) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 110,626,953 | | 140,465,244 |
| End of period | $ | 93,514,784 | $ | 110,626,953 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity Advisor® Founders Fund Class A |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.71 | $ | 18.71 | $ | 11.85 | $ | 10.85 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .07 | | - D,E | | (.14) | | (.05) F | | (.02) |
| Net realized and unrealized gain (loss) | | (.38) | | (1.88) | | 7.00 | | 1.05 | | .87 |
| Total from investment operations | | (.31) | | (1.88) | | 6.86 | | 1.00 | | .85 |
| Distributions from net investment income | | (.07) | | (.02) | | - | | - E | | - |
| Distributions from net realized gain | | (.26) | | (1.11) | | - | | - | | - |
| Total distributions | | (.33) | | (1.12) G | | - | | - E | | - |
| Net asset value, end of period | $ | 15.07 | $ | 15.71 | $ | 18.71 | $ | 11.85 | $ | 10.85 |
Total Return H,I,J | | (1.90)% | | (10.74)% | | 57.89% | | 9.25% | | 8.50% |
Ratios to Average Net Assets C,K,L | | | | | | | | | | |
| Expenses before reductions | | 1.24% | | 1.17% | | 1.25% | | 2.05% | | 4.81% M |
| Expenses net of fee waivers, if any | | 1.15% | | 1.15% | | 1.25% | | 1.25% | | 1.25% M |
| Expenses net of all reductions | | 1.15% | | 1.15% | | 1.24% | | 1.25% | | 1.25% M |
| Net investment income (loss) | | .49% | | -% D,N | | (.83)% | | (.47)% F | | (.74)% M |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 13,884 | $ | 11,013 | $ | 11,606 | $ | 1,310 | $ | 220 |
Portfolio turnover rate O | | 51% | | 47% | | 57% | | 82% | | 4% P |
A For the period February 14, 2019 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.19)%.
E Amount represents less than $.005 per share.
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.70)%.
G Total distributions per share do not sum due to rounding.
H Total returns for periods of less than one year are not annualized.
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
J Total returns do not include the effect of the sales charges.
K 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.
L 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.
M Annualized.
N Amount represents less than .005%.
O Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
P Amount not annualized.
| Fidelity Advisor® Founders Fund Class M |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.62 | $ | 18.62 | $ | 11.82 | $ | 10.85 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | (.04) D | | (.17) | | (.08) E | | (.02) |
| Net realized and unrealized gain (loss) | | (.38) | | (1.87) | | 6.97 | | 1.05 | | .87 |
| Total from investment operations | | (.35) | | (1.91) | | 6.80 | | .97 | | .85 |
| Distributions from net investment income | | (.04) | | - | | - | | - | | - |
| Distributions from net realized gain | | (.26) | | (1.09) | | - | | - | | - |
| Total distributions | | (.30) | | (1.09) | | - | | - | | - |
| Net asset value, end of period | $ | 14.97 | $ | 15.62 | $ | 18.62 | $ | 11.82 | $ | 10.85 |
Total Return F,G,H | | (2.20)% | | (10.93)% | | 57.53% | | 8.94% | | 8.50% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | |
| Expenses before reductions | | 1.44% | | 1.39% | | 1.46% | | 2.14% | | 5.05% K |
| Expenses net of fee waivers, if any | | 1.40% | | 1.38% | | 1.46% | | 1.50% | | 1.50% K |
| Expenses net of all reductions | | 1.40% | | 1.38% | | 1.45% | | 1.50% | | 1.50% K |
| Net investment income (loss) | | .24% | | (.24)% D | | (1.04)% | | (.72)% E | | (.99)% K |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 8,354 | $ | 8,562 | $ | 7,357 | $ | 695 | $ | 205 |
Portfolio turnover rate L | | 51% | | 47% | | 57% | | 82% | | 4% M |
A For the period February 14, 2019 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.42)%.
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95)%.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I 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.
J 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.
K Annualized.
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Amount not annualized.
| Fidelity Advisor® Founders Fund Class C |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.43 | $ | 18.41 | $ | 11.75 | $ | 10.84 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | (.04) | | (.14) D | | (.26) | | (.13) E | | (.03) |
| Net realized and unrealized gain (loss) | | (.37) | | (1.84) | | 6.92 | | 1.04 | | .87 |
| Total from investment operations | | (.41) | | (1.98) | | 6.66 | | .91 | | .84 |
| Distributions from net realized gain | | (.26) | | (1.00) | | - | | - | | - |
| Total distributions | | (.26) | | (1.00) | | - | | - | | - |
| Net asset value, end of period | $ | 14.76 | $ | 15.43 | $ | 18.41 | $ | 11.75 | $ | 10.84 |
Total Return F,G,H | | (2.67)% | | (11.40)% | | 56.68% | | 8.39% | | 8.40% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | |
| Expenses before reductions | | 2.01% | | 1.99% | | 2.04% | | 2.64% | | 5.67% K |
| Expenses net of fee waivers, if any | | 1.90% | | 1.91% | | 2.00% | | 2.00% | | 2.00% K |
| Expenses net of all reductions | | 1.90% | | 1.91% | | 1.99% | | 2.00% | | 2.00% K |
| Net investment income (loss) | | (.26)% | | (.76)% D | | (1.58)% | | (1.22)% E | | (1.49)% K |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,613 | $ | 1,717 | $ | 2,035 | $ | 335 | $ | 173 |
Portfolio turnover rate L | | 51% | | 47% | | 57% | | 82% | | 4% M |
A For the period February 14, 2019 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95)%.
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.45)%.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I 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.
J 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.
K Annualized.
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Amount not annualized.
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.79 | $ | 18.80 | $ | 11.88 | $ | 10.86 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .11 | | .05 D | | (.09) | | (.02) E | | (.01) |
| Net realized and unrealized gain (loss) | | (.39) | | (1.89) | | 7.01 | | 1.05 | | .87 |
| Total from investment operations | | (.28) | | (1.84) | | 6.92 | | 1.03 | | .86 |
| Distributions from net investment income | | (.09) | | (.04) | | - | | (.01) | | - |
| Distributions from net realized gain | | (.26) | | (1.13) | | - | | - | | - |
| Total distributions | | (.35) | | (1.17) | | - | | (.01) | | - |
| Net asset value, end of period | $ | 15.16 | $ | 15.79 | $ | 18.80 | $ | 11.88 | $ | 10.86 |
Total Return F,G | | (1.69)% | | (10.48)% | | 58.25% | | 9.49% | | 8.60% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | |
| Expenses before reductions | | .98% | | .90% | | .97% | | 1.70% | | 3.49% J |
| Expenses net of fee waivers, if any | | .90% | | .90% | | .97% | | 1.00% | | 1.00% J |
| Expenses net of all reductions | | .90% | | .90% | | .97% | | 1.00% | | 1.00% J |
| Net investment income (loss) | | .74% | | .25% D | | (.56)% | | (.22)% E | | (.48)% J |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 62,601 | $ | 69,885 | $ | 96,052 | $ | 22,724 | $ | 10,595 |
Portfolio turnover rate K | | 51% | | 47% | | 57% | | 82% | | 4% L |
A For the period February 14, 2019 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .06%.
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45)%.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H 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.
I 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Amount not annualized.
| Fidelity Advisor® Founders Fund Class I |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.79 | $ | 18.81 | $ | 11.88 | $ | 10.86 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .11 | | .06 D | | (.08) | | (.02) E | | (.01) |
| Net realized and unrealized gain (loss) | | (.39) | | (1.89) | | 7.01 | | 1.05 | | .87 |
| Total from investment operations | | (.28) | | (1.83) | | 6.93 | | 1.03 | | .86 |
| Distributions from net investment income | | (.10) | | (.05) | | - | | (.01) | | - |
| Distributions from net realized gain | | (.26) | | (1.14) | | - | | - | | - |
| Total distributions | | (.35) F | | (1.19) | | - | | (.01) | | - |
| Net asset value, end of period | $ | 15.16 | $ | 15.79 | $ | 18.81 | $ | 11.88 | $ | 10.86 |
Total Return G,H | | (1.64)% | | (10.45)% | | 58.33% | | 9.49% | | 8.60% |
Ratios to Average Net Assets C,I,J | | | | | | | | | | |
| Expenses before reductions | | .88% | | .85% | | .93% | | 1.63% | | 4.10% K |
| Expenses net of fee waivers, if any | | .88% | | .85% | | .93% | | 1.00% | | 1.00% K |
| Expenses net of all reductions | | .88% | | .85% | | .92% | | 1.00% | | 1.00% K |
| Net investment income (loss) | | .76% | | .30% D | | (.51)% | | (.22)% E | | (.48)% K |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,899 | $ | 1,263 | $ | 1,449 | $ | 467 | $ | 831 |
Portfolio turnover rate L | | 51% | | 47% | | 57% | | 82% | | 4% M |
A For the period February 14, 2019 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45)%.
F Total distributions per share do not sum due to rounding.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I 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.
J 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.
K Annualized.
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Amount not annualized.
| Fidelity Advisor® Founders Fund Class Z |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.83 | $ | 18.86 | $ | 11.90 | $ | 10.86 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .13 | | .07 D | | (.07) | | (.01) E | | (.01) |
| Net realized and unrealized gain (loss) | | (.39) | | (1.89) | | 7.03 | | 1.06 | | .87 |
| Total from investment operations | | (.26) | | (1.82) | | 6.96 | | 1.05 | | .86 |
| Distributions from net investment income | | (.10) | | (.06) | | - | | (.01) | | - |
| Distributions from net realized gain | | (.26) | | (1.15) | | - | | - | | - |
| Total distributions | | (.36) | | (1.21) | | - | | (.01) | | - |
| Net asset value, end of period | $ | 15.21 | $ | 15.83 | $ | 18.86 | $ | 11.90 | $ | 10.86 |
Total Return F,G | | (1.55)% | | (10.37)% | | 58.49% | | 9.67% | | 8.60% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | |
| Expenses before reductions | | .78% | | .76% | | .83% | | 1.51% | | 3.18% J |
| Expenses net of fee waivers, if any | | .75% | | .75% | | .83% | | .85% | | .85% J |
| Expenses net of all reductions | | .75% | | .75% | | .82% | | .85% | | .85% J |
| Net investment income (loss) | | .89% | | .40% D | | (.41)% | | (.07)% E | | (.34)% J |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 4,165 | $ | 18,186 | $ | 21,966 | $ | 6,839 | $ | 5,745 |
Portfolio turnover rate K | | 51% | | 47% | | 57% | | 82% | | 4% L |
A For the period February 14, 2019 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.30)%.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H 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.
I 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Amount not annualized.
For the period ended April 30, 2023
1. Organization.
Fidelity Founders Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Founders Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $20,609,813 |
| Gross unrealized depreciation | (7,514,510) |
| Net unrealized appreciation (depreciation) | $13,095,303 |
| Tax Cost | $80,855,125 |
The tax-based components of distributable earnings as of period end were as follows:
| Capital loss carryforward | $(2,794,236) |
| Net unrealized appreciation (depreciation) on securities and other investments | $13,095,273 |
| |
The Fund intends to elect to defer to its next fiscal year $14,276 of ordinary losses recognized during the period January 1, 2023 to April 30, 2023 .
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| Short-term | $(2,794,236) |
| Total capital loss carryforward | $(2,794,236) |
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $509,253 | $ 2,186,710 |
| Long-term Capital Gains | 1,765,480 | 6,428,456 |
| Total | $2,274,733 | $ 8,615,166 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Founders Fund | 46,563,717 | 54,040,422 |
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 +/- .10% 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 the Fidelity Founders Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .57% 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.
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% | $28,142 | $1,085 |
| Class M | .25% | .25% | 40,014 | 69 |
| Class C | .75% | .25% | 15,599 | 3,446 |
| | | | $83,755 | $4,600 |
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 | $9,433 |
| Class M | 2,577 |
Class C A | 232 |
| | $12,242 |
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 |
| Class A | $25,597 | .23 |
| Class M | 15,100 | .19 |
| Class C | 4,097 | .26 |
| Fidelity Founders Fund | 136,409 | .22 |
| Class I | 2,442 | .14 |
| Class Z | 3,930 | .04 |
| | $187,575 | |
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 annual rates:
| | % of Average Net Assets |
| Fidelity Founders Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Founders Fund | $970 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Founders Fund | 3,304,339 | 4,045,765 | 241,645 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Founders Fund | $179 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Founders Fund | $2,800 | $- A | $- |
A Amount represents less than $0.50.
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2024. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Class A | 1.15% | $9,620 |
| Class M | 1.40% | 3,136 |
| Class C | 1.90% | 1,767 |
| Fidelity Founders Fund | .90% | 47,207 |
| Class Z | .75% | 2,565 |
| | | $64,295 |
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 $152.
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 $3,868.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended April 30, 2023 | Year ended April 30, 2022 |
| Fidelity Founders Fund | | |
| Distributions to shareholders | | |
| Class A | $235,249 | $747,250 |
| Class M | 166,118 | 497,267 |
| Class C | 28,666 | 115,574 |
| Fidelity Founders Fund | 1,504,822 | 5,710,291 |
| Class I | 34,844 | 89,527 |
| Class Z | 305,034 | 1,455,257 |
| Total | $2,274,733 | $8,615,166 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended April 30, 2023 | Year ended April 30, 2022 | Year ended April 30, 2023 | Year ended April 30, 2022 |
| Fidelity Founders Fund | | | | |
| Class A | | | | |
| Shares sold | 327,212 | 253,025 | $4,701,902 | $4,618,532 |
| Reinvestment of distributions | 16,132 | 41,460 | 234,268 | 746,922 |
| Shares redeemed | (123,004) | (213,864) | (1,780,393) | (3,766,580) |
| Net increase (decrease) | 220,340 | 80,621 | $3,155,777 | $1,598,874 |
| Class M | | | | |
| Shares sold | 148,983 | 249,831 | $2,165,205 | $4,479,685 |
| Reinvestment of distributions | 11,220 | 27,246 | 163,460 | 488,766 |
| Shares redeemed | (150,485) | (123,968) | (2,119,047) | (2,186,221) |
| Net increase (decrease) | 9,718 | 153,109 | $209,618 | $2,782,230 |
| Class C | | | | |
| Shares sold | 42,163 | 55,381 | $600,290 | $1,001,107 |
| Reinvestment of distributions | 1,956 | 6,500 | 28,488 | 115,574 |
| Shares redeemed | (46,117) | (61,140) | (640,847) | (1,097,217) |
| Net increase (decrease) | (1,998) | 741 | $(12,069) | $19,464 |
| Fidelity Founders Fund | | | | |
| Shares sold | 822,803 | 990,019 | $11,999,078 | $17,980,786 |
| Reinvestment of distributions | 96,400 | 300,918 | 1,407,429 | 5,438,232 |
| Shares redeemed | (1,216,913) | (1,972,420) | (17,564,962) | (35,706,413) |
| Net increase (decrease) | (297,710) | (681,483) | $(4,158,455) | $(12,287,395) |
| Class I | | | | |
| Shares sold | 154,835 | 30,672 | $2,270,763 | $574,317 |
| Reinvestment of distributions | 2,412 | 4,742 | 34,844 | 85,719 |
| Shares redeemed | (46,030) | (32,428) | (659,817) | (603,024) |
| Net increase (decrease) | 111,217 | 2,986 | $1,645,790 | $57,012 |
| Class Z | | | | |
| Shares sold | 64,002 | 266,682 | $959,742 | $4,985,303 |
| Reinvestment of distributions | 19,927 | 78,451 | 295,980 | 1,422,488 |
| Shares redeemed | (958,761) | (360,989) | (13,248,358) | (6,602,619) |
| Net increase (decrease) | (874,832) | (15,856) | $(11,992,636) | $(194,828) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Founders Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Founders Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the "Fund") as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 and for the period February 14, 2019 (commencement of operations) through April 30, 2019 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2023 and the financial highlights for each of the four years in the period ended April 30, 2023 and for the period February 14, 2019 (commencement of operations) through April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| Fidelity® Founders Fund | | | | | | | | | | |
| Class A | | | | 1.15% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,076.80 | | $ 5.92 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,019.09 | | $ 5.76 |
| Class M | | | | 1.40% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,075.00 | | $ 7.20 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,017.85 | | $ 7.00 |
| Class C | | | | 1.90% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,072.70 | | $ 9.76 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,015.37 | | $ 9.49 |
| Fidelity® Founders Fund | | | | .90% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,077.80 | | $ 4.64 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.33 | | $ 4.51 |
| Class I | | | | .88% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,077.60 | | $ 4.53 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.43 | | $ 4.41 |
| Class Z | | | | .75% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,078.40 | | $ 3.86 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.08 | | $ 3.76 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
Class A, Class M, Retail Class, Class I and Class Z designate 100% of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Class A, Class M , Retail Class, Class I and Class Z designate 100% of dividends distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9892518.104
RFFF-ANN-0623
Fidelity® Small Cap Stock K6 Fund
Annual Report
April 30, 2023
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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Life of Fund A |
| Fidelity® Small Cap Stock K6 Fund | -2.39% | 5.15% | 6.15% |
A From May 25, 2017
| $10,000 Over Life of Fund |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock K6 Fund, on May 25, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Marc Grow:
For the fiscal year ending April 30, 2023, the fund returned -2.39%, outperforming the -3.65% result of the benchmark Russell 2000 ® Index. The primary contributors to performance versus the benchmark were security selection and an overweight in the consumer discretionary sector. Also boosting performance were stock picks and outsized exposure to industrials, especially within the capital goods industry. Investment choices and an underweight among information technology companies proved beneficial as well. The biggest individual relative contributor was an overweight position in TransMedics (+274%). Consequently, we reduced our position in the stock the past 12 months. Also helping performance was a larger-than-benchmark stake in StoneX, which gained 44% and was our largest holding on April 30. The fund's non-benchmark exposure to Grand Canyon Education, a holding we established this period, gained roughly 35% and was another key relative contributor. Conversely, the primary detractor from performance versus the benchmark was our stock picking in the health care sector. Security selection in energy and real estate also pressured relative performance. Our largest individual relative detractor was an out-of-benchmark investment in Syneos Health (-48%). An overweight in Owens and Minor (-56%) hurt as well. The fund's non-benchmark investment in Concentrix, one of our largest holdings this period, returned -38% and further detracted. Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to energy stocks.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| LGI Homes, Inc. | 2.8 | |
| Grand Canyon Education, Inc. | 2.5 | |
| Performance Food Group Co. | 2.5 | |
| Boston Beer Co., Inc. Class A | 2.1 | |
| Murphy U.S.A., Inc. | 2.1 | |
| Selective Insurance Group, Inc. | 2.0 | |
| StoneX Group, Inc. | 1.8 | |
| Helen of Troy Ltd. | 1.8 | |
| Terreno Realty Corp. | 1.8 | |
| Chemed Corp. | 1.7 | |
| | 21.1 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 19.9 | |
| Consumer Discretionary | 15.4 | |
| Health Care | 15.1 | |
| Financials | 14.6 | |
| Information Technology | 9.0 | |
| Consumer Staples | 6.2 | |
| Energy | 5.7 | |
| Real Estate | 4.7 | |
| Materials | 3.9 | |
| Communication Services | 2.5 | |
| Utilities | 1.9 | |
| Investment Companies | 0.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 2.5% | | | |
| Media - 2.5% | | | |
| Nexstar Broadcasting Group, Inc. Class A | | 4,306 | 746,876 |
| TechTarget, Inc. (a) | | 9,708 | 330,946 |
| Thryv Holdings, Inc. (a) | | 23,459 | 526,889 |
| | | | 1,604,711 |
| CONSUMER DISCRETIONARY - 15.4% | | | |
| Automobile Components - 0.7% | | | |
| Fox Factory Holding Corp. (a) | | 2,694 | 298,684 |
| Patrick Industries, Inc. | | 1,956 | 134,240 |
| | | | 432,924 |
| Diversified Consumer Services - 2.5% | | | |
| Grand Canyon Education, Inc. (a) | | 13,469 | 1,598,770 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| Churchill Downs, Inc. | | 1,555 | 454,884 |
| Planet Fitness, Inc. (a) | | 9,167 | 762,144 |
| | | | 1,217,028 |
| Household Durables - 6.4% | | | |
| Cavco Industries, Inc. (a) | | 1,351 | 405,597 |
| Helen of Troy Ltd. (a)(b) | | 11,502 | 1,154,111 |
| LGI Homes, Inc. (a) | | 15,067 | 1,789,961 |
| Tempur Sealy International, Inc. | | 14,007 | 524,842 |
| Traeger, Inc. (a)(b) | | 80,701 | 245,331 |
| | | | 4,119,842 |
| Leisure Products - 1.0% | | | |
| YETI Holdings, Inc. (a) | | 17,154 | 676,725 |
| Specialty Retail - 2.4% | | | |
| America's Car Mart, Inc. (a) | | 2,300 | 184,897 |
| Murphy U.S.A., Inc. | | 4,914 | 1,352,480 |
| | | | 1,537,377 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| Wolverine World Wide, Inc. | | 18,868 | 315,850 |
TOTAL CONSUMER DISCRETIONARY | | | 9,898,516 |
| CONSUMER STAPLES - 6.2% | | | |
| Beverages - 2.1% | | | |
| Boston Beer Co., Inc. Class A (a) | | 4,297 | 1,364,340 |
| Consumer Staples Distribution & Retail - 2.5% | | | |
| Performance Food Group Co. (a) | | 25,459 | 1,596,025 |
| Food Products - 1.6% | | | |
| Lassonde Industries, Inc. Class A (sub. vtg.) | | 700 | 50,121 |
| Nomad Foods Ltd. (a) | | 52,322 | 983,654 |
| | | | 1,033,775 |
TOTAL CONSUMER STAPLES | | | 3,994,140 |
| ENERGY - 5.7% | | | |
| Energy Equipment & Services - 0.9% | | | |
| Liberty Oilfield Services, Inc. Class A | | 47,165 | 604,184 |
| Oil, Gas & Consumable Fuels - 4.8% | | | |
| Antero Resources Corp. (a) | | 41,951 | 964,453 |
| Northern Oil & Gas, Inc. | | 22,105 | 733,223 |
| PDC Energy, Inc. | | 11,587 | 753,734 |
| Sitio Royalties Corp. | | 24,133 | 612,737 |
| | | | 3,064,147 |
TOTAL ENERGY | | | 3,668,331 |
| FINANCIALS - 14.6% | | | |
| Banks - 3.6% | | | |
| Cadence Bank | | 38,016 | 768,684 |
| Independent Bank Group, Inc. | | 15,453 | 562,180 |
| Metropolitan Bank Holding Corp. (a) | | 14,656 | 470,311 |
| Synovus Financial Corp. | | 8,100 | 249,480 |
| Zions Bancorp NA | | 8,700 | 242,382 |
| | | | 2,293,037 |
| Capital Markets - 3.8% | | | |
| Bridge Investment Group Holdings, Inc. (b) | | 38,555 | 385,164 |
| LPL Financial | | 1,102 | 230,142 |
| P10, Inc. | | 65,618 | 677,834 |
| StoneX Group, Inc. (a) | | 12,076 | 1,184,293 |
| | | | 2,477,433 |
| Consumer Finance - 1.5% | | | |
| Encore Capital Group, Inc. (a) | | 18,862 | 969,130 |
| Financial Services - 2.2% | | | |
| Enact Holdings, Inc. | | 25,257 | 609,704 |
| Walker & Dunlop, Inc. | | 11,731 | 789,614 |
| | | | 1,399,318 |
| Insurance - 3.5% | | | |
| First American Financial Corp. | | 17,105 | 985,419 |
| Selective Insurance Group, Inc. | | 13,015 | 1,253,735 |
| | | | 2,239,154 |
TOTAL FINANCIALS | | | 9,378,072 |
| HEALTH CARE - 15.1% | | | |
| Biotechnology - 3.4% | | | |
| ALX Oncology Holdings, Inc. (a) | | 18,175 | 107,960 |
| Arcellx, Inc. (a) | | 3,700 | 157,916 |
| Biohaven Ltd. | | 8,300 | 108,564 |
| Blueprint Medicines Corp. (a) | | 3,927 | 200,473 |
| Cytokinetics, Inc. (a) | | 4,983 | 186,364 |
| Day One Biopharmaceuticals, Inc. (a) | | 7,387 | 91,599 |
| Karuna Therapeutics, Inc. (a) | | 708 | 140,496 |
| Keros Therapeutics, Inc. (a) | | 3,619 | 160,521 |
| Prothena Corp. PLC (a) | | 2,500 | 131,550 |
| PTC Therapeutics, Inc. (a) | | 3,300 | 181,962 |
| Vaxcyte, Inc. (a) | | 4,798 | 205,498 |
| Viking Therapeutics, Inc. (a) | | 7,200 | 153,432 |
| Xenon Pharmaceuticals, Inc. (a) | | 4,586 | 184,724 |
| Zentalis Pharmaceuticals, Inc. (a) | | 7,658 | 168,706 |
| | | | 2,179,765 |
| Health Care Equipment & Supplies - 2.6% | | | |
| Envista Holdings Corp. (a) | | 12,053 | 463,920 |
| Neogen Corp. (a)(b) | | 22,315 | 384,264 |
| Tandem Diabetes Care, Inc. (a) | | 9,145 | 361,959 |
| TransMedics Group, Inc. (a) | | 5,993 | 474,046 |
| | | | 1,684,189 |
| Health Care Providers & Services - 5.4% | | | |
| Acadia Healthcare Co., Inc. (a) | | 3,356 | 242,605 |
| AdaptHealth Corp. (a) | | 36,325 | 431,541 |
| agilon health, Inc. (a) | | 14,085 | 341,843 |
| Chemed Corp. | | 2,018 | 1,112,423 |
| Option Care Health, Inc. (a) | | 10,400 | 334,360 |
| Owens & Minor, Inc. (a) | | 49,847 | 774,622 |
| R1 Rcm, Inc. | | 16,880 | 263,159 |
| | | | 3,500,553 |
| Health Care Technology - 1.6% | | | |
| Evolent Health, Inc. (a)(b) | | 19,902 | 724,632 |
| Phreesia, Inc. (a) | | 9,701 | 306,940 |
| | | | 1,031,572 |
| Life Sciences Tools & Services - 0.8% | | | |
| Syneos Health, Inc. (a) | | 12,793 | 502,253 |
| Pharmaceuticals - 1.3% | | | |
| Axsome Therapeutics, Inc. (a)(b) | | 2,300 | 164,519 |
| Edgewise Therapeutics, Inc. (a) | | 11,488 | 100,750 |
| Ikena Oncology, Inc. (a) | | 21,123 | 115,754 |
| Intra-Cellular Therapies, Inc. (a) | | 2,681 | 166,624 |
| Ventyx Biosciences, Inc. (a) | | 4,568 | 171,757 |
| Verona Pharma PLC ADR (a) | | 4,900 | 102,655 |
| | | | 822,059 |
TOTAL HEALTH CARE | | | 9,720,391 |
| INDUSTRIALS - 19.9% | | | |
| Aerospace & Defense - 1.6% | | | |
| Cadre Holdings, Inc. | | 15,023 | 316,384 |
| Leonardo DRS, Inc. (a)(b) | | 47,777 | 719,044 |
| | | | 1,035,428 |
| Air Freight & Logistics - 1.0% | | | |
| Forward Air Corp. | | 5,983 | 631,266 |
| Building Products - 2.9% | | | |
| Builders FirstSource, Inc. (a) | | 4,035 | 382,397 |
| CSW Industrials, Inc. | | 3,593 | 483,869 |
| Hayward Holdings, Inc. (a)(b) | | 80,257 | 966,294 |
| | | | 1,832,560 |
| Construction & Engineering - 3.9% | | | |
| Bowman Consulting Group Ltd. (a) | | 5,699 | 169,830 |
| EMCOR Group, Inc. | | 3,824 | 653,904 |
| Granite Construction, Inc. | | 16,873 | 643,367 |
| Willscot Mobile Mini Holdings (a) | | 23,259 | 1,055,959 |
| | | | 2,523,060 |
| Electrical Equipment - 2.1% | | | |
| Atkore, Inc. (a) | | 3,938 | 497,488 |
| Vertiv Holdings Co. | | 58,140 | 867,449 |
| | | | 1,364,937 |
| Machinery - 0.3% | | | |
| Beijer Alma AB (B Shares) | | 7,383 | 167,746 |
| Professional Services - 6.7% | | | |
| CACI International, Inc. Class A (a) | | 3,488 | 1,092,860 |
| Concentrix Corp. | | 11,094 | 1,070,682 |
| ExlService Holdings, Inc. (a) | | 4,641 | 827,862 |
| Kforce, Inc. | | 14,489 | 856,879 |
| Maximus, Inc. | | 5,755 | 481,406 |
| | | | 4,329,689 |
| Trading Companies & Distributors - 1.4% | | | |
| Alligo AB (B Shares) | | 19,697 | 219,729 |
| Beacon Roofing Supply, Inc. (a) | | 3,294 | 198,233 |
| Custom Truck One Source, Inc. Class A (a) | | 72,382 | 454,559 |
| | | | 872,521 |
TOTAL INDUSTRIALS | | | 12,757,207 |
| INFORMATION TECHNOLOGY - 9.0% | | | |
| Electronic Equipment, Instruments & Components - 2.4% | | | |
| Insight Enterprises, Inc. (a) | | 7,822 | 946,071 |
| Mirion Technologies, Inc. Class A (a)(b) | | 72,451 | 586,853 |
| | | | 1,532,924 |
| IT Services - 0.5% | | | |
| Endava PLC ADR (a) | | 5,400 | 310,878 |
| Semiconductors & Semiconductor Equipment - 2.2% | | | |
| MaxLinear, Inc. Class A (a) | | 8,274 | 199,652 |
| Onto Innovation, Inc. (a) | | 11,776 | 953,620 |
| Silicon Motion Tech Corp. sponsored ADR | | 4,446 | 282,943 |
| | | | 1,436,215 |
| Software - 2.7% | | | |
| Elastic NV (a) | | 4,174 | 238,962 |
| Five9, Inc. (a) | | 12,479 | 809,138 |
| GitLab, Inc. (a)(b) | | 5,385 | 163,489 |
| Intapp, Inc. (a) | | 13,586 | 547,788 |
| | | | 1,759,377 |
| Technology Hardware, Storage & Peripherals - 1.2% | | | |
| Avid Technology, Inc. (a) | | 25,664 | 757,345 |
TOTAL INFORMATION TECHNOLOGY | | | 5,796,739 |
| MATERIALS - 3.9% | | | |
| Chemicals - 2.5% | | | |
| Cabot Corp. | | 7,413 | 531,957 |
| Tronox Holdings PLC | | 33,017 | 452,003 |
| Valvoline, Inc. | | 17,689 | 611,155 |
| | | | 1,595,115 |
| Metals & Mining - 1.4% | | | |
| Commercial Metals Co. | | 10,765 | 502,618 |
| Gatos Silver, Inc. (a) | | 71,864 | 429,028 |
| | | | 931,646 |
TOTAL MATERIALS | | | 2,526,761 |
| REAL ESTATE - 4.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 2.6% | | | |
| Sunstone Hotel Investors, Inc. | | 52,844 | 503,603 |
| Terreno Realty Corp. | | 18,477 | 1,137,998 |
| | | | 1,641,601 |
| Real Estate Management & Development - 2.1% | | | |
| Cushman & Wakefield PLC (a) | | 102,001 | 1,004,710 |
| Jones Lang LaSalle, Inc. (a) | | 2,504 | 348,156 |
| | | | 1,352,866 |
TOTAL REAL ESTATE | | | 2,994,467 |
| UTILITIES - 1.9% | | | |
| Gas Utilities - 0.8% | | | |
| Brookfield Infrastructure Corp. A Shares | | 11,469 | 488,579 |
| Independent Power and Renewable Electricity Producers - 1.1% | | | |
| NextEra Energy Partners LP | | 12,392 | 712,664 |
TOTAL UTILITIES | | | 1,201,243 |
| TOTAL COMMON STOCKS (Cost $61,180,421) | | | 63,540,578 |
| | | | |
| Money Market Funds - 8.1% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.88% (c) | | 849,730 | 849,900 |
| Fidelity Securities Lending Cash Central Fund 4.88% (c)(d) | | 4,328,257 | 4,328,689 |
| TOTAL MONEY MARKET FUNDS (Cost $5,178,589) | | | 5,178,589 |
| | | | |
| Equity Funds - 0.7% |
| | | Shares | Value ($) |
| Small Blend Funds - 0.7% | | | |
iShares Russell 2000 Index ETF (Cost $472,671) | | 2,700 | 473,040 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 107.7% (Cost $66,831,681) | 69,192,207 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (4,934,998) |
| NET ASSETS - 100.0% | 64,257,209 |
| | |
Security Type Abbreviations
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 1,365,902 | 26,526,524 | 27,042,526 | 26,052 | - | - | 849,900 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 4,816,739 | 34,344,114 | 34,832,164 | 6,453 | - | - | 4,328,689 | 0.0% |
| Total | 6,182,641 | 60,870,638 | 61,874,690 | 32,505 | - | - | 5,178,589 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, 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 | 1,604,711 | 1,604,711 | - | - |
Consumer Discretionary | 9,898,516 | 9,898,516 | - | - |
Consumer Staples | 3,994,140 | 3,994,140 | - | - |
Energy | 3,668,331 | 3,668,331 | - | - |
Financials | 9,378,072 | 9,378,072 | - | - |
Health Care | 9,720,391 | 9,720,391 | - | - |
Industrials | 12,757,207 | 12,757,207 | - | - |
Information Technology | 5,796,739 | 5,796,739 | - | - |
Materials | 2,526,761 | 2,526,761 | - | - |
Real Estate | 2,994,467 | 2,994,467 | - | - |
Utilities | 1,201,243 | 1,201,243 | - | - |
|
| Money Market Funds | 5,178,589 | 5,178,589 | - | - |
|
| Equity Funds | 473,040 | 473,040 | - | - |
| Total Investments in Securities: | 69,192,207 | 69,192,207 | - | - |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $4,276,141) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $61,653,092) | $ | 64,013,618 | | |
Fidelity Central Funds (cost $5,178,589) | | 5,178,589 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $66,831,681) | | | $ | 69,192,207 |
| Cash | | | | 16,376 |
| Receivable for investments sold | | | | 161,789 |
| Receivable for fund shares sold | | | | 18,224 |
| Dividends receivable | | | | 11,647 |
| Distributions receivable from Fidelity Central Funds | | | | 3,313 |
Total assets | | | | 69,403,556 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 784,256 | | |
| Payable for fund shares redeemed | | 1,427 | | |
| Accrued management fee | | 32,164 | | |
| Collateral on securities loaned | | 4,328,500 | | |
| Total Liabilities | | | | 5,146,347 |
| Net Assets | | | $ | 64,257,209 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 65,650,544 |
| Total accumulated earnings (loss) | | | | (1,393,335) |
| Net Assets | | | $ | 64,257,209 |
Net Asset Value , offering price and redemption price per share ($64,257,209 ÷ 6,589,421 shares) | | | $ | 9.75 |
| Statement of Operations |
| | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 421,101 |
| Income from Fidelity Central Funds (including $6,453 from security lending) | | | | 32,505 |
| Total Income | | | | 453,606 |
| Expenses | | | | |
| Management fee | $ | 359,453 | | |
| Independent trustees' fees and expenses | | 290 | | |
| Total expenses before reductions | | 359,743 | | |
| Expense reductions | | (102) | | |
| Total expenses after reductions | | | | 359,641 |
| Net Investment income (loss) | | | | 93,965 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 7,448 | | |
| Foreign currency transactions | | (58) | | |
| Total net realized gain (loss) | | | | 7,390 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (1,428,265) | | |
| Assets and liabilities in foreign currencies | | 216 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (1,428,049) |
| Net gain (loss) | | | | (1,420,659) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (1,326,694) |
| Statement of Changes in Net Assets |
| |
| | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 93,965 | $ | 247,836 |
| Net realized gain (loss) | | 7,390 | | 10,714,178 |
| Change in net unrealized appreciation (depreciation) | | (1,428,049) | | (18,596,073) |
| Net increase (decrease) in net assets resulting from operations | | (1,326,694) | | (7,634,059) |
| Distributions to shareholders | | (4,797,169) | | (15,496,196) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 19,624,087 | | 9,809,243 |
| Reinvestment of distributions | | 4,797,169 | | 15,496,196 |
| Cost of shares redeemed | | (11,212,740) | | (20,874,801) |
Net increase (decrease) in net assets resulting from share transactions | | 13,208,516 | | 4,430,638 |
| Total increase (decrease) in net assets | | 7,084,653 | | (18,699,617) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 57,172,556 | | 75,872,173 |
| End of period | $ | 64,257,209 | $ | 57,172,556 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,032,499 | | 815,455 |
| Issued in reinvestment of distributions | | 493,536 | | 1,146,262 |
| Redeemed | | (1,162,566) | | (1,596,861) |
| Net increase (decrease) | | 1,363,469 | | 364,856 |
| | | | | |
Financial Highlights
| Fidelity® Small Cap Stock K6 Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.94 | $ | 15.61 | $ | 9.24 | $ | 11.16 | $ | 11.02 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | .05 | | .03 | | .06 | | .08 C |
| Net realized and unrealized gain (loss) | | (.28) | | (1.54) | | 6.38 | | (1.88) | | .57 |
| Total from investment operations | | (.26) | | (1.49) | | 6.41 | | (1.82) | | .65 |
| Distributions from net investment income | | - | | (.06) | | (.04) | | (.10) | | (.05) |
| Distributions from net realized gain | | (.93) | | (3.13) | | - | | - | | (.46) |
| Total distributions | | (.93) | | (3.18) D | | (.04) | | (.10) | | (.51) |
| Net asset value, end of period | $ | 9.75 | $ | 10.94 | $ | 15.61 | $ | 9.24 | $ | 11.16 |
Total Return E | | (2.39)% | | (12.54)% | | 69.44% | | (16.50)% | | 6.43% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .60% | | .60% | | .60% | | .60% | | .60% |
| Expenses net of fee waivers, if any | | .60% | | .60% | | .60% | | .60% | | .60% |
| Expenses net of all reductions | | .60% | | .60% | | .56% | | .60% | | .59% |
| Net investment income (loss) | | .16% | | .35% | | .27% | | .58% | | .71% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 64,257 | $ | 57,173 | $ | 75,872 | $ | 72,029 | $ | 88,686 |
Portfolio turnover rate H | | 78% I | | 148% I | | 136% I | | 73% I | | 75% I |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .47%.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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.
For the period ended April 30, 2023
1. Organization.
Fidelity Small Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
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, capital loss carryforwards, 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 | $8,727,712 |
| Gross unrealized depreciation | (7,109,695) |
| Net unrealized appreciation (depreciation) | $1,618,017 |
| Tax Cost | $67,574,190 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $12,943 |
| Capital loss carryforward | $(3,023,736) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,617,456 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $- | $ 6,279,827 |
| Long-term Capital Gains | 4,797,169 | 9,216,369 |
| Total | $4,797,169 | $15,496,196 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Small Cap Stock K6 Fund | 53,405,453 | 46,215,824 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) | |
| Fidelity Small Cap Stock K6 Fund | 281,051 | 2,609,414 | |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) | |
| Fidelity Small Cap Stock K6 Fund | 261,037 | 3,033,247 | |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Small Cap Stock K6 Fund | $ 1,516 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Small Cap Stock K6 Fund | 2,653,427 | 2,232,656 | 194,009 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Small Cap Stock K6 Fund | $634 | $ 40 | $- |
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 $102.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Small Cap Stock K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Stock K6 Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Small Cap Stock K6 Fund | | | | .60% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,000.00 | | $ 2.98 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.82 | | $ 3.01 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883975.105
SLCXK6-ANN-0623
Fidelity® Small Cap Stock Fund
Annual Report
April 30, 2023
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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Small Cap Stock Fund | -3.33% | 4.54% | 7.63% |
| $10,000 Over 10 Years |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock Fund on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Marc Grow:
For the fiscal year ending April 30, 2023, the fund returned -3.33%, outperforming the -3.65% result of the benchmark Russell 2000 ® Index. The primary contributors to performance versus the benchmark were security selection and an overweight in the consumer discretionary sector. Also boosting performance were stock picks and outsized exposure to industrials, along with investment choices and an underweight among information technology companies. The biggest individual relative contributor was an overweight position in StoneX (+44%), the fund's largest holding on April 30. Also lifting performance was a larger-than-benchmark stake in TransMedics, which gained about 276%. Consequently, we reduced our position in the stock the past 12 months. The fund's non-benchmark exposure to Grand Canyon Education, a holding we established this period, gained roughly 35% and was another key relative contributor. Conversely, the primary detractor from performance versus the benchmark was our stock picking in the health care sector. Security selection in energy and real estate also hindered the fund's relative result. Our biggest individual relative detractor was an out-of-benchmark stake in Syneos Health (-48%). An overweight in Owens and Minor (-56%) hurt as well. The fund's non-benchmark investment in Concentrix, one of our largest holdings this period, returned -38% and further detracted. Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to energy stocks.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| LGI Homes, Inc. | 2.8 | |
| Grand Canyon Education, Inc. | 2.5 | |
| Performance Food Group Co. | 2.5 | |
| Boston Beer Co., Inc. Class A | 2.1 | |
| Murphy U.S.A., Inc. | 2.1 | |
| Selective Insurance Group, Inc. | 2.0 | |
| StoneX Group, Inc. | 1.8 | |
| Helen of Troy Ltd. | 1.8 | |
| Terreno Realty Corp. | 1.7 | |
| Chemed Corp. | 1.7 | |
| | 21.0 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 19.9 | |
| Consumer Discretionary | 15.3 | |
| Health Care | 14.9 | |
| Financials | 14.6 | |
| Information Technology | 9.0 | |
| Consumer Staples | 6.2 | |
| Energy | 5.7 | |
| Real Estate | 4.6 | |
| Materials | 3.9 | |
| Communication Services | 2.6 | |
| Utilities | 1.9 | |
| Investment Companies | 0.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Showing Percentage of Net Assets
| Common Stocks - 98.6% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 2.6% | | | |
| Media - 2.6% | | | |
| Nexstar Broadcasting Group, Inc. Class A | | 78,307 | 13,582 |
| TechTarget, Inc. (a) | | 175,733 | 5,991 |
| Thryv Holdings, Inc. (a)(b) | | 498,641 | 11,199 |
| | | | 30,772 |
| CONSUMER DISCRETIONARY - 15.3% | | | |
| Automobile Components - 0.6% | | | |
| Fox Factory Holding Corp. (a) | | 49,618 | 5,501 |
| Patrick Industries, Inc. | | 33,962 | 2,331 |
| | | | 7,832 |
| Diversified Consumer Services - 2.5% | | | |
| Grand Canyon Education, Inc. (a) | | 243,958 | 28,958 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| Churchill Downs, Inc. | | 27,905 | 8,163 |
| Planet Fitness, Inc. (a) | | 165,661 | 13,773 |
| | | | 21,936 |
| Household Durables - 6.4% | | | |
| Cavco Industries, Inc. (a) | | 24,349 | 7,310 |
| Helen of Troy Ltd. (a)(b) | | 209,337 | 21,005 |
| LGI Homes, Inc. (a) | | 272,844 | 32,413 |
| Tempur Sealy International, Inc. | | 253,789 | 9,509 |
| Traeger, Inc. (a)(b) | | 1,448,181 | 4,402 |
| | | | 74,639 |
| Leisure Products - 1.0% | | | |
| YETI Holdings, Inc. (a) | | 311,379 | 12,284 |
| Specialty Retail - 2.4% | | | |
| America's Car Mart, Inc. (a) | | 42,200 | 3,392 |
| Murphy U.S.A., Inc. | | 89,020 | 24,501 |
| | | | 27,893 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| Wolverine World Wide, Inc. | | 343,192 | 5,745 |
TOTAL CONSUMER DISCRETIONARY | | | 179,287 |
| CONSUMER STAPLES - 6.2% | | | |
| Beverages - 2.1% | | | |
| Boston Beer Co., Inc. Class A (a) | | 77,874 | 24,726 |
| Consumer Staples Distribution & Retail - 2.5% | | | |
| Performance Food Group Co. (a) | | 460,383 | 28,861 |
| Food Products - 1.6% | | | |
| Lassonde Industries, Inc. Class A (sub. vtg.) | | 10,300 | 738 |
| Nomad Foods Ltd. (a) | | 945,422 | 17,774 |
| | | | 18,512 |
TOTAL CONSUMER STAPLES | | | 72,099 |
| ENERGY - 5.7% | | | |
| Energy Equipment & Services - 0.9% | | | |
| Liberty Oilfield Services, Inc. Class A | | 853,147 | 10,929 |
| Oil, Gas & Consumable Fuels - 4.8% | | | |
| Antero Resources Corp. (a) | | 762,718 | 17,535 |
| Northern Oil & Gas, Inc. (b) | | 399,512 | 13,252 |
| PDC Energy, Inc. | | 209,506 | 13,628 |
| Sitio Royalties Corp. | | 433,091 | 10,996 |
| | | | 55,411 |
TOTAL ENERGY | | | 66,340 |
| FINANCIALS - 14.6% | | | |
| Banks - 3.6% | | | |
| Cadence Bank | | 682,613 | 13,802 |
| Independent Bank Group, Inc. | | 281,291 | 10,233 |
| Metropolitan Bank Holding Corp. (a) | | 265,111 | 8,507 |
| Synovus Financial Corp. | | 147,400 | 4,540 |
| Zions Bancorp NA | | 160,500 | 4,472 |
| | | | 41,554 |
| Capital Markets - 3.8% | | | |
| Bridge Investment Group Holdings, Inc. | | 702,939 | 7,022 |
| LPL Financial | | 20,338 | 4,247 |
| P10, Inc. | | 1,183,755 | 12,228 |
| StoneX Group, Inc. (a) | | 218,265 | 21,405 |
| | | | 44,902 |
| Consumer Finance - 1.5% | | | |
| Encore Capital Group, Inc. (a)(b) | | 341,943 | 17,569 |
| Financial Services - 2.2% | | | |
| Enact Holdings, Inc. | | 456,032 | 11,009 |
| Walker & Dunlop, Inc. | | 210,839 | 14,192 |
| | | | 25,201 |
| Insurance - 3.5% | | | |
| First American Financial Corp. | | 311,064 | 17,920 |
| Selective Insurance Group, Inc. | | 236,788 | 22,810 |
| | | | 40,730 |
TOTAL FINANCIALS | | | 169,956 |
| HEALTH CARE - 14.9% | | | |
| Biotechnology - 3.3% | | | |
| ALX Oncology Holdings, Inc. (a) | | 340,925 | 2,025 |
| Arcellx, Inc. (a) | | 67,200 | 2,868 |
| Biohaven Ltd. | | 150,900 | 1,974 |
| Blueprint Medicines Corp. (a) | | 71,508 | 3,650 |
| Cytokinetics, Inc. (a) | | 88,825 | 3,322 |
| Day One Biopharmaceuticals, Inc. (a) | | 138,413 | 1,716 |
| Karuna Therapeutics, Inc. (a) | | 13,205 | 2,620 |
| Keros Therapeutics, Inc. (a) | | 63,242 | 2,805 |
| Prothena Corp. PLC (a) | | 15,582 | 820 |
| PTC Therapeutics, Inc. (a) | | 61,100 | 3,369 |
| Vaxcyte, Inc. (a) | | 83,535 | 3,578 |
| Viking Therapeutics, Inc. (a) | | 131,900 | 2,811 |
| Xenon Pharmaceuticals, Inc. (a) | | 86,105 | 3,468 |
| Zentalis Pharmaceuticals, Inc. (a) | | 145,042 | 3,195 |
| | | | 38,221 |
| Health Care Equipment & Supplies - 2.6% | | | |
| Envista Holdings Corp. (a) | | 218,096 | 8,395 |
| Neogen Corp. (a) | | 409,485 | 7,051 |
| Tandem Diabetes Care, Inc. (a) | | 164,055 | 6,493 |
| TransMedics Group, Inc. (a) | | 107,371 | 8,493 |
| | | | 30,432 |
| Health Care Providers & Services - 5.4% | | | |
| Acadia Healthcare Co., Inc. (a) | | 59,600 | 4,308 |
| AdaptHealth Corp. (a) | | 651,904 | 7,745 |
| agilon health, Inc. (a) | | 251,193 | 6,096 |
| Chemed Corp. | | 36,663 | 20,210 |
| Option Care Health, Inc. (a) | | 189,200 | 6,083 |
| Owens & Minor, Inc. (a) | | 901,773 | 14,014 |
| R1 Rcm, Inc. | | 301,539 | 4,701 |
| | | | 63,157 |
| Health Care Technology - 1.6% | | | |
| Evolent Health, Inc. (a) | | 358,921 | 13,068 |
| Phreesia, Inc. (a) | | 175,596 | 5,556 |
| | | | 18,624 |
| Life Sciences Tools & Services - 0.8% | | | |
| Syneos Health, Inc. (a) | | 230,175 | 9,037 |
| Pharmaceuticals - 1.2% | | | |
| Axsome Therapeutics, Inc. (a)(b) | | 41,800 | 2,990 |
| Edgewise Therapeutics, Inc. (a) | | 217,912 | 1,911 |
| Ikena Oncology, Inc. (a) | | 382,492 | 2,096 |
| Intra-Cellular Therapies, Inc. (a) | | 46,644 | 2,899 |
| Ventyx Biosciences, Inc. (a) | | 81,230 | 3,054 |
| Verona Pharma PLC ADR (a) | | 90,200 | 1,890 |
| | | | 14,840 |
TOTAL HEALTH CARE | | | 174,311 |
| INDUSTRIALS - 19.9% | | | |
| Aerospace & Defense - 1.6% | | | |
| Cadre Holdings, Inc. | | 269,258 | 5,671 |
| Leonardo DRS, Inc. (a)(b) | | 871,346 | 13,114 |
| | | | 18,785 |
| Air Freight & Logistics - 1.0% | | | |
| Forward Air Corp. | | 109,521 | 11,556 |
| Building Products - 2.9% | | | |
| Builders FirstSource, Inc. (a) | | 74,091 | 7,022 |
| CSW Industrials, Inc. | | 64,199 | 8,646 |
| Hayward Holdings, Inc. (a)(b) | | 1,462,267 | 17,606 |
| | | | 33,274 |
| Construction & Engineering - 3.9% | | | |
| Bowman Consulting Group Ltd. (a) | | 106,201 | 3,165 |
| EMCOR Group, Inc. | | 69,455 | 11,877 |
| Granite Construction, Inc. (b) | | 304,665 | 11,617 |
| Willscot Mobile Mini Holdings (a) | | 424,459 | 19,270 |
| | | | 45,929 |
| Electrical Equipment - 2.1% | | | |
| Atkore, Inc. (a) | | 70,883 | 8,955 |
| Vertiv Holdings Co. | | 1,059,436 | 15,807 |
| | | | 24,762 |
| Machinery - 0.3% | | | |
| Beijer Alma AB (B Shares) | | 127,697 | 2,901 |
| Professional Services - 6.7% | | | |
| CACI International, Inc. Class A (a) | | 63,365 | 19,854 |
| Concentrix Corp. | | 204,725 | 19,758 |
| ExlService Holdings, Inc. (a) | | 83,531 | 14,900 |
| Kforce, Inc. | | 261,273 | 15,452 |
| Maximus, Inc. | | 104,897 | 8,775 |
| | | | 78,739 |
| Trading Companies & Distributors - 1.4% | | | |
| Alligo AB (B Shares) | | 360,603 | 4,023 |
| Beacon Roofing Supply, Inc. (a) | | 60,584 | 3,646 |
| Custom Truck One Source, Inc. Class A (a) | | 1,323,944 | 8,314 |
| | | | 15,983 |
TOTAL INDUSTRIALS | | | 231,929 |
| INFORMATION TECHNOLOGY - 9.0% | | | |
| Electronic Equipment, Instruments & Components - 2.4% | | | |
| Insight Enterprises, Inc. (a) | | 141,706 | 17,139 |
| Mirion Technologies, Inc. Class A (a)(b) | | 1,316,896 | 10,667 |
| | | | 27,806 |
| IT Services - 0.5% | | | |
| Endava PLC ADR (a) | | 99,100 | 5,705 |
| Semiconductors & Semiconductor Equipment - 2.2% | | | |
| MaxLinear, Inc. Class A (a) | | 150,789 | 3,639 |
| Onto Innovation, Inc. (a) | | 213,566 | 17,295 |
| Silicon Motion Tech Corp. sponsored ADR | | 81,954 | 5,216 |
| | | | 26,150 |
| Software - 2.7% | | | |
| Elastic NV (a) | | 76,354 | 4,371 |
| Five9, Inc. (a) | | 227,261 | 14,736 |
| GitLab, Inc. (a)(b) | | 98,815 | 3,000 |
| Intapp, Inc. (a) | | 246,508 | 9,939 |
| | | | 32,046 |
| Technology Hardware, Storage & Peripherals - 1.2% | | | |
| Avid Technology, Inc. (a) | | 465,088 | 13,725 |
TOTAL INFORMATION TECHNOLOGY | | | 105,432 |
| MATERIALS - 3.9% | | | |
| Chemicals - 2.5% | | | |
| Cabot Corp. | | 135,683 | 9,737 |
| Tronox Holdings PLC | | 596,443 | 8,165 |
| Valvoline, Inc. | | 320,095 | 11,059 |
| | | | 28,961 |
| Metals & Mining - 1.4% | | | |
| Commercial Metals Co. | | 195,133 | 9,111 |
| Gatos Silver, Inc. (a) | | 1,298,849 | 7,754 |
| | | | 16,865 |
TOTAL MATERIALS | | | 45,826 |
| REAL ESTATE - 4.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 2.5% | | | |
| Sunstone Hotel Investors, Inc. (b) | | 967,948 | 9,225 |
| Terreno Realty Corp. | | 333,264 | 20,526 |
| | | | 29,751 |
| Real Estate Management & Development - 2.1% | | | |
| Cushman & Wakefield PLC (a) | | 1,836,141 | 18,086 |
| Jones Lang LaSalle, Inc. (a) | | 45,642 | 6,346 |
| | | | 24,432 |
TOTAL REAL ESTATE | | | 54,183 |
| UTILITIES - 1.9% | | | |
| Gas Utilities - 0.8% | | | |
| Brookfield Infrastructure Corp. A Shares | | 208,426 | 8,879 |
| Independent Power and Renewable Electricity Producers - 1.1% | | | |
| NextEra Energy Partners LP | | 225,138 | 12,948 |
TOTAL UTILITIES | | | 21,827 |
| TOTAL COMMON STOCKS (Cost $1,119,586) | | | 1,151,962 |
| | | | |
| Money Market Funds - 6.4% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.88% (c) | | 20,245,427 | 20,249 |
| Fidelity Securities Lending Cash Central Fund 4.88% (c)(d) | | 54,259,157 | 54,265 |
| TOTAL MONEY MARKET FUNDS (Cost $74,514) | | | 74,514 |
| | | | |
| Equity Funds - 0.7% |
| | | Shares | Value ($) (000s) |
| Small Blend Funds - 0.7% | | | |
iShares Russell 2000 Index ETF (Cost $8,578) | | 49,000 | 8,585 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 105.7% (Cost $1,202,678) | 1,235,061 |
NET OTHER ASSETS (LIABILITIES) - (5.7)% | (66,615) |
| NET ASSETS - 100.0% | 1,168,446 |
| | |
Security Type Abbreviations
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 25,816 | 337,358 | 342,925 | 520 | - | - | 20,249 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 59,160 | 547,848 | 552,743 | 118 | - | - | 54,265 | 0.2% |
| Total | 84,976 | 885,206 | 895,668 | 638 | - | - | 74,514 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 30,772 | 30,772 | - | - |
Consumer Discretionary | 179,287 | 179,287 | - | - |
Consumer Staples | 72,099 | 72,099 | - | - |
Energy | 66,340 | 66,340 | - | - |
Financials | 169,956 | 169,956 | - | - |
Health Care | 174,311 | 174,311 | - | - |
Industrials | 231,929 | 231,929 | - | - |
Information Technology | 105,432 | 105,432 | - | - |
Materials | 45,826 | 45,826 | - | - |
Real Estate | 54,183 | 54,183 | - | - |
Utilities | 21,827 | 21,827 | - | - |
|
| Money Market Funds | 74,514 | 74,514 | - | - |
|
| Equity Funds | 8,585 | 8,585 | - | - |
| Total Investments in Securities: | 1,235,061 | 1,235,061 | - | - |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amount) | | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $53,766) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,128,164) | $ | 1,160,547 | | |
Fidelity Central Funds (cost $74,514) | | 74,514 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,202,678) | | | $ | 1,235,061 |
| Receivable for investments sold | | | | 3,010 |
| Receivable for fund shares sold | | | | 115 |
| Dividends receivable | | | | 242 |
| Distributions receivable from Fidelity Central Funds | | | | 69 |
Total assets | | | | 1,238,497 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 14,341 | | |
| Payable for fund shares redeemed | | 562 | | |
| Accrued management fee | | 656 | | |
| Other affiliated payables | | 180 | | |
| Other payables and accrued expenses | | 52 | | |
| Collateral on securities loaned | | 54,260 | | |
| Total Liabilities | | | | 70,051 |
| Net Assets | | | $ | 1,168,446 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,230,664 |
| Total accumulated earnings (loss) | | | | (62,218) |
| Net Assets | | | $ | 1,168,446 |
Net Asset Value , offering price and redemption price per share ($1,168,446 ÷ 79,183 shares) | | | $ | 14.76 |
| Statement of Operations |
| Amounts in thousands | | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 8,405 |
| Income from Fidelity Central Funds (including $118 from security lending) | | | | 638 |
| Total Income | | | | 9,043 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 8,175 | | |
| Performance adjustment | | (1,169) | | |
| Transfer agent fees | | 1,863 | | |
| Accounting fees | | 350 | | |
| Custodian fees and expenses | | 27 | | |
| Independent trustees' fees and expenses | | 6 | | |
| Registration fees | | 37 | | |
| Audit | | 62 | | |
| Legal | | 5 | | |
| Interest | | 1 | | |
| Miscellaneous | | 5 | | |
| Total expenses before reductions | | 9,362 | | |
| Expense reductions | | (52) | | |
| Total expenses after reductions | | | | 9,310 |
| Net Investment income (loss) | | | | (267) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (6,107) | | |
| Redemptions in-kind | | 401 | | |
| Foreign currency transactions | | (8) | | |
| Total net realized gain (loss) | | | | (5,714) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (41,257) | | |
| Assets and liabilities in foreign currencies | | 4 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (41,253) |
| Net gain (loss) | | | | (46,967) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (47,234) |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (267) | $ | 1,604 |
| Net realized gain (loss) | | (5,714) | | 196,178 |
| Change in net unrealized appreciation (depreciation) | | (41,253) | | (394,701) |
| Net increase (decrease) in net assets resulting from operations | | (47,234) | | (196,919) |
| Distributions to shareholders | | (85,845) | | (317,546) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 139,727 | | 55,957 |
| Reinvestment of distributions | | 82,717 | | 306,087 |
| Cost of shares redeemed | | (178,581) | | (199,191) |
Net increase (decrease) in net assets resulting from share transactions | | 43,863 | | 162,853 |
| Total increase (decrease) in net assets | | (89,216) | | (351,612) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,257,662 | | 1,609,274 |
| End of period | $ | 1,168,446 | $ | 1,257,662 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 9,124 | | 2,697 |
| Issued in reinvestment of distributions | | 5,578 | | 15,213 |
| Redeemed | | (12,013) | | (9,667) |
| Net increase (decrease) | | 2,689 | | 8,243 |
| | | | | |
Financial Highlights
| Fidelity® Small Cap Stock Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.44 | $ | 23.58 | $ | 14.00 | $ | 16.89 | $ | 19.56 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | - C | | .02 | | (.01) | | .05 | | .12 D |
| Net realized and unrealized gain (loss) | | (.54) | | (2.57) | | 9.59 | | (2.88) | | .90 |
| Total from investment operations | | (.54) | | (2.55) | | 9.58 | | (2.83) | | 1.02 |
| Distributions from net investment income | | - | | (.05) | | - | | (.06) | | (.06) |
| Distributions from net realized gain | | (1.14) | | (4.54) | | - | | - | | (3.64) |
| Total distributions | | (1.14) | | (4.59) | | - | | (.06) | | (3.69) F |
| Net asset value, end of period | $ | 14.76 | $ | 16.44 | $ | 23.58 | $ | 14.00 | $ | 16.89 |
Total Return G | | (3.33)% | | (13.53)% | | 68.43% | | (16.85)% | | 6.66% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | |
| Expenses before reductions | | .77% | | .90% | | .88% | | .91% | | .67% |
| Expenses net of fee waivers, if any | | .77% | | .89% | | .88% | | .91% | | .67% |
| Expenses net of all reductions | | .77% | | .89% | | .86% | | .90% | | .67% |
| Net investment income (loss) | | (.02)% | | .10% | | (.05)% | | .27% | | .66% D |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,168 | $ | 1,258 | $ | 1,609 | $ | 1,097 | $ | 1,515 |
Portfolio turnover rate J | | 74% E | | 135% E | | 123% E | | 65% E | | 66% E |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.
E Portfolio turnover rate excludes securities received or delivered in-kind.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H 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.
I 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.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2023
( Amounts in thousands except percentages)
1. Organization.
Fidelity Small Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $162,339 |
| Gross unrealized depreciation | (141,375) |
| Net unrealized appreciation (depreciation) | $20,964 |
| Tax Cost | $1,214,097 |
The tax-based components of distributable earnings as of period end were as follows:
| Capital loss carryforward | $(81,398) |
| Net unrealized appreciation (depreciation) on securities and other investments | $20,951 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
The Fund intends to elect to defer to its next fiscal year $1,770 of ordinary losses recognized during the period January 1, 2023 to April 30, 2023.
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $- | $ 112,045 |
| Long-term Capital Gains | 85,845 | 205,501 |
| Total | $85,845 | $ 317,546 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Small Cap Stock Fund | 892,749 | 911,871 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
| Fidelity Small Cap Stock Fund | 185 | 401 | 2,609 | |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
| Fidelity Small Cap Stock Fund | 174 | 621 | 3,033 | |
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 .45% 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 Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .58% 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 Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
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 annual rates:
| | % of Average Net Assets |
| Fidelity Small 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 Small Cap Stock Fund | $30 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Small Cap Stock Fund | Borrower | $18,976 | 2.57% | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Small Cap Stock Fund | 47,632 | 51,954 | 7,132 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Small Cap Stock Fund | $2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Small Cap Stock Fund | $12 | $1 | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $49.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Small Cap Stock Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Small Cap Stock Fund | | | | .78% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 996.60 | | $ 3.86 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.93 | | $ 3.91 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.703590.125
SLCX-ANN-0623
Fidelity® Small Cap Discovery Fund
Annual Report
April 30, 2023
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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Small Cap Discovery Fund | -1.82% | 6.76% | 8.05% |
| $10,000 Over 10 Years |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Discovery Fund on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Co-Managers Derek Janssen and Forrest St. Clair:
For the fiscal year ending April 30, 2023, the fund returned -1.82%, outperforming the -3.65% result of the benchmark Russell 2000 ® Index. Versus the benchmark, security selection was the primary contributor, led by the financials sector. Picks among consumer discretionary and communication services stocks also bolstered the fund's relative result. The top individual relative contributor was an out-of-benchmark stake in Tempur Sealy International (+41%), one of our biggest holdings this period. The fund's non-benchmark investment in TFI International, another of our more sizable positions, gained roughly 35% and added further value. Outsized exposure to Insight Enterprises (+22%), one of the fund's biggest holdings, helped as well. Conversely, the primary detractor from performance versus the benchmark was our stock picking in health care. Weak investment choices in real estate also hindered the fund's relative performance. Security selection in industrials also hurt, especially within the commercial & professional services industry. The largest individual relative detractor was an out-of-benchmark stake in Syneos Health (-57%), where we reduced our position this period. An outsized stake in Owens and Minor (-56%) was another noteworthy performance headwind. The fund's non-benchmark position in Concentrix, one of its biggest holdings the past 12 months, returned -38% and also proved detrimental. Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care firms.
Note to shareholders:
On March 1, 2023, Forrest St. Clair assumed co-management responsibilities for the fund, joining Co-Manager Derek Janssen. After 17 years at Fidelity, Derek plans to retire from the firm at the end of 2023, at which time Forrest will assume sole management responsibilities for the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| LGI Homes, Inc. | 3.9 | |
| FirstCash Holdings, Inc. | 3.3 | |
| First American Financial Corp. | 3.1 | |
| Enstar Group Ltd. | 2.9 | |
| Tempur Sealy International, Inc. | 2.9 | |
| Insight Enterprises, Inc. | 2.8 | |
| Performance Food Group Co. | 2.6 | |
| Sitio Royalties Corp. | 2.3 | |
| Jones Lang LaSalle, Inc. | 2.2 | |
| Concentrix Corp. | 2.2 | |
| | 28.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 18.9 | |
| Financials | 18.7 | |
| Consumer Discretionary | 17.4 | |
| Information Technology | 8.9 | |
| Health Care | 7.7 | |
| Materials | 6.2 | |
| Real Estate | 5.5 | |
| Energy | 4.6 | |
| Consumer Staples | 3.5 | |
| Utilities | 1.9 | |
| Communication Services | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 94.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.6% | | | |
| Interactive Media & Services - 1.6% | | | |
| Ziff Davis, Inc. (a) | | 600,000 | 43,884,000 |
| CONSUMER DISCRETIONARY - 17.4% | | | |
| Automobile Components - 3.1% | | | |
| Adient PLC (a) | | 746,600 | 27,579,404 |
| Patrick Industries, Inc. | | 840,900 | 57,710,967 |
| | | | 85,290,371 |
| Diversified Consumer Services - 2.5% | | | |
| Adtalem Global Education, Inc. (a) | | 500,000 | 20,285,000 |
| Laureate Education, Inc. Class A | | 2,419,300 | 29,975,127 |
| OneSpaWorld Holdings Ltd. (a) | | 1,500,000 | 18,000,000 |
| | | | 68,260,127 |
| Household Durables - 8.0% | | | |
| Helen of Troy Ltd. (a)(b) | | 341,900 | 34,306,246 |
| LGI Homes, Inc. (a)(b) | | 900,000 | 106,920,001 |
| Tempur Sealy International, Inc. | | 2,118,200 | 79,368,954 |
| | | | 220,595,201 |
| Specialty Retail - 3.1% | | | |
| America's Car Mart, Inc. (a)(b)(c) | | 318,900 | 25,636,371 |
| Murphy U.S.A., Inc. | | 48,475 | 13,341,774 |
| Upbound Group, Inc. | | 1,175,500 | 31,338,830 |
| Victoria's Secret & Co. (a) | | 520,300 | 16,134,503 |
| | | | 86,451,478 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Crocs, Inc. (a) | | 111,500 | 13,789,205 |
| Wolverine World Wide, Inc. | | 320,936 | 5,372,469 |
| | | | 19,161,674 |
TOTAL CONSUMER DISCRETIONARY | | | 479,758,851 |
| CONSUMER STAPLES - 3.5% | | | |
| Consumer Staples Distribution & Retail - 3.5% | | | |
| Performance Food Group Co. (a) | | 1,125,000 | 70,526,250 |
| Sprouts Farmers Market LLC (a) | | 416,070 | 14,420,986 |
| United Natural Foods, Inc. (a) | | 429,804 | 11,720,755 |
| | | | 96,667,991 |
| ENERGY - 4.6% | | | |
| Energy Equipment & Services - 1.2% | | | |
| ShawCor Ltd. Class A (a)(b)(c) | | 3,696,000 | 33,281,323 |
| Oil, Gas & Consumable Fuels - 3.4% | | | |
| Parkland Corp. (b) | | 1,300,000 | 30,656,530 |
| Sitio Royalties Corp. | | 2,492,600 | 63,287,114 |
| | | | 93,943,644 |
TOTAL ENERGY | | | 127,224,967 |
| FINANCIALS - 18.7% | | | |
| Banks - 4.2% | | | |
| BOK Financial Corp. | | 175,000 | 14,677,250 |
| Cadence Bank | | 1,700,000 | 34,374,000 |
| Cullen/Frost Bankers, Inc. | | 350,000 | 38,587,500 |
| First Hawaiian, Inc. | | 1,500,000 | 28,665,000 |
| | | | 116,303,750 |
| Capital Markets - 1.7% | | | |
| BrightSphere Investment Group, Inc. (b) | | 2,071,692 | 46,778,805 |
| Consumer Finance - 3.3% | | | |
| FirstCash Holdings, Inc. | | 876,200 | 90,274,886 |
| Financial Services - 0.8% | | | |
| Cannae Holdings, Inc. (a) | | 1,200,000 | 21,888,000 |
| Insurance - 8.7% | | | |
| Assurant, Inc. | | 300,000 | 36,939,000 |
| Enstar Group Ltd. (a) | | 333,300 | 80,191,980 |
| First American Financial Corp. | | 1,500,000 | 86,415,000 |
| Primerica, Inc. | | 207,847 | 37,934,156 |
| | | | 241,480,136 |
TOTAL FINANCIALS | | | 516,725,577 |
| HEALTH CARE - 7.7% | | | |
| Biotechnology - 1.3% | | | |
| Blueprint Medicines Corp. (a) | | 261,000 | 13,324,050 |
| Cerevel Therapeutics Holdings (a) | | 493,500 | 14,331,240 |
| Karuna Therapeutics, Inc. (a) | | 100 | 19,844 |
| Keros Therapeutics, Inc. (a) | | 100,000 | 4,435,500 |
| Vaxcyte, Inc. (a) | | 128,700 | 5,512,221 |
| | | | 37,622,855 |
| Health Care Equipment & Supplies - 2.3% | | | |
| Envista Holdings Corp. (a) | | 1,500,000 | 57,735,000 |
| Utah Medical Products, Inc. | | 50,000 | 4,742,000 |
| | | | 62,477,000 |
| Health Care Providers & Services - 2.8% | | | |
| AdaptHealth Corp. (a) | | 1,000,000 | 11,880,000 |
| Owens & Minor, Inc. (a) | | 2,200,000 | 34,188,000 |
| Premier, Inc. | | 800,000 | 26,664,000 |
| R1 Rcm, Inc. | | 269,000 | 4,193,710 |
| | | | 76,925,710 |
| Life Sciences Tools & Services - 0.1% | | | |
| Syneos Health, Inc. (a) | | 48,841 | 1,917,498 |
| Pharmaceuticals - 1.2% | | | |
| Arvinas Holding Co. LLC (a) | | 206,400 | 5,409,744 |
| DICE Therapeutics, Inc. (a) | | 145,400 | 4,725,500 |
| Prestige Brands Holdings, Inc. (a) | | 250,000 | 15,382,500 |
| Ventyx Biosciences, Inc. (a) | | 176,900 | 6,651,440 |
| | | | 32,169,184 |
TOTAL HEALTH CARE | | | 211,112,247 |
| INDUSTRIALS - 18.9% | | | |
| Aerospace & Defense - 0.0% | | | |
| V2X, Inc. (a) | | 17,491 | 755,611 |
| Building Products - 1.3% | | | |
| Armstrong World Industries, Inc. | | 522,400 | 35,867,984 |
| Commercial Services & Supplies - 1.5% | | | |
| The Brink's Co. | | 631,400 | 39,683,490 |
| Construction & Engineering - 0.3% | | | |
| EMCOR Group, Inc. | | 43,783 | 7,486,893 |
| Ground Transportation - 4.5% | | | |
| TFI International, Inc. | | 425,000 | 45,815,000 |
| TFI International, Inc. (Canada) (b) | | 350,000 | 37,721,519 |
| XPO, Inc. (a) | | 931,145 | 41,137,986 |
| | | | 124,674,505 |
| Professional Services - 9.7% | | | |
| ASGN, Inc. (a) | | 600,000 | 42,954,000 |
| Concentrix Corp. | | 640,900 | 61,853,259 |
| Genpact Ltd. | | 1,000,000 | 44,550,000 |
| Insperity, Inc. | | 191,016 | 23,391,819 |
| Kforce, Inc. | | 750,000 | 44,355,000 |
| Maximus, Inc. | | 218,466 | 18,274,681 |
| Persol Holdings Co. Ltd. | | 1,500,000 | 30,929,123 |
| | | | 266,307,882 |
| Trading Companies & Distributors - 1.6% | | | |
| Beacon Roofing Supply, Inc. (a) | | 750,000 | 45,135,000 |
TOTAL INDUSTRIALS | | | 519,911,365 |
| INFORMATION TECHNOLOGY - 8.9% | | | |
| Communications Equipment - 0.4% | | | |
| Lumentum Holdings, Inc. (a) | | 246,272 | 11,882,624 |
| Electronic Equipment, Instruments & Components - 5.4% | | | |
| Coherent Corp. (a)(b) | | 797,100 | 27,212,994 |
| Insight Enterprises, Inc. (a) | | 650,000 | 78,617,500 |
| TD SYNNEX Corp. | | 233,000 | 20,746,320 |
| TTM Technologies, Inc. (a) | | 2,000,000 | 23,620,000 |
| | | | 150,196,814 |
| Semiconductors & Semiconductor Equipment - 3.1% | | | |
| Cirrus Logic, Inc. (a) | | 434,000 | 37,232,860 |
| Ichor Holdings Ltd. (a)(c) | | 1,700,000 | 47,345,000 |
| | | | 84,577,860 |
TOTAL INFORMATION TECHNOLOGY | | | 246,657,298 |
| MATERIALS - 6.2% | | | |
| Chemicals - 2.7% | | | |
| Olin Corp. | | 785,100 | 43,494,540 |
| Valvoline, Inc. | | 911,168 | 31,480,854 |
| | | | 74,975,394 |
| Construction Materials - 1.4% | | | |
| RHI Magnesita NV | | 740,817 | 21,041,092 |
| Wienerberger AG (b) | | 592,100 | 17,811,475 |
| | | | 38,852,567 |
| Containers & Packaging - 0.9% | | | |
| Graphic Packaging Holding Co. | | 1,000,000 | 24,660,000 |
| Metals & Mining - 1.2% | | | |
| Arconic Corp. (a) | | 737,600 | 18,255,600 |
| ERO Copper Corp. (a) | | 750,000 | 14,769,163 |
| | | | 33,024,763 |
TOTAL MATERIALS | | | 171,512,724 |
| REAL ESTATE - 5.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.6% | | | |
| Corporate Office Properties Trust (SBI) | | 500,000 | 11,445,000 |
| Douglas Emmett, Inc. | | 2,500,000 | 32,200,000 |
| | | | 43,645,000 |
| Real Estate Management & Development - 3.9% | | | |
| Cushman & Wakefield PLC (a)(b) | | 4,725,000 | 46,541,250 |
| Jones Lang LaSalle, Inc. (a) | | 450,000 | 62,568,000 |
| | | | 109,109,250 |
TOTAL REAL ESTATE | | | 152,754,250 |
| UTILITIES - 1.9% | | | |
| Gas Utilities - 1.9% | | | |
| Brookfield Infrastructure Corp. A Shares (b) | | 1,200,000 | 51,120,000 |
| TOTAL COMMON STOCKS (Cost $2,291,304,638) | | | 2,617,329,270 |
| | | | |
| Money Market Funds - 12.3% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.88% (d) | | 136,464,514 | 136,491,806 |
| Fidelity Securities Lending Cash Central Fund 4.88% (d)(e) | | 201,056,742 | 201,076,847 |
| TOTAL MONEY MARKET FUNDS (Cost $337,568,653) | | | 337,568,653 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 107.2% (Cost $2,628,873,291) | 2,954,897,923 |
NET OTHER ASSETS (LIABILITIES) - (7.2)% | (197,554,110) |
| NET ASSETS - 100.0% | 2,757,343,813 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 30,509,097 | 736,866,412 | 630,883,703 | 1,434,447 | - | - | 136,491,806 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 72,558,544 | 776,579,692 | 648,061,389 | 116,918 | - | - | 201,076,847 | 0.6% |
| Total | 103,067,641 | 1,513,446,104 | 1,278,945,092 | 1,551,365 | - | - | 337,568,653 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
| America's Car Mart, Inc. | 16,170,000 | 8,508,475 | - | - | - | 957,896 | 25,636,371 |
| Emerald Holding, Inc. | 10,087,500 | - | 12,679,518 | - | (44,801,302) | 47,393,320 | - |
| Ichor Holdings Ltd. | 34,932,000 | 15,164,767 | - | - | - | (2,751,767) | 47,345,000 |
| ShawCor Ltd. Class A | 13,240,961 | 1,301,261 | 34,668 | - | (50,216) | 18,823,985 | 33,281,323 |
| Total | 74,430,461 | 24,974,503 | 12,714,186 | - | (44,851,518) | 64,423,434 | 106,262,694 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, 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 | 43,884,000 | 43,884,000 | - | - |
Consumer Discretionary | 479,758,851 | 479,758,851 | - | - |
Consumer Staples | 96,667,991 | 96,667,991 | - | - |
Energy | 127,224,967 | 127,224,967 | - | - |
Financials | 516,725,577 | 516,725,577 | - | - |
Health Care | 211,112,247 | 211,112,247 | - | - |
Industrials | 519,911,365 | 488,982,242 | 30,929,123 | - |
Information Technology | 246,657,298 | 246,657,298 | - | - |
Materials | 171,512,724 | 171,512,724 | - | - |
Real Estate | 152,754,250 | 152,754,250 | - | - |
Utilities | 51,120,000 | 51,120,000 | - | - |
|
| Money Market Funds | 337,568,653 | 337,568,653 | - | - |
| Total Investments in Securities: | 2,954,897,923 | 2,923,968,800 | 30,929,123 | - |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $200,657,369) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,145,803,312) | $ | 2,511,066,576 | | |
Fidelity Central Funds (cost $337,568,653) | | 337,568,653 | | |
Other affiliated issuers (cost $145,501,326) | | 106,262,694 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,628,873,291) | | | $ | 2,954,897,923 |
| Receivable for investments sold | | | | 30,318,245 |
| Receivable for fund shares sold | | | | 435,772 |
| Dividends receivable | | | | 1,646,735 |
| Distributions receivable from Fidelity Central Funds | | | | 482,704 |
| Prepaid expenses | | | | 1,152 |
Total assets | | | | 2,987,782,531 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 25,392,147 | | |
| Payable for fund shares redeemed | | 1,506,610 | | |
| Accrued management fee | | 2,028,905 | | |
| Other affiliated payables | | 385,827 | | |
| Other payables and accrued expenses | | 51,779 | | |
| Collateral on securities loaned | | 201,073,450 | | |
| Total Liabilities | | | | 230,438,718 |
| Net Assets | | | $ | 2,757,343,813 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,406,863,910 |
| Total accumulated earnings (loss) | | | | 350,479,903 |
| Net Assets | | | $ | 2,757,343,813 |
Net Asset Value , offering price and redemption price per share ($2,757,343,813 ÷ 116,356,996 shares) | | | $ | 23.70 |
| Statement of Operations |
| | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 35,419,765 |
| Interest | | | | 213 |
| Income from Fidelity Central Funds (including $116,918 from security lending) | | | | 1,551,365 |
| Total Income | | | | 36,971,343 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 19,640,132 | | |
| Performance adjustment | | 4,787,926 | | |
| Transfer agent fees | | 4,496,233 | | |
| Accounting fees | | 762,620 | | |
| Custodian fees and expenses | | 39,564 | | |
| Independent trustees' fees and expenses | | 14,518 | | |
| Registration fees | | 40,779 | | |
| Audit | | 55,682 | | |
| Legal | | 2,221 | | |
| Interest | | 4,640 | | |
| Miscellaneous | | 14,099 | | |
| Total expenses before reductions | | 29,858,414 | | |
| Expense reductions | | (117,737) | | |
| Total expenses after reductions | | | | 29,740,677 |
| Net Investment income (loss) | | | | 7,230,666 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 159,965,765 | | |
| Affiliated issuers | | (44,851,518) | | |
| Foreign currency transactions | | (270,903) | | |
| Total net realized gain (loss) | | | | 114,843,344 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (261,117,839) | | |
| Affiliated issuers | | 64,423,434 | | |
| Assets and liabilities in foreign currencies | | 100,355 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (196,594,050) |
| Net gain (loss) | | | | (81,750,706) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (74,520,040) |
| Statement of Changes in Net Assets |
| |
| | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 7,230,666 | $ | 254,569 |
| Net realized gain (loss) | | 114,843,344 | | 346,581,483 |
| Change in net unrealized appreciation (depreciation) | | (196,594,050) | | (453,016,852) |
| Net increase (decrease) in net assets resulting from operations | | (74,520,040) | | (106,180,800) |
| Distributions to shareholders | | (312,093,346) | | (204,471,823) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 297,164,963 | | 626,285,083 |
| Reinvestment of distributions | | 290,979,010 | | 188,581,982 |
| Cost of shares redeemed | | (667,601,847) | | (451,388,087) |
Net increase (decrease) in net assets resulting from share transactions | | (79,457,874) | | 363,478,978 |
| Total increase (decrease) in net assets | | (466,071,260) | | 52,826,355 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,223,415,073 | | 3,170,588,718 |
| End of period | $ | 2,757,343,813 | $ | 3,223,415,073 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 12,445,624 | | 21,382,243 |
| Issued in reinvestment of distributions | | 12,400,315 | | 6,434,049 |
| Redeemed | | (28,175,480) | | (15,421,417) |
| Net increase (decrease) | | (3,329,541) | | 12,394,875 |
| | | | | |
Financial Highlights
| Fidelity® Small Cap Discovery Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 26.93 | $ | 29.55 | $ | 17.11 | $ | 23.60 | $ | 29.61 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | - C | | .08 | | .18 | | .32 D |
| Net realized and unrealized gain (loss) | | (.64) | | (.74) | | 13.03 | | (4.94) | | .68 |
| Total from investment operations | | (.58) | | (.74) | | 13.11 | | (4.76) | | 1.00 |
| Distributions from net investment income | | (.04) | | (.03) | | (.07) E | | (.19) | | (.22) |
| Distributions from net realized gain | | (2.61) | | (1.85) | | (.60) E | | (1.54) | | (6.78) |
| Total distributions | | (2.65) | | (1.88) | | (.67) | | (1.73) | | (7.01) F |
| Net asset value, end of period | $ | 23.70 | $ | 26.93 | $ | 29.55 | $ | 17.11 | $ | 23.60 |
Total Return G | | (1.82)% | | (2.94)% | | 77.54% | | (21.89)% | | 4.96% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | |
| Expenses before reductions | | 1.03% | | .98% | | .62% | | .61% | | .61% |
| Expenses net of fee waivers, if any | | 1.02% | | .97% | | .62% | | .61% | | .61% |
| Expenses net of all reductions | | 1.02% | | .97% | | .61% | | .61% | | .60% |
| Net investment income (loss) | | .25% | | .01% | | .33% | | .81% | | 1.29% D |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,757,344 | $ | 3,223,415 | $ | 3,170,589 | $ | 1,880,740 | $ | 3,019,025 |
Portfolio turnover rate J | | 27% | | 26% | | 33% | | 52% | | 32% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
F Total distributions per share do not sum due to rounding.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H 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.
I 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.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2023
1. Organization.
Fidelity Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, 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 | $653,867,632 |
| Gross unrealized depreciation | (328,469,034) |
| Net unrealized appreciation (depreciation) | $325,398,598 |
| Tax Cost | $2,629,499,325 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed long-term capital gain | $32,653,526 |
| Net unrealized appreciation (depreciation) on securities and other investments | $325,360,021 |
The Fund intends to elect to defer to its next fiscal year $5,967,729 of capital losses recognized during the period November 1, 2022 to April 30, 2023. The Fund intends to elect to defer to its next fiscal year $1,565,913 of ordinary losses recognized during the period January 1, 2023 to April 30, 2023.
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $23,734,991 | $ 30,235,534 |
| Long-term Capital Gains | 288,358,355 | 174,236,289 |
| Total | $312,093,346 | $ 204,471,823 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Small Cap Discovery Fund | 790,358,320 | 1,295,521,951 |
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 .45% 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 Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .84% 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 Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
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 annual rates:
| | % of Average Net Assets |
| Fidelity Small Cap 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 Small Cap Discovery Fund | $18,495 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Small Cap Discovery Fund | Borrower | $ 6,207,857 | 3.84% | $4,640 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Small Cap Discovery Fund | 36,168,240 | 80,930,268 | 17,923,188 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Small Cap Discovery Fund | $5,546 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Small Cap Discovery Fund | $12,617 | $- | $- |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $117,737.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity U.S. Total Stock Fund |
| Fidelity Small Cap Discovery Fund | 19% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Small Cap Discovery Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Discovery Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Small Cap Discovery Fund | | | | 1.04% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,050.70 | | $ 5.29 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,019.64 | | $ 5.21 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2023, $102,713,238, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
The fund designates $129,225 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 65% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividend distributed in December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.757239.122
SMR-ANN-0623
Fidelity Series Small Cap Core Fund
Annual Report
April 30, 2023
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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity Series Small Cap Core Fund will be reported once the fund is a year old.
Top Holdings (% of Fund's net assets) |
| |
| FirstCash Holdings, Inc. | 1.4 | |
| Applied Industrial Technologies, Inc. | 1.2 | |
| Magnolia Oil & Gas Corp. Class A | 1.1 | |
| Performance Food Group Co. | 1.1 | |
| Federal Signal Corp. | 1.1 | |
| The Brink's Co. | 1.1 | |
| ICF International, Inc. | 1.0 | |
| Webster Financial Corp. | 1.0 | |
| PTC Therapeutics, Inc. | 0.9 | |
| Essent Group Ltd. | 0.9 | |
| | 10.8 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 17.7 | |
| Health Care | 15.4 | |
| Financials | 15.0 | |
| Information Technology | 10.0 | |
| Consumer Discretionary | 9.2 | |
| Energy | 6.4 | |
| Real Estate | 6.2 | |
| Consumer Staples | 5.1 | |
| Materials | 4.8 | |
| Utilities | 2.8 | |
| Communication Services | 2.5 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Showing Percentage of Net Assets
| Common Stocks - 95.1% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 2.5% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Cogent Communications Group, Inc. | | 1,373 | 94,792 |
| Entertainment - 0.7% | | | |
| IMAX Corp. (a) | | 9,988 | 209,249 |
| Interactive Media & Services - 1.1% | | | |
| IAC, Inc. (a) | | 1,869 | 96,758 |
| QuinStreet, Inc. (a) | | 7,670 | 85,214 |
| Ziff Davis, Inc. (a) | | 2,047 | 149,718 |
| | | | 331,690 |
| Wireless Telecommunication Services - 0.4% | | | |
| Gogo, Inc. (a) | | 8,344 | 111,893 |
TOTAL COMMUNICATION SERVICES | | | 747,624 |
| CONSUMER DISCRETIONARY - 9.2% | | | |
| Automobile Components - 0.1% | | | |
| Adient PLC (a) | | 929 | 34,317 |
| Diversified Consumer Services - 3.0% | | | |
| Adtalem Global Education, Inc. (a) | | 4,118 | 167,067 |
| European Wax Center, Inc. | | 9,409 | 177,266 |
| Grand Canyon Education, Inc. (a) | | 1,302 | 154,547 |
| Laureate Education, Inc. Class A | | 19,835 | 245,756 |
| OneSpaWorld Holdings Ltd. (a) | | 12,889 | 154,668 |
| | | | 899,304 |
| Hotels, Restaurants & Leisure - 2.7% | | | |
| Bowlero Corp. Class A (a) | | 9,599 | 140,433 |
| El Pollo Loco Holdings, Inc. | | 7,409 | 69,052 |
| Everi Holdings, Inc. (a) | | 9,682 | 147,166 |
| NeoGames SA (a) | | 8,911 | 119,853 |
| Noodles & Co. (a) | | 13,942 | 68,873 |
| Ruth's Hospitality Group, Inc. | | 5,196 | 83,967 |
| Wingstop, Inc. | | 864 | 172,895 |
| | | | 802,239 |
| Household Durables - 0.8% | | | |
| Tempur Sealy International, Inc. | | 1,449 | 54,294 |
| TopBuild Corp. (a) | | 782 | 176,325 |
| | | | 230,619 |
| Leisure Products - 0.5% | | | |
| Brunswick Corp. | | 1,740 | 147,535 |
| Specialty Retail - 1.0% | | | |
| Dick's Sporting Goods, Inc. | | 1,349 | 195,618 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 449 | 99,180 |
| | | | 294,798 |
| Textiles, Apparel & Luxury Goods - 1.1% | | | |
| Capri Holdings Ltd. (a) | | 2,580 | 107,070 |
| Crocs, Inc. (a) | | 1,514 | 187,236 |
| Deckers Outdoor Corp. (a) | | 8 | 3,835 |
| Rocky Brands, Inc. | | 974 | 28,460 |
| | | | 326,601 |
TOTAL CONSUMER DISCRETIONARY | | | 2,735,413 |
| CONSUMER STAPLES - 5.1% | | | |
| Beverages - 0.9% | | | |
| Celsius Holdings, Inc. (a) | | 1,680 | 160,558 |
| Primo Water Corp. | | 8,048 | 122,249 |
| | | | 282,807 |
| Consumer Staples Distribution & Retail - 1.4% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 816 | 62,318 |
| Performance Food Group Co. (a) | | 5,195 | 325,675 |
| Sprouts Farmers Market LLC (a) | | 597 | 20,692 |
| | | | 408,685 |
| Food Products - 1.8% | | | |
| Hostess Brands, Inc. Class A (a) | | 5,930 | 152,757 |
| Sovos Brands, Inc. (a) | | 5,184 | 88,906 |
| SunOpta, Inc. (a) | | 8,936 | 75,956 |
| TreeHouse Foods, Inc. (a) | | 4,072 | 216,834 |
| | | | 534,453 |
| Household Products - 0.4% | | | |
| Spectrum Brands Holdings, Inc. | | 1,823 | 121,230 |
| Personal Care Products - 0.6% | | | |
| BellRing Brands, Inc. (a) | | 4,959 | 178,474 |
TOTAL CONSUMER STAPLES | | | 1,525,649 |
| ENERGY - 6.4% | | | |
| Energy Equipment & Services - 2.4% | | | |
| Cactus, Inc. | | 3,160 | 127,917 |
| Natural Gas Services Group, Inc. (a) | | 879 | 9,054 |
| Nextier Oilfield Solutions, Inc. (a) | | 12,639 | 102,123 |
| Oceaneering International, Inc. (a) | | 13,941 | 247,174 |
| TechnipFMC PLC (a) | | 15,930 | 218,082 |
| | | | 704,350 |
| Oil, Gas & Consumable Fuels - 4.0% | | | |
| California Resources Corp. | | 3,456 | 139,968 |
| Golar LNG Ltd. (a) | | 5,160 | 117,132 |
| Magnolia Oil & Gas Corp. Class A | | 16,012 | 338,173 |
| National Energy Services Reunited Corp. (a) | | 2,183 | 6,658 |
| Northern Oil & Gas, Inc. | | 3,053 | 101,268 |
| PDC Energy, Inc. | | 3,858 | 250,963 |
| Range Resources Corp. | | 9,102 | 240,748 |
| | | | 1,194,910 |
TOTAL ENERGY | | | 1,899,260 |
| FINANCIALS - 15.0% | | | |
| Banks - 8.6% | | | |
| BankUnited, Inc. | | 7,598 | 171,335 |
| Bridgewater Bancshares, Inc. (a) | | 8,923 | 88,784 |
| Byline Bancorp, Inc. | | 4,959 | 95,957 |
| Cadence Bank | | 11,705 | 236,675 |
| Camden National Corp. | | 1,039 | 33,196 |
| East West Bancorp, Inc. | | 1,656 | 85,599 |
| First Foundation, Inc. | | 1,439 | 9,051 |
| First Interstate Bancsystem, Inc. | | 7,729 | 197,785 |
| FNB Corp., Pennsylvania | | 22,570 | 259,104 |
| Independent Bank Corp. | | 5,196 | 92,593 |
| International Bancshares Corp. | | 2,154 | 91,911 |
| Orrstown Financial Services, Inc. | | 3,739 | 71,677 |
| Popular, Inc. | | 1,692 | 101,537 |
| United Community Bank, Inc. | | 8,864 | 220,714 |
| Univest Corp. of Pennsylvania | | 10,995 | 221,219 |
| Webster Financial Corp. | | 7,610 | 283,853 |
| Western Alliance Bancorp. | | 3,006 | 111,583 |
| Wintrust Financial Corp. | | 2,875 | 196,564 |
| | | | 2,569,137 |
| Capital Markets - 1.4% | | | |
| Patria Investments Ltd. | | 1,354 | 20,080 |
| Perella Weinberg Partners Class A | | 22,687 | 179,227 |
| Piper Jaffray Companies | | 828 | 112,144 |
| Virtus Investment Partners, Inc. | | 628 | 114,428 |
| | | | 425,879 |
| Consumer Finance - 1.4% | | | |
| FirstCash Holdings, Inc. | | 3,965 | 408,514 |
| Financial Services - 1.6% | | | |
| Essent Group Ltd. | | 6,260 | 265,862 |
| NMI Holdings, Inc. (a) | | 8,651 | 202,433 |
| | | | 468,295 |
| Insurance - 1.0% | | | |
| BRP Group, Inc. (a) | | 975 | 24,560 |
| Reinsurance Group of America, Inc. | | 314 | 44,688 |
| White Mountains Insurance Group Ltd. | | 166 | 237,735 |
| | | | 306,983 |
| Mortgage Real Estate Investment Trusts - 1.0% | | | |
| AGNC Investment Corp. | | 18,877 | 187,071 |
| Redwood Trust, Inc. | | 19,101 | 119,954 |
| | | | 307,025 |
TOTAL FINANCIALS | | | 4,485,833 |
| HEALTH CARE - 15.4% | | | |
| Biotechnology - 5.4% | | | |
| Argenx SE ADR (a) | | 520 | 201,698 |
| Avid Bioservices, Inc. (a) | | 11,503 | 207,629 |
| Blueprint Medicines Corp. (a) | | 3,148 | 160,705 |
| Celldex Therapeutics, Inc. (a) | | 747 | 23,486 |
| Cerevel Therapeutics Holdings (a) | | 604 | 17,540 |
| Cytokinetics, Inc. (a) | | 3,693 | 138,118 |
| Day One Biopharmaceuticals, Inc. (a) | | 6,592 | 81,741 |
| Krystal Biotech, Inc. (a) | | 983 | 82,572 |
| Natera, Inc. (a) | | 2,450 | 124,264 |
| Prelude Therapeutics, Inc. (a) | | 3,888 | 25,116 |
| PTC Therapeutics, Inc. (a) | | 4,958 | 273,384 |
| RAPT Therapeutics, Inc. (a) | | 5,041 | 91,746 |
| Repare Therapeutics, Inc. (a) | | 5,172 | 46,341 |
| Stoke Therapeutics, Inc. (a) | | 7,457 | 66,293 |
| Vaxcyte, Inc. (a) | | 515 | 22,057 |
| Verve Therapeutics, Inc. (a) | | 3,870 | 61,649 |
| | | | 1,624,339 |
| Health Care Equipment & Supplies - 2.1% | | | |
| Axonics Modulation Technologies, Inc. (a) | | 3,254 | 186,975 |
| Cutera, Inc. (a) | | 2,616 | 59,645 |
| Haemonetics Corp. (a) | | 2,131 | 178,386 |
| Tandem Diabetes Care, Inc. (a) | | 3,752 | 148,504 |
| ViewRay, Inc. (a) | | 34,227 | 40,388 |
| | | | 613,898 |
| Health Care Providers & Services - 4.9% | | | |
| Acadia Healthcare Co., Inc. (a) | | 2,651 | 191,641 |
| AdaptHealth Corp. (a) | | 8,202 | 97,440 |
| Addus HomeCare Corp. (a) | | 1,562 | 127,678 |
| Amedisys, Inc. (a) | | 1,468 | 117,880 |
| HealthEquity, Inc. (a) | | 2,817 | 150,569 |
| LifeStance Health Group, Inc. (a) | | 18,001 | 146,708 |
| Option Care Health, Inc. (a) | | 6,970 | 224,086 |
| R1 Rcm, Inc. | | 3,172 | 49,451 |
| Surgery Partners, Inc. (a) | | 805 | 31,926 |
| Tenet Healthcare Corp. (a) | | 2,817 | 206,542 |
| The Ensign Group, Inc. | | 1,183 | 114,857 |
| | | | 1,458,778 |
| Health Care Technology - 1.0% | | | |
| Evolent Health, Inc. (a) | | 4,982 | 181,395 |
| Phreesia, Inc. (a) | | 3,811 | 120,580 |
| | | | 301,975 |
| Life Sciences Tools & Services - 0.9% | | | |
| Bruker Corp. | | 2,675 | 211,673 |
| Quanterix Corp. (a) | | 1,613 | 20,388 |
| Syneos Health, Inc. (a) | | 933 | 36,630 |
| | | | 268,691 |
| Pharmaceuticals - 1.1% | | | |
| Arvinas Holding Co. LLC (a) | | 3,870 | 101,433 |
| DICE Therapeutics, Inc. (a) | | 3,870 | 125,775 |
| Ventyx Biosciences, Inc. (a) | | 2,686 | 100,994 |
| | | | 328,202 |
TOTAL HEALTH CARE | | | 4,595,883 |
| INDUSTRIALS - 17.7% | | | |
| Aerospace & Defense - 0.3% | | | |
| Cadre Holdings, Inc. | | 1,219 | 25,672 |
| Kratos Defense & Security Solutions, Inc. (a) | | 6,308 | 81,373 |
| | | | 107,045 |
| Building Products - 0.7% | | | |
| Builders FirstSource, Inc. (a) | | 2,118 | 200,723 |
| Commercial Services & Supplies - 2.6% | | | |
| Casella Waste Systems, Inc. Class A (a) | | 2,639 | 234,871 |
| Millerknoll, Inc. | | 3,456 | 58,787 |
| Montrose Environmental Group, Inc. (a) | | 1,585 | 48,279 |
| The Brink's Co. | | 5,029 | 316,073 |
| The GEO Group, Inc. (a) | | 13,953 | 105,066 |
| | | | 763,076 |
| Construction & Engineering - 0.6% | | | |
| Dycom Industries, Inc. (a) | | 1,965 | 181,998 |
| Electrical Equipment - 1.4% | | | |
| Array Technologies, Inc. (a) | | 5,207 | 106,483 |
| Atkore, Inc. (a) | | 1,456 | 183,936 |
| Shoals Technologies Group, Inc. (a) | | 6,167 | 128,829 |
| | | | 419,248 |
| Ground Transportation - 0.8% | | | |
| Saia, Inc. (a) | | 853 | 253,998 |
| Machinery - 4.8% | | | |
| Chart Industries, Inc. (a) | | 1,018 | 135,496 |
| Columbus McKinnon Corp. (NY Shares) | | 5,871 | 203,782 |
| Crane Co. | | 2,355 | 169,725 |
| Crane Nxt Co. | | 2,355 | 111,533 |
| Federal Signal Corp. | | 6,309 | 324,156 |
| ITT, Inc. | | 2,592 | 218,868 |
| John Bean Technologies Corp. | | 2,344 | 254,816 |
| | | | 1,418,376 |
| Passenger Airlines - 0.8% | | | |
| SkyWest, Inc. (a) | | 2,569 | 72,703 |
| Spirit Airlines, Inc. | | 3,776 | 64,570 |
| Sun Country Airlines Holdings, Inc. (a) | | 5,054 | 99,715 |
| | | | 236,988 |
| Professional Services - 4.5% | | | |
| ASGN, Inc. (a) | | 3,337 | 238,896 |
| CRA International, Inc. | | 2,107 | 221,530 |
| ExlService Holdings, Inc. (a) | | 946 | 168,747 |
| ICF International, Inc. | | 2,591 | 295,374 |
| Insperity, Inc. | | 770 | 94,294 |
| Maximus, Inc. | | 1,183 | 98,958 |
| WNS Holdings Ltd. sponsored ADR (a) | | 2,398 | 216,228 |
| | | | 1,334,027 |
| Trading Companies & Distributors - 1.2% | | | |
| Applied Industrial Technologies, Inc. | | 2,556 | 346,747 |
TOTAL INDUSTRIALS | | | 5,262,226 |
| INFORMATION TECHNOLOGY - 10.0% | | | |
| Electronic Equipment, Instruments & Components - 1.8% | | | |
| Advanced Energy Industries, Inc. | | 1,680 | 145,320 |
| Coherent Corp. (a) | | 4,319 | 147,451 |
| Napco Security Technologies, Inc. (a) | | 3,030 | 93,930 |
| TTM Technologies, Inc. (a) | | 13,883 | 163,958 |
| | | | 550,659 |
| IT Services - 0.5% | | | |
| Perficient, Inc. (a) | | 2,237 | 145,226 |
| Semiconductors & Semiconductor Equipment - 3.8% | | | |
| Cirrus Logic, Inc. (a) | | 362 | 31,056 |
| Diodes, Inc. (a) | | 2,379 | 189,606 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 3,882 | 226,476 |
| Nova Ltd. (a) | | 1,326 | 121,263 |
| Onto Innovation, Inc. (a) | | 2,237 | 181,152 |
| SiTime Corp. (a) | | 1,314 | 142,530 |
| SMART Global Holdings, Inc. (a) | | 7,646 | 117,901 |
| Synaptics, Inc. (a) | | 1,468 | 130,006 |
| | | | 1,139,990 |
| Software - 3.2% | | | |
| New Relic, Inc. (a) | | 3,526 | 252,003 |
| Qualys, Inc. (a) | | 1,456 | 164,441 |
| Telos Corp. (a) | | 7,421 | 12,616 |
| Tenable Holdings, Inc. (a) | | 7,160 | 264,848 |
| Varonis Systems, Inc. (a) | | 5,504 | 127,473 |
| Workiva, Inc. (a) | | 1,266 | 118,270 |
| | | | 939,651 |
| Technology Hardware, Storage & Peripherals - 0.7% | | | |
| Avid Technology, Inc. (a) | | 6,699 | 197,687 |
| Pure Storage, Inc. Class A (a) | | 777 | 17,739 |
| | | | 215,426 |
TOTAL INFORMATION TECHNOLOGY | | | 2,990,952 |
| MATERIALS - 4.8% | | | |
| Chemicals - 2.9% | | | |
| Ashland, Inc. | | 2,355 | 239,292 |
| Element Solutions, Inc. | | 10,083 | 183,006 |
| Olin Corp. | | 3,740 | 207,196 |
| Quaker Houghton | | 1,089 | 203,240 |
| Tronox Holdings PLC | | 1,956 | 26,778 |
| | | | 859,512 |
| Construction Materials - 1.1% | | | |
| Eagle Materials, Inc. | | 829 | 122,866 |
| Summit Materials, Inc. | | 7,882 | 216,046 |
| | | | 338,912 |
| Metals & Mining - 0.8% | | | |
| ATI, Inc. (a) | | 4,071 | 157,222 |
| MP Materials Corp. (a) | | 2,994 | 64,880 |
| | | | 222,102 |
TOTAL MATERIALS | | | 1,420,526 |
| REAL ESTATE - 6.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.3% | | | |
| Apple Hospitality (REIT), Inc. | | 9,195 | 136,914 |
| Armada Hoffler Properties, Inc. | | 11,350 | 133,022 |
| Four Corners Property Trust, Inc. | | 5,042 | 128,621 |
| LXP Industrial Trust (REIT) | | 24,026 | 225,844 |
| Outfront Media, Inc. | | 4,651 | 77,486 |
| Plymouth Industrial REIT, Inc. | | 8,971 | 181,573 |
| Postal Realty Trust, Inc. | | 5,208 | 80,047 |
| RLJ Lodging Trust | | 18,262 | 184,446 |
| Sabra Health Care REIT, Inc. | | 12,829 | 146,251 |
| Spirit Realty Capital, Inc. | | 3,207 | 123,341 |
| Urban Edge Properties | | 11,373 | 166,842 |
| | | | 1,584,387 |
| Real Estate Management & Development - 0.9% | | | |
| Cushman & Wakefield PLC (a) | | 13,125 | 129,281 |
| Jones Lang LaSalle, Inc. (a) | | 923 | 128,334 |
| | | | 257,615 |
TOTAL REAL ESTATE | | | 1,842,002 |
| UTILITIES - 2.8% | | | |
| Electric Utilities - 1.2% | | | |
| Allete, Inc. | | 3,550 | 221,449 |
| IDACORP, Inc. | | 1,159 | 128,788 |
| | | | 350,237 |
| Gas Utilities - 0.8% | | | |
| New Jersey Resources Corp. | | 4,438 | 229,178 |
| Independent Power and Renewable Electricity Producers - 0.8% | | | |
| Brookfield Renewable Corp. | | 5,053 | 168,821 |
| Clearway Energy, Inc. Class C | | 2,450 | 74,407 |
| | | | 243,228 |
TOTAL UTILITIES | | | 822,643 |
| TOTAL COMMON STOCKS (Cost $28,325,531) | | | 28,328,011 |
| | | | |
| Money Market Funds - 0.1% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.88% (b) (Cost $37,469) | | 37,462 | 37,469 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 95.2% (Cost $28,363,000) | 28,365,480 |
NET OTHER ASSETS (LIABILITIES) - 4.8% | 1,424,228 |
| NET ASSETS - 100.0% | 29,789,708 |
| | |
Legend
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | - | 4,814,484 | 4,777,015 | 1,391 | - | - | 37,469 | 0.0% |
| Total | - | 4,814,484 | 4,777,015 | 1,391 | - | - | 37,469 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, 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 | 747,624 | 747,624 | - | - |
Consumer Discretionary | 2,735,413 | 2,735,413 | - | - |
Consumer Staples | 1,525,649 | 1,525,649 | - | - |
Energy | 1,899,260 | 1,899,260 | - | - |
Financials | 4,485,833 | 4,485,833 | - | - |
Health Care | 4,595,883 | 4,595,883 | - | - |
Industrials | 5,262,226 | 5,262,226 | - | - |
Information Technology | 2,990,952 | 2,990,952 | - | - |
Materials | 1,420,526 | 1,420,526 | - | - |
Real Estate | 1,842,002 | 1,842,002 | - | - |
Utilities | 822,643 | 822,643 | - | - |
|
| Money Market Funds | 37,469 | 37,469 | - | - |
| Total Investments in Securities: | 28,365,480 | 28,365,480 | - | - |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $28,325,531) | $ | 28,328,011 | | |
Fidelity Central Funds (cost $37,469) | | 37,469 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $28,363,000) | | | $ | 28,365,480 |
| Cash | | | | 14,262 |
| Receivable for investments sold | | | | 2,874 |
| Receivable for fund shares sold | | | | 25,000,000 |
| Dividends receivable | | | | 750 |
| Distributions receivable from Fidelity Central Funds | | | | 158 |
| Receivable from investment adviser for expense reductions | | | | 480 |
Total assets | | | | 53,384,004 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 23,591,987 | | |
| Other payables and accrued expenses | | 2,309 | | |
| Total Liabilities | | | | 23,594,296 |
| Net Assets | | | $ | 29,789,708 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 29,791,796 |
| Total accumulated earnings (loss) | | | | (2,088) |
| Net Assets | | | $ | 29,789,708 |
Net Asset Value , offering price and redemption price per share ($29,789,708 ÷ 3,040,914 shares) | | | $ | 9.80 |
| Statement of Operations |
| | | | For the period November 4, 2022 (commencement of operations) through April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 15,577 |
| Income from Fidelity Central Funds | | | | 1,391 |
| Total Income | | | | 16,968 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 3,060 | | |
| Independent trustees' fees and expenses | | 5 | | |
| Total expenses before reductions | | 3,065 | | |
| Expense reductions | | (3,063) | | |
| Total expenses after reductions | | | | 2 |
| Net Investment income (loss) | | | | 16,966 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (18,234) | | |
| Total net realized gain (loss) | | | | (18,234) |
| Change in net unrealized appreciation (depreciation) on investment securities | | | | 2,480 |
| Net gain (loss) | | | | (15,754) |
| Net increase (decrease) in net assets resulting from operations | | | $ | 1,212 |
| Statement of Changes in Net Assets |
| |
| | For the period November 4, 2022 (commencement of operations) through April 30, 2023 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $ | 16,966 |
| Net realized gain (loss) | | (18,234) |
| Change in net unrealized appreciation (depreciation) | | 2,480 |
| Net increase (decrease) in net assets resulting from operations | | 1,212 |
| Distributions to shareholders | | (3,300) |
| Share transactions | | |
| Proceeds from sales of shares | | 29,788,496 |
| Reinvestment of distributions | | 3,300 |
Net increase (decrease) in net assets resulting from share transactions | | 29,791,796 |
| Total increase (decrease) in net assets | | 29,789,708 |
| | | |
| Net Assets | | |
| Beginning of period | | - |
| End of period | $ | 29,789,708 |
| | | |
| Other Information | | |
| Shares | | |
| Sold | | 3,040,580 |
| Issued in reinvestment of distributions | | 334 |
| Redeemed | | - |
| Net increase (decrease) | | 3,040,914 |
| | | |
Financial Highlights
| Fidelity Series Small Cap Core Fund |
| |
| Years ended April 30, | | 2023 A |
Selected Per-Share Data | | |
| Net asset value, beginning of period | $ | 10.00 |
| Income from Investment Operations | | |
Net investment income (loss) B,C | | .05 |
| Net realized and unrealized gain (loss) | | (.22) |
| Total from investment operations | | (.17) |
| Distributions from net investment income | | (.03) |
| Total distributions | | (.03) |
| Net asset value, end of period | $ | 9.80 |
Total Return D,E | | (1.67)% |
Ratios to Average Net Assets C,F,G | | |
| Expenses before reductions | | .20% H |
| Expenses net of fee waivers, if any | | -% H,I |
| Expenses net of all reductions | | -% H,I |
| Net investment income (loss) | | 1.12% H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $ | 29,790 |
Portfolio turnover rate J | | 12% K |
A For the period November 4, 2022 (commencement of operations) through April 30, 2023.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 represents less than .005%.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
For the period ended April 30, 2023
1. Organization.
Fidelity Series Small Cap Core Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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 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 | $398,942 |
| Gross unrealized depreciation | (415,101) |
| Net unrealized appreciation (depreciation) | $(16,159) |
| Tax Cost | $28,381,639 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $14,071 |
| Net unrealized appreciation (depreciation) on securities and other investments | $(16,159) |
The tax character of distributions paid was as follows:
| | April 30, 2023 A |
| Ordinary Income | $3,300 |
| Total | $3,300 |
A For the period November 4, 2022 (commencement of operations) through April 30, 2023.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Small Cap Core Fund | 29,222,427 | 867,086 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Series Small Cap Core Fund | $514 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Small Cap Core Fund | 218,148 | 39,817 | (2,031) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $3,016.
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 $47.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
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.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Series Small Cap Core Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Core Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from November 4, 2022 (commencement of operations) through April 30, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations, the changes in its net assets and the financial highlights for the period from November 4, 2022 (commencement of operations) through April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 4, 2022 to April 30, 2023). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2022 to April 30, 2023). |
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 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period |
| | | | | | | | | | |
| Fidelity Series Small Cap Core Fund | | | | -%- E | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 983.30 | | $- C, F |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,024.79 | | $- D, F |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 178 / 365 (to reflect the period November 4, 2022 to April 30, 2023).
D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
E Amount represents less than .005%.
F Amount represents less than $.005.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates $458 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 50% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 58.30% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 21.12% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Small Cap Core Fund
At its July 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy, and the purpose of Series funds generally. The Board considered the structure of the investment personnel compensation program, and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services . The Board considered the nature, extent, quality, and cost of advisory and administrative services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.
Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds. The Board also took into consideration the fact that it oversees funds managed by Fidelity that have similar or identical investment objectives and policies as the fund.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio . The Board considered that the fund will not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, with certain exceptions. The Board also noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2025.
Based on its review, the Board considered that the fund will not pay a management fee and concluded that the fund's projected total expense ratio was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability . The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. The Board also noted that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund are not relevant to approval of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, with certain exceptions. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider Fidelity's profits in respect of all the Fidelity funds.
Economies of Scale . The Board concluded that because the fund will pay no advisory fees and FMR will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received information explaining that the fund is offered exclusively to other Fidelity funds and Fidelity managed 529 plans and collective investment trusts, which use the fund to gain exposure to a specific type of investment. The Board also noted that those Fidelity funds investing in the fund will benefit from investing in one centralized fund as the fund may deliver more uniform asset class performance and offer additional opportunities to generate returns and diversify the investing funds' small cap equity allocations.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9906191.100
SCC-ANN-0623
Fidelity® Mid-Cap Stock Fund
Annual Report
April 30, 2023
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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Mid-Cap Stock Fund | 1.06% | 9.76% | 10.63% |
| Class K | 1.16% | 9.87% | 10.74% |
| $10,000 Over 10 Years |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Mid-Cap Stock Fund, a class of the fund, on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Nicola Stafford:
For the fiscal year ending April 30, 2023, the fund's share classes gained about 1%, underperforming the 1.33% result of the benchmark S&P MidCap 400 Index. The primary detractors from performance versus the benchmark were security selection and an underweight in information technology. Weak picks in consumer staples also hurt. Also hindering our result was security selection in the industrials sector, especially within the capital goods industry. The fund's biggest individual relative detractor was an outsized stake in EQT, which returned -11% the past year. We reduced our investment in this company. The fund's stake in Comerica returned -47% and hurt. We decreased our non-benchmark investment in the company the past 12 months. Avoiding First Solar, a benchmark component that gained about 112%, also hurt relative performance. In contrast, the biggest contributor to performance versus the benchmark was security selection in energy. Strong picks in materials also lifted the fund's relative result. Also helping were stock selection and an underweight in the real estate sector, especially within the equity real estate investment trusts industry. Arch Capital, the fund's largest individual contributor, rose 64% this period. This was among the fund's largest holdings. Our second-largest contributor was Brunello Cucinelli, which gained about 85% the past 12 months. This was among the biggest holdings as of April 30. Another contributor this period was Hess. The fund's shares in Hess gained roughly 42% the past 12 months. This was among our largest holdings. All of these contributors were non-benchmark positions. Notable changes in positioning include decreased exposure to the real estate sector and a higher allocation to information technology.
Note to shareholders:
John Roth retired from Fidelity at the end of 2022, leaving Nicola Stafford with sole management responsibilities for the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| Arch Capital Group Ltd. | 2.1 | |
| Hess Corp. | 1.9 | |
| Molina Healthcare, Inc. | 1.7 | |
| WNS Holdings Ltd. sponsored ADR | 1.4 | |
| Brunello Cucinelli SpA | 1.4 | |
| AECOM | 1.4 | |
| Cheniere Energy, Inc. | 1.4 | |
| Space Exploration Technologies Corp. Class A | 1.4 | |
| American Financial Group, Inc. | 1.3 | |
| Performance Food Group Co. | 1.3 | |
| | 15.3 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 23.5 | |
| Financials | 16.2 | |
| Consumer Discretionary | 11.4 | |
| Energy | 8.9 | |
| Materials | 7.7 | |
| Health Care | 7.0 | |
| Real Estate | 5.6 | |
| Utilities | 4.8 | |
| Information Technology | 4.6 | |
| Consumer Staples | 4.6 | |
| Communication Services | 3.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 96.5% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 3.0% | | | |
| Entertainment - 1.6% | | | |
| Endeavor Group Holdings, Inc. (a)(b) | | 2,459,129 | 63,396 |
| Liberty Media Corp. Liberty Formula One Class A (a) | | 319,647 | 20,707 |
| Warner Music Group Corp. Class A | | 1,279,877 | 38,998 |
| | | | 123,101 |
| Interactive Media & Services - 0.3% | | | |
| Ziff Davis, Inc. (a) | | 374,061 | 27,359 |
| Media - 1.1% | | | |
| Cable One, Inc. (b) | | 43,441 | 32,946 |
| Interpublic Group of Companies, Inc. | | 1,502,458 | 53,683 |
| | | | 86,629 |
TOTAL COMMUNICATION SERVICES | | | 237,089 |
| CONSUMER DISCRETIONARY - 11.4% | | | |
| Automobile Components - 1.1% | | | |
| American Axle & Manufacturing Holdings, Inc. (a) | | 4,071,796 | 29,113 |
| Aptiv PLC (a) | | 549,544 | 56,526 |
| | | | 85,639 |
| Diversified Consumer Services - 1.0% | | | |
| Duolingo, Inc. (a) | | 230,515 | 31,387 |
| H&R Block, Inc. | | 1,442,834 | 48,927 |
| | | | 80,314 |
| Hotels, Restaurants & Leisure - 4.2% | | | |
| ARAMARK Holdings Corp. | | 1,708,427 | 59,282 |
| Caesars Entertainment, Inc. (a) | | 584,547 | 26,474 |
| Churchill Downs, Inc. | | 299,041 | 87,478 |
| Domino's Pizza, Inc. | | 125,888 | 39,966 |
| Vail Resorts, Inc. | | 156,462 | 37,632 |
| Wyndham Hotels & Resorts, Inc. | | 1,183,283 | 80,724 |
| | | | 331,556 |
| Household Durables - 1.6% | | | |
| D.R. Horton, Inc. | | 506,480 | 55,622 |
| Mohawk Industries, Inc. (a) | | 226,125 | 23,947 |
| NVR, Inc. (a) | | 8,386 | 48,974 |
| | | | 128,543 |
| Specialty Retail - 0.7% | | | |
| Best Buy Co., Inc. | | 247,651 | 18,455 |
| Foot Locker, Inc. | | 783,100 | 32,882 |
| | | | 51,337 |
| Textiles, Apparel & Luxury Goods - 2.8% | | | |
| Brunello Cucinelli SpA | | 1,158,872 | 110,713 |
| PVH Corp. | | 723,915 | 62,119 |
| Tapestry, Inc. | | 1,193,433 | 48,704 |
| | | | 221,536 |
TOTAL CONSUMER DISCRETIONARY | | | 898,925 |
| CONSUMER STAPLES - 4.6% | | | |
| Beverages - 0.4% | | | |
| Boston Beer Co., Inc. Class A (a) | | 102,533 | 32,555 |
| Consumer Staples Distribution & Retail - 2.2% | | | |
| Albertsons Companies, Inc. | | 1,419,393 | 29,665 |
| Grocery Outlet Holding Corp. (a)(b) | | 1,352,041 | 40,264 |
| Performance Food Group Co. (a) | | 1,590,705 | 99,721 |
| | | | 169,650 |
| Food Products - 1.3% | | | |
| Bunge Ltd. | | 394,551 | 36,930 |
| Freshpet, Inc. (a)(b) | | 444,117 | 30,631 |
| Nomad Foods Ltd. (a) | | 1,897,696 | 35,677 |
| | | | 103,238 |
| Household Products - 0.5% | | | |
| Energizer Holdings, Inc. | | 710,333 | 23,746 |
| Reynolds Consumer Products, Inc. | | 684,450 | 19,185 |
| | | | 42,931 |
| Personal Care Products - 0.2% | | | |
| Olaplex Holdings, Inc. (a) | | 3,146,836 | 11,643 |
TOTAL CONSUMER STAPLES | | | 360,017 |
| ENERGY - 8.9% | | | |
| Energy Equipment & Services - 0.5% | | | |
| Expro Group Holdings NV (a) | | 1,936,006 | 38,507 |
| Oil, Gas & Consumable Fuels - 8.4% | | | |
| Canadian Natural Resources Ltd. | | 1,314,314 | 80,090 |
| Cheniere Energy, Inc. | | 707,952 | 108,317 |
| Energy Transfer LP | | 6,289,340 | 81,007 |
| EQT Corp. | | 1,731,475 | 60,325 |
| Golar LNG Ltd. (a) | | 1,721,757 | 39,084 |
| Hess Corp. | | 1,027,287 | 149,018 |
| Imperial Oil Ltd. | | 1,949,715 | 99,382 |
| Range Resources Corp. | | 1,876,388 | 49,630 |
| | | | 666,853 |
TOTAL ENERGY | | | 705,360 |
| FINANCIALS - 16.2% | | | |
| Banks - 4.7% | | | |
| BOK Financial Corp. | | 756,872 | 63,479 |
| Comerica, Inc. | | 273,532 | 11,863 |
| First Horizon National Corp. | | 4,960,018 | 87,048 |
| Huntington Bancshares, Inc. | | 3,849,568 | 43,115 |
| M&T Bank Corp. | | 466,793 | 58,723 |
| U.S. Bancorp | | 1,328,700 | 45,548 |
| Wintrust Financial Corp. | | 929,249 | 63,533 |
| | | | 373,309 |
| Capital Markets - 1.8% | | | |
| Cboe Global Markets, Inc. | | 187,539 | 26,199 |
| Lazard Ltd. Class A | | 737,299 | 23,077 |
| Northern Trust Corp. | | 345,377 | 26,995 |
| Raymond James Financial, Inc. | | 381,325 | 34,521 |
| TPG, Inc. (b) | | 1,022,952 | 29,635 |
| | | | 140,427 |
| Financial Services - 1.9% | | | |
| Equitable Holdings, Inc. | | 678,254 | 17,628 |
| Euronet Worldwide, Inc. (a) | | 333,304 | 36,910 |
| Radian Group, Inc. (b) | | 3,306,119 | 80,240 |
| Shift4 Payments, Inc. (a) | | 181,205 | 12,280 |
| | | | 147,058 |
| Insurance - 7.8% | | | |
| American Financial Group, Inc. | | 812,521 | 99,721 |
| Arch Capital Group Ltd. (a) | | 2,174,793 | 163,261 |
| Assurant, Inc. | | 210,486 | 25,917 |
| Beazley PLC | | 4,009,908 | 30,010 |
| First American Financial Corp. | | 1,227,073 | 70,692 |
| Hartford Financial Services Group, Inc. | | 646,227 | 45,876 |
| Hiscox Ltd. | | 2,669,135 | 39,649 |
| RenaissanceRe Holdings Ltd. | | 458,989 | 98,871 |
| The Travelers Companies, Inc. | | 223,529 | 40,490 |
| | | | 614,487 |
TOTAL FINANCIALS | | | 1,275,281 |
| HEALTH CARE - 6.5% | | | |
| Biotechnology - 0.1% | | | |
| Day One Biopharmaceuticals, Inc. (a) | | 472,003 | 5,853 |
| Health Care Equipment & Supplies - 2.0% | | | |
| Hologic, Inc. (a) | | 864,077 | 74,319 |
| Masimo Corp. (a) | | 328,376 | 62,109 |
| Tandem Diabetes Care, Inc. (a) | | 583,932 | 23,112 |
| | | | 159,540 |
| Health Care Providers & Services - 3.1% | | | |
| Centene Corp. (a) | | 987,220 | 68,049 |
| Henry Schein, Inc. (a) | | 430,177 | 34,763 |
| LifeStance Health Group, Inc. (a) | | 1,594,653 | 12,996 |
| Molina Healthcare, Inc. (a) | | 444,806 | 132,503 |
| | | | 248,311 |
| Health Care Technology - 0.3% | | | |
| Evolent Health, Inc. (c) | | 692,300 | 23,946 |
| Life Sciences Tools & Services - 0.2% | | | |
| 10X Genomics, Inc. (a)(b) | | 272,267 | 14,275 |
| Pharmaceuticals - 0.8% | | | |
| Recordati SpA | | 631,628 | 29,044 |
| UCB SA | | 197,006 | 18,326 |
| Viatris, Inc. | | 1,460,182 | 13,623 |
| | | | 60,993 |
TOTAL HEALTH CARE | | | 512,918 |
| INDUSTRIALS - 23.2% | | | |
| Aerospace & Defense - 3.1% | | | |
| BWX Technologies, Inc. | | 675,345 | 43,614 |
| Huntington Ingalls Industries, Inc. | | 237,309 | 47,856 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(c)(d) | | 1,396,290 | 107,514 |
| Class C (a)(c)(d) | | 20,340 | 1,566 |
| Woodward, Inc. | | 434,950 | 41,764 |
| | | | 242,314 |
| Air Freight & Logistics - 0.4% | | | |
| GXO Logistics, Inc. (a) | | 590,612 | 31,379 |
| Building Products - 2.4% | | | |
| Builders FirstSource, Inc. (a) | | 787,483 | 74,630 |
| Fortune Brands Home & Security, Inc. | | 298,713 | 19,324 |
| Johnson Controls International PLC | | 475,801 | 28,472 |
| Owens Corning | | 603,692 | 64,480 |
| | | | 186,906 |
| Commercial Services & Supplies - 1.3% | | | |
| CoreCivic, Inc. (a) | | 1,984,990 | 17,448 |
| GFL Environmental, Inc. | | 2,329,574 | 84,613 |
| | | | 102,061 |
| Construction & Engineering - 1.7% | | | |
| AECOM | | 1,332,402 | 110,656 |
| Willscot Mobile Mini Holdings (a) | | 575,200 | 26,114 |
| | | | 136,770 |
| Electrical Equipment - 2.6% | | | |
| Acuity Brands, Inc. | | 339,787 | 53,476 |
| Generac Holdings, Inc. (a) | | 356,608 | 36,452 |
| Regal Rexnord Corp. | | 576,084 | 74,983 |
| Sensata Technologies, Inc. PLC | | 937,436 | 40,732 |
| | | | 205,643 |
| Ground Transportation - 1.3% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 1,293,514 | 72,851 |
| RXO, Inc. | | 1,785,119 | 32,293 |
| | | | 105,144 |
| Machinery - 5.4% | | | |
| Allison Transmission Holdings, Inc. | | 1,219,899 | 59,519 |
| Chart Industries, Inc. (a)(b) | | 418,278 | 55,673 |
| Crane Co. | | 563,754 | 40,630 |
| Crane Nxt Co. | | 906,454 | 42,930 |
| Donaldson Co., Inc. | | 1,208,286 | 76,787 |
| Fortive Corp. | | 900,269 | 56,798 |
| Oshkosh Corp. | | 632,435 | 48,394 |
| PACCAR, Inc. | | 545,111 | 40,714 |
| | | | 421,445 |
| Marine Transportation - 0.4% | | | |
| Kirby Corp. (a) | | 455,118 | 32,696 |
| Professional Services - 4.1% | | | |
| ASGN, Inc. (a) | | 134,889 | 9,657 |
| Concentrix Corp. | | 281,208 | 27,139 |
| Leidos Holdings, Inc. | | 430,467 | 40,145 |
| Science Applications International Corp. | | 484,511 | 49,435 |
| SS&C Technologies Holdings, Inc. | | 593,272 | 34,730 |
| TransUnion Holding Co., Inc. | | 700,407 | 48,195 |
| WNS Holdings Ltd. sponsored ADR (a) | | 1,233,508 | 111,225 |
| | | | 320,526 |
| Trading Companies & Distributors - 0.5% | | | |
| Beacon Roofing Supply, Inc. (a) | | 628,858 | 37,845 |
TOTAL INDUSTRIALS | | | 1,822,729 |
| INFORMATION TECHNOLOGY - 4.6% | | | |
| Communications Equipment - 0.4% | | | |
| Lumentum Holdings, Inc. (a) | | 552,120 | 26,640 |
| Electronic Equipment, Instruments & Components - 1.1% | | | |
| Fabrinet (a) | | 424,321 | 40,289 |
| Flex Ltd. (a) | | 1,377,493 | 28,335 |
| Keysight Technologies, Inc. (a) | | 141,525 | 20,470 |
| | | | 89,094 |
| IT Services - 1.3% | | | |
| Akamai Technologies, Inc. (a) | | 275,024 | 22,544 |
| Amdocs Ltd. | | 530,138 | 48,375 |
| MongoDB, Inc. Class A (a) | | 136,917 | 32,855 |
| | | | 103,774 |
| Semiconductors & Semiconductor Equipment - 0.3% | | | |
| Skyworks Solutions, Inc. | | 243,580 | 25,795 |
| Software - 1.5% | | | |
| Aspen Technology, Inc. | | 156,989 | 27,787 |
| Black Knight, Inc. (a) | | 577,244 | 31,541 |
| Dynatrace, Inc. (a) | | 1,418,057 | 59,955 |
| | | | 119,283 |
TOTAL INFORMATION TECHNOLOGY | | | 364,586 |
| MATERIALS - 7.7% | | | |
| Chemicals - 2.6% | | | |
| Cabot Corp. | | 508,486 | 36,489 |
| Celanese Corp. Class A | | 238,083 | 25,294 |
| CF Industries Holdings, Inc. | | 494,226 | 35,377 |
| LG Chemical Ltd. | | 66,066 | 36,713 |
| Nutrien Ltd. | | 435,595 | 30,219 |
| Westlake Corp. | | 363,977 | 41,413 |
| | | | 205,505 |
| Containers & Packaging - 1.4% | | | |
| Avery Dennison Corp. | | 148,302 | 25,876 |
| O-I Glass, Inc. (a) | | 3,814,038 | 85,701 |
| | | | 111,577 |
| Metals & Mining - 3.7% | | | |
| Commercial Metals Co. | | 1,323,818 | 61,809 |
| Franco-Nevada Corp. | | 305,646 | 46,378 |
| Freeport-McMoRan, Inc. | | 1,163,821 | 44,120 |
| Lundin Mining Corp. | | 5,189,161 | 39,641 |
| Newcrest Mining Ltd. | | 1,166,418 | 22,273 |
| Novagold Resources, Inc. (a) | | 3,663,395 | 19,847 |
| Steel Dynamics, Inc. | | 513,926 | 53,423 |
| | | | 287,491 |
TOTAL MATERIALS | | | 604,573 |
| REAL ESTATE - 5.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.1% | | | |
| Cousins Properties, Inc. | | 1,181,020 | 25,758 |
| Essex Property Trust, Inc. | | 92,903 | 20,414 |
| Gaming & Leisure Properties | | 1,228,244 | 63,869 |
| Healthcare Trust of America, Inc. | | 3,038,648 | 60,104 |
| National Retail Properties, Inc. | | 1,274,992 | 55,462 |
| Realty Income Corp. | | 779,040 | 48,955 |
| Spirit Realty Capital, Inc. | | 1,082,200 | 41,621 |
| VICI Properties, Inc. | | 1,912,374 | 64,906 |
| Welltower, Inc. | | 232,585 | 18,425 |
| | | | 399,514 |
| Real Estate Management & Development - 0.5% | | | |
| Jones Lang LaSalle, Inc. (a) | | 276,197 | 38,402 |
TOTAL REAL ESTATE | | | 437,916 |
| UTILITIES - 4.8% | | | |
| Electric Utilities - 2.9% | | | |
| Alliant Energy Corp. | | 1,097,604 | 60,522 |
| FirstEnergy Corp. | | 991,617 | 39,466 |
| IDACORP, Inc. | | 492,530 | 54,730 |
| OGE Energy Corp. | | 1,865,723 | 70,039 |
| | | | 224,757 |
| Gas Utilities - 0.6% | | | |
| Atmos Energy Corp. | | 422,429 | 48,216 |
| Independent Power and Renewable Electricity Producers - 0.9% | | | |
| The AES Corp. | | 1,371,868 | 32,458 |
| Vistra Corp. | | 1,531,750 | 36,548 |
| | | | 69,006 |
| Multi-Utilities - 0.4% | | | |
| NiSource, Inc. | | 1,158,954 | 32,984 |
TOTAL UTILITIES | | | 374,963 |
| TOTAL COMMON STOCKS (Cost $5,783,171) | | | 7,594,357 |
| | | | |
| Convertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Bolt Threads, Inc.: | | | |
| Series D (a)(c)(d) | | 976,285 | 566 |
| Series E (a)(c)(d) | | 1,419,309 | 979 |
| | | | 1,545 |
| CONSUMER STAPLES - 0.1% | | | |
| Food Products - 0.1% | | | |
| Bowery Farming, Inc. Series C1 (a)(c)(d) | | 466,468 | 4,347 |
| HEALTH CARE - 0.5% | | | |
| Biotechnology - 0.5% | | | |
| National Resilience, Inc. Series B (a)(c)(d) | | 711,831 | 43,229 |
| INDUSTRIALS - 0.3% | | | |
| Aerospace & Defense - 0.2% | | | |
| Space Exploration Technologies Corp. Series H (a)(c)(d) | | 18,837 | 14,504 |
| Construction & Engineering - 0.1% | | | |
| Beta Technologies, Inc. Series B, 6.00% (c)(d) | | 145,591 | 10,720 |
TOTAL INDUSTRIALS | | | 25,224 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $96,282) | | | 74,345 |
| | | | |
| Money Market Funds - 4.3% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.88% (e) | | 194,165,781 | 194,205 |
| Fidelity Securities Lending Cash Central Fund 4.88% (e)(f) | | 139,874,583 | 139,889 |
| TOTAL MONEY MARKET FUNDS (Cost $334,091) | | | 334,094 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $6,213,544) | 8,002,796 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (135,423) |
| NET ASSETS - 100.0% | 7,867,373 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $207,371,000 or 2.6% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 15,021 |
| | | |
| Bolt Threads, Inc. Series D | 12/13/17 | 15,659 |
| | | |
| Bolt Threads, Inc. Series E | 2/07/20 - 9/02/21 | 25,230 |
| | | |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 28,104 |
| | | |
| Evolent Health, Inc. | 3/28/23 | 20,077 |
| | | |
| National Resilience, Inc. Series B | 12/01/20 | 9,724 |
| | | |
| Space Exploration Technologies Corp. Class A | 4/08/16 - 9/11/17 | 14,283 |
| | | |
| Space Exploration Technologies Corp. Class C | 9/11/17 | 275 |
| | | |
| Space Exploration Technologies Corp. Series H | 8/04/17 | 2,543 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 262,591 | 1,388,263 | 1,456,649 | 11,473 | - | - | 194,205 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 127,217 | 1,336,942 | 1,324,271 | 626 | - | 1 | 139,889 | 0.4% |
| Total | 389,808 | 2,725,205 | 2,780,920 | 12,099 | - | 1 | 334,094 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 237,089 | 237,089 | - | - |
Consumer Discretionary | 900,470 | 898,925 | - | 1,545 |
Consumer Staples | 364,364 | 360,017 | - | 4,347 |
Energy | 705,360 | 705,360 | - | - |
Financials | 1,275,281 | 1,275,281 | - | - |
Health Care | 556,147 | 488,972 | 23,946 | 43,229 |
Industrials | 1,847,953 | 1,713,649 | - | 134,304 |
Information Technology | 364,586 | 364,586 | - | - |
Materials | 604,573 | 545,587 | 58,986 | - |
Real Estate | 437,916 | 437,916 | - | - |
Utilities | 374,963 | 374,963 | - | - |
|
| Money Market Funds | 334,094 | 334,094 | - | - |
| Total Investments in Securities: | 8,002,796 | 7,736,439 | 82,932 | 183,425 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Industrials | | | |
| Beginning Balance | $ | 113,930 | |
| Net Realized Gain (Loss) on Investment Securities | | (14,235) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 38,428 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (3,819) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 134,304 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 29,404 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 114,057 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (44,538) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (20,398) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 49,121 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (58,808) | |
| The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $139,650) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,879,453) | $ | 7,668,702 | | |
Fidelity Central Funds (cost $334,091) | | 334,094 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $6,213,544) | | | $ | 8,002,796 |
| Cash | | | | 26 |
| Restricted cash | | | | 6,140 |
| Foreign currency held at value (cost $695) | | | | 695 |
| Receivable for investments sold | | | | 15,070 |
| Receivable for fund shares sold | | | | 3,403 |
| Dividends receivable | | | | 3,356 |
| Distributions receivable from Fidelity Central Funds | | | | 839 |
| Prepaid expenses | | | | 3 |
| Other receivables | | | | 327 |
Total assets | | | | 8,032,655 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 15,203 | | |
| Payable for fund shares redeemed | | 4,258 | | |
| Accrued management fee | | 4,656 | | |
| Other affiliated payables | | 889 | | |
| Other payables and accrued expenses | | 408 | | |
| Collateral on securities loaned | | 139,868 | | |
| Total Liabilities | | | | 165,282 |
| Net Assets | | | $ | 7,867,373 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 6,068,747 |
| Total accumulated earnings (loss) | | | | 1,798,626 |
| Net Assets | | | $ | 7,867,373 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Mid-Cap Stock : | | | | |
Net Asset Value , offering price and redemption price per share ($6,853,917 ÷ 180,102 shares) | | | $ | 38.06 |
| Class K : | | | | |
Net Asset Value , offering price and redemption price per share ($1,013,456 ÷ 26,596 shares) | | | $ | 38.11 |
| Statement of Operations |
| Amounts in thousands | | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 141,481 |
| Income from Fidelity Central Funds (including $626 from security lending) | | | | 12,099 |
| Total Income | | | | 153,580 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 39,949 | | |
| Performance adjustment | | 12,406 | | |
| Transfer agent fees | | 9,107 | | |
| Accounting fees | | 1,075 | | |
| Custodian fees and expenses | | 93 | | |
| Independent trustees' fees and expenses | | 37 | | |
| Registration fees | | 232 | | |
| Audit | | 92 | | |
| Legal | | 6 | | |
| Miscellaneous | | 34 | | |
| Total expenses before reductions | | 63,031 | | |
| Expense reductions | | (314) | | |
| Total expenses after reductions | | | | 62,717 |
| Net Investment income (loss) | | | | 90,863 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (25,704) | | |
| Redemptions in-kind | | 76,622 | | |
| Foreign currency transactions | | (80) | | |
| Total net realized gain (loss) | | | | 50,838 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (51,116) | | |
| Fidelity Central Funds | | 1 | | |
| Assets and liabilities in foreign currencies | | 130 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (50,985) |
| Net gain (loss) | | | | (147) |
| Net increase (decrease) in net assets resulting from operations | | | $ | 90,716 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 90,863 | $ | 83,353 |
| Net realized gain (loss) | | 50,838 | | 759,051 |
| Change in net unrealized appreciation (depreciation) | | (50,985) | | (750,444) |
| Net increase (decrease) in net assets resulting from operations | | 90,716 | | 91,960 |
| Distributions to shareholders | | (385,728) | | (977,940) |
| Share transactions - net increase (decrease) | | 787,613 | | 278,616 |
| Total increase (decrease) in net assets | | 492,601 | | (607,364) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 7,374,772 | | 7,982,136 |
| End of period | $ | 7,867,373 | $ | 7,374,772 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity® Mid-Cap Stock Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.74 | $ | 44.52 | $ | 28.96 | $ | 35.31 | $ | 38.38 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .45 | | .44 | | .35 | | .31 | | .34 |
| Net realized and unrealized gain (loss) | | (.09) | | .18 | | 17.71 | | (4.29) | | 2.26 |
| Total from investment operations | | .36 | | .62 | | 18.06 | | (3.98) | | 2.60 |
| Distributions from net investment income | | (.27) | | (.48) | | (.39) C | | (.35) | | (.29) |
| Distributions from net realized gain | | (1.77) | | (4.91) | | (2.10) C | | (2.02) | | (5.38) |
| Total distributions | | (2.04) | | (5.40) D | | (2.50) D | | (2.37) | | (5.67) |
| Net asset value, end of period | $ | 38.06 | $ | 39.74 | $ | 44.52 | $ | 28.96 | $ | 35.31 |
Total Return E | | 1.06% | | 1.17% | | 64.86% | | (12.42)% | | 7.90% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .85% | | .79% | | .77% | | .86% | | .68% |
| Expenses net of fee waivers, if any | | .84% | | .79% | | .77% | | .86% | | .67% |
| Expenses net of all reductions | | .84% | | .79% | | .76% | | .86% | | .67% |
| Net investment income (loss) | | 1.18% | | 1.05% | | .97% | | .90% | | .93% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 6,854 | $ | 6,034 | $ | 6,020 | $ | 4,125 | $ | 5,373 |
Portfolio turnover rate H | | 19% I | | 17% I | | 30% I | | 36% I | | 29% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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.
| Fidelity® Mid-Cap Stock Fund Class K |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.77 | $ | 44.55 | $ | 28.98 | $ | 35.32 | $ | 38.40 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .48 | | .48 | | .38 | | .34 | | .37 |
| Net realized and unrealized gain (loss) | | (.08) | | .17 | | 17.72 | | (4.27) | | 2.26 |
| Total from investment operations | | .40 | | .65 | | 18.10 | | (3.93) | | 2.63 |
| Distributions from net investment income | | (.29) | | (.51) | | (.43) C | | (.39) | | (.33) |
| Distributions from net realized gain | | (1.77) | | (4.93) | | (2.10) C | | (2.02) | | (5.38) |
| Total distributions | | (2.06) | | (5.43) D | | (2.53) | | (2.41) | | (5.71) |
| Net asset value, end of period | $ | 38.11 | $ | 39.77 | $ | 44.55 | $ | 28.98 | $ | 35.32 |
Total Return E | | 1.16% | | 1.26% | | 65.01% | | (12.30)% | | 7.99% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .75% | | .70% | | .67% | | .76% | | .57% |
| Expenses net of fee waivers, if any | | .75% | | .70% | | .67% | | .76% | | .57% |
| Expenses net of all reductions | | .75% | | .70% | | .66% | | .76% | | .57% |
| Net investment income (loss) | | 1.28% | | 1.13% | | 1.07% | | 1.00% | | 1.03% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,013 | $ | 1,341 | $ | 1,962 | $ | 1,496 | $ | 2,348 |
Portfolio turnover rate H | | 19% I | | 17% I | | 30% I | | 36% I | | 29% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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.
For the period ended April 30, 2023
( Amounts in thousands except percentages)
1. Organization.
Fidelity Mid-Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Mid-Cap Stock and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
| Equities | $183,425 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 - 9.0 / 7.6 | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $60.73 | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Mid-Cap Stock Fund | $327 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $2,277,791 |
| Gross unrealized depreciation | (481,569) |
| Net unrealized appreciation (depreciation) | $1,796,222 |
| Tax Cost | $6,206,574 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $22,417 |
| Capital loss carryforward | $(13,752) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,789,960 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Short-term | $(13,752) |
| Total capital loss carryforward | $(13,752) |
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $57,478 | $126,776 |
| Long-term Capital Gains | 328,250 | 851,164 |
| Total | $385,728 | $977,940 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Mid-Cap Stock Fund | 2,249,154 | 1,377,735 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes |
| Fidelity Mid-Cap Stock Fund | 6,467 | 76,622 | 237,758 | Mid-Cap Stock, Class K |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes |
| Fidelity Mid-Cap Stock Fund | 6,705 | 109,642 | 278,103 | Class K |
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 Mid-Cap Stock as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .69% 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 Mid-Cap Stock, 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 |
| Mid-Cap Stock | $8,586 | .14 |
| Class K | 521 | .04 |
| | $9,107 | |
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 annual rates:
| | % of Average Net Assets |
| Fidelity Mid-Cap Stock Fund | .01 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Mid-Cap Stock Fund | $51 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Mid-Cap Stock Fund | 111,391 | 75,047 | 13,800 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Mid-Cap Stock Fund | $14 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Mid-Cap Stock Fund | $67 | $- | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.
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 $312.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended April 30, 2023 | Year ended April 30, 2022 |
| Fidelity Mid-Cap Stock Fund | | |
| Distributions to shareholders | | |
| Mid-Cap Stock | $316,842 | $764,959 |
| Class K | 68,886 | 212,981 |
Total | $385,728 | $977,940 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended April 30, 2023 | Year ended April 30, 2022 | Year ended April 30, 2023 | Year ended April 30, 2022 |
| Fidelity Mid-Cap Stock Fund | | | | |
| Mid-Cap Stock | | | | |
| Shares sold | 48,049 | 18,670 | $1,804,277 | $793,933 |
| Reinvestment of distributions | 7,943 | 17,246 | 295,347 | 719,056 |
| Shares redeemed | (27,728) | (19,295) | (1,047,495) | (806,870) |
| Net increase (decrease) | 28,264 | 16,621 | $1,052,129 | $706,119 |
| Class K | | | | |
| Shares sold | 6,538 | 8,198 | $247,592 | $346,641 |
| Reinvestment of distributions | 1,851 | 5,088 | 68,886 | 212,981 |
| Shares redeemed | (15,508) | (23,612) | (580,994) | (987,125) |
| Net increase (decrease) | (7,119) | (10,326) | $(264,516) | $(427,503) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Mid-Cap Stock Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Mid-Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| Fidelity® Mid-Cap Stock Fund | | | | | | | | | | |
| Fidelity® Mid-Cap Stock Fund | | | | .82% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,017.00 | | $ 4.10 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.73 | | $ 4.11 |
| Class K | | | | .72% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,017.50 | | $ 3.60 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.22 | | $ 3.61 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
Mid-Cap Stock Fund and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Mid-Cap Stock Fund and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.703594.125
MCS-ANN-0623
Fidelity® Large Cap Stock K6 Fund
Annual Report
April 30, 2023
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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Life of Fund A |
| Fidelity® Large Cap Stock K6 Fund | 11.14% | 11.40% | 11.41% |
A From May 25, 2017
| $10,000 Over Life of Fund |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock K6 Fund, on May 25, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Portfolio Manager Matt Fruhan:
For the fiscal year, the fund gained 11.14%, outperforming the 2.66% result of the benchmark S&P 500 ® index. The top contributor to performance versus the benchmark was security selection in the industrials sector, primarily driven by the capital goods industry. Stock picking and an overweight in energy also boosted the fund's relative result. Also lifting performance was an underweight and security selection in the consumer discretionary sector, especially within the automobiles & components industry. The fund's largest individual relative contributor was an outsized stake in General Electric, which gained 71% the past 12 months. The company was among our biggest holdings. Also lifting performance was our overweight in Exxon Mobil, which gained about 44%. The company was the fund's largest holding. Avoiding Tesla, a benchmark component that returned roughly -43%, also helped relative performance. In contrast, the largest detractor from performance versus the benchmark was an underweight in information technology. Stock selection in financials and an overweight in materials also hampered the fund's relative result. Lastly, the fund's position in cash was a notable detractor. An underweight in Nvidia, an investment we established this period, was the fund's biggest individual relative detractor and gained 50% the past year. Another key detractor was our out-of-benchmark position in Unisys (-77%). Also hindering performance was our outsized stake in Bank of America, which returned -18%. Bank of America was one of the fund's largest holdings. Notable changes in positioning include a lower allocation to the consumer staples and consumer discretionary sectors.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| Exxon Mobil Corp. | 7.5 | |
| Microsoft Corp. | 6.4 | |
| General Electric Co. | 5.9 | |
| Wells Fargo & Co. | 5.0 | |
| Apple, Inc. | 3.1 | |
| Bank of America Corp. | 2.4 | |
| The Boeing Co. | 2.1 | |
| Hess Corp. | 2.0 | |
| Comcast Corp. Class A | 2.0 | |
| Visa, Inc. Class A | 1.8 | |
| | 38.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 16.6 | |
| Information Technology | 15.0 | |
| Industrials | 14.8 | |
| Health Care | 12.9 | |
| Energy | 12.7 | |
| Communication Services | 8.3 | |
| Consumer Staples | 4.5 | |
| Consumer Discretionary | 3.7 | |
| Materials | 3.0 | |
| Real Estate | 0.9 | |
| Utilities | 0.8 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Showing Percentage of Net Assets
| Common Stocks - 93.0% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 8.3% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Cellnex Telecom SA (a) | | 1,301 | 54,777 |
| Verizon Communications, Inc. | | 1,605 | 62,322 |
| | | | 117,099 |
| Entertainment - 1.2% | | | |
| Activision Blizzard, Inc. | | 505 | 39,244 |
| Nintendo Co. Ltd. ADR | | 3,902 | 41,205 |
| The Walt Disney Co. (b) | | 1,844 | 189,010 |
| Universal Music Group NV | | 6,450 | 140,795 |
| | | | 410,254 |
| Interactive Media & Services - 4.3% | | | |
| Alphabet, Inc.: | | | |
| Class A (b) | | 4,118 | 442,026 |
| Class C (b) | | 3,804 | 411,669 |
| Match Group, Inc. (b) | | 1,675 | 61,808 |
| Meta Platforms, Inc. Class A (b) | | 1,960 | 471,027 |
| Snap, Inc. Class A (b) | | 4,610 | 40,153 |
| | | | 1,426,683 |
| Media - 2.5% | | | |
| Charter Communications, Inc. Class A (b) | | 61 | 22,491 |
| Comcast Corp. Class A | | 16,026 | 662,996 |
| Interpublic Group of Companies, Inc. | | 4,319 | 154,318 |
| | | | 839,805 |
TOTAL COMMUNICATION SERVICES | | | 2,793,841 |
| CONSUMER DISCRETIONARY - 3.7% | | | |
| Automobile Components - 0.2% | | | |
| BorgWarner, Inc. | | 1,829 | 88,030 |
| Automobiles - 0.1% | | | |
| General Motors Co. | | 683 | 22,566 |
| Broadline Retail - 0.2% | | | |
| Amazon.com, Inc. (b) | | 627 | 66,117 |
| Hotels, Restaurants & Leisure - 1.7% | | | |
| Amadeus IT Holding SA Class A (b) | | 877 | 61,640 |
| Booking Holdings, Inc. (b) | | 124 | 333,102 |
| Expedia, Inc. (b) | | 526 | 49,423 |
| Marriott International, Inc. Class A | | 563 | 95,338 |
| Starbucks Corp. | | 357 | 40,802 |
| | | | 580,305 |
| Household Durables - 0.4% | | | |
| Mohawk Industries, Inc. (b) | | 671 | 71,059 |
| Sony Group Corp. sponsored ADR | | 454 | 40,710 |
| Whirlpool Corp. | | 169 | 23,591 |
| | | | 135,360 |
| Specialty Retail - 1.0% | | | |
| Lowe's Companies, Inc. | | 1,482 | 308,004 |
| RH (b) | | 85 | 21,686 |
| | | | 329,690 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| NIKE, Inc. Class B | | 212 | 26,865 |
TOTAL CONSUMER DISCRETIONARY | | | 1,248,933 |
| CONSUMER STAPLES - 4.5% | | | |
| Beverages - 1.7% | | | |
| Diageo PLC sponsored ADR | | 793 | 147,102 |
| Keurig Dr. Pepper, Inc. | | 3,907 | 127,759 |
| The Coca-Cola Co. | | 4,674 | 299,837 |
| | | | 574,698 |
| Consumer Staples Distribution & Retail - 1.4% | | | |
| Costco Wholesale Corp. | | 38 | 19,122 |
| Performance Food Group Co. (b) | | 1,098 | 68,834 |
| Sysco Corp. | | 2,577 | 197,759 |
| Target Corp. | | 344 | 54,266 |
| U.S. Foods Holding Corp. (b) | | 1,439 | 55,258 |
| Walmart, Inc. | | 583 | 88,016 |
| | | | 483,255 |
| Household Products - 0.1% | | | |
| Colgate-Palmolive Co. | | 43 | 3,431 |
| Procter & Gamble Co. | | 51 | 7,975 |
| Spectrum Brands Holdings, Inc. | | 535 | 35,578 |
| | | | 46,984 |
| Personal Care Products - 0.4% | | | |
| Haleon PLC ADR | | 13,388 | 118,752 |
| Tobacco - 0.9% | | | |
| Altria Group, Inc. | | 6,073 | 288,528 |
TOTAL CONSUMER STAPLES | | | 1,512,217 |
| ENERGY - 12.7% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Baker Hughes Co. Class A | | 185 | 5,409 |
| Oil, Gas & Consumable Fuels - 12.7% | | | |
| Canadian Natural Resources Ltd. | | 990 | 60,327 |
| Cenovus Energy, Inc. (Canada) | | 21,240 | 356,495 |
| Exxon Mobil Corp. | | 21,194 | 2,508,098 |
| Hess Corp. | | 4,729 | 685,989 |
| Imperial Oil Ltd. | | 4,604 | 234,677 |
| Kosmos Energy Ltd. (b) | | 55,936 | 357,990 |
| Phillips 66 Co. | | 309 | 30,591 |
| | | | 4,234,167 |
TOTAL ENERGY | | | 4,239,576 |
| FINANCIALS - 16.6% | | | |
| Banks - 10.4% | | | |
| Bank of America Corp. | | 27,729 | 811,905 |
| JPMorgan Chase & Co. | | 2,397 | 331,361 |
| M&T Bank Corp. | | 462 | 58,120 |
| PNC Financial Services Group, Inc. | | 2,050 | 267,013 |
| Truist Financial Corp. | | 5,353 | 174,401 |
| U.S. Bancorp | | 5,017 | 171,983 |
| Wells Fargo & Co. | | 42,174 | 1,676,417 |
| | | | 3,491,200 |
| Capital Markets - 2.1% | | | |
| Charles Schwab Corp. | | 102 | 5,328 |
| CME Group, Inc. | | 51 | 9,474 |
| KKR & Co. LP | | 3,043 | 161,492 |
| Morgan Stanley | | 1,755 | 157,897 |
| Northern Trust Corp. | | 3,402 | 265,900 |
| Raymond James Financial, Inc. | | 805 | 72,877 |
| State Street Corp. | | 341 | 24,641 |
| | | | 697,609 |
| Financial Services - 3.7% | | | |
| Edenred SA | | 1,904 | 123,615 |
| Fidelity National Information Services, Inc. | | 1,299 | 76,277 |
| Global Payments, Inc. | | 165 | 18,597 |
| MasterCard, Inc. Class A | | 318 | 120,850 |
| MGIC Investment Corp. | | 1,167 | 17,353 |
| PayPal Holdings, Inc. (b) | | 852 | 64,752 |
| Radian Group, Inc. (c) | | 9,457 | 229,521 |
| Visa, Inc. Class A | | 2,541 | 591,367 |
| | | | 1,242,332 |
| Insurance - 0.4% | | | |
| Chubb Ltd. | | 555 | 111,866 |
| MetLife, Inc. | | 100 | 6,133 |
| | | | 117,999 |
TOTAL FINANCIALS | | | 5,549,140 |
| HEALTH CARE - 12.9% | | | |
| Biotechnology - 0.6% | | | |
| Alnylam Pharmaceuticals, Inc. (b) | | 349 | 69,521 |
| Argenx SE ADR (b) | | 90 | 34,909 |
| Insmed, Inc. (b) | | 1,428 | 27,846 |
| Vaxcyte, Inc. (b) | | 1,371 | 58,720 |
| Verve Therapeutics, Inc. (b)(c) | | 414 | 6,595 |
| | | | 197,591 |
| Health Care Equipment & Supplies - 3.0% | | | |
| Abbott Laboratories | | 115 | 12,704 |
| Becton, Dickinson & Co. | | 330 | 87,222 |
| Boston Scientific Corp. (b) | | 8,531 | 444,636 |
| GE Healthcare Holding LLC | | 5,363 | 436,226 |
| iRhythm Technologies, Inc. (b) | | 1 | 131 |
| Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | | 1,475 | 31,152 |
| | | | 1,012,071 |
| Health Care Providers & Services - 5.1% | | | |
| Cardinal Health, Inc. | | 2,484 | 203,936 |
| Centene Corp. (b) | | 266 | 18,335 |
| Cigna Group | | 1,375 | 348,274 |
| CVS Health Corp. | | 2,848 | 208,787 |
| Guardant Health, Inc. (b) | | 1,042 | 23,508 |
| Humana, Inc. | | 115 | 61,006 |
| McKesson Corp. | | 909 | 331,094 |
| UnitedHealth Group, Inc. | | 1,085 | 533,918 |
| | | | 1,728,858 |
| Life Sciences Tools & Services - 0.3% | | | |
| Danaher Corp. | | 384 | 90,973 |
| Pharmaceuticals - 3.9% | | | |
| Bristol-Myers Squibb Co. | | 8,350 | 557,530 |
| Eli Lilly & Co. | | 410 | 162,303 |
| GSK PLC sponsored ADR | | 6,175 | 222,485 |
| Johnson & Johnson | | 2,033 | 332,802 |
| Sanofi SA sponsored ADR | | 510 | 27,362 |
| Viatris, Inc. | | 480 | 4,478 |
| | | | 1,306,960 |
TOTAL HEALTH CARE | | | 4,336,453 |
| INDUSTRIALS - 14.6% | | | |
| Aerospace & Defense - 3.5% | | | |
| Airbus Group NV | | 1,372 | 192,128 |
| General Dynamics Corp. | | 411 | 89,738 |
| Huntington Ingalls Industries, Inc. | | 263 | 53,037 |
| MTU Aero Engines AG | | 124 | 32,478 |
| Raytheon Technologies Corp. | | 513 | 51,249 |
| Safran SA | | 264 | 41,057 |
| Textron, Inc. | | 306 | 20,484 |
| The Boeing Co. (b) | | 3,354 | 693,540 |
| | | | 1,173,711 |
| Air Freight & Logistics - 1.8% | | | |
| FedEx Corp. | | 677 | 154,207 |
| United Parcel Service, Inc. Class B | | 2,395 | 430,645 |
| | | | 584,852 |
| Building Products - 0.1% | | | |
| Johnson Controls International PLC | | 789 | 47,214 |
| Commercial Services & Supplies - 0.1% | | | |
| ACV Auctions, Inc. Class A (b) | | 2,722 | 35,468 |
| Electrical Equipment - 1.2% | | | |
| Acuity Brands, Inc. | | 584 | 91,910 |
| Hubbell, Inc. Class B | | 360 | 96,955 |
| Regal Rexnord Corp. | | 530 | 68,985 |
| Vertiv Holdings Co. | | 10,085 | 150,468 |
| | | | 408,318 |
| Ground Transportation - 0.5% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 2,639 | 148,628 |
| Industrial Conglomerates - 6.0% | | | |
| 3M Co. | | 274 | 29,104 |
| General Electric Co. | | 19,931 | 1,972,571 |
| | | | 2,001,675 |
| Machinery - 1.1% | | | |
| Chart Industries, Inc. (b)(c) | | 340 | 45,254 |
| Cummins, Inc. | | 186 | 43,717 |
| Flowserve Corp. | | 1,805 | 60,269 |
| Fortive Corp. | | 1,026 | 64,730 |
| Otis Worldwide Corp. | | 594 | 50,668 |
| Stanley Black & Decker, Inc. | | 444 | 38,335 |
| Westinghouse Air Brake Tech Co. | | 601 | 58,700 |
| | | | 361,673 |
| Passenger Airlines - 0.1% | | | |
| Copa Holdings SA Class A | | 98 | 8,851 |
| Ryanair Holdings PLC sponsored ADR (b) | | 295 | 28,199 |
| | | | 37,050 |
| Professional Services - 0.2% | | | |
| Equifax, Inc. | | 129 | 26,881 |
| Genpact Ltd. | | 1,018 | 45,352 |
| | | | 72,233 |
| Trading Companies & Distributors - 0.0% | | | |
| Beijer Ref AB (B Shares) | | 665 | 10,855 |
TOTAL INDUSTRIALS | | | 4,881,677 |
| INFORMATION TECHNOLOGY - 15.0% | | | |
| IT Services - 0.4% | | | |
| IBM Corp. | | 349 | 44,117 |
| Snowflake, Inc. (b) | | 21 | 3,110 |
| Twilio, Inc. Class A (b) | | 874 | 45,981 |
| Unisys Corp. (b) | | 10,583 | 33,971 |
| | | | 127,179 |
| Semiconductors & Semiconductor Equipment - 2.6% | | | |
| Analog Devices, Inc. | | 347 | 62,418 |
| Applied Materials, Inc. | | 684 | 77,313 |
| Intel Corp. | | 934 | 29,010 |
| Lam Research Corp. | | 133 | 69,703 |
| Marvell Technology, Inc. | | 4,282 | 169,053 |
| NVIDIA Corp. | | 340 | 94,347 |
| Qualcomm, Inc. | | 2,437 | 284,642 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 916 | 77,219 |
| | | | 863,705 |
| Software - 8.8% | | | |
| Adobe, Inc. (b) | | 588 | 222,005 |
| Autodesk, Inc. (b) | | 384 | 74,799 |
| DoubleVerify Holdings, Inc. (b) | | 496 | 14,592 |
| Elastic NV (b) | | 1,024 | 58,624 |
| Intuit, Inc. | | 181 | 80,355 |
| Microsoft Corp. | | 6,947 | 2,134,535 |
| PTC, Inc. (b) | | 290 | 36,479 |
| Salesforce, Inc. (b) | | 144 | 28,565 |
| SAP SE sponsored ADR | | 2,079 | 281,226 |
| Workday, Inc. Class A (b) | | 98 | 18,242 |
| | | | 2,949,422 |
| Technology Hardware, Storage & Peripherals - 3.2% | | | |
| Apple, Inc. | | 6,268 | 1,063,554 |
| Samsung Electronics Co. Ltd. | | 687 | 33,817 |
| | | | 1,097,371 |
TOTAL INFORMATION TECHNOLOGY | | | 5,037,677 |
| MATERIALS - 3.0% | | | |
| Chemicals - 0.6% | | | |
| Axalta Coating Systems Ltd. (b) | | 413 | 13,038 |
| DuPont de Nemours, Inc. | | 2,420 | 168,722 |
| LyondellBasell Industries NV Class A | | 233 | 22,044 |
| Sherwin-Williams Co. | | 51 | 12,115 |
| | | | 215,919 |
| Metals & Mining - 2.4% | | | |
| First Quantum Minerals Ltd. | | 10,562 | 256,634 |
| Freeport-McMoRan, Inc. | | 10,937 | 414,622 |
| Glencore PLC | | 20,743 | 122,438 |
| | | | 793,694 |
TOTAL MATERIALS | | | 1,009,613 |
| REAL ESTATE - 0.9% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.9% | | | |
| American Tower Corp. | | 430 | 87,888 |
| Crown Castle International Corp. | | 356 | 43,820 |
| Equinix, Inc. | | 13 | 9,413 |
| Simon Property Group, Inc. | | 1,314 | 148,902 |
| | | | 290,023 |
| UTILITIES - 0.8% | | | |
| Electric Utilities - 0.7% | | | |
| Entergy Corp. | | 279 | 30,015 |
| PG&E Corp. (b) | | 3,829 | 65,514 |
| Southern Co. | | 2,047 | 150,557 |
| | | | 246,086 |
| Multi-Utilities - 0.1% | | | |
| Sempra Energy | | 81 | 12,595 |
TOTAL UTILITIES | | | 258,681 |
| TOTAL COMMON STOCKS (Cost $21,081,143) | | | 31,157,831 |
| | | | |
| Preferred Stocks - 0.2% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 0.0% | | | |
| COMMUNICATION SERVICES - 0.0% | | | |
| Interactive Media & Services - 0.0% | | | |
| Reddit, Inc. Series E (b)(d)(e) | | 200 | 7,278 |
| | | | |
| Nonconvertible Preferred Stocks - 0.2% | | | |
| INDUSTRIALS - 0.2% | | | |
| Aerospace & Defense - 0.2% | | | |
| Embraer SA sponsored ADR (b) | | 3,670 | 56,702 |
| | | | |
| TOTAL PREFERRED STOCKS (Cost $52,030) | | | 63,980 |
| | | | |
| Money Market Funds - 7.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.88% (f) | | 2,238,033 | 2,238,481 |
| Fidelity Securities Lending Cash Central Fund 4.88% (f)(g) | | 276,597 | 276,625 |
| TOTAL MONEY MARKET FUNDS (Cost $2,515,106) | | | 2,515,106 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $23,648,279) | 33,736,917 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (250,584) |
| NET ASSETS - 100.0% | 33,486,333 |
| | |
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 $54,777 or 0.2% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,278 or 0.0% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Reddit, Inc. Series E | 5/18/21 | 8,495 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 688,607 | 15,283,479 | 13,733,605 | 67,194 | - | - | 2,238,481 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 47,125 | 1,174,805 | 945,305 | 81 | - | - | 276,625 | 0.0% |
| Total | 735,732 | 16,458,284 | 14,678,910 | 67,275 | - | - | 2,515,106 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 2,801,119 | 2,739,064 | 54,777 | 7,278 |
Consumer Discretionary | 1,248,933 | 1,187,293 | 61,640 | - |
Consumer Staples | 1,512,217 | 1,512,217 | - | - |
Energy | 4,239,576 | 4,239,576 | - | - |
Financials | 5,549,140 | 5,549,140 | - | - |
Health Care | 4,336,453 | 4,336,453 | - | - |
Industrials | 4,938,379 | 4,705,194 | 233,185 | - |
Information Technology | 5,037,677 | 5,003,860 | 33,817 | - |
Materials | 1,009,613 | 887,175 | 122,438 | - |
Real Estate | 290,023 | 290,023 | - | - |
Utilities | 258,681 | 258,681 | - | - |
|
| Money Market Funds | 2,515,106 | 2,515,106 | - | - |
| Total Investments in Securities: | 33,736,917 | 33,223,782 | 505,857 | 7,278 |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $274,440) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $21,133,173) | $ | 31,221,811 | | |
Fidelity Central Funds (cost $2,515,106) | | 2,515,106 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $23,648,279) | | | $ | 33,736,917 |
| Foreign currency held at value (cost $2,314) | | | | 2,313 |
| Receivable for investments sold | | | | 2,991 |
| Receivable for fund shares sold | | | | 25,886 |
| Dividends receivable | | | | 23,614 |
| Distributions receivable from Fidelity Central Funds | | | | 11,098 |
Total assets | | | | 33,802,819 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 27,648 | | |
| Payable for fund shares redeemed | | 68 | | |
| Accrued management fee | | 12,145 | | |
| Collateral on securities loaned | | 276,625 | | |
| Total Liabilities | | | | 316,486 |
| Net Assets | | | $ | 33,486,333 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 23,344,799 |
| Total accumulated earnings (loss) | | | | 10,141,534 |
| Net Assets | | | $ | 33,486,333 |
Net Asset Value , offering price and redemption price per share ($33,486,333 ÷ 2,878,103 shares) | | | $ | 11.63 |
| Statement of Operations |
| | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 750,840 |
| Income from Fidelity Central Funds (including $81 from security lending) | | | | 67,275 |
| Total Income | | | | 818,115 |
| Expenses | | | | |
| Management fee | $ | 174,690 | | |
| Independent trustees' fees and expenses | | 201 | | |
| Total expenses before reductions | | 174,891 | | |
| Expense reductions | | (134) | | |
| Total expenses after reductions | | | | 174,757 |
| Net Investment income (loss) | | | | 643,358 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 2,020,487 | | |
| Foreign currency transactions | | 2,049 | | |
| Total net realized gain (loss) | | | | 2,022,536 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (2,401,393) | | |
| Assets and liabilities in foreign currencies | | 96 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (2,401,297) |
| Net gain (loss) | | | | (378,761) |
| Net increase (decrease) in net assets resulting from operations | | | $ | 264,597 |
| Statement of Changes in Net Assets |
| |
| | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 643,358 | $ | 1,316,279 |
| Net realized gain (loss) | | 2,022,536 | | 10,273,547 |
| Change in net unrealized appreciation (depreciation) | | (2,401,297) | | (8,955,259) |
| Net increase (decrease) in net assets resulting from operations | | 264,597 | | 2,634,567 |
| Distributions to shareholders | | (12,370,579) | | (4,803,909) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 24,577,557 | | 20,163,965 |
| Reinvestment of distributions | | 12,370,579 | | 4,803,909 |
| Cost of shares redeemed | | (36,450,472) | | (49,911,830) |
Net increase (decrease) in net assets resulting from share transactions | | 497,664 | | (24,943,956) |
| Total increase (decrease) in net assets | | (11,608,318) | | (27,113,298) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 45,094,651 | | 72,207,949 |
| End of period | $ | 33,486,333 | $ | 45,094,651 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 1,974,639 | | 1,315,652 |
| Issued in reinvestment of distributions | | 1,106,300 | | 314,054 |
| Redeemed | | (3,346,634) | | (3,172,262) |
| Net increase (decrease) | | (265,695) | | (1,542,556) |
| | | | | |
Financial Highlights
| Fidelity® Large Cap Stock K6 Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 14.34 | $ | 15.41 | $ | 10.37 | $ | 11.61 | $ | 11.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .19 | | .30 C | | .22 | | .23 | | .23 |
| Net realized and unrealized gain (loss) | | .92 D | | (.36) D | | 5.27 | | (1.15) | | .84 |
| Total from investment operations | | 1.11 | | (.06) | | 5.49 | | (.92) | | 1.07 |
| Distributions from net investment income | | (.28) | | (.30) | | (.25) | | (.24) | | (.20) |
| Distributions from net realized gain | | (3.54) | | (.71) | | (.20) | | (.08) | | (.26) |
| Total distributions | | (3.82) | | (1.01) | | (.45) | | (.32) | | (.46) |
| Net asset value, end of period | $ | 11.63 | $ | 14.34 | $ | 15.41 | $ | 10.37 | $ | 11.61 |
Total Return E | | 11.14% | | (.72)% | | 54.03% | | (8.32)% | | 10.12% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .45% | | .45% | | .45% | | .45% | | .45% |
| Expenses net of fee waivers, if any | | .45% | | .45% | | .45% | | .45% | | .45% |
| Expenses net of all reductions | | .45% | | .45% | | .45% | | .45% | | .44% |
| Net investment income (loss) | | 1.65% | | 1.95% C | | 1.80% | | 2.05% | | 2.09% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 33,486 | $ | 45,095 | $ | 72,208 | $ | 70,742 | $ | 87,168 |
Portfolio turnover rate H | | 27% I | | 18% I | | 19% I | | 30% I | | 49% I |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.30%.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 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.
For the period ended April 30, 2023
1. Organization.
Fidelity Large Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
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 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 | $10,415,476 |
| Gross unrealized depreciation | (730,778) |
| Net unrealized appreciation (depreciation) | $9,684,698 |
| Tax Cost | $24,052,219 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $156,647 |
| Undistributed long-term capital gain | $300,285 |
| Net unrealized appreciation (depreciation) on securities and other investments | $9,684,602 |
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30,2022 |
| Ordinary Income | $864,682 | $2,439,404 |
| Long-term Capital Gains | 11,505,897 | 2,364,505 |
| Total | $12,370,579 | $4,803,909 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Large Cap Stock K6 Fund | 9,627,865 | 29,893,546 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Large Cap Stock K6 Fund | 554,943 | 7,554,605 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Large Cap Stock K6 Fund | 50,506 | 778,805 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Large Cap Stock K6 Fund | $221 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Large Cap Stock K6 Fund | 680,891 | 201,849 | 1,281 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Large Cap Stock K6 Fund | $6 | $- | $- |
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 $134.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Large Cap Stock K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock K6 Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Large Cap Stock K6 Fund | | | | .45% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,095.20 | | $ 2.34 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.56 | | $ 2.26 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2023, $2,283,619, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 78%, and 100% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 67.71% and 100% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 0.43% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883971.105
LCSK6-ANN-0623
Fidelity® Series Small Cap Discovery Fund
Annual Report
April 30, 2023
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. © 2023 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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
| Average Annual Total Returns |
| | | | |
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Life of Fund A |
| Fidelity® Series Small Cap Discovery Fund | -1.01% | 8.25% | 7.67% |
A From November 7, 2013
| $10,000 Over Life of Fund |
| |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Discovery Fund, on November 7, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period. |
|
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from Co-Managers Derek Janssen and Forrest St. Clair:
For the fiscal year ending April 30, 2023, the fund returned -1.01%, outperforming the -3.65% result of the benchmark Russell 2000 ® Index. Versus the benchmark, security selection was the primary contributor, led by the financials sector. Picks among consumer discretionary and information technology stocks also bolstered the fund's relative result. A non-benchmark stake in Tempur Sealy International was the fund's top individual relative contributor, driven by a gain of roughly 40%. This was among the fund's biggest holdings as of April 30. Also bolstering performance was an outsized position in Brigham Minerals, which gained about 41% and was no longer held at period end. Another notable relative contributor was an overweight in FirstCash Holdings (+31%), one of our largest holdings. Conversely, the primary detractor from performance versus the benchmark was our stock picking in health care. Weak investment choices in real estate also hindered the fund's relative performance. Security selection in industrials also hurt, especially within the commercial & professional services industry. The largest individual relative detractor was an out-of-benchmark stake in Syneos Health (-57%), where we reduced our position this period. Non-benchmark exposure to Douglas Emmett (-54%) also hurt, as did an overweight in Cushman & Wakefield, which returned -45% and was one of our largest holdings this period. Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care firms.
Note to shareholders:
On March 1, 2023, Forrest St. Clair assumed co-management responsibilities for the fund, joining Co-Manager Derek Janssen. After 17 years at Fidelity, Derek plans to retire from the firm at the end of 2023, at which time Forrest will assume sole management responsibilities for the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) |
| |
| LGI Homes, Inc. | 3.6 | |
| FirstCash Holdings, Inc. | 3.5 | |
| First American Financial Corp. | 3.0 | |
| Enstar Group Ltd. | 2.6 | |
| Performance Food Group Co. | 2.6 | |
| Tempur Sealy International, Inc. | 2.6 | |
| Insight Enterprises, Inc. | 2.6 | |
| Kforce, Inc. | 2.6 | |
| Sitio Royalties Corp. | 2.5 | |
| Beacon Roofing Supply, Inc. | 2.2 | |
| | 27.8 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 19.9 | |
| Financials | 18.4 | |
| Consumer Discretionary | 17.3 | |
| Information Technology | 8.8 | |
| Health Care | 7.4 | |
| Materials | 5.9 | |
| Energy | 5.4 | |
| Real Estate | 5.4 | |
| Consumer Staples | 3.5 | |
| Communication Services | 1.6 | |
| Utilities | 1.5 | |
| |
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 95.1% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.6% | | | |
| Interactive Media & Services - 1.6% | | | |
| Ziff Davis, Inc. (a) | | 250,000 | 18,285,000 |
| CONSUMER DISCRETIONARY - 17.3% | | | |
| Automobile Components - 3.4% | | | |
| Adient PLC (a) | | 500,000 | 18,470,000 |
| Patrick Industries, Inc. | | 296,800 | 20,369,384 |
| | | | 38,839,384 |
| Diversified Consumer Services - 2.8% | | | |
| Adtalem Global Education, Inc. (a) | | 275,000 | 11,156,750 |
| Laureate Education, Inc. Class A | | 997,500 | 12,359,025 |
| OneSpaWorld Holdings Ltd. (a) | | 731,916 | 8,782,992 |
| | | | 32,298,767 |
| Household Durables - 7.4% | | | |
| Helen of Troy Ltd. (a)(b) | | 137,500 | 13,796,750 |
| LGI Homes, Inc. (a)(b) | | 350,000 | 41,580,001 |
| Tempur Sealy International, Inc. | | 793,700 | 29,739,939 |
| | | | 85,116,690 |
| Specialty Retail - 3.0% | | | |
| America's Car Mart, Inc. (a)(b) | | 132,600 | 10,659,714 |
| Murphy U.S.A., Inc. | | 20,170 | 5,551,389 |
| Upbound Group, Inc. | | 470,200 | 12,535,532 |
| Victoria's Secret & Co. (a) | | 208,800 | 6,474,888 |
| | | | 35,221,523 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Crocs, Inc. (a) | | 45,000 | 5,565,150 |
| Wolverine World Wide, Inc. | | 131,637 | 2,203,603 |
| | | | 7,768,753 |
TOTAL CONSUMER DISCRETIONARY | | | 199,245,117 |
| CONSUMER STAPLES - 3.5% | | | |
| Consumer Staples Distribution & Retail - 3.5% | | | |
| Performance Food Group Co. (a)(b) | | 475,000 | 29,777,750 |
| Sprouts Farmers Market LLC (a) | | 164,872 | 5,714,464 |
| United Natural Foods, Inc. (a) | | 171,100 | 4,665,897 |
| | | | 40,158,111 |
| ENERGY - 5.4% | | | |
| Energy Equipment & Services - 1.9% | | | |
| ShawCor Ltd. Class A (a) | | 1,573,300 | 14,167,074 |
| Total Energy Services, Inc. (b) | | 1,313,330 | 7,764,530 |
| | | | 21,931,604 |
| Oil, Gas & Consumable Fuels - 3.5% | | | |
| Parkland Corp. | | 500,000 | 11,790,973 |
| Sitio Royalties Corp. (b) | | 1,133,000 | 28,766,870 |
| | | | 40,557,843 |
TOTAL ENERGY | | | 62,489,447 |
| FINANCIALS - 18.4% | | | |
| Banks - 3.9% | | | |
| BOK Financial Corp. | | 75,000 | 6,290,250 |
| Cadence Bank | | 750,000 | 15,165,000 |
| Cullen/Frost Bankers, Inc. | | 75,000 | 8,268,750 |
| First Hawaiian, Inc. | | 750,000 | 14,332,500 |
| | | | 44,056,500 |
| Capital Markets - 1.6% | | | |
| BrightSphere Investment Group, Inc. | | 825,000 | 18,628,500 |
| Consumer Finance - 3.5% | | | |
| FirstCash Holdings, Inc. | | 389,400 | 40,119,882 |
| Financial Services - 1.2% | | | |
| Cannae Holdings, Inc. (a) | | 750,000 | 13,680,000 |
| Insurance - 8.2% | | | |
| Assurant, Inc. | | 100,000 | 12,313,000 |
| Enstar Group Ltd. (a) | | 125,000 | 30,075,000 |
| First American Financial Corp. | | 600,000 | 34,566,000 |
| Primerica, Inc. | | 96,400 | 17,593,964 |
| | | | 94,547,964 |
TOTAL FINANCIALS | | | 211,032,846 |
| HEALTH CARE - 7.4% | | | |
| Biotechnology - 1.4% | | | |
| Blueprint Medicines Corp. (a) | | 105,900 | 5,406,195 |
| Cerevel Therapeutics Holdings (a)(b) | | 212,500 | 6,171,000 |
| Keros Therapeutics, Inc. (a) | | 50,000 | 2,217,750 |
| Vaxcyte, Inc. (a) | | 51,610 | 2,210,456 |
| | | | 16,005,401 |
| Health Care Equipment & Supplies - 1.8% | | | |
| Envista Holdings Corp. (a) | | 450,000 | 17,320,500 |
| Utah Medical Products, Inc. | | 32,219 | 3,055,650 |
| | | | 20,376,150 |
| Health Care Providers & Services - 3.2% | | | |
| AdaptHealth Corp. (a) | | 395,300 | 4,696,164 |
| Owens & Minor, Inc. (a) | | 879,800 | 13,672,092 |
| Premier, Inc. | | 500,000 | 16,665,000 |
| R1 Rcm, Inc. | | 108,600 | 1,693,074 |
| | | | 36,726,330 |
| Life Sciences Tools & Services - 0.0% | | | |
| Syneos Health, Inc. (a) | | 19,306 | 757,954 |
| Pharmaceuticals - 1.0% | | | |
| Arvinas Holding Co. LLC (a) | | 86,000 | 2,254,060 |
| DICE Therapeutics, Inc. (a) | | 58,300 | 1,894,750 |
| Prestige Brands Holdings, Inc. (a) | | 70,000 | 4,307,100 |
| Ventyx Biosciences, Inc. (a) | | 71,000 | 2,669,600 |
| | | | 11,125,510 |
TOTAL HEALTH CARE | | | 84,991,345 |
| INDUSTRIALS - 19.9% | | | |
| Aerospace & Defense - 0.0% | | | |
| V2X, Inc. (a) | | 7,034 | 303,869 |
| Building Products - 1.3% | | | |
| Armstrong World Industries, Inc. | | 210,500 | 14,452,930 |
| Commercial Services & Supplies - 1.5% | | | |
| The Brink's Co. | | 261,800 | 16,454,130 |
| Construction & Engineering - 0.3% | | | |
| EMCOR Group, Inc. | | 18,730 | 3,202,830 |
| Ground Transportation - 4.0% | | | |
| TFI International, Inc. | | 200,000 | 21,560,000 |
| TFI International, Inc. (Canada) | | 75,000 | 8,083,183 |
| XPO, Inc. (a) | | 373,790 | 16,514,042 |
| | | | 46,157,225 |
| Professional Services - 10.6% | | | |
| ASGN, Inc. (a) | | 257,100 | 18,405,789 |
| Concentrix Corp. | | 246,500 | 23,789,715 |
| Genpact Ltd. | | 289,174 | 12,882,702 |
| Insperity, Inc. | | 76,854 | 9,411,541 |
| Kforce, Inc. | | 500,000 | 29,570,000 |
| Maximus, Inc. | | 88,096 | 7,369,230 |
| Persol Holdings Co. Ltd. | | 1,000,000 | 20,619,415 |
| | | | 122,048,392 |
| Trading Companies & Distributors - 2.2% | | | |
| Beacon Roofing Supply, Inc. (a) | | 425,000 | 25,576,500 |
TOTAL INDUSTRIALS | | | 228,195,876 |
| INFORMATION TECHNOLOGY - 8.8% | | | |
| Communications Equipment - 0.4% | | | |
| Lumentum Holdings, Inc. (a) | | 99,373 | 4,794,747 |
| Electronic Equipment, Instruments & Components - 4.9% | | | |
| Coherent Corp. (a)(b) | | 319,800 | 10,917,972 |
| Insight Enterprises, Inc. (a) | | 245,700 | 29,717,415 |
| TD SYNNEX Corp. | | 125,000 | 11,130,000 |
| TTM Technologies, Inc. (a) | | 350,000 | 4,133,500 |
| | | | 55,898,887 |
| Semiconductors & Semiconductor Equipment - 3.5% | | | |
| Cirrus Logic, Inc. (a) | | 193,600 | 16,608,944 |
| Ichor Holdings Ltd. (a) | | 850,000 | 23,672,500 |
| | | | 40,281,444 |
TOTAL INFORMATION TECHNOLOGY | | | 100,975,078 |
| MATERIALS - 5.9% | | | |
| Chemicals - 2.5% | | | |
| Olin Corp. | | 316,600 | 17,539,640 |
| Valvoline, Inc. | | 314,900 | 10,879,795 |
| | | | 28,419,435 |
| Construction Materials - 1.4% | | | |
| RHI Magnesita NV | | 306,845 | 8,715,180 |
| Wienerberger AG | | 235,100 | 7,072,248 |
| | | | 15,787,428 |
| Containers & Packaging - 0.8% | | | |
| Graphic Packaging Holding Co. | | 400,000 | 9,864,000 |
| Metals & Mining - 1.2% | | | |
| Arconic Corp. (a) | | 295,600 | 7,316,100 |
| ERO Copper Corp. (a) | | 350,000 | 6,892,276 |
| | | | 14,208,376 |
TOTAL MATERIALS | | | 68,279,239 |
| REAL ESTATE - 5.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.3% | | | |
| Douglas Emmett, Inc. | | 1,200,000 | 15,456,000 |
| Real Estate Management & Development - 4.1% | | | |
| Cushman & Wakefield PLC (a)(b) | | 2,250,000 | 22,162,500 |
| Jones Lang LaSalle, Inc. (a) | | 175,000 | 24,332,000 |
| | | | 46,494,500 |
TOTAL REAL ESTATE | | | 61,950,500 |
| UTILITIES - 1.5% | | | |
| Gas Utilities - 1.5% | | | |
| Brookfield Infrastructure Corp. A Shares (b) | | 400,000 | 17,040,000 |
| TOTAL COMMON STOCKS (Cost $966,010,791) | | | 1,092,642,559 |
| | | | |
| Money Market Funds - 8.7% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.88% (c) | | 30,290,695 | 30,296,753 |
| Fidelity Securities Lending Cash Central Fund 4.88% (c)(d) | | 70,446,425 | 70,453,469 |
| TOTAL MONEY MARKET FUNDS (Cost $100,750,222) | | | 100,750,222 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 103.8% (Cost $1,066,761,013) | 1,193,392,781 |
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (44,189,582) |
| NET ASSETS - 100.0% | 1,149,203,199 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.88% | 26,282,304 | 324,334,623 | 320,320,174 | 591,683 | - | - | 30,296,753 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.88% | 36,691,544 | 433,502,387 | 399,740,462 | 67,021 | - | - | 70,453,469 | 0.2% |
| Total | 62,973,848 | 757,837,010 | 720,060,636 | 658,704 | - | - | 100,750,222 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, 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 | 18,285,000 | 18,285,000 | - | - |
Consumer Discretionary | 199,245,117 | 199,245,117 | - | - |
Consumer Staples | 40,158,111 | 40,158,111 | - | - |
Energy | 62,489,447 | 62,489,447 | - | - |
Financials | 211,032,846 | 211,032,846 | - | - |
Health Care | 84,991,345 | 84,991,345 | - | - |
Industrials | 228,195,876 | 207,576,461 | 20,619,415 | - |
Information Technology | 100,975,078 | 100,975,078 | - | - |
Materials | 68,279,239 | 68,279,239 | - | - |
Real Estate | 61,950,500 | 61,950,500 | - | - |
Utilities | 17,040,000 | 17,040,000 | - | - |
|
| Money Market Funds | 100,750,222 | 100,750,222 | - | - |
| Total Investments in Securities: | 1,193,392,781 | 1,172,773,366 | 20,619,415 | - |
| Statement of Assets and Liabilities |
| | | | April 30, 2023 |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $70,281,090) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $966,010,791) | $ | 1,092,642,559 | | |
Fidelity Central Funds (cost $100,750,222) | | 100,750,222 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,066,761,013) | | | $ | 1,193,392,781 |
| Foreign currency held at value (cost $1) | | | | 1 |
| Receivable for investments sold | | | | 10,436,370 |
| Receivable for fund shares sold | | | | 35,146,488 |
| Dividends receivable | | | | 739,455 |
| Distributions receivable from Fidelity Central Funds | | | | 124,375 |
Total assets | | | | 1,239,839,470 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 20,075,613 | | |
| Payable for fund shares redeemed | | 106,812 | | |
| Other payables and accrued expenses | | 5,346 | | |
| Collateral on securities loaned | | 70,448,500 | | |
| Total Liabilities | | | | 90,636,271 |
| Net Assets | | | $ | 1,149,203,199 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,021,436,740 |
| Total accumulated earnings (loss) | | | | 127,766,459 |
| Net Assets | | | $ | 1,149,203,199 |
Net Asset Value , offering price and redemption price per share ($1,149,203,199 ÷ 112,385,639 shares) | | | $ | 10.23 |
| Statement of Operations |
| | | | Year ended April 30, 2023 |
| Investment Income | | | | |
| Dividends | | | $ | 14,806,454 |
| Income from Fidelity Central Funds (including $67,021 from security lending) | | | | 658,704 |
| Total Income | | | | 15,465,158 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 18,326 | | |
| Independent trustees' fees and expenses | | 5,904 | | |
| Interest | | 12,427 | | |
| Total Expenses | | | | 36,657 |
| Net Investment income (loss) | | | | 15,428,501 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 55,669,234 | | |
| Foreign currency transactions | | (16,294) | | |
| Total net realized gain (loss) | | | | 55,652,940 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (82,940,497) | | |
| Assets and liabilities in foreign currencies | | 36,814 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (82,903,683) |
| Net gain (loss) | | | | (27,250,743) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (11,822,242) |
| Statement of Changes in Net Assets |
| |
| | Year ended April 30, 2023 | | Year ended April 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 15,428,501 | $ | 14,927,203 |
| Net realized gain (loss) | | 55,652,940 | | 236,545,671 |
| Change in net unrealized appreciation (depreciation) | | (82,903,683) | | (273,857,820) |
| Net increase (decrease) in net assets resulting from operations | | (11,822,242) | | (22,384,946) |
| Distributions to shareholders | | (216,852,104) | | (250,809,683) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 146,433,073 | | 89,113,211 |
| Reinvestment of distributions | | 216,852,104 | | 250,809,683 |
| Cost of shares redeemed | | (280,746,366) | | (281,945,014) |
Net increase (decrease) in net assets resulting from share transactions | | 82,538,811 | | 57,977,880 |
| Total increase (decrease) in net assets | | (146,135,535) | | (215,216,749) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,295,338,734 | | 1,510,555,483 |
| End of period | $ | 1,149,203,199 | $ | 1,295,338,734 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 14,162,287 | | 6,359,345 |
| Issued in reinvestment of distributions | | 21,076,097 | | 17,981,032 |
| Redeemed | | (26,578,442) | | (19,966,035) |
| Net increase (decrease) | | 8,659,942 | | 4,374,342 |
| | | | | |
Financial Highlights
| Fidelity® Series Small Cap Discovery Fund |
| |
| Years ended April 30, | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.49 | $ | 15.20 | $ | 8.73 | $ | 11.70 | $ | 12.40 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .14 | | .12 | | .15 | | .20 C |
| Net realized and unrealized gain (loss) | | (.34) | | (.33) | | 6.68 | | (2.35) | | .59 |
| Total from investment operations | | (.20) | | (.19) | | 6.80 | | (2.20) | | .79 |
| Distributions from net investment income | | (.15) | | (.14) | | (.12) | | (.16) | | (.19) |
| Distributions from net realized gain | | (1.92) | | (2.38) | | (.21) | | (.61) | | (1.30) |
| Total distributions | | (2.06) D | | (2.52) | | (.33) | | (.77) | | (1.49) |
| Net asset value, end of period | $ | 10.23 | $ | 12.49 | $ | 15.20 | $ | 8.73 | $ | 11.70 |
Total Return E | | (1.01)% | | (2.37)% | | 78.91% | | (20.16)% | | 7.68% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
Expenses before reductions H | | -% | | -% | | -% | | -% | | -% |
Expenses net of fee waivers, if any H | | -% | | -% | | -% | | -% | | -% |
Expenses net of all reductions H | | -% | | -% | | -% | | -% | | -% |
| Net investment income (loss) | | 1.31% | | 1.01% | | 1.03% | | 1.38% | | 1.73% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,149,203 | $ | 1,295,339 | $ | 1,510,555 | $ | 1,152,206 | $ | 1,707,498 |
Portfolio turnover rate I | | 31% | | 25% | | 28% | | 51% | | 41% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.54%.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2023
1. Organization.
Fidelity Series Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions 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 | $267,965,884 |
| Gross unrealized depreciation | (141,961,320) |
| Net unrealized appreciation (depreciation) | $126,004,564 |
| Tax cost | $1,067,388,217 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,365,988 |
| Net unrealized appreciation (depreciation) on securities and other investments | $125,984,685 |
The Fund intends to elect to defer to its next fiscal year $584,214 of capital losses recognized during the period November 1,2022 to April 30,2023.
The tax character of distributions paid was as follows:
| | April 30, 2023 | April 30, 2022 |
| Ordinary Income | $15,554,144 | $ 83,266,754 |
| Long-term Capital Gains | 201,297,960 | 167,542,929 |
| Total | $216,852,104 | $ 250,809,683 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Small Cap Discovery Fund | 364,645,312 | 524,694,544 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Series Small Cap Discovery Fund | $9,744 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At 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 Small Cap Discovery Fund | Borrower | $9,966,250 | 3.60% | $11,972 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Small Cap Discovery Fund | 35,575,456 | 29,330,230 | 4,633,609 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Series Small Cap Discovery Fund | $7,178 | $215 | $- |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Series Small Cap Discovery Fund | $4,571,000 | 3.58% | $455 |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Series Small Cap Discovery Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Discovery Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 15, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity ® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity ® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity ® funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
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 (November 1, 2022 to April 30, 2023). |
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 November 1, 2022 | | Ending Account Value April 30, 2023 | | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 |
| | | | | | | | | | |
| Fidelity® Series Small Cap Discovery Fund | | | | -%- D | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,053.50 | | $- E |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,024.79 | | $- E |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2023, $51,433,971, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $288,549 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 58% and 65% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 84.55% and 88.99% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 0.06% and 6.92% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.968029.109
XS4-ANN-0623
Item 2.
Code of Ethics
As of the end of the period, April 30, 2023, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Large Cap Stock Fund, Fidelity Large Cap Stock K6 Fund, Fidelity Mid-Cap Stock Fund, Fidelity Series Small Cap Core Fund, Fidelity Series Small Cap Discovery Fund, Fidelity Small Cap Discovery Fund, Fidelity Small Cap Stock Fund, and Fidelity Small Cap Stock K6 Fund (the “Funds”):
Services Billed by Deloitte Entities
April 30, 2023 FeesA,B
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Large Cap Stock Fund | $43,900 | $- | $9,400 | $1,000 |
Fidelity Large Cap Stock K6 Fund | $43,600 | $- | $7,900 | $1,000 |
Fidelity Mid-Cap Stock Fund | $71,800 | $- | $9,600 | $1,100 |
Fidelity Series Small Cap Core Fund | $34,800 | $- | $7,700 | $400 |
Fidelity Series Small Cap Discovery Fund | $39,600 | $- | $7,400 | $1,000 |
Fidelity Small Cap Discovery Fund | $41,600 | $- | $7,400 | $1,000 |
Fidelity Small Cap Stock Fund | $44,900 | $- | $9,400 | $1,000 |
Fidelity Small Cap Stock K6 Fund | $45,000 | $- | $8,000 | $1,000 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Large Cap Stock Fund | $40,600 | $- | $7,300 | $1,000 |
Fidelity Large Cap Stock K6 Fund | $43,700 | $- | $7,600 | $1,000 |
Fidelity Mid-Cap Stock Fund | $58,200 | $- | $9,100 | $1,100 |
Fidelity Series Small Cap Core Fund | $- | $- | $- | $- |
Fidelity Series Small Cap Discovery Fund | $39,800 | $- | $7,100 | $900 |
Fidelity Small Cap Discovery Fund | $41,800 | $- | $7,400 | $1,000 |
Fidelity Small Cap Stock Fund | $44,800 | $- | $7,100 | $1,000 |
Fidelity Small Cap Stock K6 Fund | $48,700 | $- | $7,600 | $1,000 |
A Amounts may reflect rounding.
B Fidelity Series Small Cap Core Fund commenced operations on November 4, 2022.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Founders Fund and Fidelity Mid-Cap Stock K6 Fund (the “Funds”):
Services Billed by PwC
April 30, 2023 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Founders Fund | $29,700 | $2,600 | $6,800 | $900 |
Fidelity Mid-Cap Stock K6 Fund | $59,000 | $3,400 | $7,700 | $1,200 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Founders Fund | $28,400 | $2,700 | $6,500 | $900 |
Fidelity Mid-Cap Stock K6 Fund | $47,300 | $3,500 | $13,500 | $1,100 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | |
| April 30, 2023A,B | April 30, 2022A,B |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Series Small Cap Core Fund’s commencement of operations.
Services Billed by PwC
| | |
| April 30, 2023A | April 30, 2022A |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $353,200 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| | |
Billed By | April 30, 2023A,B | April 30, 2022A,B |
Deloitte Entities | $316,900 | $517,800 |
PwC | $13,616,500 | $13,457,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Series Small Cap Core Fund’s commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
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 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 trust’s 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
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Concord Street Trust
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | June 22, 2023 |
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: | June 22, 2023 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | June 22, 2023 |
