Fidelity Concord Street Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05251
Fidelity Concord Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | April 30 |
|
|
Date of reporting period: | October 31, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Mid-Cap Stock Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
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| Account Type | Website | Phone Number |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.
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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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| NVR, Inc. | 1.9 |
| Amphenol Corp. Class A | 1.5 |
| Radian Group, Inc. | 1.5 |
| WNS Holdings Ltd. sponsored ADR | 1.4 |
| M&T Bank Corp. | 1.3 |
| Huntington Bancshares, Inc. | 1.3 |
| Reinsurance Group of America, Inc. | 1.3 |
| OGE Energy Corp. | 1.3 |
| VICI Properties, Inc. | 1.3 |
| Huntington Ingalls Industries, Inc. | 1.1 |
| | 13.9 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 21.2 |
| Consumer Discretionary | 14.5 |
| Industrials | 11.8 |
| Information Technology | 9.6 |
| Health Care | 8.5 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019 * |
| | Stocks | 91.6% |
| | Convertible Securities | 0.7% |
| | Other Investments | 0.1% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 7.6% |
* Foreign investments - 14.6%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 91.6% | | | |
| | | Shares | Value (000s) |
| COMMUNICATION SERVICES - 2.1% | | | |
| Diversified Telecommunication Services - 0.6% | | | |
| Cogent Communications Group, Inc. | | 373,600 | $21,908 |
| Iridium Communications, Inc. (a) | | 677,400 | 16,576 |
| | | | 38,484 |
| Entertainment - 0.3% | | | |
| WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | | 8,815,374 | 20,892 |
| Media - 0.6% | | | |
| Nexstar Broadcasting Group, Inc. Class A | | 229,100 | 22,289 |
| Sinclair Broadcast Group, Inc. Class A | | 566,700 | 22,577 |
| | | | 44,866 |
| Wireless Telecommunication Services - 0.6% | | | |
| Sprint Corp. (a) | | 7,283,341 | 45,230 |
|
| TOTAL COMMUNICATION SERVICES | | | 149,472 |
|
| CONSUMER DISCRETIONARY - 14.3% | | | |
| Automobiles - 1.0% | | | |
| Aston Martin Lagonda Global Holdings PLC (a)(e) | | 2,994,600 | 15,489 |
| Fiat Chrysler Automobiles NV | | 3,748,712 | 57,430 |
| | | | 72,919 |
| Hotels, Restaurants & Leisure - 2.7% | | | |
| ARAMARK Holdings Corp. | | 1,200,727 | 52,544 |
| Drive Shack, Inc. (a) | | 3,204,790 | 12,787 |
| Dunkin' Brands Group, Inc. | | 391,000 | 30,740 |
| Wyndham Hotels & Resorts, Inc. (f) | | 1,131,856 | 61,086 |
| Wynn Resorts Ltd. | | 293,800 | 35,650 |
| | | | 192,807 |
| Household Durables - 3.5% | | | |
| D.R. Horton, Inc. | | 1,177,243 | 61,652 |
| Lennar Corp. Class A | | 569,724 | 33,956 |
| Mohawk Industries, Inc. (a) | | 115,745 | 16,596 |
| NVR, Inc. (a) | | 38,351 | 139,469 |
| | | | 251,673 |
| Leisure Products - 0.9% | | | |
| New Academy Holding Co. LLC unit (a)(c)(d)(g) | | 294,000 | 8,796 |
| Peloton Interactive, Inc. | | 2,507,776 | 53,875 |
| Peloton Interactive, Inc. Class A (a)(f) | | 179,600 | 4,287 |
| | | | 66,958 |
| Multiline Retail - 1.5% | | | |
| Dollar General Corp. | | 433,962 | 69,581 |
| Dollar Tree, Inc. (a) | | 311,400 | 34,379 |
| | | | 103,960 |
| Specialty Retail - 2.7% | | | |
| AutoZone, Inc. (a) | | 33,966 | 38,870 |
| Best Buy Co., Inc. | | 287,878 | 20,678 |
| National Vision Holdings, Inc. (a) | | 1,653,067 | 39,343 |
| Ross Stores, Inc. | | 466,900 | 51,205 |
| Tiffany & Co., Inc. (f) | | 329,767 | 41,059 |
| | | | 191,155 |
| Textiles, Apparel & Luxury Goods - 2.0% | | | |
| Allbirds, Inc. (a)(c)(d) | | 10,775 | 534 |
| Brunello Cucinelli SpA | | 2,069,700 | 64,818 |
| PVH Corp. | | 304,193 | 26,513 |
| Tapestry, Inc. | | 1,092,896 | 28,262 |
| Under Armour, Inc. Class A (sub. vtg.) (a)(f) | | 1,092,296 | 22,556 |
| | | | 142,683 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 1,022,155 |
|
| CONSUMER STAPLES - 4.0% | | | |
| Food & Staples Retailing - 1.7% | | | |
| Kroger Co. | | 1,128,640 | 27,810 |
| Performance Food Group Co. (a) | | 973,117 | 41,465 |
| U.S. Foods Holding Corp. (a) | | 1,280,606 | 50,802 |
| | | | 120,077 |
| Food Products - 1.5% | | | |
| Bunge Ltd. | | 458,237 | 24,745 |
| Conagra Brands, Inc. | | 1,197,190 | 32,384 |
| Greencore Group PLC | | 15,752,484 | 47,421 |
| | | | 104,550 |
| Personal Products - 0.8% | | | |
| Coty, Inc. Class A | | 1,440,939 | 16,845 |
| Edgewell Personal Care Co. (a) | | 1,194,493 | 41,807 |
| | | | 58,652 |
|
| TOTAL CONSUMER STAPLES | | | 283,279 |
|
| ENERGY - 4.9% | | | |
| Energy Equipment & Services - 0.8% | | | |
| Borr Drilling Ltd. (a)(f) | | 2,125,200 | 14,312 |
| Oceaneering International, Inc. (a) | | 1,967,882 | 27,865 |
| Pacific Drilling SA (a) | | 916,714 | 2,292 |
| TechnipFMC PLC | | 657,835 | 12,979 |
| | | | 57,448 |
| Oil, Gas & Consumable Fuels - 4.1% | | | |
| Cabot Oil & Gas Corp. | | 1,472,113 | 27,440 |
| Cheniere Energy, Inc. (a) | | 728,000 | 44,808 |
| GasLog Ltd. | | 1,150,614 | 15,775 |
| Golar LNG Ltd. | | 1,952,745 | 26,889 |
| Hess Corp. | | 982,807 | 64,620 |
| Kosmos Energy Ltd. | | 7,082,468 | 43,911 |
| New Fortress Energy LLC | | 1,276,100 | 22,000 |
| The Williams Companies, Inc. | | 2,215,458 | 49,427 |
| | | | 294,870 |
|
| TOTAL ENERGY | | | 352,318 |
|
| FINANCIALS - 21.2% | | | |
| Banks - 8.7% | | | |
| Bank of Hawaii Corp. | | 462,433 | 40,375 |
| Cullen/Frost Bankers, Inc. | | 682,810 | 61,508 |
| First Horizon National Corp. | | 3,375,789 | 53,911 |
| Huntington Bancshares, Inc. | | 6,845,400 | 96,726 |
| M&T Bank Corp. | | 620,073 | 97,060 |
| Prosperity Bancshares, Inc. (f) | | 914,176 | 63,096 |
| Signature Bank | | 604,100 | 71,477 |
| SunTrust Banks, Inc. | | 615,578 | 42,069 |
| UMB Financial Corp. | | 616,000 | 40,200 |
| Wintrust Financial Corp. | | 854,700 | 54,547 |
| | | | 620,969 |
| Capital Markets - 3.0% | | | |
| Cboe Global Markets, Inc. | | 212,700 | 24,492 |
| Lazard Ltd. Class A | | 852,838 | 31,836 |
| Northern Trust Corp. | | 510,200 | 50,857 |
| Raymond James Financial, Inc. | | 295,701 | 24,688 |
| The NASDAQ OMX Group, Inc. | | 457,500 | 45,645 |
| TPG Specialty Lending, Inc. | | 1,921,028 | 40,918 |
| | | | 218,436 |
| Consumer Finance - 0.3% | | | |
| Shriram Transport Finance Co. Ltd. | | 1,222,100 | 19,575 |
| Insurance - 7.7% | | | |
| American Financial Group, Inc. | | 573,021 | 59,617 |
| Arch Capital Group Ltd. (a) | | 1,787,300 | 74,638 |
| Axis Capital Holdings Ltd. | | 640,653 | 38,074 |
| Beazley PLC | | 2,871,400 | 21,815 |
| First American Financial Corp. | | 1,025,193 | 63,336 |
| FNF Group | | 1,218,112 | 55,838 |
| Globe Life, Inc. | | 488,207 | 47,517 |
| Hartford Financial Services Group, Inc. | | 823,568 | 47,009 |
| Hiscox Ltd. | | 957,407 | 18,466 |
| Principal Financial Group, Inc. | | 556,700 | 29,717 |
| Reinsurance Group of America, Inc. | | 578,116 | 93,927 |
| | | | 549,954 |
| Thrifts & Mortgage Finance - 1.5% | | | |
| Radian Group, Inc. | | 4,275,424 | 107,313 |
|
| TOTAL FINANCIALS | | | 1,516,247 |
|
| HEALTH CARE - 8.1% | | | |
| Health Care Equipment & Supplies - 2.0% | | | |
| Boston Scientific Corp. (a) | | 1,051,338 | 43,841 |
| Hologic, Inc. (a) | | 717,430 | 34,659 |
| ResMed, Inc. | | 259,038 | 38,317 |
| Wright Medical Group NV (a) | | 1,127,723 | 23,457 |
| | | | 140,274 |
| Health Care Providers & Services - 2.8% | | | |
| Centene Corp. (a) | | 410,385 | 21,783 |
| Henry Schein, Inc. (a) | | 629,600 | 39,404 |
| Molina Healthcare, Inc. (a) | | 582,811 | 68,562 |
| Universal Health Services, Inc. Class B | | 486,808 | 66,917 |
| | | | 196,666 |
| Life Sciences Tools & Services - 1.3% | | | |
| Bruker Corp. | | 966,595 | 43,013 |
| Lonza Group AG | | 135,524 | 48,769 |
| | | | 91,782 |
| Pharmaceuticals - 2.0% | | | |
| Catalent, Inc. (a) | | 1,183,454 | 57,575 |
| Perrigo Co. PLC | | 706,686 | 37,468 |
| Recordati SpA | | 686,500 | 28,842 |
| Zogenix, Inc. (a) | | 503,100 | 22,463 |
| | | | 146,348 |
|
| TOTAL HEALTH CARE | | | 575,070 |
|
| INDUSTRIALS - 11.7% | | | |
| Aerospace & Defense - 2.1% | | | |
| Huntington Ingalls Industries, Inc. | | 360,735 | 81,403 |
| Kratos Defense & Security Solutions, Inc. (a) | | 2,201,500 | 41,564 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(c)(d) | | 139,629 | 29,881 |
| Class C (a)(c)(d) | | 2,034 | 435 |
| | | | 153,283 |
| Air Freight & Logistics - 0.9% | | | |
| C.H. Robinson Worldwide, Inc. | | 119,347 | 9,027 |
| XPO Logistics, Inc. (a)(f) | | 682,011 | 52,106 |
| | | | 61,133 |
| Commercial Services & Supplies - 1.3% | | | |
| IAA Spinco, Inc. (a) | | 620,573 | 23,675 |
| KAR Auction Services, Inc. (f) | | 616,277 | 15,321 |
| Stericycle, Inc. (a)(f) | | 588,700 | 33,909 |
| U.S. Ecology, Inc. | | 366,781 | 22,825 |
| | | | 95,730 |
| Electrical Equipment - 3.2% | | | |
| AMETEK, Inc. | | 803,180 | 73,611 |
| Generac Holdings, Inc. (a) | | 797,894 | 77,061 |
| Melrose Industries PLC | | 17,717,841 | 48,908 |
| Regal Beloit Corp. | | 370,126 | 27,408 |
| | | | 226,988 |
| Machinery - 2.1% | | | |
| Donaldson Co., Inc. (f) | | 1,463,222 | 77,170 |
| Gardner Denver Holdings, Inc. (a) | | 1,033,200 | 32,887 |
| Pentair PLC | | 888,802 | 36,859 |
| | | | 146,916 |
| Marine - 0.3% | | | |
| Goodbulk Ltd. (a)(d) | | 1,493,822 | 19,959 |
| Professional Services - 0.7% | | | |
| Equifax, Inc. | | 351,445 | 48,046 |
| Road & Rail - 1.1% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 1,336,350 | 48,723 |
| Lyft, Inc. (f) | | 780,089 | 32,327 |
| | | | 81,050 |
|
| TOTAL INDUSTRIALS | | | 833,105 |
|
| INFORMATION TECHNOLOGY - 9.6% | | | |
| Communications Equipment - 0.2% | | | |
| Ericsson (B Shares) | | 1,992,600 | 17,413 |
| Electronic Equipment & Components - 3.0% | | | |
| Amphenol Corp. Class A | | 1,094,994 | 109,861 |
| Fabrinet (a) | | 1,090,129 | 61,298 |
| Keysight Technologies, Inc. (a) | | 418,277 | 42,208 |
| | | | 213,367 |
| IT Services - 5.7% | | | |
| Akamai Technologies, Inc. (a) | | 546,100 | 47,238 |
| Black Knight, Inc. (a) | | 1,181,275 | 75,838 |
| Euronet Worldwide, Inc. (a) | | 146,100 | 20,464 |
| Fiserv, Inc. (a) | | 598,000 | 63,472 |
| FleetCor Technologies, Inc. (a) | | 60,639 | 17,841 |
| Leidos Holdings, Inc. | | 630,676 | 54,383 |
| Verra Mobility Corp. (a) | | 1,920,700 | 27,562 |
| WNS Holdings Ltd. sponsored ADR (a) | | 1,572,811 | 97,263 |
| | | | 404,061 |
| Software - 0.7% | | | |
| Citrix Systems, Inc. | | 445,400 | 48,486 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 683,327 |
|
| MATERIALS - 2.9% | | | |
| Chemicals - 1.4% | | | |
| International Flavors & Fragrances, Inc. (f) | | 321,475 | 39,223 |
| LG Chemical Ltd. | | 62,300 | 16,370 |
| Nutrien Ltd. | | 481,500 | 23,035 |
| Olin Corp. | | 1,329,109 | 24,376 |
| | | | 103,004 |
| Containers & Packaging - 0.1% | | | |
| Avery Dennison Corp. | | 43,844 | 5,606 |
| Metals & Mining - 1.4% | | | |
| Franco-Nevada Corp. | | 334,300 | 32,438 |
| Newcrest Mining Ltd. | | 1,263,079 | 27,571 |
| Novagold Resources, Inc. (a) | | 5,111,776 | 37,181 |
| | | | 97,190 |
|
| TOTAL MATERIALS | | | 205,800 |
|
| REAL ESTATE - 8.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 8.0% | | | |
| Apartment Investment & Management Co. Class A | | 890,756 | 48,885 |
| Cousins Properties, Inc. | | 1,279,005 | 51,326 |
| Gaming & Leisure Properties | | 967,100 | 39,032 |
| Healthcare Realty Trust, Inc. | | 1,678,804 | 58,372 |
| Healthcare Trust of America, Inc. | | 1,611,871 | 49,968 |
| National Retail Properties, Inc. | | 1,025,664 | 60,422 |
| SBA Communications Corp. Class A | | 172,500 | 41,512 |
| Spirit Realty Capital, Inc. | | 774,198 | 38,586 |
| Taubman Centers, Inc. | | 906,184 | 32,423 |
| VEREIT, Inc. | | 5,983,354 | 58,876 |
| VICI Properties, Inc. | | 3,790,070 | 89,256 |
| | | | 568,658 |
| UTILITIES - 4.8% | | | |
| Electric Utilities - 3.3% | | | |
| Alliant Energy Corp. | | 1,500,400 | 80,031 |
| IDACORP, Inc. | | 586,241 | 63,091 |
| OGE Energy Corp. | | 2,118,959 | 91,242 |
| | | | 234,364 |
| Gas Utilities - 1.5% | | | |
| Atmos Energy Corp. | | 708,281 | 79,667 |
| Spire, Inc. | | 324,972 | 27,317 |
| | | | 106,984 |
|
| TOTAL UTILITIES | | | 341,348 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $5,018,580) | | | 6,530,779 |
|
| Preferred Stocks - 0.7% | | | |
| Convertible Preferred Stocks - 0.7% | | | |
| CONSUMER DISCRETIONARY - 0.2% | | | |
| Textiles, Apparel & Luxury Goods - 0.2% | | | |
| Allbirds, Inc.: | | | |
| Series A (c)(d) | | 4,253 | 211 |
| Series B (c)(d) | | 747 | 37 |
| Series C (c)(d) | | 7,140 | 354 |
| Bolt Threads, Inc. Series D (a)(c)(d) | | 976,285 | 13,024 |
| | | | 13,626 |
| CONSUMER STAPLES - 0.0% | | | |
| Food & Staples Retailing - 0.0% | | | |
| Sweetgreen, Inc.: | | | |
| Series C (c)(d) | | 3,889 | 67 |
| Series D (c)(d) | | 62,561 | 1,070 |
| Series I (c)(d) | | 147,450 | 2,521 |
| | | | 3,658 |
| HEALTH CARE - 0.4% | | | |
| Health Care Equipment & Supplies - 0.4% | | | |
| Butterfly Network, Inc. Series D (a)(c)(d) | | 1,647,945 | 25,230 |
| INDUSTRIALS - 0.1% | | | |
| Aerospace & Defense - 0.1% | | | |
| Space Exploration Technologies Corp. Series H (a)(c)(d) | | 18,837 | 4,031 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 46,545 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| Allbirds, Inc. (c)(d) | | 2,285 | 113 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $39,575) | | | 46,658 |
| | | Principal Amount (000s) | Value (000s) |
|
| Nonconvertible Bonds - 0.0% | | | |
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Pacific Drilling SA 12% 4/1/24 pay-in-kind(e)(h) | | | |
| (Cost $445) | | 437 | 181 |
| | | Shares | Value (000s) |
|
| Other - 0.1% | | | |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels – 0.1% | | | |
| Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) | | | |
| (Cost $20,398) | | 20,397,834 | 9,424 |
|
| Money Market Funds - 10.2% | | | |
| Fidelity Cash Central Fund 1.83% (i) | | 508,035,818 | 508,137 |
| Fidelity Securities Lending Cash Central Fund 1.84% (i)(j) | | 219,789,545 | 219,812 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $727,902) | | | 727,949 |
| TOTAL INVESTMENT IN SECURITIES - 102.6% | | | |
| (Cost $5,806,900) | | | 7,314,991 |
| NET OTHER ASSETS (LIABILITIES) - (2.6)% | | | (183,426) |
| NET ASSETS - 100% | | | $7,131,565 |
Legend
(a) Non-income producing
(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(c) Restricted securities - 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 $116,620,000 or 1.6% of net assets.
(d) Level 3 security
(e) 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 $15,670,000 or 0.2% of net assets.
(f) Security or a portion of the security is on loan at period end.
(g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.
(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(j) 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) |
| Allbirds, Inc. | 10/9/18 | $591 |
| Allbirds, Inc. | 10/9/18 | $125 |
| Allbirds, Inc. Series A | 10/9/18 | $233 |
| Allbirds, Inc. Series B | 10/9/18 | $41 |
| Allbirds, Inc. Series C | 10/9/18 | $392 |
| Bolt Threads, Inc. Series D | 12/13/17 | $15,659 |
| Butterfly Network, Inc. Series D | 5/4/18 | $16,924 |
| New Academy Holding Co. LLC unit | 8/1/11 | $30,988 |
| Space Exploration Technologies Corp. Class A | 4/8/16 - 9/11/17 | $14,283 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $275 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $2,543 |
| Sweetgreen, Inc. Series C | 9/13/19 | $67 |
| Sweetgreen, Inc. Series D | 9/13/19 | $1,070 |
| Sweetgreen, Inc. Series I | 9/13/19 | $2,521 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $20,398 |
| WME Entertainment Parent, LLC Class A | 8/16/16 | $16,835 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $5,966 |
| Fidelity Securities Lending Cash Central Fund | 793 |
| Total | $6,759 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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 as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Goodbulk Ltd. | $25,046 | $-- | $156 | $1,140 | $24 | $(4,955) | $-- |
| Total | $25,046 | $-- | $156 | $1,140 | $24 | $(4,955) | $-- |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $149,472 | $128,580 | $-- | $20,892 |
| Consumer Discretionary | 1,035,894 | 958,950 | 53,875 | 23,069 |
| Consumer Staples | 286,937 | 283,279 | -- | 3,658 |
| Energy | 352,318 | 352,318 | -- | -- |
| Financials | 1,516,247 | 1,496,672 | 19,575 | -- |
| Health Care | 600,300 | 575,070 | -- | 25,230 |
| Industrials | 837,136 | 782,830 | -- | 54,306 |
| Information Technology | 683,327 | 665,914 | 17,413 | -- |
| Materials | 205,800 | 178,229 | 27,571 | -- |
| Real Estate | 568,658 | 568,658 | -- | -- |
| Utilities | 341,348 | 341,348 | -- | -- |
| Corporate Bonds | 181 | -- | 181 | -- |
| Other | 9,424 | -- | -- | 9,424 |
| Money Market Funds | 727,949 | 727,949 | -- | -- |
| Total Investments in Securities: | $7,314,991 | $7,059,797 | $118,615 | $136,579 |
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: | |
| Beginning Balance | $183,894 |
| Net Realized Gain (Loss) on Investment Securities | 24 |
| Net Unrealized Gain (Loss) on Investment Securities | (30,300) |
| Cost of Purchases | 3,658 |
| Proceeds of Sales | (20,697) |
| Amortization/Accretion | -- |
| Transfers into Level 3 | -- |
| Transfers out of Level 3 | -- |
| Ending Balance | $136,579 |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2019 | $292 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities and Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 85.4% |
| Bermuda | 3.7% |
| Ireland | 1.7% |
| United Kingdom | 1.4% |
| Bailiwick of Jersey | 1.4% |
| Italy | 1.3% |
| Canada | 1.3% |
| Netherlands | 1.1% |
| Others (Individually Less Than 1%) | 2.7% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $213,574) — See accompanying schedule:
Unaffiliated issuers (cost $5,078,998) | $6,587,042 | |
| Fidelity Central Funds (cost $727,902) | 727,949 | |
| Total Investment in Securities (cost $5,806,900) | | $7,314,991 |
| Restricted cash | | 1,087 |
| Receivable for investments sold | | 56,486 |
| Receivable for fund shares sold | | 1,890 |
| Dividends receivable | | 2,360 |
| Interest receivable | | 4 |
| Distributions receivable from Fidelity Central Funds | | 873 |
| Prepaid expenses | | 14 |
| Other receivables | | 633 |
| Total assets | | 7,378,338 |
| Liabilities | | |
| Payable for investments purchased | $18,408 | |
| Payable for fund shares redeemed | 3,625 | |
| Accrued management fee | 3,591 | |
| Other affiliated payables | 808 | |
| Other payables and accrued expenses | 552 | |
| Collateral on securities loaned | 219,789 | |
| Total liabilities | | 246,773 |
| Net Assets | | $7,131,565 |
| Net Assets consist of: | | |
| Paid in capital | | $5,234,315 |
| Total accumulated earnings (loss) | | 1,897,250 |
| Net Assets | | $7,131,565 |
| Net Asset Value and Maximum Offering Price | | |
| Mid-Cap Stock: | | |
| Net Asset Value, offering price and redemption price per share ($5,290,925 ÷ 147,710 shares) | | $35.82 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,840,640 ÷ 51,350 shares) | | $35.84 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends (including $1,140 earned from other affiliated issuers) | | $60,515 |
| Interest | | 27 |
| Income from Fidelity Central Funds (including $793 from security lending) | | 6,759 |
| Total income | | 67,301 |
| Expenses | | |
| Management fee | | |
| Basic fee | $19,685 | |
| Performance adjustment | 4,362 | |
| Transfer agent fees | 4,358 | |
| Accounting fees | 589 | |
| Custodian fees and expenses | 71 | |
| Independent trustees' fees and expenses | 21 | |
| Registration fees | 35 | |
| Audit | 35 | |
| Legal | 9 | |
| Miscellaneous | 28 | |
| Total expenses before reductions | 29,193 | |
| Expense reductions | (284) | |
| Total expenses after reductions | | 28,909 |
| Net investment income (loss) | | 38,392 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 330,636 | |
| Redemptions in-kind with affiliated entities | 31,103 | |
| Fidelity Central Funds | (3) | |
| Other affiliated issuers | 24 | |
| Foreign currency transactions | 302 | |
| Total net realized gain (loss) | | 362,062 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (165,918) | |
| Fidelity Central Funds | 1 | |
| Other affiliated issuers | (4,955) | |
| Assets and liabilities in foreign currencies | (4) | |
| Total change in net unrealized appreciation (depreciation) | | (170,876) |
| Net gain (loss) | | 191,186 |
| Net increase (decrease) in net assets resulting from operations | | $229,578 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $38,392 | $76,180 |
| Net realized gain (loss) | 362,062 | 964,362 |
| Change in net unrealized appreciation (depreciation) | (170,876) | (439,242) |
| Net increase (decrease) in net assets resulting from operations | 229,578 | 601,300 |
| Distributions to shareholders | (127,421) | (1,189,126) |
| Share transactions - net increase (decrease) | (691,652) | 325,889 |
| Total increase (decrease) in net assets | (589,495) | (261,937) |
| Net Assets | | |
| Beginning of period | 7,721,060 | 7,982,997 |
| End of period | $7,131,565 | $7,721,060 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Mid-Cap Stock Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $35.31 | $38.38 | $36.62 | $34.07 | $40.11 | $40.26 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .18 | .34 | .22 | .22 | .21 | .18 |
| Net realized and unrealized gain (loss) | .92 | 2.26 | 4.30 | 5.19 | (1.54) | 3.52 |
| Total from investment operations | 1.10 | 2.60 | 4.52 | 5.41 | (1.33) | 3.70 |
| Distributions from net investment income | (.08) | (.29) | (.22) | (.27) | (.22) | (.09) |
| Distributions from net realized gain | (.51) | (5.38) | (2.55) | (2.59) | (4.49) | (3.76) |
| Total distributions | (.59) | (5.67) | (2.76)B | (2.86) | (4.71) | (3.85) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C | –C |
| Net asset value, end of period | $35.82 | $35.31 | $38.38 | $36.62 | $34.07 | $40.11 |
| Total ReturnD,E | 3.16% | 7.90% | 12.66% | 16.80% | (3.44)% | 9.83% |
| Ratios to Average Net AssetsF,G | | | | | | |
| Expenses before reductions | .82%H | .68% | .61% | .58% | .72% | .73% |
| Expenses net of fee waivers, if any | .82%H | .67% | .61% | .58% | .72% | .72% |
| Expenses net of all reductions | .82%H | .67% | .61% | .58% | .72% | .72% |
| Net investment income (loss) | 1.02%H | .93% | .58% | .64% | .59% | .46% |
| Supplemental Data | | | | | | |
| Net assets, end of period (in millions) | $5,291 | $5,373 | $5,629 | $5,622 | $5,136 | $5,874 |
| Portfolio turnover rateI | 32%H,J | 29% | 22% | 27%J | 23%J | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $2.76 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $2.545 per share.
C Amount represents less than $.005 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Mid-Cap Stock Fund Class K
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $35.32 | $38.40 | $36.64 | $34.08 | $40.12 | $40.27 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .20 | .37 | .26 | .26 | .25 | .22 |
| Net realized and unrealized gain (loss) | .92 | 2.26 | 4.30 | 5.20 | (1.54) | 3.51 |
| Total from investment operations | 1.12 | 2.63 | 4.56 | 5.46 | (1.29) | 3.73 |
| Distributions from net investment income | (.09) | (.33) | (.26) | (.31) | (.26) | (.13) |
| Distributions from net realized gain | (.51) | (5.38) | (2.55) | (2.59) | (4.49) | (3.76) |
| Total distributions | (.60) | (5.71) | (2.80)B | (2.90) | (4.75) | (3.88)C |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D | –D |
| Net asset value, end of period | $35.84 | $35.32 | $38.40 | $36.64 | $34.08 | $40.12 |
| Total ReturnE,F | 3.23% | 7.99% | 12.78% | 16.96% | (3.33)% | 9.92% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .72%I | .57% | .51% | .46% | .60% | .61% |
| Expenses net of fee waivers, if any | .72%I | .57% | .51% | .46% | .60% | .61% |
| Expenses net of all reductions | .71%I | .57% | .50% | .46% | .60% | .61% |
| Net investment income (loss) | 1.12%I | 1.03% | .69% | .76% | .71% | .57% |
| Supplemental Data | | | | | | |
| Net assets, end of period (in millions) | $1,841 | $2,348 | $2,354 | $2,213 | $1,988 | $2,588 |
| Portfolio turnover rateJ | 32%I,K | 29% | 22% | 27%K | 23%K | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $2.80 per share is comprised of distributions from net investment income of $.259 and distributions from net realized gain of $2.545 per share.
C Total distributions of $3.88 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $3.757 per share.
D Amount represents less than $.005 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
(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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 | $127,155 | Market comparable | Enterprise value/Sales multiple (EV/S) | 3.9 - 11.0 / 10.0 | Increase |
| | | | Discount for lack of marketability | 10.0% | Decrease |
| | | | Premium rate | 15.5% - 94.7% / 47.7% | Increase |
| | | | Enterprise value/EBITA (EV/EBITDA) | 11.6 | Increase |
| | | Market approach | Transaction price | $13.36- $214.00 / $132.49 | Increase |
| | | Discount cash flow | Growth rate | 1.0% | Increase |
| | | | Weigted average cost of capital (WACC) | 12.0% | Decrease |
| Other | $9,424 | Discount cash flow | Discount rate | 16.7% | Decrease |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $441 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign transactions, partnerships, and passive foreign investment companies (PFIC), defaulted bonds, deferred trustees compensations, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,886,218 |
| Gross unrealized depreciation | (384,836) |
| Net unrealized appreciation (depreciation) | $1,501,382 |
| Tax cost | $5,813,609 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $31,403 in these Subsidiaries, representing .44% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,079,118 and $1,566,510, respectively.
Unaffiliated Redemptions In-Kind. During the period, 1,658 shares of the Fund were redeemed in-kind for investments and cash with a value of $58,396. The net realized gain of $18,326 on investments delivered through in-kind redemptions is included 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 as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 annualized management fee rate, including the performance adjustment, was .65% 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, Inc., (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(a) |
| Mid-Cap Stock | $3,884 | .15 |
| Class K | 474 | .05 |
| | $4,358 | |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .02%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $39 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Redemptions In-Kind. During the period, 3,271 shares of the Fund were redeemed in-kind for investments and cash with a value of $112,604. The net realized gain of $31,103 on investments delivered through in-kind redemptions is included 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 as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $13. 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, and includes amount less than five hundred dollar from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $255 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $29.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended
October 31, 2019 | Year ended
April 30, 2019 |
| Distributions to shareholders | | |
| Mid-Cap Stock | $88,136 | $805,928 |
| Class K | 39,285 | 383,198 |
| Total | $127,421 | $1,189,126 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended October 31, 2019 | Year ended April 30, 2019 | Six months ended October 31, 2019 | Year ended April 30, 2019 |
| Mid-Cap Stock | | | | |
| Shares sold | 5,184 | 9,727 | $181,677 | $346,378 |
| Reinvestment of distributions | 2,415 | 22,487 | 83,495 | 761,032 |
| Shares redeemed | (12,073) | (26,697) | (422,784) | (975,536) |
| Net increase (decrease) | (4,474) | 5,517 | $(157,612) | $131,874 |
| Class K | | | | |
| Shares sold | 2,741 | 18,446 | $96,080 | $677,575 |
| Reinvestment of distributions | 1,136 | 11,384 | 39,285 | 383,198 |
| Shares redeemed | (19,000)(a),(b) | (24,667) | (669,405)(a),(b) | (866,758) |
| Net increase (decrease) | (15,123) | 5,163 | $(534,040) | $194,015 |
(a) Amount includes in-kind redemptions (see the Unaffiliated Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Mid-Cap Stock | .82% | | | |
| Actual | | $1,000.00 | $1,031.60 | $4.19 |
| Hypothetical-C | | $1,000.00 | $1,021.01 | $4.17 |
| Class K | .72% | | | |
| Actual | | $1,000.00 | $1,032.30 | $3.68 |
| Hypothetical-C | | $1,000.00 | $1,021.52 | $3.66 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
MCS-SANN-1219
1.538556.122
Fidelity® Large Cap Stock Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| General Electric Co. | 6.0 |
| Microsoft Corp. | 5.1 |
| Exxon Mobil Corp. | 4.5 |
| Comcast Corp. Class A | 3.9 |
| Altria Group, Inc. | 3.4 |
| Bank of America Corp. | 3.1 |
| Wells Fargo & Co. | 2.9 |
| Bristol-Myers Squibb Co. | 2.5 |
| Qualcomm, Inc. | 2.3 |
| Apple, Inc. | 2.3 |
| | 36.0 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Health Care | 18.6 |
| Financials | 18.3 |
| Information Technology | 15.0 |
| Industrials | 13.8 |
| Energy | 9.2 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019 * |
| | Stocks | 97.6% |
| | Other Investments | 0.1% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 2.3% |
* Foreign investments - 10.4%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.6% | | | |
| | | Shares | Value (000s) |
| COMMUNICATION SERVICES - 8.5% | | | |
| Diversified Telecommunication Services - 1.2% | | | |
| Verizon Communications, Inc. | | 473,206 | $28,615 |
| Entertainment - 1.9% | | | |
| Activision Blizzard, Inc. | | 145,132 | 8,132 |
| Electronic Arts, Inc. (a) | | 114,817 | 11,068 |
| The Walt Disney Co. | | 51,604 | 6,704 |
| Vivendi SA | | 697,620 | 19,420 |
| | | | 45,324 |
| Interactive Media & Services - 0.7% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 6,914 | 8,703 |
| Class C (a) | | 7,116 | 8,967 |
| | | | 17,670 |
| Media - 4.7% | | | |
| Comcast Corp. Class A | | 2,076,542 | 93,071 |
| Discovery Communications, Inc. Class A (a) | | 95,303 | 2,569 |
| Interpublic Group of Companies, Inc. | | 364,216 | 7,922 |
| Omnicom Group, Inc. | | 20,682 | 1,596 |
| Sinclair Broadcast Group, Inc. Class A | | 171,631 | 6,838 |
| | | | 111,996 |
|
| TOTAL COMMUNICATION SERVICES | | | 203,605 |
|
| CONSUMER DISCRETIONARY - 3.8% | | | |
| Distributors - 0.3% | | | |
| LKQ Corp. (a) | | 200,063 | 6,800 |
| Hotels, Restaurants & Leisure - 0.0% | | | |
| Drive Shack, Inc. (a) | | 153,381 | 612 |
| Household Durables - 1.0% | | | |
| Mohawk Industries, Inc. (a) | | 110,741 | 15,878 |
| Whirlpool Corp. | | 53,575 | 8,150 |
| | | | 24,028 |
| Internet & Direct Marketing Retail - 1.2% | | | |
| The Booking Holdings, Inc. (a) | | 13,788 | 28,248 |
| Leisure Products - 0.2% | | | |
| Brunswick Corp. | | 78,574 | 4,576 |
| Specialty Retail - 0.9% | | | |
| Lowe's Companies, Inc. | | 166,553 | 18,589 |
| TJX Companies, Inc. | | 64,719 | 3,731 |
| | | | 22,320 |
| Textiles, Apparel & Luxury Goods - 0.2% | | | |
| Capri Holdings Ltd. (a) | | 22,845 | 710 |
| PVH Corp. | | 42,914 | 3,740 |
| Tapestry, Inc. | | 28,489 | 737 |
| | | | 5,187 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 91,771 |
|
| CONSUMER STAPLES - 8.8% | | | |
| Beverages - 1.1% | | | |
| The Coca-Cola Co. | | 470,272 | 25,597 |
| Food & Staples Retailing - 2.0% | | | |
| Walgreens Boots Alliance, Inc. | | 142,384 | 7,800 |
| Walmart, Inc. | | 342,498 | 40,161 |
| | | | 47,961 |
| Food Products - 0.3% | | | |
| Nestle SA sponsored ADR | | 70,331 | 7,537 |
| Household Products - 1.1% | | | |
| Procter & Gamble Co. | | 170,122 | 21,182 |
| Spectrum Brands Holdings, Inc. | | 88,598 | 4,449 |
| | | | 25,631 |
| Personal Products - 0.0% | | | |
| Edgewell Personal Care Co. (a) | | 16,306 | 571 |
| Tobacco - 4.3% | | | |
| Altria Group, Inc. | | 1,827,815 | 81,868 |
| British American Tobacco PLC sponsored ADR | | 425,788 | 14,886 |
| Philip Morris International, Inc. | | 92,909 | 7,567 |
| | | | 104,321 |
|
| TOTAL CONSUMER STAPLES | | | 211,618 |
|
| ENERGY - 9.1% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Schlumberger Ltd. | | 50,300 | 1,644 |
| Oil, Gas & Consumable Fuels - 9.0% | | | |
| BP PLC sponsored ADR (b) | | 319,553 | 12,114 |
| Cenovus Energy, Inc. (Canada) | | 4,154,041 | 35,387 |
| Equinor ASA sponsored ADR | | 1,250,184 | 23,141 |
| Exxon Mobil Corp. | | 1,603,600 | 108,355 |
| Hess Corp. | | 389,347 | 25,600 |
| Kosmos Energy Ltd. | | 1,949,959 | 12,090 |
| Noble Energy, Inc. | | 59,219 | 1,141 |
| | | | 217,828 |
|
| TOTAL ENERGY | | | 219,472 |
|
| FINANCIALS - 18.3% | | | |
| Banks - 12.0% | | | |
| Bank of America Corp. | | 2,408,870 | 75,325 |
| Citigroup, Inc. | | 194,729 | 13,993 |
| First Hawaiian, Inc. | | 71,164 | 1,945 |
| JPMorgan Chase & Co. | | 410,190 | 51,241 |
| M&T Bank Corp. | | 24,703 | 3,867 |
| PNC Financial Services Group, Inc. | | 194,812 | 28,579 |
| SunTrust Banks, Inc. | | 363,969 | 24,874 |
| U.S. Bancorp | | 323,043 | 18,420 |
| Wells Fargo & Co. | | 1,337,798 | 69,071 |
| | | | 287,315 |
| Capital Markets - 3.9% | | | |
| Cboe Global Markets, Inc. | | 18,345 | 2,112 |
| Charles Schwab Corp. | | 134,744 | 5,485 |
| KKR & Co. LP | | 367,558 | 10,597 |
| Morgan Stanley | | 218,145 | 10,046 |
| Northern Trust Corp. | | 324,812 | 32,377 |
| Raymond James Financial, Inc. | | 22,130 | 1,848 |
| State Street Corp. | | 476,989 | 31,515 |
| | | | 93,980 |
| Consumer Finance - 0.0% | | | |
| Shriram Transport Finance Co. Ltd. | | 60,900 | 975 |
| Diversified Financial Services - 0.6% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 45,601 | 9,694 |
| KKR Renaissance Co-Invest LP unit (a)(c) | | 9,907 | 3,820 |
| | | | 13,514 |
| Insurance - 0.4% | | | |
| Chubb Ltd. | | 51,811 | 7,897 |
| The Travelers Companies, Inc. | | 21,088 | 2,764 |
| | | | 10,661 |
| Thrifts & Mortgage Finance - 1.4% | | | |
| MGIC Investment Corp. | | 450,545 | 6,177 |
| Radian Group, Inc. | | 1,082,789 | 27,178 |
| | | | 33,355 |
|
| TOTAL FINANCIALS | | | 439,800 |
|
| HEALTH CARE - 18.6% | | | |
| Biotechnology - 2.5% | | | |
| AbbVie, Inc. | | 131,429 | 10,455 |
| Alexion Pharmaceuticals, Inc. (a) | | 163,204 | 17,202 |
| Alnylam Pharmaceuticals, Inc. (a) | | 42,955 | 3,726 |
| Amgen, Inc. | | 57,096 | 12,176 |
| AnaptysBio, Inc. (a) | | 14,766 | 557 |
| Gritstone Oncology, Inc. (a) | | 144,387 | 1,171 |
| Heron Therapeutics, Inc. (a) | | 28,816 | 612 |
| Insmed, Inc. (a) | | 195,839 | 3,641 |
| Intercept Pharmaceuticals, Inc. (a)(b) | | 153,442 | 11,168 |
| | | | 60,708 |
| Health Care Equipment & Supplies - 1.1% | | | |
| Becton, Dickinson & Co. | | 28,784 | 7,369 |
| Boston Scientific Corp. (a) | | 434,628 | 18,124 |
| | | | 25,493 |
| Health Care Providers & Services - 6.9% | | | |
| AmerisourceBergen Corp. | | 185,757 | 15,860 |
| Cardinal Health, Inc. | | 366,296 | 18,113 |
| Cigna Corp. | | 163,433 | 29,166 |
| Covetrus, Inc. (a) | | 109,219 | 1,083 |
| CVS Health Corp. | | 686,393 | 45,570 |
| McKesson Corp. | | 208,605 | 27,744 |
| UnitedHealth Group, Inc. | | 108,523 | 27,424 |
| | | | 164,960 |
| Health Care Technology - 0.0% | | | |
| Castlight Health, Inc. Class B (a) | | 269,429 | 407 |
| Life Sciences Tools & Services - 0.1% | | | |
| Avantor, Inc. | | 203,481 | 2,891 |
| Pharmaceuticals - 8.0% | | | |
| Bayer AG | | 496,462 | 38,514 |
| Bristol-Myers Squibb Co. | | 1,058,925 | 60,751 |
| GlaxoSmithKline PLC sponsored ADR | | 955,198 | 43,748 |
| Johnson & Johnson | | 342,138 | 45,176 |
| TherapeuticsMD, Inc. (a)(b) | | 1,504,747 | 4,003 |
| | | | 192,192 |
|
| TOTAL HEALTH CARE | | | 446,651 |
|
| INDUSTRIALS - 13.8% | | | |
| Aerospace & Defense - 1.4% | | | |
| General Dynamics Corp. | | 43,116 | 7,623 |
| Huntington Ingalls Industries, Inc. | | 22,201 | 5,010 |
| The Boeing Co. | | 7,988 | 2,715 |
| United Technologies Corp. | | 121,781 | 17,485 |
| | | | 32,833 |
| Air Freight & Logistics - 2.3% | | | |
| C.H. Robinson Worldwide, Inc. | | 29,266 | 2,214 |
| FedEx Corp. | | 62,473 | 9,537 |
| United Parcel Service, Inc. Class B | | 368,961 | 42,493 |
| XPO Logistics, Inc. (a) | | 23,204 | 1,773 |
| | | | 56,017 |
| Commercial Services & Supplies - 0.2% | | | |
| Healthcare Services Group, Inc. | | 9,501 | 231 |
| Stericycle, Inc. (a) | | 66,736 | 3,844 |
| | | | 4,075 |
| Electrical Equipment - 0.5% | | | |
| Acuity Brands, Inc. | | 48,628 | 6,068 |
| Hubbell, Inc. Class B | | 39,555 | 5,605 |
| | | | 11,673 |
| Industrial Conglomerates - 6.0% | | | |
| 3M Co. | | 2,867 | 473 |
| General Electric Co. | | 14,434,888 | 144,055 |
| | | | 144,528 |
| Machinery - 0.7% | | | |
| Flowserve Corp. | | 161,970 | 7,911 |
| Westinghouse Air Brake Co. (b) | | 124,492 | 8,636 |
| | | | 16,547 |
| Professional Services - 0.2% | | | |
| Acacia Research Corp. (a) | | 24,000 | 61 |
| IHS Markit Ltd. (a) | | 66,752 | 4,674 |
| RELX PLC (London Stock Exchange) | | 51,300 | 1,235 |
| | | | 5,970 |
| Road & Rail - 2.5% | | | |
| J.B. Hunt Transport Services, Inc. | | 150,552 | 17,699 |
| Knight-Swift Transportation Holdings, Inc. Class A | | 604,232 | 22,030 |
| Lyft, Inc. (b) | | 106,416 | 4,410 |
| Union Pacific Corp. | | 103,454 | 17,117 |
| | | | 61,256 |
|
| TOTAL INDUSTRIALS | | | 332,899 |
|
| INFORMATION TECHNOLOGY - 15.0% | | | |
| Communications Equipment - 0.1% | | | |
| Cisco Systems, Inc. | | 67,675 | 3,215 |
| IT Services - 2.3% | | | |
| MasterCard, Inc. Class A | | 30,392 | 8,413 |
| Paychex, Inc. | | 16,195 | 1,355 |
| Unisys Corp. (a) | | 369,622 | 3,792 |
| Visa, Inc. Class A | | 233,284 | 41,725 |
| | | | 55,285 |
| Semiconductors & Semiconductor Equipment - 2.9% | | | |
| Analog Devices, Inc. | | 24,690 | 2,633 |
| Applied Materials, Inc. | | 144,552 | 7,843 |
| Marvell Technology Group Ltd. | | 59,577 | 1,453 |
| NVIDIA Corp. | | 5,791 | 1,164 |
| Qualcomm, Inc. | | 687,254 | 55,283 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 31,645 | 1,634 |
| | | | 70,010 |
| Software - 7.4% | | | |
| Autodesk, Inc. (a) | | 43,109 | 6,353 |
| Dynatrace, Inc. | | 64,714 | 1,309 |
| Microsoft Corp. | | 862,667 | 123,681 |
| Oracle Corp. | | 363,666 | 19,816 |
| SAP SE sponsored ADR | | 193,119 | 25,604 |
| | | | 176,763 |
| Technology Hardware, Storage & Peripherals - 2.3% | | | |
| Apple, Inc. | | 221,993 | 55,223 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 360,496 |
|
| MATERIALS - 0.9% | | | |
| Chemicals - 0.8% | | | |
| Corteva, Inc. | | 96,033 | 2,533 |
| International Flavors & Fragrances, Inc. | | 16,464 | 2,009 |
| Intrepid Potash, Inc. (a) | | 823,405 | 2,544 |
| Nutrien Ltd. | | 203,256 | 9,724 |
| The Scotts Miracle-Gro Co. Class A | | 9,057 | 909 |
| | | | 17,719 |
| Metals & Mining - 0.1% | | | |
| BHP Billiton Ltd. sponsored ADR (b) | | 64,150 | 3,138 |
|
| TOTAL MATERIALS | | | 20,857 |
|
| REAL ESTATE - 0.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.6% | | | |
| American Tower Corp. | | 23,246 | 5,069 |
| Equinix, Inc. | | 13,624 | 7,722 |
| Simon Property Group, Inc. | | 12,537 | 1,889 |
| | | | 14,680 |
| UTILITIES - 0.2% | | | |
| Electric Utilities - 0.2% | | | |
| Duke Energy Corp. | | 17,176 | 1,619 |
| Southern Co. | | 39,113 | 2,451 |
| | | | 4,070 |
| Multi-Utilities - 0.0% | | | |
| Sempra Energy | | 10,464 | 1,512 |
|
| TOTAL UTILITIES | | | 5,582 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $2,046,278) | | | 2,347,431 |
|
| Other - 0.1% | | | |
| ENERGY - 0.1% | | | |
| Oil, Gas and Consumable Fuels - 0.1% | | | |
| Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e) | | | |
| (Cost $6,968) | | 6,967,758 | 3,219 |
|
| Money Market Funds - 2.7% | | | |
| Fidelity Cash Central Fund 1.83% (f) | | 48,032,266 | 48,042 |
| Fidelity Securities Lending Cash Central Fund 1.84% (f)(g) | | 16,092,183 | 16,094 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $64,136) | | | 64,136 |
| TOTAL INVESTMENT IN SECURITIES - 100.4% | | | |
| (Cost $2,117,382) | | | 2,414,786 |
| NET OTHER ASSETS (LIABILITIES) - (0.4)% | | | (10,000) |
| NET ASSETS - 100% | | | $2,404,786 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - 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 $7,039,000 or 0.3% of net assets.
(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| KKR Renaissance Co-Invest LP unit | 7/25/13 | $1,045 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $6,968 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $576 |
| Fidelity Securities Lending Cash Central Fund | 311 |
| Total | $887 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $203,605 | $203,605 | $-- | $-- |
| Consumer Discretionary | 91,771 | 91,771 | -- | -- |
| Consumer Staples | 211,618 | 211,618 | -- | -- |
| Energy | 219,472 | 219,472 | -- | -- |
| Financials | 439,800 | 435,005 | 4,795 | -- |
| Health Care | 446,651 | 408,137 | 38,514 | -- |
| Industrials | 332,899 | 332,899 | -- | -- |
| Information Technology | 360,496 | 360,496 | -- | -- |
| Materials | 20,857 | 20,857 | -- | -- |
| Real Estate | 14,680 | 14,680 | -- | -- |
| Utilities | 5,582 | 5,582 | -- | -- |
| Other | 3,219 | -- | -- | 3,219 |
| Money Market Funds | 64,136 | 64,136 | -- | -- |
| Total Investments in Securities: | $2,414,786 | $2,368,258 | $43,309 | $3,219 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 89.6% |
| United Kingdom | 2.9% |
| Germany | 2.7% |
| Canada | 1.9% |
| Others (Individually Less Than 1%) | 2.9% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amount) | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $15,278) — See accompanying schedule:
Unaffiliated issuers (cost $2,053,246) | $2,350,650 | |
| Fidelity Central Funds (cost $64,136) | 64,136 | |
| Total Investment in Securities (cost $2,117,382) | | $2,414,786 |
| Restricted cash | | 305 |
| Receivable for investments sold | | 5,961 |
| Receivable for fund shares sold | | 1,274 |
| Dividends receivable | | 2,544 |
| Distributions receivable from Fidelity Central Funds | | 187 |
| Prepaid expenses | | 5 |
| Other receivables | | 23 |
| Total assets | | 2,425,085 |
| Liabilities | | |
| Payable for investments purchased | $1,355 | |
| Payable for fund shares redeemed | 1,872 | |
| Accrued management fee | 510 | |
| Other affiliated payables | 414 | |
| Other payables and accrued expenses | 49 | |
| Collateral on securities loaned | 16,099 | |
| Total liabilities | | 20,299 |
| Net Assets | | $2,404,786 |
| Net Assets consist of: | | |
| Paid in capital | | $1,966,200 |
| Total accumulated earnings (loss) | | 438,586 |
| Net Assets, for 74,870 shares outstanding | | $2,404,786 |
| Net Asset Value, offering price and redemption price per share ($2,404,786 ÷ 74,870 shares) | | $32.12 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $31,378 |
| Income from Fidelity Central Funds (including $311 from security lending) | | 887 |
| Total income | | 32,265 |
| Expenses | | |
| Management fee | | |
| Basic fee | $7,011 | |
| Performance adjustment | (2,837) | |
| Transfer agent fees | 2,129 | |
| Accounting fees | 388 | |
| Custodian fees and expenses | 21 | |
| Independent trustees' fees and expenses | 8 | |
| Registration fees | 38 | |
| Audit | 26 | |
| Legal | 5 | |
| Miscellaneous | 11 | |
| Total expenses before reductions | 6,800 | |
| Expense reductions | (11) | |
| Total expenses after reductions | | 6,789 |
| Net investment income (loss) | | 25,476 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 59,942 | |
| Redemption in-kind with affiliated entities | 70,493 | |
| Foreign currency transactions | (6) | |
| Total net realized gain (loss) | | 130,429 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (103,553) | |
| Assets and liabilities in foreign currencies | 2 | |
| Total change in net unrealized appreciation (depreciation) | | (103,551) |
| Net gain (loss) | | 26,878 |
| Net increase (decrease) in net assets resulting from operations | | $52,354 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $25,476 | $56,767 |
| Net realized gain (loss) | 130,429 | 286,854 |
| Change in net unrealized appreciation (depreciation) | (103,551) | (72,868) |
| Net increase (decrease) in net assets resulting from operations | 52,354 | 270,753 |
| Distributions to shareholders | (64,019) | (319,807) |
| Share transactions | | |
| Proceeds from sales of shares | 198,637 | 755,068 |
| Reinvestment of distributions | 59,974 | 288,173 |
| Cost of shares redeemed | (638,564) | (2,062,176) |
| Net increase (decrease) in net assets resulting from share transactions | (379,953) | (1,018,935) |
| Total increase (decrease) in net assets | (391,618) | (1,067,989) |
| Net Assets | | |
| Beginning of period | 2,796,404 | 3,864,393 |
| End of period | $2,404,786 | $2,796,404 |
| Other Information | | |
| Shares | | |
| Sold | 6,485 | 24,059 |
| Issued in reinvestment of distributions | 1,996 | 9,565 |
| Redeemed | (20,709) | (63,553) |
| Net increase (decrease) | (12,228) | (29,929) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Stock Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $32.11 | $33.02 | $30.85 | $26.62 | $29.28 | $27.76 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .30 | .63 | .47 | .38 | .37 | .31 |
| Net realized and unrealized gain (loss) | .46 | 2.17 | 2.87 | 4.91 | (1.74) | 2.92 |
| Total from investment operations | .76 | 2.80 | 3.34 | 5.29 | (1.37) | 3.23 |
| Distributions from net investment income | (.18) | (.53)B | (.38) | (.41) | (.32) | (.27) |
| Distributions from net realized gain | (.57) | (3.18)B | (.79) | (.65) | (.97) | (1.44) |
| Total distributions | (.75) | (3.71) | (1.17) | (1.06) | (1.29) | (1.71) |
| Net asset value, end of period | $32.12 | $32.11 | $33.02 | $30.85 | $26.62 | $29.28 |
| Total ReturnC,D | 2.52% | 9.57% | 10.96% | 20.37% | (4.82)% | 11.97% |
| Ratios to Average Net AssetsE,F | | | | | | |
| Expenses before reductions | .52%G | .63% | .67% | .62% | .78% | .88% |
| Expenses net of fee waivers, if any | .52%G | .63% | .67% | .62% | .77% | .88% |
| Expenses net of all reductions | .52%G | .62% | .66% | .62% | .77% | .88% |
| Net investment income (loss) | 1.95%G | 1.96% | 1.44% | 1.33% | 1.38% | 1.10% |
| Supplemental Data | | | | | | |
| Net assets, end of period (in millions) | $2,405 | $2,796 | $3,864 | $4,656 | $2,580 | $3,207 |
| Portfolio turnover rateH | 31%G,I | 35%I | 40%I | 32% | 31% | 36%I |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
(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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, 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 | $498,225 |
| Gross unrealized depreciation | (213,459) |
| Net unrealized appreciation (depreciation) | $284,766 |
| Tax cost | $2,130,020 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $3,524 in this Subsidiary, representing .15% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $391,777 and $537,178, respectively.
Unaffiliated Redemptions In-Kind. During the period, 40 shares of the Fund were redeemed in-kind for investments and cash with a value of $1,207. The net realized gain of $351 on investments delivered through in-kind redemptions is included 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. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 97 shares of the Fund were redeemed in-kind for investments and cash with a value of $3,010. The Fund had a net realized gain of $895 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. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 annualized management fee rate, including the performance adjustment, was .32% 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, Inc. (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 annualized rate of .16% 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 for were equivalent to an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $13 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Redemptions In-Kind. During the period, 8,794 shares of the Fund were redeemed in-kind for investments and cash with a value of $271,433. The net realized gain of $70,493 on investments delivered through in-kind redemptions is included 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. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 7,586 shares of the Fund were redeemed in-kind for investments and cash with a value of $257,324. The Fund had a net realized gain of $77,760 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $138. Total fees paid by the Fund to NFS, as lending agent, amounted to $30. 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, and includes $7 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $10.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | .52% | $1,000.00 | $1,025.20 | $2.65 |
| Hypothetical-C | | $1,000.00 | $1,022.52 | $2.64 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
LCS-SANN-1219
1.465347.122
Fidelity® Small Cap Stock Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| SYNNEX Corp. | 2.9 |
| Boyd Group Income Fund | 2.7 |
| Primerica, Inc. | 2.6 |
| Innospec, Inc. | 2.6 |
| Inovalon Holdings, Inc. Class A | 2.4�� |
| First Cash Financial Services, Inc. | 2.4 |
| NICE Systems Ltd. sponsored ADR | 2.3 |
| LGI Homes, Inc. | 2.3 |
| Encore Capital Group, Inc. | 2.2 |
| Essential Properties Realty Trust, Inc. | 2.2 |
| | 24.6 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 18.6 |
| Information Technology | 15.6 |
| Health Care | 13.7 |
| Consumer Discretionary | 13.5 |
| Industrials | 13.3 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019* |
| | Stocks | 99.5% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.5% |
* Foreign investments - 23.8%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.5% | | | |
| | | Shares | Value (000s) |
| COMMUNICATION SERVICES - 5.6% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Alaska Communication Systems Group, Inc. (a) | | 714,571 | $1,172 |
| LICT Corp. (a) | | 45 | 810 |
| | | | 1,982 |
| Interactive Media & Services - 1.3% | | | |
| Adevinta ASA Class B | | 58,060 | 663 |
| CarGurus, Inc. Class A (a) | | 259,703 | 8,723 |
| Cars.com, Inc. (a) | | 601,747 | 6,806 |
| LIFULL Co. Ltd. | | 445,827 | 2,710 |
| | | | 18,902 |
| Media - 4.2% | | | |
| 4Imprint Group PLC | | 355,458 | 13,675 |
| Cable One, Inc. | | 8,371 | 11,095 |
| Cardlytics, Inc. (a) | | 294,063 | 12,324 |
| Cogeco Communications, Inc. | | 271,085 | 23,433 |
| | | | 60,527 |
|
| TOTAL COMMUNICATION SERVICES | | | 81,411 |
|
| CONSUMER DISCRETIONARY - 13.5% | | | |
| Auto Components - 0.5% | | | |
| Burelle SA | | 574 | 520 |
| Linamar Corp. | | 225,701 | 7,360 |
| | | | 7,880 |
| Diversified Consumer Services - 1.9% | | | |
| Career Education Corp. (a) | | 1,864,677 | 26,404 |
| Collectors Universe, Inc. | | 42,275 | 1,212 |
| Redhill Education Ltd. | | 437,694 | 590 |
| | | | 28,206 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| MTY Food Group, Inc. | | 494,803 | 19,768 |
| SkiStar AB | | 336,237 | 4,032 |
| Wyndham Destinations, Inc. | | 84,801 | 3,936 |
| | | | 27,736 |
| Household Durables - 5.4% | | | |
| Cavco Industries, Inc. (a) | | 15,464 | 2,964 |
| Legacy Housing Corp. | | 439,825 | 6,971 |
| LGI Homes, Inc. (a)(b) | | 425,586 | 33,400 |
| Skyline Champion Corp. (a) | | 493,773 | 13,939 |
| TRI Pointe Homes, Inc. (a) | | 1,386,354 | 21,821 |
| | | | 79,095 |
| Internet & Direct Marketing Retail - 2.2% | | | |
| Kogan.Com Ltd. (b) | | 2,572,339 | 11,995 |
| Liberty Interactive Corp. QVC Group Series A (a) | | 804,533 | 7,675 |
| Points International Ltd. (a) | | 654,285 | 7,132 |
| Redbubble Ltd. (a) | | 3,792,974 | 5,030 |
| | | | 31,832 |
| Leisure Products - 0.3% | | | |
| American Outdoor Brands Corp. (a) | | 553,300 | 3,917 |
| Specialty Retail - 0.8% | | | |
| Sportsman's Warehouse Holdings, Inc. (a) | | 684,282 | 4,660 |
| Winmark Corp. | | 39,553 | 7,120 |
| | | | 11,780 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| Crocs, Inc. (a) | | 199,655 | 6,986 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 197,432 |
|
| CONSUMER STAPLES - 3.0% | | | |
| Beverages - 0.2% | | | |
| Nichols PLC | | 139,020 | 2,701 |
| Food & Staples Retailing - 1.5% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 265,256 | 7,082 |
| Performance Food Group Co. (a) | | 374,314 | 15,950 |
| | | | 23,032 |
| Food Products - 0.1% | | | |
| Armanino Foods of Distinction | | 377,324 | 1,355 |
| Household Products - 1.2% | | | |
| Spectrum Brands Holdings, Inc. | | 343,049 | 17,224 |
|
| TOTAL CONSUMER STAPLES | | | 44,312 |
|
| ENERGY - 2.8% | | | |
| Energy Equipment & Services - 0.2% | | | |
| Profire Energy, Inc. (a) | | 1,877,273 | 3,304 |
| Oil, Gas & Consumable Fuels - 2.6% | | | |
| NACCO Industries, Inc. Class A | | 286,817 | 14,484 |
| Texas Pacific Land Trust (b) | | 11,389 | 6,481 |
| World Fuel Services Corp. | | 386,595 | 16,148 |
| | | | 37,113 |
|
| TOTAL ENERGY | | | 40,417 |
|
| FINANCIALS - 18.6% | | | |
| Banks - 2.1% | | | |
| First Hawaiian, Inc. | | 279,021 | 7,626 |
| Hilltop Holdings, Inc. | | 309,085 | 7,220 |
| Plumas Bancorp | | 67,420 | 1,483 |
| Popular, Inc. | | 262,724 | 14,308 |
| | | | 30,637 |
| Capital Markets - 4.4% | | | |
| Ashford, Inc. (a) | | 25,668 | 614 |
| Assetmark Financial Holdings, Inc. (a) | | 73,621 | 2,020 |
| EQT AB (a) | | 46,975 | 451 |
| Impax Asset Management Group PLC | | 1,768,827 | 6,003 |
| INTL FCStone, Inc. (a) | | 79,971 | 3,199 |
| LPL Financial | | 270,492 | 21,867 |
| Morningstar, Inc. | | 177,257 | 28,687 |
| Tradeweb Markets, Inc. Class A | | 23,440 | 979 |
| | | | 63,820 |
| Consumer Finance - 5.6% | | | |
| Encore Capital Group, Inc. (a)(b) | | 985,899 | 32,722 |
| Fellow Finance Oyj | | 78,073 | 279 |
| First Cash Financial Services, Inc. | | 413,093 | 34,861 |
| Gruppo MutuiOnline SpA | | 75,500 | 1,499 |
| Nelnet, Inc. Class A | | 210,294 | 12,885 |
| | | | 82,246 |
| Diversified Financial Services - 0.5% | | | |
| Hypoport AG (a)(b) | | 21,808 | 6,774 |
| Insurance - 4.0% | | | |
| First American Financial Corp. | | 320,234 | 19,784 |
| Investors Title Co. | | 4,951 | 751 |
| Primerica, Inc. | | 299,709 | 37,817 |
| | | | 58,352 |
| Thrifts & Mortgage Finance - 2.0% | | | |
| LendingTree, Inc. (a)(b) | | 80,229 | 28,870 |
| Timberland Bancorp, Inc. | | 24,944 | 661�� |
| | | | 29,531 |
|
| TOTAL FINANCIALS | | | 271,360 |
|
| HEALTH CARE - 13.7% | | | |
| Biotechnology - 0.5% | | | |
| BioGaia AB | | 14,359 | 547 |
| Bioventix PLC | | 33,051 | 1,430 |
| Essex Bio-Technology Ltd. | | 3,362,000 | 2,587 |
| Shanghai Haohai Biological Technology Co. Ltd. (H Shares) (c) | | 441,300 | 2,546 |
| | | | 7,110 |
| Health Care Equipment & Supplies - 2.5% | | | |
| C-Rad AB (B Shares) (a) | | 688,487 | 2,421 |
| Hamilton Thorne Ltd. (a) | | 88,800 | 70 |
| Medacta Group SA (c) | | 109,600 | 8,955 |
| Medistim ASA | | 186,927 | 3,151 |
| TransMedics Group, Inc. | | 40,009 | 718 |
| Tristel PLC | | 1,134,849 | 4,822 |
| Utah Medical Products, Inc. | | 123,428 | 12,648 |
| Varex Imaging Corp. (a) | | 105,040 | 3,152 |
| | | | 35,937 |
| Health Care Providers & Services - 4.2% | | | |
| Chemed Corp. | | 32,639 | 12,857 |
| Corvel Corp. (a) | | 114,932 | 9,093 |
| DFB Healthcare Acquisitions Co. (a) | | 368,104 | 3,751 |
| Encompass Health Corp. | | 338,258 | 21,655 |
| InfuSystems Holdings, Inc. (a) | | 23,314 | 162 |
| Magellan Health Services, Inc. (a) | | 116,292 | 7,547 |
| Viemed Healthcare, Inc. (a) | | 833,456 | 6,733 |
| | | | 61,798 |
| Health Care Technology - 2.4% | | | |
| Inovalon Holdings, Inc. Class A (a)(b) | | 2,270,006 | 35,480 |
| Life Sciences Tools & Services - 3.2% | | | |
| 10X Genomics, Inc. (a) | | 2,394 | 139 |
| Charles River Laboratories International, Inc. (a) | | 219,816 | 28,572 |
| ICON PLC (a) | | 125,856 | 18,488 |
| | | | 47,199 |
| Pharmaceuticals - 0.9% | | | |
| BioSyent, Inc. (a) | | 682,808 | 3,111 |
| Dechra Pharmaceuticals PLC | | 180,534 | 6,150 |
| Phibro Animal Health Corp. Class A | | 125,627 | 3,010 |
| | | | 12,271 |
|
| TOTAL HEALTH CARE | | | 199,795 |
|
| INDUSTRIALS - 13.3% | | | |
| Commercial Services & Supplies - 3.5% | | | |
| Boyd Group Income Fund | | 275,909 | 38,476 |
| Bravida AB (c) | | 352,531 | 3,244 |
| Clipper Logistics PLC (b) | | 433,528 | 1,235 |
| VSE Corp. | | 199,703 | 7,673 |
| | | | 50,628 |
| Construction & Engineering - 1.2% | | | |
| AECOM (a) | | 239,864 | 9,597 |
| Tutor Perini Corp. (a)(b) | | 533,846 | 8,259 |
| | | | 17,856 |
| Machinery - 1.1% | | | |
| Allison Transmission Holdings, Inc. | | 287,953 | 12,558 |
| Hurco Companies, Inc. | | 93,661 | 3,258 |
| | | | 15,816 |
| Professional Services - 6.3% | | | |
| Barrett Business Services, Inc. | | 167,477 | 14,693 |
| CBIZ, Inc. (a) | | 975,488 | 26,699 |
| Franklin Covey Co. (a) | | 456,422 | 17,435 |
| Insperity, Inc. | | 163,881 | 17,311 |
| Red Violet, Inc. (a)(b) | | 104,898 | 1,667 |
| SHL-JAPAN Ltd. | | 44,700 | 837 |
| Talenom OYJ | | 164,075 | 6,460 |
| Tinexta SpA | | 411,656 | 6,060 |
| | | | 91,162 |
| Trading Companies & Distributors - 1.2% | | | |
| AerCap Holdings NV (a) | | 198,811 | 11,507 |
| Rush Enterprises, Inc. Class A | | 150,710 | 6,585 |
| | | | 18,092 |
|
| TOTAL INDUSTRIALS | | | 193,554 |
|
| INFORMATION TECHNOLOGY - 15.6% | | | |
| Electronic Equipment & Components - 3.4% | | | |
| Insight Enterprises, Inc. (a) | | 107,267 | 6,584 |
| SYNNEX Corp. | | 362,375 | 42,662 |
| | | | 49,246 |
| IT Services - 3.6% | | | |
| Bouvet ASA | | 60,869 | 1,953 |
| Castleton Technology PLC | | 1,765,506 | 1,429 |
| Computer Services, Inc. | | 181,561 | 8,170 |
| D4t4 Solutions PLC | | 124,655 | 382 |
| Econocom Group SA | | 1,741,525 | 4,541 |
| International Money Express, Inc. (a) | | 94,549 | 1,448 |
| Liberated Syndication, Inc. (a)(b) | | 27,610 | 77 |
| Over The Wire Holdings Ltd. | | 1,009,121 | 3,276 |
| Prodware | | 126,653 | 788 |
| Sylogist Ltd. | | 672,100 | 5,128 |
| Verra Mobility Corp. (a) | | 277,086 | 3,976 |
| WEX, Inc. (a) | | 113,849 | 21,538 |
| | | | 52,706 |
| Software - 8.6% | | | |
| Admicom OYJ | | 63,929 | 3,665 |
| Bigtincan Holdings Ltd. (a)(b) | | 3,992,570 | 1,834 |
| Ebix, Inc. (b) | | 655,044 | 27,925 |
| Elmo Software Ltd. (a) | | 117,200 | 531 |
| Enghouse Systems Ltd. | | 317,847 | 9,260 |
| GetBusy PLC (a) | | 2,261,546 | 1,230 |
| Globalscape, Inc. | | 353,020 | 3,424 |
| Hansen Technologies Ltd. | | 1,158,824 | 2,712 |
| j2 Global, Inc. | | 224,461 | 21,315 |
| LeadDesk Oyj | | 13,973 | 161 |
| LoopUp Group PLC (a) | | 98,398 | 82 |
| Micro Focus International PLC | | 713,339 | 9,791 |
| MSL Solutions Ltd. (a) | | 11,829,242 | 637 |
| NICE Systems Ltd. sponsored ADR (a)(b) | | 212,060 | 33,461 |
| Park City Group, Inc. (a)(b) | | 376,891 | 2,054 |
| RIB Software AG (b) | | 215,351 | 5,577 |
| Vitec Software Group AB | | 84,218 | 1,204 |
| | | | 124,863 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 226,815 |
|
| MATERIALS - 7.1% | | | |
| Chemicals - 4.5% | | | |
| Core Molding Technologies, Inc. (a) | | 179,175 | 1,023 |
| Innospec, Inc. | | 412,562 | 37,692 |
| NewMarket Corp. | | 30,217 | 14,670 |
| Northern Technologies International Corp. | | 141,892 | 1,771 |
| Valvoline, Inc. | | 488,727 | 10,429 |
| | | | 65,585 |
| Containers & Packaging - 1.4% | | | |
| Silgan Holdings, Inc. | | 335,036 | 10,309 |
| UFP Technologies, Inc. (a) | | 240,245 | 9,997 |
| | | | 20,306 |
| Paper & Forest Products - 1.2% | | | |
| Schweitzer-Mauduit International, Inc. | | 449,002 | 18,180 |
|
| TOTAL MATERIALS | | | 104,071 |
|
| REAL ESTATE - 5.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.5% | | | |
| CareTrust (REIT), Inc. | | 120,000 | 2,909 |
| EPR Properties | | 319,194 | 24,830 |
| Essential Properties Realty Trust, Inc. | | 1,232,557 | 31,627 |
| Store Capital Corp. | | 517,155 | 20,945 |
| | | | 80,311 |
| Real Estate Management & Development - 0.2% | | | |
| The RMR Group, Inc. | | 43,314 | 2,096 |
|
| TOTAL REAL ESTATE | | | 82,407 |
|
| UTILITIES - 0.6% | | | |
| Gas Utilities - 0.6% | | | |
| Star Gas Partners LP | | 917,443 | 8,523 |
| TOTAL COMMON STOCKS | | | |
| (Cost $1,238,015) | | | 1,450,097 |
|
| Money Market Funds - 8.7% | | | |
| Fidelity Cash Central Fund 1.83% (d) | | 6,530,907 | 6,532 |
| Fidelity Securities Lending Cash Central Fund 1.84% (d)(e) | | 119,517,845 | 119,530 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $126,062) | | | 126,062 |
| TOTAL INVESTMENT IN SECURITIES - 108.2% | | | |
| (Cost $1,364,077) | | | 1,576,159 |
| NET OTHER ASSETS (LIABILITIES) - (8.2)% | | | (118,911) |
| NET ASSETS - 100% | | | $1,457,248 |
Legend
(a) Non-income producing
(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 $14,745,000 or 1.0% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $69 |
| Fidelity Securities Lending Cash Central Fund | 451 |
| Total | $520 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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 as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| New Home Co. LLC | $4,657 | $-- | $4,063 | $-- | $(7,437) | $6,843 | $-- |
| Total | $4,657 | $-- | $4,063 | $-- | $(7,437) | $6,843 | $-- |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $81,411 | $78,701 | $2,710 | $-- |
| Consumer Discretionary | 197,432 | 179,817 | 17,615 | -- |
| Consumer Staples | 44,312 | 44,312 | -- | -- |
| Energy | 40,417 | 40,417 | -- | -- |
| Financials | 271,360 | 271,360 | -- | -- |
| Health Care | 199,795 | 194,662 | 5,133 | -- |
| Industrials | 193,554 | 192,717 | 837 | -- |
| Information Technology | 226,815 | 208,034 | 18,781 | -- |
| Materials | 104,071 | 104,071 | -- | -- |
| Real Estate | 82,407 | 82,407 | -- | -- |
| Utilities | 8,523 | 8,523 | -- | -- |
| Money Market Funds | 126,062 | 126,062 | -- | -- |
| Total Investments in Securities: | $1,576,159 | $1,531,083 | $45,076 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 76.2% |
| Canada | 8.2% |
| United Kingdom | 3.4% |
| Israel | 2.3% |
| Australia | 1.8% |
| Ireland | 1.3% |
| Puerto Rico | 1.0% |
| Others (Individually Less Than 1%) | 5.8% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amount) | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $118,802) — See accompanying schedule:
Unaffiliated issuers (cost $1,238,015) | $1,450,097 | |
| Fidelity Central Funds (cost $126,062) | 126,062 | |
| Total Investment in Securities (cost $1,364,077) | | $1,576,159 |
| Receivable for investments sold | | 6,840 |
| Receivable for fund shares sold | | 338 |
| Dividends receivable | | 947 |
| Distributions receivable from Fidelity Central Funds | | 73 |
| Prepaid expenses | | 3 |
| Other receivables | | 20 |
| Total assets | | 1,584,380 |
| Liabilities | | |
| Payable for investments purchased | $5,285 | |
| Payable for fund shares redeemed | 1,213 | |
| Accrued management fee | 804 | |
| Other affiliated payables | 238 | |
| Other payables and accrued expenses | 60 | |
| Collateral on securities loaned | 119,532 | |
| Total liabilities | | 127,132 |
| Net Assets | | $1,457,248 |
| Net Assets consist of: | | |
| Paid in capital | | $1,282,628 |
| Total accumulated earnings (loss) | | 174,620 |
| Net Assets, for 84,699 shares outstanding | | $1,457,248 |
| Net Asset Value, offering price and redemption price per share ($1,457,248 ÷ 84,699 shares) | | $17.21 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $8,227 |
| Income from Fidelity Central Funds (including $451 from security lending) | | 520 |
| Total income | | 8,747 |
| Expenses | | |
| Management fee | | |
| Basic fee | $5,038 | |
| Performance adjustment | (261) | |
| Transfer agent fees | 1,218 | |
| Accounting fees | 231 | |
| Custodian fees and expenses | 34 | |
| Independent trustees' fees and expenses | 4 | |
| Registration fees | 17 | |
| Audit | 30 | |
| Legal | 2 | |
| Miscellaneous | 7 | |
| Total expenses before reductions | 6,320 | |
| Expense reductions | (45) | |
| Total expenses after reductions | | 6,275 |
| Net investment income (loss) | | 2,472 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (30,273) | |
| Other affiliated issuers | (7,437) | |
| Foreign currency transactions | (16) | |
| Total net realized gain (loss) | | (37,726) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 55,137 | |
| Affiliated issuers | 6,843 | |
| Assets and liabilities in foreign currencies | 20 | |
| Total change in net unrealized appreciation (depreciation) | | 62,000 |
| Net gain (loss) | | 24,274 |
| Net increase (decrease) in net assets resulting from operations | | $26,746 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,472 | $10,173 |
| Net realized gain (loss) | (37,726) | 142,344 |
| Change in net unrealized appreciation (depreciation) | 62,000 | (58,528) |
| Net increase (decrease) in net assets resulting from operations | 26,746 | 93,989 |
| Distributions to shareholders | – | (304,627) |
| Share transactions | | |
| Proceeds from sales of shares | 44,183 | 94,706 |
| Reinvestment of distributions | – | 293,756 |
| Cost of shares redeemed | (129,035) | (257,940) |
| Net increase (decrease) in net assets resulting from share transactions | (84,852) | 130,522 |
| Total increase (decrease) in net assets | (58,106) | (80,116) |
| Net Assets | | |
| Beginning of period | 1,515,354 | 1,595,470 |
| End of period | $1,457,248 | $1,515,354 |
| Other Information | | |
| Shares | | |
| Sold | 2,621 | 5,454 |
| Issued in reinvestment of distributions | – | 17,771 |
| Redeemed | (7,663) | (15,034) |
| Net increase (decrease) | (5,042) | 8,191 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Small Cap Stock Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $16.89 | $19.56 | $19.38 | $17.48 | $19.92 | $20.83 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .12B | .08C | .03 | .03 | .14 |
| Net realized and unrealized gain (loss) | .29 | .90 | 1.86 | 2.60 | (.50)D | 2.50 |
| Total from investment operations | .32 | 1.02 | 1.94 | 2.63 | (.47) | 2.64 |
| Distributions from net investment income | – | (.06) | (.07) | –E | (.11) | (.12) |
| Distributions from net realized gain | – | (3.64) | (1.69) | (.72) | (1.86) | (3.43) |
| Total distributions | – | (3.69)F | (1.76) | (.73)G | (1.97) | (3.55) |
| Redemption fees added to paid in capitalA | – | – | –E | –E | –E | –E |
| Net asset value, end of period | $17.21 | $16.89 | $19.56 | $19.38 | $17.48 | $19.92 |
| Total ReturnH,I | 1.89% | 6.66% | 10.39% | 15.44% | (2.79)%D | 14.23% |
| Ratios to Average Net AssetsJ,K | | | | | | |
| Expenses before reductions | .86%L | .67% | .82% | 1.02% | 1.00% | .66% |
| Expenses net of fee waivers, if any | .86%L | .67% | .82% | 1.02% | .99% | .66% |
| Expenses net of all reductions | .85%L | .67% | .81% | 1.02% | .99% | .66% |
| Net investment income (loss) | .34%L | .66%B | .39%C | .14% | .17% | .71% |
| Supplemental Data | | | | | | |
| Net assets, end of period (in millions) | $1,457 | $1,515 | $1,595 | $1,777 | $1,956 | $1,913 |
| Portfolio turnover rateM | 50%L,N | 66%N | 63%N | 48% | 59% | 64% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been (2.96)%.
E Amount represents less than $.005 per share.
F Total distributions of $3.69 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $3.636 per share.
G Total distributions of $.73 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.723 per share.
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 Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
K Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
L Annualized
M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
N Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
(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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, 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 | $284,495 |
| Gross unrealized depreciation | (72,469) |
| Net unrealized appreciation (depreciation) | $212,026 |
| Tax cost | $1,364,133 |
The Fund elected to defer to its next fiscal year approximately $1,749 of capital losses recognized during the period November 1, 2018 to April 30, 2019.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $368,650 and $438,975, respectively.
Unaffiliated Redemptions In-Kind. During the period, 629 shares of the Fund were redeemed in-kind for investments and cash with a value of $10,630. The net realized gain of $2,586 on investments delivered through in-kind redemptions is included 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. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 181 shares of the Fund were redeemed in-kind for investments and cash with a value of $3,024. The Fund had a net realized gain of $646 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. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 annualized management fee rate, including the performance adjustment, was .65% 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, Inc. (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 annualized rate of .17% 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 an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $17 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $367. Total fees paid by the Fund to NFS, as lending agent, amounted to $15. 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, and includes $10 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $5.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | .86% | $1,000.00 | $1,018.90 | $4.36 |
| Hypothetical-C | | $1,000.00 | $1,020.81 | $4.37 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
SLCX-SANN-1219
1.711817.121
Fidelity® Small Cap Discovery Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
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| Account Type | Website | Phone Number |
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| SYNNEX Corp. | 4.6 |
| First Citizens Bancshares, Inc. Class A | 3.5 |
| Hilton Grand Vacations, Inc. | 3.3 |
| j2 Global, Inc. | 3.0 |
| First Hawaiian, Inc. | 2.9 |
| Wienerberger AG | 2.8 |
| Enstar Group Ltd. | 2.8 |
| LGI Homes, Inc. | 2.8 |
| Aaron's, Inc. Class A | 2.6 |
| First American Financial Corp. | 2.6 |
| | 30.9 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 22.9 |
| Information Technology | 15.5 |
| Industrials | 14.9 |
| Consumer Discretionary | 10.8 |
| Real Estate | 8.7 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019* |
| | Stocks | 97.8% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 2.2% |
* Foreign investments - 19.8%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.8% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 3.8% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| ATN International, Inc. | | 59,929 | $3,549,595 |
| Entertainment - 1.9% | | | |
| Cinemark Holdings, Inc. | | 1,500,000 | 54,900,000 |
| Media - 1.8% | | | |
| Emerald Expositions Events, Inc. (a) | | 5,169,123 | 50,243,876 |
|
| TOTAL COMMUNICATION SERVICES | | | 108,693,471 |
|
| CONSUMER DISCRETIONARY - 10.8% | | | |
| Auto Components - 0.5% | | | |
| Linamar Corp. | | 400,000 | 13,043,808 |
| Hotels, Restaurants & Leisure - 3.3% | | | |
| Hilton Grand Vacations, Inc. (b) | | 2,650,000 | 92,034,500 |
| Household Durables - 4.4% | | | |
| LGI Homes, Inc. (b)(c) | | 1,000,000 | 78,480,000 |
| Taylor Morrison Home Corp. (b) | | 250,000 | 6,262,500 |
| TRI Pointe Homes, Inc. (b) | | 2,500,000 | 39,350,000 |
| | | | 124,092,500 |
| Specialty Retail - 2.6% | | | |
| Aaron's, Inc. Class A | | 1,000,000 | 74,930,000 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 304,100,808 |
|
| CONSUMER STAPLES - 2.4% | | | |
| Food & Staples Retailing - 0.9% | | | |
| BJ's Wholesale Club Holdings, Inc. (b) | | 984,500 | 26,286,150 |
| Food Products - 1.1% | | | |
| Inghams Group Ltd.(c) | | 10,000,000 | 21,409,160 |
| Post Holdings, Inc. (b) | | 100,000 | 10,290,000 |
| | | | 31,699,160 |
| Personal Products - 0.4% | | | |
| BellRing Brands, Inc. Class A (b) | | 556,684 | 9,725,269 |
|
| TOTAL CONSUMER STAPLES | | | 67,710,579 |
|
| ENERGY - 5.4% | | | |
| Energy Equipment & Services - 3.9% | | | |
| Apergy Corp. (b) | | 700,000 | 17,619,000 |
| Oil States International, Inc. (b) | | 3,000,000 | 42,810,000 |
| ShawCor Ltd. Class A (a) | | 5,000,000 | 50,337,863 |
| | | | 110,766,863 |
| Oil, Gas & Consumable Fuels - 1.5% | | | |
| Viper Energy Partners LP | | 1,750,000 | 42,122,500 |
|
| TOTAL ENERGY | | | 152,889,363 |
|
| FINANCIALS - 22.9% | | | |
| Banks - 13.6% | | | |
| BOK Financial Corp. | | 600,000 | 46,290,000 |
| Cullen/Frost Bankers, Inc. | | 550,000 | 49,544,000 |
| First Citizens Bancshares, Inc. | | 75,000 | 36,894,000 |
| First Citizens Bancshares, Inc. Class A (b) | | 200,000 | 98,384,000 |
| First Hawaiian, Inc. | | 3,000,000 | 81,990,000 |
| Hilltop Holdings, Inc. | | 2,400,000 | 56,064,000 |
| Wintrust Financial Corp. | | 250,000 | 15,955,000 |
| | | | 385,121,000 |
| Capital Markets - 1.8% | | | |
| BrightSphere Investment Group, Inc. | | 3,000,000 | 29,460,000 |
| Donnelley Financial Solutions, Inc. (b) | | 1,000,000 | 11,300,000 |
| Morningstar, Inc. | | 56,820 | 9,195,749 |
| | | | 49,955,749 |
| Diversified Financial Services - 1.6% | | | |
| Cannae Holdings, Inc. (b) | | 1,500,000 | 43,800,000 |
| Insurance - 5.9% | | | |
| Amerisafe, Inc. | | 200,000 | 12,706,000 |
| Enstar Group Ltd. (b) | | 400,000 | 80,360,000 |
| First American Financial Corp. | | 1,200,000 | 74,136,000 |
| | | | 167,202,000 |
|
| TOTAL FINANCIALS | | | 646,078,749 |
|
| HEALTH CARE - 8.0% | | | |
| Health Care Equipment & Supplies - 2.1% | | | |
| Envista Holdings Corp. (b)(c) | | 233,000 | 6,833,890 |
| Hill-Rom Holdings, Inc. | | 500,000 | 52,345,000 |
| | | | 59,178,890 |
| Health Care Providers & Services - 2.3% | | | |
| Patterson Companies, Inc. (c) | | 1,000,000 | 17,130,000 |
| Premier, Inc. (b) | | 1,500,000 | 48,870,000 |
| | | | 66,000,000 |
| Life Sciences Tools & Services - 2.3% | | | |
| Charles River Laboratories International, Inc. (b) | | 500,000 | 64,990,000 |
| Pharmaceuticals - 1.3% | | | |
| Prestige Brands Holdings, Inc. (b) | | 1,000,000 | 35,460,000 |
|
| TOTAL HEALTH CARE | | | 225,628,890 |
|
| INDUSTRIALS - 14.9% | | | |
| Aerospace & Defense - 1.8% | | | |
| Ultra Electronics Holdings PLC | | 2,000,000 | 50,518,650 |
| Airlines - 1.3% | | | |
| Spirit Airlines, Inc. (b) | | 1,000,000 | 37,560,000 |
| Commercial Services & Supplies - 5.5% | | | |
| ABM Industries, Inc. | | 2,000,000 | 72,920,000 |
| Cimpress NV (b)(c) | | 300,000 | 39,636,000 |
| Knoll, Inc. | | 550,000 | 14,707,000 |
| The Brink's Co. | | 316,459 | 26,886,357 |
| | | | 154,149,357 |
| Construction & Engineering - 0.6% | | | |
| Mirait Holdings Corp. | | 1,000,000 | 16,057,010 |
| Electrical Equipment - 0.5% | | | |
| Regal Beloit Corp. | | 200,000 | 14,810,000 |
| Machinery - 0.7% | | | |
| SPX Flow, Inc. (b) | | 6,890 | 311,979 |
| THK Co. Ltd. | | 659,100 | 18,952,618 |
| | | | 19,264,597 |
| Marine - 0.3% | | | |
| MPC Container Ships ASA (b) | | 3,500,000 | 7,992,475 |
| Professional Services - 2.3% | | | |
| Capita Group PLC (b) | | 5,000,000 | 10,110,207 |
| CBIZ, Inc. (b) | | 299,144 | 8,187,571 |
| Intertrust NV (d) | | 2,500,000 | 47,511,780 |
| | | | 65,809,558 |
| Trading Companies & Distributors - 1.9% | | | |
| Beacon Roofing Supply, Inc. (b) | | 1,000,000 | 31,040,000 |
| Diploma PLC | | 200,000 | 4,142,529 |
| Fortress Transportation & Infrastructure Investors LLC | | 500,000 | 7,925,000 |
| MRC Global, Inc. (b) | | 1,000,000 | 11,360,000 |
| | | | 54,467,529 |
|
| TOTAL INDUSTRIALS | | | 420,629,176 |
|
| INFORMATION TECHNOLOGY - 15.5% | | | |
| Electronic Equipment & Components - 7.2% | | | |
| Flextronics International Ltd. (b) | | 2,000,000 | 23,500,000 |
| Insight Enterprises, Inc. (b) | | 642,081 | 39,410,932 |
| SYNNEX Corp. | | 1,100,000 | 129,514,000 |
| TTM Technologies, Inc. (b) | | 1,000,000 | 11,710,000 |
| | | | 204,134,932 |
| IT Services - 1.0% | | | |
| International Money Express, Inc. (b) | | 750,000 | 11,490,000 |
| Tucows, Inc. (b)(c) | | 300,000 | 16,662,000 |
| | | | 28,152,000 |
| Semiconductors & Semiconductor Equipment - 2.9% | | | |
| Advanced Energy Industries, Inc. (b) | | 750,000 | 44,325,000 |
| ON Semiconductor Corp. (b) | | 1,750,000 | 35,700,000 |
| | | | 80,025,000 |
| Software - 3.7% | | | |
| Enghouse Systems Ltd. | | 300,000 | 8,739,655 |
| Hansen Technologies Ltd. | | 4,535,692 | 10,613,636 |
| j2 Global, Inc. | | 900,000 | 85,464,000 |
| | | | 104,817,291 |
| Technology Hardware, Storage & Peripherals - 0.7% | | | |
| Elecom Co. Ltd. | | 500,000 | 19,415,593 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 436,544,816 |
|
| MATERIALS - 5.2% | | | |
| Chemicals - 1.9% | | | |
| Valvoline, Inc. | | 2,500,000 | 53,350,000 |
| Construction Materials - 3.3% | | | |
| Eagle Materials, Inc. | | 150,000 | 13,701,000 |
| Wienerberger AG | | 3,000,000 | 81,104,616 |
| | | | 94,805,616 |
|
| TOTAL MATERIALS | | | 148,155,616 |
|
| REAL ESTATE - 8.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.0% | | | |
| Brookfield Property REIT, Inc. Class A | | 2,500,000 | 47,250,000 |
| CareTrust (REIT), Inc. | | 250,000 | 6,060,000 |
| Corporate Office Properties Trust (SBI) | | 2,500,000 | 74,100,000 |
| Taubman Centers, Inc. | | 400,000 | 14,312,000 |
| | | | 141,722,000 |
| Real Estate Management & Development - 3.7% | | | |
| Cushman & Wakefield PLC (b)(c) | | 3,250,000 | 60,612,500 |
| Jones Lang LaSalle, Inc. | | 300,000 | 43,956,000 |
| | | | 104,568,500 |
|
| TOTAL REAL ESTATE | | | 246,290,500 |
|
| UTILITIES - 0.2% | | | |
| Electric Utilities - 0.2% | | | |
| Portland General Electric Co. | | 100,000 | 5,688,000 |
| TOTAL COMMON STOCKS | | | |
| (Cost $2,462,459,192) | | | 2,762,409,968 |
|
| Money Market Funds - 5.2% | | | |
| Fidelity Cash Central Fund 1.83% (e) | | 62,104,545 | 62,116,966 |
| Fidelity Securities Lending Cash Central Fund 1.84% (e)(f) | | 83,444,008 | 83,452,352 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $145,569,318) | | | 145,569,318 |
| TOTAL INVESTMENT IN SECURITIES - 103.0% | | | |
| (Cost $2,608,028,510) | | | 2,907,979,286 |
| NET OTHER ASSETS (LIABILITIES) - (3.0)% | | | (85,039,662) |
| NET ASSETS - 100% | | | $2,822,939,624 |
Legend
(a) Affiliated company
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) 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 $47,511,780 or 1.7% of net assets.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $586,434 |
| Fidelity Securities Lending Cash Central Fund | 160,341 |
| Total | $746,775 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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 as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Emerald Expositions Events, Inc. | $84,300,000 | $-- | $9,155,982 | $844,775 | $(8,773,569) | $(16,126,573) | $50,243,876 |
| LGI Homes, Inc. | 83,172,000 | -- | 17,432,193 | -- | 7,387,570 | 5,352,623 | -- |
| Presidio, Inc. | 64,586,000 | -- | 68,680,157 | 172,000 | 9,879,549 | (5,785,392) | -- |
| ShawCor Ltd. Class A | 74,195,715 | -- | -- | 951,076 | -- | (23,857,852) | 50,337,863 |
| Total | $306,253,715 | $-- | $95,268,332 | $1,967,851 | $8,493,550 | $(40,417,194) | $100,581,739 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $108,693,471 | $108,693,471 | $-- | $-- |
| Consumer Discretionary | 304,100,808 | 304,100,808 | -- | -- |
| Consumer Staples | 67,710,579 | 46,301,419 | 21,409,160 | -- |
| Energy | 152,889,363 | 152,889,363 | -- | -- |
| Financials | 646,078,749 | 646,078,749 | -- | -- |
| Health Care | 225,628,890 | 225,628,890 | -- | -- |
| Industrials | 420,629,176 | 385,619,548 | 35,009,628 | -- |
| Information Technology | 436,544,816 | 406,515,587 | 30,029,229 | -- |
| Materials | 148,155,616 | 148,155,616 | -- | -- |
| Real Estate | 246,290,500 | 246,290,500 | -- | -- |
| Utilities | 5,688,000 | 5,688,000 | -- | -- |
| Money Market Funds | 145,569,318 | 145,569,318 | -- | -- |
| Total Investments in Securities: | $2,907,979,286 | $2,821,531,269 | $86,448,017 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 80.2% |
| United Kingdom | 4.3% |
| Netherlands | 3.1% |
| Austria | 2.8% |
| Bermuda | 2.8% |
| Canada | 2.6% |
| Japan | 2.0% |
| Australia | 1.1% |
| Others (Individually Less Than 1%) | 1.1% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $80,092,708) — See accompanying schedule:
Unaffiliated issuers (cost $2,260,689,871) | $2,661,828,229 | |
| Fidelity Central Funds (cost $145,569,318) | 145,569,318 | |
| Other affiliated issuers (cost $201,769,321) | 100,581,739 | |
| Total Investment in Securities (cost $2,608,028,510) | | $2,907,979,286 |
| Receivable for investments sold | | 12,376,517 |
| Receivable for fund shares sold | | 844,274 |
| Dividends receivable | | 1,211,797 |
| Distributions receivable from Fidelity Central Funds | | 123,930 |
| Prepaid expenses | | 5,042 |
| Other receivables | | 93,107 |
| Total assets | | 2,922,633,953 |
| Liabilities | | |
| Payable for investments purchased | $7,559,144 | |
| Payable for fund shares redeemed | 7,064,247 | |
| Accrued management fee | 1,062,752 | |
| Other affiliated payables | 503,694 | |
| Other payables and accrued expenses | 52,071 | |
| Collateral on securities loaned | 83,452,421 | |
| Total liabilities | | 99,694,329 |
| Net Assets | | $2,822,939,624 |
| Net Assets consist of: | | |
| Paid in capital | | $2,385,929,614 |
| Total accumulated earnings (loss) | | 437,010,010 |
| Net Assets, for 122,214,947 shares outstanding | | $2,822,939,624 |
| Net Asset Value, offering price and redemption price per share ($2,822,939,624 ÷ 122,214,947 shares) | | $23.10 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends (including $1,967,851 earned from other affiliated issuers) | | $20,970,298 |
| Interest | | 35 |
| Income from Fidelity Central Funds (including $160,341 from security lending) | | 746,775 |
| Total income | | 21,717,108 |
| Expenses | | |
| Management fee | | |
| Basic fee | $9,649,079 | |
| Performance adjustment | (3,828,365) | |
| Transfer agent fees | 2,542,080 | |
| Accounting fees | 415,463 | |
| Custodian fees and expenses | 13,268 | |
| Independent trustees' fees and expenses | 8,185 | |
| Registration fees | 52,725 | |
| Audit | 27,021 | |
| Legal | 4,048 | |
| Miscellaneous | 11,992 | |
| Total expenses before reductions | 8,895,496 | |
| Expense reductions | (87,733) | |
| Total expenses after reductions | | 8,807,763 |
| Net investment income (loss) | | 12,909,345 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 112,118,356 | |
| Fidelity Central Funds | 390 | |
| Other affiliated issuers | 8,493,550 | |
| Foreign currency transactions | (113,944) | |
| Total net realized gain (loss) | | 120,498,352 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (91,648,153) | |
| Affiliated issuers | (40,417,194) | |
| Assets and liabilities in foreign currencies | (16,047) | |
| Total change in net unrealized appreciation (depreciation) | | (132,081,394) |
| Net gain (loss) | | (11,583,042) |
| Net increase (decrease) in net assets resulting from operations | | $1,326,303 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,909,345 | $47,148,852 |
| Net realized gain (loss) | 120,498,352 | 504,932,262 |
| Change in net unrealized appreciation (depreciation) | (132,081,394) | (447,462,284) |
| Net increase (decrease) in net assets resulting from operations | 1,326,303 | 104,618,830 |
| Distributions to shareholders | (68,190,644) | (995,959,068) |
| Share transactions | | |
| Proceeds from sales of shares | 191,274,794 | 242,716,170 |
| Reinvestment of distributions | 64,193,889 | 930,559,253 |
| Cost of shares redeemed | (384,690,038) | (1,770,361,701) |
| Net increase (decrease) in net assets resulting from share transactions | (129,221,355) | (597,086,278) |
| Total increase (decrease) in net assets | (196,085,696) | (1,488,426,516) |
| Net Assets | | |
| Beginning of period | 3,019,025,320 | 4,507,451,836 |
| End of period | $2,822,939,624 | $3,019,025,320 |
| Other Information | | |
| Shares | | |
| Sold | 8,603,169 | 9,871,392 |
| Issued in reinvestment of distributions | 2,966,446 | 38,988,158 |
| Redeemed | (17,275,789) | (73,162,041) |
| Net increase (decrease) | (5,706,174) | (24,302,491) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Small Cap Discovery Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $23.60 | $29.61 | $32.05 | $27.81 | $30.62 | $30.77 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .10 | .32B | .19 | .20 | .15 | .11 |
| Net realized and unrealized gain (loss) | (.05) | .68 | 1.53 | 4.18 | (.99) | 3.00 |
| Total from investment operations | .05 | 1.00 | 1.72 | 4.38 | (.84) | 3.11 |
| Distributions from net investment income | (.07) | (.22) | (.19) | (.14) | (.15) | (.08) |
| Distributions from net realized gain | (.48) | (6.78) | (3.97) | – | (1.82) | (3.18) |
| Total distributions | (.55) | (7.01)C | (4.16) | (.14) | (1.97) | (3.26) |
| Redemption fees added to paid in capitalA | – | – | –D | –D | –D | –D |
| Net asset value, end of period | $23.10 | $23.60 | $29.61 | $32.05 | $27.81 | $30.62 |
| Total ReturnE,F | .35% | 4.96% | 5.46% | 15.76% | (2.94)% | 10.62% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | .63%I | .61% | .69% | .87% | 1.01% | 1.06% |
| Expenses net of fee waivers, if any | .63%I | .61% | .69% | .87% | 1.01% | 1.06% |
| Expenses net of all reductions | .63%I | .60% | .68% | .87% | 1.00% | 1.05% |
| Net investment income (loss) | .92%I | 1.29%B | .61% | .66% | .53% | .36% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,822,940 | $3,019,025 | $4,507,452 | $5,632,973 | $5,330,816 | $6,052,079 |
| Portfolio turnover rate | 48%I | 32% | 41% | 18% | 25% | 13% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.05%.
C Total distributions of $7.01 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $6.783 per share.
D Amount represents less than $.005 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
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. The Fund is closed to new accounts with certain exceptions.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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. 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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnership 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 | $575,732,821 |
| Gross unrealized depreciation | (275,973,386) |
| Net unrealized appreciation (depreciation) | $299,759,435 |
| Tax cost | $2,608,219,851 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $666,291,973 and $848,616,178, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 annualized management fee rate, including the performance adjustment, was .41% 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, Inc. (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 annualized rate of .18% 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 an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $42,568 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,479 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $849,762. Total fees paid by the Fund to NFS, as lending agent, amounted to $4,004. 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, and includes $379 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $75,517 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $12,216.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | .63% | $1,000.00 | $1,003.50 | $3.17 |
| Hypothetical-C | | $1,000.00 | $1,021.97 | $3.20 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
SMR-SANN-1219
1.749363.119
Fidelity® Series Small Cap Discovery Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| SYNNEX Corp. | 4.3 |
| First Citizens Bancshares, Inc. | 4.1 |
| Hilton Grand Vacations, Inc. | 3.2 |
| j2 Global, Inc. | 3.2 |
| ABM Industries, Inc. | 3.0 |
| First American Financial Corp. | 2.9 |
| BOK Financial Corp. | 2.8 |
| LGI Homes, Inc. | 2.8 |
| First Hawaiian, Inc. | 2.7 |
| Computer Services, Inc. | 2.7 |
| | 31.7 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 21.8 |
| Information Technology | 18.2 |
| Industrials | 15.9 |
| Consumer Discretionary | 10.0 |
| Real Estate | 9.5 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019* |
| | Stocks | 99.0% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 1.0% |
* Foreign investments - 15.1%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.0% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 4.0% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| ATN International, Inc. | | 19,905 | $1,178,973 |
| Entertainment - 2.2% | | | |
| Cinemark Holdings, Inc. (a) | | 900,000 | 32,940,000 |
| Media - 1.7% | | | |
| Emerald Expositions Events, Inc. | | 2,585,821 | 25,134,180 |
|
| TOTAL COMMUNICATION SERVICES | | | 59,253,153 |
|
| CONSUMER DISCRETIONARY - 10.0% | | | |
| Diversified Consumer Services - 0.3% | | | |
| Career Education Corp. (b) | | 300,000 | 4,248,000 |
| Hotels, Restaurants & Leisure - 3.2% | | | |
| Hilton Grand Vacations, Inc. (b) | | 1,400,000 | 48,622,000 |
| Household Durables - 4.0% | | | |
| LGI Homes, Inc. (a)(b) | | 525,000 | 41,202,000 |
| TRI Pointe Homes, Inc. (b) | | 1,150,000 | 18,101,000 |
| | | | 59,303,000 |
| Specialty Retail - 2.5% | | | |
| Aaron's, Inc. Class A | | 500,000 | 37,465,000 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 149,638,000 |
|
| CONSUMER STAPLES - 2.8% | | | |
| Food & Staples Retailing - 0.9% | | | |
| BJ's Wholesale Club Holdings, Inc. (b) | | 496,900 | 13,267,230 |
| Food Products - 1.6% | | | |
| Inghams Group Ltd. (a) | | 4,000,000 | 8,563,664 |
| Post Holdings, Inc. (b) | | 150,000 | 15,435,000 |
| | | | 23,998,664 |
| Personal Products - 0.3% | | | |
| BellRing Brands, Inc. Class A (a)(b) | | 296,400 | 5,178,108 |
|
| TOTAL CONSUMER STAPLES | | | 42,444,002 |
|
| ENERGY - 4.4% | | | |
| Energy Equipment & Services - 3.2% | | | |
| Apergy Corp. (b) | | 400,000 | 10,068,000 |
| Oil States International, Inc. (b) | | 1,500,000 | 21,405,000 |
| ShawCor Ltd. Class A | | 1,051,745 | 10,588,519 |
| Total Energy Services, Inc. | | 1,443,630 | 6,159,897 |
| | | | 48,221,416 |
| Oil, Gas & Consumable Fuels - 1.2% | | | |
| Viper Energy Partners LP | | 750,000 | 18,052,500 |
|
| TOTAL ENERGY | | | 66,273,916 |
|
| FINANCIALS - 21.8% | | | |
| Banks - 13.4% | | | |
| Associated Banc-Corp. | | 200,000 | 4,022,000 |
| BOK Financial Corp. | | 550,000 | 42,432,500 |
| Cullen/Frost Bankers, Inc. (a) | | 250,000 | 22,520,000 |
| First Citizens Bancshares, Inc. | | 125,000 | 61,490,000 |
| First Hawaiian, Inc. | | 1,500,000 | 40,995,000 |
| Hilltop Holdings, Inc. | | 600,000 | 14,016,000 |
| Wintrust Financial Corp. | | 250,000 | 15,955,000 |
| | | | 201,430,500 |
| Capital Markets - 1.5% | | | |
| BrightSphere Investment Group, Inc. | | 2,220,700 | 21,807,274 |
| Consumer Finance - 1.4% | | | |
| First Cash Financial Services, Inc. | | 250,000 | 21,097,500 |
| Diversified Financial Services - 1.9% | | | |
| Cannae Holdings, Inc. (b) | | 1,000,000 | 29,200,000 |
| Insurance - 3.6% | | | |
| Enstar Group Ltd. (b) | | 50,000 | 10,045,000 |
| First American Financial Corp. | | 700,000 | 43,246,000 |
| | | | 53,291,000 |
|
| TOTAL FINANCIALS | | | 326,826,274 |
|
| HEALTH CARE - 7.8% | | | |
| Health Care Equipment & Supplies - 2.3% | | | |
| Envista Holdings Corp. (a)(b) | | 125,000 | 3,666,250 |
| Hill-Rom Holdings, Inc. | | 300,000 | 31,407,000 |
| | | | 35,073,250 |
| Health Care Providers & Services - 2.1% | | | |
| Patterson Companies, Inc. (a) | | 500,000 | 8,565,000 |
| Premier, Inc. (b) | | 700,000 | 22,806,000 |
| | | | 31,371,000 |
| Life Sciences Tools & Services - 2.2% | | | |
| Charles River Laboratories International, Inc. (b) | | 250,000 | 32,495,000 |
| Pharmaceuticals - 1.2% | | | |
| Prestige Brands Holdings, Inc. (b) | | 500,000 | 17,730,000 |
|
| TOTAL HEALTH CARE | | | 116,669,250 |
|
| INDUSTRIALS - 15.9% | | | |
| Aerospace & Defense - 1.5% | | | |
| Ultra Electronics Holdings PLC | | 900,000 | 22,733,392 |
| Airlines - 1.5% | | | |
| Spirit Airlines, Inc. (b) | | 600,000 | 22,536,000 |
| Commercial Services & Supplies - 6.9% | | | |
| ABM Industries, Inc. | | 1,250,000 | 45,575,000 |
| Cimpress NV (a)(b) | | 150,000 | 19,818,000 |
| Knoll, Inc. | | 870,125 | 23,267,143 |
| The Brink's Co. | | 167,602 | 14,239,466 |
| | | | 102,899,609 |
| Construction & Engineering - 0.5% | | | |
| Mirait Holdings Corp. | | 500,000 | 8,028,505 |
| Electrical Equipment - 0.8% | | | |
| Regal Beloit Corp. | | 150,000 | 11,107,500 |
| Machinery - 0.5% | | | |
| SPX Flow, Inc. (b) | | 3,500 | 158,480 |
| THK Co. Ltd. | | 263,600 | 7,579,897 |
| | | | 7,738,377 |
| Marine - 0.3% | | | |
| MPC Container Ships ASA (a)(b) | | 2,000,000 | 4,567,129 |
| Professional Services - 2.0% | | | |
| Capita Group PLC (b) | | 5,000,000 | 10,110,207 |
| Intertrust NV (c) | | 1,000,000 | 19,004,712 |
| | | | 29,114,919 |
| Trading Companies & Distributors - 1.9% | | | |
| Beacon Roofing Supply, Inc. (b) | | 600,000 | 18,624,000 |
| Fortress Transportation & Infrastructure Investors LLC | | 150,000 | 2,377,500 |
| MRC Global, Inc. (b) | | 686,687 | 7,800,764 |
| | | | 28,802,264 |
|
| TOTAL INDUSTRIALS | | | 237,527,695 |
|
| INFORMATION TECHNOLOGY - 18.2% | | | |
| Electronic Equipment & Components - 7.3% | | | |
| Flextronics International Ltd. (b) | | 1,500,000 | 17,625,000 |
| Insight Enterprises, Inc. (b) | | 250,000 | 15,345,000 |
| SYNNEX Corp. | | 550,000 | 64,757,000 |
| TTM Technologies, Inc. (b) | | 1,000,000 | 11,710,000 |
| | | | 109,437,000 |
| IT Services - 3.4% | | | |
| Computer Services, Inc. | | 900,000 | 40,500,000 |
| International Money Express, Inc. (b) | | 103,700 | 1,588,684 |
| Tucows, Inc. (a)(b) | | 150,000 | 8,331,000 |
| | | | 50,419,684 |
| Semiconductors & Semiconductor Equipment - 2.9% | | | |
| Advanced Energy Industries, Inc. (b) | | 400,000 | 23,640,000 |
| ON Semiconductor Corp. (b) | | 1,000,000 | 20,400,000 |
| | | | 44,040,000 |
| Software - 4.0% | | | |
| Enghouse Systems Ltd. | | 250,000 | 7,283,046 |
| Hansen Technologies Ltd. | | 1,990,184 | 4,657,082 |
| j2 Global, Inc. | | 500,000 | 47,480,000 |
| | | | 59,420,128 |
| Technology Hardware, Storage & Peripherals - 0.6% | | | |
| Elecom Co. Ltd. | | 250,000 | 9,707,797 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 273,024,609 |
|
| MATERIALS - 4.6% | | | |
| Chemicals - 2.0% | | | |
| Valvoline, Inc. | | 1,400,000 | 29,876,000 |
| Construction Materials - 2.6% | | | |
| Eagle Materials, Inc. | | 125,000 | 11,417,500 |
| Wienerberger AG | | 1,000,000 | 27,034,872 |
| | | | 38,452,372 |
|
| TOTAL MATERIALS | | | 68,328,372 |
|
| REAL ESTATE - 9.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.4% | | | |
| Brookfield Property REIT, Inc. Class A | | 1,500,000 | 28,350,000 |
| CareTrust (REIT), Inc. | | 500,000 | 12,120,000 |
| Corporate Office Properties Trust (SBI) | | 1,250,000 | 37,050,000 |
| Taubman Centers, Inc. | | 100,000 | 3,578,000 |
| | | | 81,098,000 |
| Real Estate Management & Development - 4.1% | | | |
| Cushman & Wakefield PLC (b) | | 1,750,000 | 32,637,500 |
| Jones Lang LaSalle, Inc. | | 200,000 | 29,304,000 |
| | | | 61,941,500 |
|
| TOTAL REAL ESTATE | | | 143,039,500 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $1,308,821,108) | | | 1,483,024,771 |
|
| Money Market Funds - 5.6% | | | |
| Fidelity Cash Central Fund 1.83% (d) | | 7,597,720 | 7,599,239 |
| Fidelity Securities Lending Cash Central Fund 1.84% (d)(e) | | 76,029,720 | 76,037,323 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $83,636,562) | | | 83,636,562 |
| TOTAL INVESTMENT IN SECURITIES - 104.6% | | | |
| (Cost $1,392,457,670) | | | 1,566,661,333 |
| NET OTHER ASSETS (LIABILITIES) - (4.6)% | | | (69,327,732) |
| NET ASSETS - 100% | | | $1,497,333,601 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(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 $19,004,712 or 1.3% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $282,907 |
| Fidelity Securities Lending Cash Central Fund | 99,245 |
| Total | $382,152 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $59,253,153 | $59,253,153 | $-- | $-- |
| Consumer Discretionary | 149,638,000 | 149,638,000 | -- | -- |
| Consumer Staples | 42,444,002 | 33,880,338 | 8,563,664 | -- |
| Energy | 66,273,916 | 66,273,916 | -- | -- |
| Financials | 326,826,274 | 326,826,274 | -- | -- |
| Health Care | 116,669,250 | 116,669,250 | -- | -- |
| Industrials | 237,527,695 | 221,919,293 | 15,608,402 | -- |
| Information Technology | 273,024,609 | 258,659,730 | 14,364,879 | -- |
| Materials | 68,328,372 | 68,328,372 | -- | -- |
| Real Estate | 143,039,500 | 143,039,500 | -- | -- |
| Money Market Funds | 83,636,562 | 83,636,562 | -- | -- |
| Total Investments in Securities: | $1,566,661,333 | $1,528,124,388 | $38,536,945 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 84.9% |
| United Kingdom | 4.4% |
| Netherlands | 2.6% |
| Austria | 1.8% |
| Japan | 1.6% |
| Canada | 1.6% |
| Singapore | 1.2% |
| Others (Individually Less Than 1%) | 1.9% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $73,680,154) — See accompanying schedule:
Unaffiliated issuers (cost $1,308,821,108) | $1,483,024,771 | |
| Fidelity Central Funds (cost $83,636,562) | 83,636,562 | |
| Total Investment in Securities (cost $1,392,457,670) | | $1,566,661,333 |
| Foreign currency held at value (cost $56,171) | | 56,171 |
| Receivable for investments sold | | 8,057,058 |
| Receivable for fund shares sold | | 23,631,854 |
| Dividends receivable | | 548,960 |
| Distributions receivable from Fidelity Central Funds | | 35,037 |
| Total assets | | 1,598,990,413 |
| Liabilities | | |
| Payable for investments purchased | $2,826,262 | |
| Payable for fund shares redeemed | 22,783,498 | |
| Other payables and accrued expenses | 11,408 | |
| Collateral on securities loaned | 76,035,644 | |
| Total liabilities | | 101,656,812 |
| Net Assets | | $1,497,333,601 |
| Net Assets consist of: | | |
| Paid in capital | | $1,260,780,270 |
| Total accumulated earnings (loss) | | 236,553,331 |
| Net Assets, for 129,978,778 shares outstanding | | $1,497,333,601 |
| Net Asset Value, offering price and redemption price per share ($1,497,333,601 ÷ 129,978,778 shares) | | $11.52 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $11,792,293 |
| Income from Fidelity Central Funds (including $99,245 from security lending) | | 382,152 |
| Total income | | 12,174,445 |
| Expenses | | |
| Custodian fees and expenses | $8,720 | |
| Independent trustees' fees and expenses | 4,636 | |
| Interest | 375 | |
| Commitment fees | 1,982 | |
| Total expenses before reductions | 15,713 | |
| Expense reductions | (321) | |
| Total expenses after reductions | | 15,392 |
| Net investment income (loss) | | 12,159,053 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 66,475,621 | |
| Fidelity Central Funds | 1,609 | |
| Foreign currency transactions | (34,772) | |
| Total net realized gain (loss) | | 66,442,458 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (72,631,393) | |
| Fidelity Central Funds | (346) | |
| Assets and liabilities in foreign currencies | (4,594) | |
| Total change in net unrealized appreciation (depreciation) | | (72,636,333) |
| Net gain (loss) | | (6,193,875) |
| Net increase (decrease) in net assets resulting from operations | | $5,965,178 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,159,053 | $29,114,366 |
| Net realized gain (loss) | 66,442,458 | 98,000,880 |
| Change in net unrealized appreciation (depreciation) | (72,636,333) | (1,608,690) |
| Net increase (decrease) in net assets resulting from operations | 5,965,178 | 125,506,556 |
| Distributions to shareholders | (36,525,856) | (208,936,940) |
| Share transactions | | |
| Proceeds from sales of shares | 70,896,485 | 112,274,438 |
| Reinvestment of distributions | 36,525,856 | 208,936,940 |
| Cost of shares redeemed | (287,025,568) | (244,737,253) |
| Net increase (decrease) in net assets resulting from share transactions | (179,603,227) | 76,474,125 |
| Total increase (decrease) in net assets | (210,163,905) | (6,956,259) |
| Net Assets | | |
| Beginning of period | 1,707,497,506 | 1,714,453,765 |
| End of period | $1,497,333,601 | $1,707,497,506 |
| Other Information | | |
| Shares | | |
| Sold | 6,314,320 | 9,823,635 |
| Issued in reinvestment of distributions | 3,385,158 | 19,135,616 |
| Redeemed | (25,688,636) | (21,277,858) |
| Net increase (decrease) | (15,989,158) | 7,681,393 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Small Cap Discovery Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.70 | $12.40 | $11.69 | $10.16 | $11.23 | $10.16 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .09 | .20B | .14 | .09C | .03 | .02 |
| Net realized and unrealized gain (loss) | (.02) | .59 | .71 | 1.49 | (.54) | 1.28 |
| Total from investment operations | .07 | .79 | .85 | 1.58 | (.51) | 1.30 |
| Distributions from net investment income | (.06) | (.19) | (.14) | (.05) | (.02) | (.02) |
| Distributions from net realized gain | (.20) | (1.30) | – | – | (.54) | (.21) |
| Total distributions | (.25)D | (1.49) | (.14) | (.05) | (.56) | (.23) |
| Net asset value, end of period | $11.52 | $11.70 | $12.40 | $11.69 | $10.16 | $11.23 |
| Total ReturnE,F | .76% | 7.68% | 7.33% | 15.60% | (4.82)% | 12.92% |
| Ratios to Average Net AssetsG,H | | | | | | |
| Expenses before reductions | - %I,J | - %J | .06% | .87% | .96% | .97% |
| Expenses net of fee waivers, if any | - %I,J | - %J | .06% | .87% | .96% | .97% |
| Expenses net of all reductions | - %I,J | - %J | .05% | .86% | .95% | .97% |
| Net investment income (loss) | 1.53%I | 1.73%B | 1.15% | .80%C | .29% | .17% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,497,334 | $1,707,498 | $1,714,454 | $652,818 | $614,362 | $659,747 |
| Portfolio turnover rateK | 43%I | 41% | 44% | 24% | 35% | 28% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.54 %.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.
D Total distributions of $.25 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.195 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Annualized
J Amount represents less than .005%.
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
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 and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to 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 | $285,985,458 |
| Gross unrealized depreciation | (111,796,721) |
| Net unrealized appreciation (depreciation) | $174,188,737 |
| Tax cost | $1,392,472,596 |
The Fund elected to defer to its next fiscal year approximately $16,157,292 of capital losses recognized during the period November 1, 2018 to April 30, 2019.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities aggregated $336,257,627 and $527,673,721, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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. The Fund placed a portion of its portfolio transactions 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 $23,249 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 |
| Borrower | $5,309,000 | 2.54% | $375 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,982 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $449,874. Total fees paid by the Fund to NFS, as lending agent, amounted to $3,455. 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, and includes $114 from securities loaned to NFS, as affiliated borrower.
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 $321.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | - % -C | $1,000.00 | $1,007.60 | $- -D |
| Hypothetical-E | | $1,000.00 | $1,025.14 | $- -D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
XS4-SANN-1219
1.968032.105
Fidelity® Event Driven Opportunities Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| SPDR Portfolio Total Stock Market ETF | 8.2 |
| Zagg, Inc. | 6.8 |
| Arcosa, Inc. | 6.7 |
| iShares Russell 3000 ETF | 6.6 |
| IAA Spinco, Inc. | 6.1 |
| Black Knight, Inc. | 5.9 |
| Frontdoor, Inc. | 5.8 |
| XLMedia PLC | 4.4 |
| Ollie's Bargain Outlet Holdings, Inc. | 4.3 |
| Alcon, Inc. | 3.8 |
| | 58.6 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Consumer Discretionary | 31.5 |
| Industrials | 15.9 |
| Information Technology | 14.6 |
| Communication Services | 8.5 |
| Health Care | 3.8 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019 * |
| | Stocks, Investment Companies and Equity Futures | 99.9% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 27.8%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 76.5% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 8.5% | | | |
| Interactive Media & Services - 7.0% | | | |
| Adevinta ASA Class B | | 285,332 | $3,257,870 |
| XLMedia PLC | | 7,793,400 | 5,476,635 |
| | | | 8,734,505 |
| Media - 1.5% | | | |
| Nordic Entertainment Group AB Class B | | 55,900 | 1,586,275 |
| Reach PLC | | 227,802 | 290,362 |
| | | | 1,876,637 |
|
| TOTAL COMMUNICATION SERVICES | | | 10,611,142 |
|
| CONSUMER DISCRETIONARY - 31.5% | | | |
| Automobiles - 0.0% | | | |
| Fiat Chrysler Automobiles NV | | 1,500 | 22,980 |
| Diversified Consumer Services - 5.8% | | | |
| Frontdoor, Inc. (a) | | 149,800 | 7,224,854 |
| Hotels, Restaurants & Leisure - 2.3% | | | |
| Melco International Development Ltd. | | 8,000 | 21,203 |
| Wyndham Hotels & Resorts, Inc. | | 52,906 | 2,855,337 |
| | | | 2,876,540 |
| Household Durables - 6.8% | | | |
| Zagg, Inc. (a)(b) | | 1,148,237 | 8,462,507 |
| Internet & Direct Marketing Retail - 6.8% | | | |
| AO World PLC (a)(b) | | 5,297,726 | 4,323,318 |
| Ocado Group PLC (a) | | 800 | 13,772 |
| Pinduoduo, Inc. ADR (a) | | 900 | 36,792 |
| Prosus NV (a) | | 42,300 | 2,916,966 |
| Secoo Holding Ltd. ADR (a)(b) | | 201,000 | 1,208,010 |
| Zooplus AG (a) | | 165 | 18,034 |
| | | | 8,516,892 |
| Multiline Retail - 4.3% | | | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 84,900 | 5,423,412 |
| Specialty Retail - 3.8% | | | |
| Five Below, Inc. (a) | | 100 | 12,511 |
| Floor & Decor Holdings, Inc. Class A (a) | | 103,900 | 4,761,737 |
| | | | 4,774,248 |
| Textiles, Apparel & Luxury Goods - 1.7% | | | |
| Kontoor Brands, Inc. | | 20,800 | 790,400 |
| Mavi Jeans Class B (a)(c) | | 2,000 | 16,148 |
| Puma AG | | 17,000 | 1,278,859 |
| | | | 2,085,407 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 39,386,840 |
|
| CONSUMER STAPLES - 1.7% | | | |
| Food & Staples Retailing - 0.1% | | | |
| Avenue Supermarts Ltd. (a)(c) | | 2,161 | 60,635 |
| Grocery Outlet Holding Corp. | | 400 | 12,760 |
| | | | 73,395 |
| Food Products - 1.6% | | | |
| Kaveri Seed Co. Ltd. | | 271,371 | 2,000,902 |
| Ulker Biskuvi Sanayi A/S | | 5,000 | 16,083 |
| | | | 2,016,985 |
| Personal Products - 0.0% | | | |
| Avon Products, Inc. (a) | | 3,000 | 12,870 |
|
| TOTAL CONSUMER STAPLES | | | 2,103,250 |
|
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Exterran Corp. (a) | | 1,626 | 20,601 |
| FINANCIALS - 0.1% | | | |
| Capital Markets - 0.1% | | | |
| Interactive Brokers Group, Inc. | | 700 | 33,285 |
| Insurance - 0.0% | | | |
| Brighthouse Financial, Inc. (a) | | 448 | 16,916 |
| Trupanion, Inc. (a) | | 500 | 11,850 |
| | | | 28,766 |
|
| TOTAL FINANCIALS | | | 62,051 |
|
| HEALTH CARE - 3.8% | | | |
| Health Care Equipment & Supplies - 3.8% | | | |
| Alcon, Inc. (a) | | 80,679 | 4,781,844 |
| Health Care Providers & Services - 0.0% | | | |
| Covetrus, Inc. (a) | | 600 | 5,949 |
| Pharmaceuticals - 0.0% | | | |
| Elanco Animal Health, Inc. (a) | | 490 | 13,240 |
|
| TOTAL HEALTH CARE | | | 4,801,033 |
|
| INDUSTRIALS - 15.9% | | | |
| Airlines - 0.1% | | | |
| AirAsia Group BHD | | 42,300 | 19,313 |
| Ryanair Holdings PLC sponsored ADR (a) | | 500 | 37,320 |
| Wizz Air Holdings PLC (a)(c) | | 1,361 | 67,240 |
| | | | 123,873 |
| Commercial Services & Supplies - 6.1% | | | |
| IAA Spinco, Inc. (a) | | 201,300 | 7,679,595 |
| Construction & Engineering - 6.7% | | | |
| Arcosa, Inc. | | 218,919 | 8,408,679 |
| Argan, Inc. | | 300 | 11,355 |
| | | | 8,420,034 |
| Electrical Equipment - 0.1% | | | |
| GrafTech International Ltd. (b) | | 12,100 | 146,168 |
| Professional Services - 2.9% | | | |
| Gordon Dadds Group PLC (d) | | 2,288,773 | 3,602,186 |
|
| TOTAL INDUSTRIALS | | | 19,971,856 |
|
| INFORMATION TECHNOLOGY - 14.6% | | | |
| Electronic Equipment & Components - 0.0% | | | |
| PAX Global Technology Ltd. | | 39,000 | 17,042 |
| IT Services - 11.9% | | | |
| Black Knight, Inc. (a) | | 114,207 | 7,332,089 |
| Global Dominion Access SA (a)(c) | | 787,967 | 3,304,362 |
| Nice Information & Telecom, Inc. | | 500 | 13,330 |
| Perspecta, Inc. | | 161,998 | 4,299,427 |
| Unisys Corp. (a) | | 2,000 | 20,520 |
| | | | 14,969,728 |
| Software - 1.2% | | | |
| AppFolio, Inc. (a) | | 14,300 | 1,390,389 |
| Avalara, Inc. (a) | | 200 | 14,200 |
| Micro Focus International PLC sponsored ADR | | 1,939 | 26,603 |
| Workiva, Inc. (a) | | 300 | 12,501 |
| Xero Ltd. (a) | | 328 | 15,558 |
| | | | 1,459,251 |
| Technology Hardware, Storage & Peripherals - 1.5% | | | |
| Super Micro Computer, Inc. (a) | | 88,700 | 1,834,316 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 18,280,337 |
|
| MATERIALS - 0.0% | | | |
| Chemicals - 0.0% | | | |
| The Chemours Co. LLC | | 800 | 13,128 |
| Construction Materials - 0.0% | | | |
| West China Cement Ltd. | | 168,000 | 26,919 |
|
| TOTAL MATERIALS | | | 40,047 |
|
| REAL ESTATE - 0.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.4% | | | |
| CorePoint Lodging, Inc. | | 1,311 | 12,913 |
| JBG SMITH Properties | | 1,089 | 43,843 |
| Reysas Gayrimenkul Yatirim Ortakligi A/S (a) | | 1,363,759 | 393,581 |
| | | | 450,337 |
| Real Estate Management & Development - 0.0% | | | |
| Midland Holdings Ltd. (a) | | 16,000 | 2,485 |
| Sunteck Realty Ltd. (a) | | 2,140 | 12,509 |
| | | | 14,994 |
|
| TOTAL REAL ESTATE | | | 465,331 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $93,987,039) | | | 95,742,488 |
|
| Investment Companies - 14.8% | | | |
| iShares Russell 3000 ETF | | 46,400 | 8,236,000 |
| SPDR Portfolio Total Stock Market ETF | | 275,300 | 10,334,762 |
| TOTAL INVESTMENT COMPANIES | | | |
| (Cost $16,094,948) | | | 18,570,762 |
| | | Principal Amount | Value |
|
| U.S. Treasury Obligations - 0.4% | | | |
| U.S. Treasury Bills, yield at date of purchase 1.63% to 2.01% 11/7/19 to 1/16/20 (e) | | | |
| (Cost $489,322) | | 490,000 | 489,451 |
| | | Shares | Value |
|
| Money Market Funds - 13.9% | | | |
| Fidelity Cash Central Fund 1.83% (f) | | 10,667,041 | $10,669,174 |
| Fidelity Securities Lending Cash Central Fund 1.84% (f)(g) | | 6,779,198 | 6,779,876 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $17,449,050) | | | 17,449,050 |
| TOTAL INVESTMENT IN SECURITIES - 105.6% | | | |
| (Cost $128,020,359) | | | 132,251,751 |
| NET OTHER ASSETS (LIABILITIES) - (5.6)% | | | (7,027,872) |
| NET ASSETS - 100% | | | $125,223,879 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini Russell 2000 Index Contracts (United States) | 19 | Dec. 2019 | $1,485,230 | $(17,052) | $(17,052) |
| CME E-mini S&P 500 Index Contracts (United States) | 61 | Dec. 2019 | 9,259,190 | 67,044 | 67,044 |
| TOTAL FUTURES CONTRACTS | | | | | $49,992 |
The notional amount of futures purchased as a percentage of Net Assets is 8.6%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Non-income producing
(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 $3,448,385 or 2.8% of net assets.
(d) Affiliated company
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $489,451.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $107,101 |
| Fidelity Securities Lending Cash Central Fund | 27,890 |
| Total | $134,991 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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 as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Gordon Dadds Group PLC | $-- | $4,294,175 | $-- | $111,509 | $-- | $(691,989) | $3,602,186 |
| Total | $-- | $4,294,175 | $-- | $111,509 | $-- | $(691,989) | $3,602,186 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $10,611,142 | $10,611,142 | $-- | $-- |
| Consumer Discretionary | 39,386,840 | 39,365,637 | 21,203 | -- |
| Consumer Staples | 2,103,250 | 41,713 | 2,061,537 | -- |
| Energy | 20,601 | 20,601 | -- | -- |
| Financials | 62,051 | 62,051 | -- | -- |
| Health Care | 4,801,033 | 4,801,033 | -- | -- |
| Industrials | 19,971,856 | 19,952,543 | 19,313 | -- |
| Information Technology | 18,280,337 | 18,247,737 | 32,600 | -- |
| Materials | 40,047 | 13,128 | 26,919 | -- |
| Real Estate | 465,331 | 450,337 | 14,994 | -- |
| Investment Companies | 18,570,762 | 18,570,762 | -- | -- |
| U.S. Government and Government Agency Obligations | 489,451 | -- | 489,451 | -- |
| Money Market Funds | 17,449,050 | 17,449,050 | -- | -- |
| Total Investments in Securities: | $132,251,751 | $129,585,734 | $2,666,017 | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $67,044 | $67,044 | $-- | $-- |
| Total Assets | $67,044 | $67,044 | $-- | $-- |
| Liabilities | | | | |
| Futures Contracts | $(17,052) | $(17,052) | $-- | $-- |
| Total Liabilities | $(17,052) | $(17,052) | $-- | $-- |
| Total Derivative Instruments: | $49,992 | $49,992 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
| Primary Risk Exposure / Derivative Type | Value |
| | Asset | Liability |
| Equity Risk | | |
| Futures Contracts(a) | $67,044 | $(17,052) |
| Total Equity Risk | 67,044 | (17,052) |
| Total Value of Derivatives | $67,044 | $(17,052) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 72.2% |
| United Kingdom | 6.7% |
| Bailiwick of Jersey | 4.5% |
| Switzerland | 3.8% |
| Spain | 2.6% |
| Norway | 2.6% |
| Netherlands | 2.3% |
| India | 1.7% |
| Sweden | 1.3% |
| Germany | 1.0% |
| Cayman Islands | 1.0% |
| Others (Individually Less Than 1%) | 0.3% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $6,588,976) — See accompanying schedule:
Unaffiliated issuers (cost $106,277,134) | $111,200,515 | |
| Fidelity Central Funds (cost $17,449,050) | 17,449,050 | |
| Other affiliated issuers (cost $4,294,175) | 3,602,186 | |
| Total Investment in Securities (cost $128,020,359) | | $132,251,751 |
| Receivable for investments sold | | 284,491 |
| Receivable for fund shares sold | | 11,996 |
| Dividends receivable | | 245,961 |
| Distributions receivable from Fidelity Central Funds | | 25,055 |
| Prepaid expenses | | 298 |
| Other receivables | | 14,660 |
| Total assets | | 132,834,212 |
| Liabilities | | |
| Payable for investments purchased | $405,467 | |
| Payable for fund shares redeemed | 223,078 | |
| Accrued management fee | 59,478 | |
| Payable for daily variation margin on futures contracts | 47,050 | |
| Other affiliated payables | 27,995 | |
| Other payables and accrued expenses | 70,435 | |
| Collateral on securities loaned | 6,776,830 | |
| Total liabilities | | 7,610,333 |
| Net Assets | | $125,223,879 |
| Net Assets consist of: | | |
| Paid in capital | | $186,159,989 |
| Total accumulated earnings (loss) | | (60,936,110) |
| Net Assets, for 12,209,176 shares outstanding | | $125,223,879 |
| Net Asset Value, offering price and redemption price per share ($125,223,879 ÷ 12,209,176 shares) | | $10.26 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends (including $111,509 earned from other affiliated issuers) | | $984,737 |
| Interest | | 4,521 |
| Income from Fidelity Central Funds (including $27,890 from security lending) | | 134,991 |
| Total income | | 1,124,249 |
| Expenses | | |
| Management fee | | |
| Basic fee | $625,977 | |
| Performance adjustment | (166,876) | |
| Transfer agent fees | 155,434 | |
| Accounting fees | 29,136 | |
| Custodian fees and expenses | 9,392 | |
| Independent trustees' fees and expenses | 494 | |
| Registration fees | 8,136 | |
| Audit | 18,777 | |
| Legal | 944 | |
| Miscellaneous | 673 | |
| Total expenses before reductions | 682,087 | |
| Expense reductions | (17,861) | |
| Total expenses after reductions | | 664,226 |
| Net investment income (loss) | | 460,023 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $62,034) | (25,932,742) | |
| Fidelity Central Funds | 2,144 | |
| Foreign currency transactions | 11,009 | |
| Futures contracts | 380,510 | |
| Total net realized gain (loss) | | (25,539,079) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $19,580) | 12,271,280 | |
| Fidelity Central Funds | (1,778) | |
| Other affiliated issuers | (691,989) | |
| Assets and liabilities in foreign currencies | (1,339) | |
| Futures contracts | (165,843) | |
| Total change in net unrealized appreciation (depreciation) | | 11,410,331 |
| Net gain (loss) | | (14,128,748) |
| Net increase (decrease) in net assets resulting from operations | | $(13,668,725) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $460,023 | $1,429,295 |
| Net realized gain (loss) | (25,539,079) | (22,066,181) |
| Change in net unrealized appreciation (depreciation) | 11,410,331 | (45,072,900) |
| Net increase (decrease) in net assets resulting from operations | (13,668,725) | (65,709,786) |
| Distributions to shareholders | – | (25,036,824) |
| Share transactions | | |
| Proceeds from sales of shares | 3,721,207 | 74,303,972 |
| Reinvestment of distributions | – | 23,439,538 |
| Cost of shares redeemed | (56,233,014) | (281,846,432) |
| Net increase (decrease) in net assets resulting from share transactions | (52,511,807) | (184,102,922) |
| Total increase (decrease) in net assets | (66,180,532) | (274,849,532) |
| Net Assets | | |
| Beginning of period | 191,404,411 | 466,253,943 |
| End of period | $125,223,879 | $191,404,411 |
| Other Information | | |
| Shares | | |
| Sold | 355,454 | 5,376,777 |
| Issued in reinvestment of distributions | – | 1,928,191 |
| Redeemed | (5,301,065) | (22,783,133) |
| Net increase (decrease) | (4,945,611) | (15,478,165) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Event Driven Opportunities Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.16 | $14.29 | $13.93 | $11.04 | $11.36 | $10.57 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .03 | .05 | .01 | –B | .14C | .06 |
| Net realized and unrealized gain (loss) | (.93) | (2.29) | 1.71 | 3.12 | (.35)D | .95E |
| Total from investment operations | (.90) | (2.24) | 1.72 | 3.12 | (.21) | 1.01 |
| Distributions from net investment income | – | (.07) | (.01) | (.09)F | (.06) | (.06) |
| Distributions from net realized gain | – | (.82) | (1.35) | (.14)F | (.05) | (.16) |
| Total distributions | – | (.89) | (1.36) | (.23) | (.11) | (.22) |
| Net asset value, end of period | $10.26 | $11.16 | $14.29 | $13.93 | $11.04 | $11.36 |
| Total ReturnG,H | (8.06)% | (15.98)% | 12.89% | 28.57% | (1.89)%D | 9.64%E |
| Ratios to Average Net AssetsI,J | | | | | | |
| Expenses before reductions | .91%K | 1.05% | 1.12% | 1.11% | 1.06% | 1.13% |
| Expenses net of fee waivers, if any | .91%K | 1.05% | 1.12% | 1.11% | 1.06% | 1.13% |
| Expenses net of all reductions | .89%K | 1.03% | 1.10% | 1.10% | 1.04% | 1.12% |
| Net investment income (loss) | .61%K | .40% | .07% | .01% | 1.31%C | .58% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $125,224 | $191,404 | $466,254 | $355,392 | $168,612 | $193,389 |
| Portfolio turnover rateL | 127%K | 95% | 89% | 117% | 111% | 119% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .82%.
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (1.92)%.
E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 9.57%.
F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
K Annualized
L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
1. Organization.
Fidelity Event Driven Opportunities Fund (the Fund) is a non-diversified 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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are 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 futures contracts, foreign currency transactions, market discount, 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 | $11,855,354 |
| Gross unrealized depreciation | (7,646,716) |
| Net unrealized appreciation (depreciation) | $4,208,638 |
| Tax cost | $128,093,105 |
The Fund intends to elect to defer to its next fiscal year $682,153 of ordinary losses recognized during the period January 1, 2019 to April 30, 2019.
The Fund intends to elect to defer to its next fiscal year $38,655,675 of capital losses recognized during the period November 1, 2018 to April 30, 2019.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $89,988,769 and $144,701,778, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .61% 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, Inc. (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 annualized rate of .21% 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 an annualized rate of .04%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $8,333 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $199 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $781. 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. During the period, there were no securities loaned to NFS.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $16,446 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's custody expenses by $324.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $1,091.
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | .91% | $1,000.00 | $919.40 | $4.39 |
| Hypothetical-C | | $1,000.00 | $1,020.56 | $4.62 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
EDO-SANN-1219
1.9585359.105
Fidelity Advisor® Event Driven Opportunities Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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 1-877-208-0098 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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| Zagg, Inc. | 7.1 |
| Arcosa, Inc. | 7.0 |
| iShares Russell 3000 ETF | 6.5 |
| SPDR Portfolio Total Stock Market ETF | 6.4 |
| Black Knight, Inc. | 6.2 |
| IAA Spinco, Inc. | 6.1 |
| Frontdoor, Inc. | 5.7 |
| Ollie's Bargain Outlet Holdings, Inc. | 4.4 |
| XLMedia PLC | 4.4 |
| Alcon, Inc. | 4.0 |
| | 57.8 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Consumer Discretionary | 32.1 |
| Industrials | 16.1 |
| Information Technology | 15.0 |
| Communication Services | 8.5 |
| Health Care | 4.0 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019 * |
| | Stocks, Investment Companies and Equity Futures | 98.9% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 1.1% |
* Foreign investments - 28.7%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 78.6% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 8.5% | | | |
| Interactive Media & Services - 7.0% | | | |
| Adevinta ASA Class B | | 28,084 | $320,658 |
| XLMedia PLC | | 775,500 | 544,965 |
| | | | 865,623 |
| Media - 1.5% | | | |
| Nordic Entertainment Group AB Class B | | 5,500 | 156,074 |
| Reach PLC | | 22,000 | 28,042 |
| | | | 184,116 |
|
| TOTAL COMMUNICATION SERVICES | | | 1,049,739 |
|
| CONSUMER DISCRETIONARY - 32.1% | | | |
| Automobiles - 0.0% | | | |
| Fiat Chrysler Automobiles NV | | 100 | 1,532 |
| Diversified Consumer Services - 5.7% | | | |
| Frontdoor, Inc. (a) | | 14,800 | 713,804 |
| Hotels, Restaurants & Leisure - 2.4% | | | |
| Melco International Development Ltd. | | 1,000 | 2,650 |
| Wyndham Hotels & Resorts, Inc. | | 5,575 | 300,883 |
| | | | 303,533 |
| Household Durables - 7.1% | | | |
| Zagg, Inc. (a)(b) | | 119,440 | 880,271 |
| Internet & Direct Marketing Retail - 7.0% | | | |
| AO World PLC (a)(b) | | 526,564 | 429,713 |
| Ocado Group PLC (a) | | 134 | 2,307 |
| Pinduoduo, Inc. ADR (a) | | 100 | 4,088 |
| Prosus NV (a) | | 4,400 | 303,420 |
| Secoo Holding Ltd. ADR (a)(b) | | 20,500 | 123,205 |
| Zooplus AG (a) | | 4 | 437 |
| | | | 863,170 |
| Multiline Retail - 4.4% | | | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 8,600 | 549,368 |
| Specialty Retail - 3.8% | | | |
| Five Below, Inc. (a) | | 8 | 1,001 |
| Floor & Decor Holdings, Inc. Class A (a) | | 10,230 | 468,841 |
| | | | 469,842 |
| Textiles, Apparel & Luxury Goods - 1.7% | | | |
| Kontoor Brands, Inc. | | 2,150 | 81,700 |
| Mavi Jeans Class B (a)(c) | | 200 | 1,615 |
| Puma AG | | 1,700 | 127,886 |
| | | | 211,201 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 3,992,721 |
|
| CONSUMER STAPLES - 1.7% | | | |
| Food & Staples Retailing - 0.1% | | | |
| Avenue Supermarts Ltd. (a)(c) | | 220 | 6,173 |
| Grocery Outlet Holding Corp. | | 30 | 957 |
| | | | 7,130 |
| Food Products - 1.6% | | | |
| Kaveri Seed Co. Ltd. | | 26,600 | 196,130 |
| Ulker Biskuvi Sanayi A/S | | 500 | 1,608 |
| | | | 197,738 |
| Personal Products - 0.0% | | | |
| Avon Products, Inc. (a) | | 300 | 1,287 |
|
| TOTAL CONSUMER STAPLES | | | 206,155 |
|
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Exterran Corp. (a) | | 66 | 836 |
| FINANCIALS - 0.2% | | | |
| Capital Markets - 0.0% | | | |
| Interactive Brokers Group, Inc. | | 100 | 4,755 |
| Insurance - 0.2% | | | |
| Brighthouse Financial, Inc. (a) | | 85 | 3,210 |
| Stewart Information Services Corp. | | 450 | 18,414 |
| Trupanion, Inc. (a) | | 50 | 1,185 |
| | | | 22,809 |
|
| TOTAL FINANCIALS | | | 27,564 |
|
| HEALTH CARE - 4.0% | | | |
| Health Care Equipment & Supplies - 4.0% | | | |
| Alcon, Inc. (a) | | 8,300 | 491,941 |
| Health Care Providers & Services - 0.0% | | | |
| Covetrus, Inc. (a) | | 100 | 992 |
| Pharmaceuticals - 0.0% | | | |
| Elanco Animal Health, Inc. (a) | | 50 | 1,351 |
|
| TOTAL HEALTH CARE | | | 494,284 |
|
| INDUSTRIALS - 16.1% | | | |
| Airlines - 0.1% | | | |
| AirAsia Group BHD | | 4,300 | 1,963 |
| Ryanair Holdings PLC sponsored ADR (a) | | 50 | 3,732 |
| Wizz Air Holdings PLC (a)(c) | | 102 | 5,039 |
| | | | 10,734 |
| Commercial Services & Supplies - 6.1% | | | |
| IAA Spinco, Inc. (a) | | 19,800 | 755,370 |
| Construction & Engineering - 7.0% | | | |
| Arcosa, Inc. | | 22,788 | 875,287 |
| Argan, Inc. | | 20 | 757 |
| | | | 876,044 |
| Electrical Equipment - 0.1% | | | |
| GrafTech International Ltd. (b) | | 1,200 | 14,496 |
| Professional Services - 2.8% | | | |
| Gordon Dadds Group PLC | | 220,100 | 346,404 |
|
| TOTAL INDUSTRIALS | | | 2,003,048 |
|
| INFORMATION TECHNOLOGY - 15.0% | | | |
| Electronic Equipment & Components - 0.0% | | | |
| PAX Global Technology Ltd. | | 4,000 | 1,748 |
| IT Services - 12.3% | | | |
| Black Knight, Inc. (a) | | 11,959 | 767,768 |
| Global Dominion Access SA (a)(c) | | 75,500 | 316,611 |
| Nice Information & Telecom, Inc. | | 1 | 27 |
| Perspecta, Inc. | | 16,748 | 444,492 |
| Unisys Corp. (a) | | 200 | 2,052 |
| | | | 1,530,950 |
| Software - 1.2% | | | |
| AppFolio, Inc. (a) | | 1,410 | 137,094 |
| Avalara, Inc. (a) | | 1 | 71 |
| Micro Focus International PLC sponsored ADR | | 217 | 2,977 |
| Workiva, Inc. (a) | | 20 | 833 |
| Xero Ltd. (a) | | 34 | 1,613 |
| | | | 142,588 |
| Technology Hardware, Storage & Peripherals - 1.5% | | | |
| Super Micro Computer, Inc. (a) | | 9,300 | 192,324 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 1,867,610 |
|
| MATERIALS - 0.0% | | | |
| Chemicals - 0.0% | | | |
| The Chemours Co. LLC | | 100 | 1,641 |
| Construction Materials - 0.0% | | | |
| West China Cement Ltd. | | 16,000 | 2,564 |
|
| TOTAL MATERIALS | | | 4,205 |
|
| REAL ESTATE - 1.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| CorePoint Lodging, Inc. | | 99 | 975 |
| JBG SMITH Properties | | 103 | 4,147 |
| Reysas Gayrimenkul Yatirim Ortakligi A/S (a) | | 282,600 | 81,558 |
| | | | 86,680 |
| Real Estate Management & Development - 0.3% | | | |
| Sunteck Realty Ltd. (a) | | 7,000 | 40,916 |
|
| TOTAL REAL ESTATE | | | 127,596 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $9,546,555) | | | 9,773,758 |
|
| Investment Companies - 12.9% | | | |
| iShares Russell 3000 ETF | | 4,526 | 803,365 |
| SPDR Portfolio Total Stock Market ETF | | 21,150 | 793,971 |
| TOTAL INVESTMENT COMPANIES | | | |
| (Cost $1,406,827) | | | 1,597,336 |
| | | Principal Amount | Value |
|
| U.S. Treasury Obligations - 0.5% | | | |
| U.S. Treasury Bills, yield at date of purchase 1.88% to 2.01% 11/7/19 to 12/12/19 (d) | | | |
| (Cost $59,918) | | 60,000 | 59,936 |
| | | Shares | Value |
|
| Money Market Funds - 17.8% | | | |
| Fidelity Cash Central Fund 1.83% (e) | | 1,039,974 | $1,040,182 |
| Fidelity Securities Lending Cash Central Fund 1.84% (e)(f) | | 1,177,609 | 1,177,727 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $2,217,909) | | | 2,217,909 |
| TOTAL INVESTMENT IN SECURITIES - 109.8% | | | |
| (Cost $13,231,209) | | | 13,648,939 |
| NET OTHER ASSETS (LIABILITIES) - (9.8)% | | | (1,214,559) |
| NET ASSETS - 100% | | | $12,434,380 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini Russell 2000 Index Contracts (United States) | 2 | Dec. 2019 | $156,340 | $(1,795) | $(1,795) |
| CME E-mini S&P 500 Index Contracts (United States) | 5 | Dec. 2019 | 758,950 | 5,495 | 5,495 |
| TOTAL FUTURES CONTRACTS | | | | | $3,700 |
The notional amount of futures purchased as a percentage of Net Assets is 7.4%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Non-income producing
(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 $329,438 or 2.6% of net assets.
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $59,936.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $11,695 |
| Fidelity Securities Lending Cash Central Fund | 2,539 |
| Total | $14,234 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $1,049,739 | $1,049,739 | $-- | $-- |
| Consumer Discretionary | 3,992,721 | 3,990,071 | 2,650 | -- |
| Consumer Staples | 206,155 | 3,852 | 202,303 | -- |
| Energy | 836 | 836 | -- | -- |
| Financials | 27,564 | 27,564 | -- | -- |
| Health Care | 494,284 | 494,284 | -- | -- |
| Industrials | 2,003,048 | 2,001,085 | 1,963 | -- |
| Information Technology | 1,867,610 | 1,864,249 | 3,361 | -- |
| Materials | 4,205 | 1,641 | 2,564 | -- |
| Real Estate | 127,596 | 86,680 | 40,916 | -- |
| Investment Companies | 1,597,336 | 1,597,336 | -- | -- |
| U.S. Government and Government Agency Obligations | 59,936 | -- | 59,936 | -- |
| Money Market Funds | 2,217,909 | 2,217,909 | -- | -- |
| Total Investments in Securities: | $13,648,939 | $13,335,246 | $313,693 | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $5,495 | $5,495 | $-- | $-- |
| Total Assets | $5,495 | $5,495 | $-- | $-- |
| Liabilities | | | | |
| Futures Contracts | $(1,795) | $(1,795) | $-- | $-- |
| Total Liabilities | $(1,795) | $(1,795) | $-- | $-- |
| Total Derivative Instruments: | $3,700 | $3,700 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
| Primary Risk Exposure / Derivative Type | Value |
| | Asset | Liability |
| Equity Risk | | |
| Futures Contracts(a) | $5,495 | $(1,795) |
| Total Equity Risk | 5,495 | (1,795) |
| Total Value of Derivatives | $5,495 | $(1,795) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 71.3% |
| United Kingdom | 6.6% |
| Bailiwick of Jersey | 4.5% |
| Switzerland | 4.0% |
| Norway | 2.6% |
| Spain | 2.5% |
| Netherlands | 2.5% |
| India | 2.0% |
| Sweden | 1.3% |
| Germany | 1.0% |
| Cayman Islands | 1.0% |
| Others (Individually Less Than 1%) | 0.7% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $1,144,288) — See accompanying schedule:
Unaffiliated issuers (cost $11,013,300) | $11,431,030 | |
| Fidelity Central Funds (cost $2,217,909) | 2,217,909 | |
| Total Investment in Securities (cost $13,231,209) | | $13,648,939 |
| Receivable for investments sold | | 24,284 |
| Receivable for fund shares sold | | 705 |
| Dividends receivable | | 24,495 |
| Distributions receivable from Fidelity Central Funds | | 1,920 |
| Prepaid expenses | | 29 |
| Receivable from investment adviser for expense reductions | | 3,304 |
| Other receivables | | 1,374 |
| Total assets | | 13,705,050 |
| Liabilities | | |
| Payable for investments purchased | $40,126 | |
| Payable for fund shares redeemed | 2,180 | |
| Accrued management fee | 6,173 | |
| Distribution and service plan fees payable | 3,883 | |
| Payable for daily variation margin on futures contracts | 4,100 | |
| Other affiliated payables | 3,248 | |
| Other payables and accrued expenses | 33,403 | |
| Collateral on securities loaned | 1,177,557 | |
| Total liabilities | | 1,270,670 |
| Net Assets | | $12,434,380 |
| Net Assets consist of: | | |
| Paid in capital | | $19,744,203 |
| Total accumulated earnings (loss) | | (7,309,823) |
| Net Assets | | $12,434,380 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($6,010,724 ÷ 599,889 shares)(a) | | $10.02 |
| Maximum offering price per share (100/94.25 of $10.02) | | $10.63 |
| Class M: | | |
| Net Asset Value and redemption price per share ($1,558,558 ÷ 156,368 shares)(a) | | $9.97 |
| Maximum offering price per share (100/96.50 of $9.97) | | $10.33 |
| Class C: | | |
| Net Asset Value and offering price per share ($2,428,052 ÷ 248,205 shares)(a) | | $9.78 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($2,160,837 ÷ 214,316 shares) | | $10.08 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($276,209 ÷ 27,386 shares) | | $10.09 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $96,314 |
| Interest | | 537 |
| Income from Fidelity Central Funds (including $2,539 from security lending) | | 14,234 |
| Total income | | 111,085 |
| Expenses | | |
| Management fee | | |
| Basic fee | $62,221 | |
| Performance adjustment | (14,249) | |
| Transfer agent fees | 18,537 | |
| Distribution and service plan fees | 27,008 | |
| Accounting fees | 2,896 | |
| Custodian fees and expenses | 6,328 | |
| Independent trustees' fees and expenses | 48 | |
| Registration fees | 29,731 | |
| Audit | 21,921 | |
| Legal | 779 | |
| Miscellaneous | 66 | |
| Total expenses before reductions | 155,286 | |
| Expense reductions | (33,281) | |
| Total expenses after reductions | | 122,005 |
| Net investment income (loss) | | (10,920) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $16,014) | (2,397,435) | |
| Fidelity Central Funds | (23) | |
| Foreign currency transactions | 1,877 | |
| Futures contracts | 17,899 | |
| Total net realized gain (loss) | | (2,377,682) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $18,004) | 1,001,371 | |
| Assets and liabilities in foreign currencies | (127) | |
| Futures contracts | (19,702) | |
| Total change in net unrealized appreciation (depreciation) | | 981,542 |
| Net gain (loss) | | (1,396,140) |
| Net increase (decrease) in net assets resulting from operations | | $(1,407,060) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(10,920) | $5,272 |
| Net realized gain (loss) | (2,377,682) | (3,814,824) |
| Change in net unrealized appreciation (depreciation) | 981,542 | (3,310,019) |
| Net increase (decrease) in net assets resulting from operations | (1,407,060) | (7,119,571) |
| Distributions to shareholders | – | (1,890,124) |
| Share transactions - net increase (decrease) | (4,607,633) | (19,582,271) |
| Total increase (decrease) in net assets | (6,014,693) | (28,591,966) |
| Net Assets | | |
| Beginning of period | 18,449,073 | 47,041,039 |
| End of period | $12,434,380 | $18,449,073 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Event Driven Opportunities Fund Class A
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.93 | $13.97 | $13.39 | $10.87 | $11.26 | $10.58 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | –B | –B | (.05) | (.06) | .08C | .01 |
| Net realized and unrealized gain (loss) | (.91) | (2.40) | 1.62 | 2.95 | (.36)D | .89E |
| Total from investment operations | (.91) | (2.40) | 1.57 | 2.89 | (.28) | .90 |
| Distributions from net investment income | – | (.04) | – | (.04) | – | (.01) |
| Distributions from net realized gain | – | (.60) | (.99) | (.32) | (.11) | (.20) |
| Total distributions | – | (.64) | (.99) | (.37)F | (.11) | (.22)G |
| Net asset value, end of period | $10.02 | $10.93 | $13.97 | $13.39 | $10.87 | $11.26 |
| Total ReturnH,I,J | (8.33)% | (17.40)% | 12.15% | 26.97% | (2.49)%D | 8.55%E |
| Ratios to Average Net AssetsK,L | | | | | | |
| Expenses before reductions | 2.02%M | 1.77% | 1.80% | 2.34% | 2.76% | 2.82% |
| Expenses net of fee waivers, if any | 1.55%M | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
| Expenses net of all reductions | 1.53%M | 1.53% | 1.53% | 1.54% | 1.54% | 1.53% |
| Net investment income (loss) | (.04)%M | .01% | (.38)% | (.53)% | .74%C | .10% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $6,011 | $7,832 | $11,752 | $6,407 | $2,513 | $2,983 |
| Portfolio turnover rateN | 139%M | 97% | 86% | 120% | 113% | 150% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%.
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (2.52)%.
E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 8.47%.
F Total distributions of $.37 per share is comprised of distributions from net investment income of $.043 and distributions from net realized gain of $.323 per share.
G Total distributions of $.22 per share is comprised of distributions from net investment income of $.014 and distributions from net realized gain of $.201 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
M Annualized
N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Event Driven Opportunities Fund Class M
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.89 | $13.91 | $13.33 | $10.83 | $11.25 | $10.57 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.01) | (.03) | (.09) | (.09) | .05B | (.02) |
| Net realized and unrealized gain (loss) | (.91) | (2.38) | 1.63 | 2.93 | (.36)C | .89D |
| Total from investment operations | (.92) | (2.41) | 1.54 | 2.84 | (.31) | .87 |
| Distributions from net investment income | – | (.02) | – | (.03) | – | (.01) |
| Distributions from net realized gain | – | (.59) | (.96) | (.31) | (.11) | (.18) |
| Total distributions | – | (.61) | (.96) | (.34) | (.11) | (.19) |
| Net asset value, end of period | $9.97 | $10.89 | $13.91 | $13.33 | $10.83 | $11.25 |
| Total ReturnE,F,G | (8.45)% | (17.60)% | 11.91% | 26.59% | (2.76)%C | 8.35%D |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | 2.28%J | 2.04% | 2.10% | 2.60% | 2.98% | 3.18% |
| Expenses net of fee waivers, if any | 1.80%J | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
| Expenses net of all reductions | 1.78%J | 1.78% | 1.78% | 1.79% | 1.79% | 1.78% |
| Net investment income (loss) | (.29)%J | (.24)% | (.63)% | (.78)% | .49%B | (.15)% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,559 | $2,192 | $3,149 | $2,568 | $966 | $1,977 |
| Portfolio turnover rateK | 139%J | 97% | 86% | 120% | 113% | 150% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.
C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total returns would have been (2.79)%.
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total returns would have been 8.27%.
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 Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Event Driven Opportunities Fund Class C
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.71 | $13.73 | $13.18 | $10.72 | $11.19 | $10.55 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | (.04) | (.09) | (.15) | (.15) | –B,C | (.07) |
| Net realized and unrealized gain (loss) | (.89) | (2.36) | 1.61 | 2.90 | (.36)D | .88E |
| Total from investment operations | (.93) | (2.45) | 1.46 | 2.75 | (.36) | .81 |
| Distributions from net investment income | – | – | – | (.02) | – | – |
| Distributions from net realized gain | – | (.57) | (.91) | (.28) | (.11) | (.17) |
| Total distributions | – | (.57) | (.91) | (.29)F | (.11) | (.17) |
| Net asset value, end of period | $9.78 | $10.71 | $13.73 | $13.18 | $10.72 | $11.19 |
| Total ReturnG,H,I | (8.68)% | (18.05)% | 11.39% | 25.96% | (3.23)%D | 7.75%E |
| Ratios to Average Net AssetsJ,K | | | | | | |
| Expenses before reductions | 2.76%L | 2.51% | 2.55% | 3.03% | 3.46% | 3.63% |
| Expenses net of fee waivers, if any | 2.30%L | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
| Expenses net of all reductions | 2.28%L | 2.28% | 2.28% | 2.29% | 2.29% | 2.29% |
| Net investment income (loss) | (.79)%L | (.74)% | (1.13)% | (1.28)% | (.01)%B | (.65)% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,428 | $3,410 | $5,290 | $3,663 | $1,046 | $1,846 |
| Portfolio turnover rateM | 139%L | 97% | 86% | 120% | 113% | 150% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.53) %.
C Amount represents less than $.005 per share.
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (3.26)%.
E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 7.67%.
F Total distributions of $.29 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $.275 per share.
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 Total returns do not include the effect of the contingent deferred sales charge.
J Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
L Annualized
M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Event Driven Opportunities Fund Class I
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | | | | |
| | 2019 | 2019 | 2018 | 2017 | 2016 | 2015 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $10.99 | $14.05 | $13.45 | $10.91 | $11.28 | $10.59 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .01 | .03 | (.02) | (.03) | .11B | .04 |
| Net realized and unrealized gain (loss) | (.92) | (2.41) | 1.64 | 2.96 | (.37)C | .89D |
| Total from investment operations | (.91) | (2.38) | 1.62 | 2.93 | (.26) | .93 |
| Distributions from net investment income | – | (.05) | – | (.05) | – | (.03) |
| Distributions from net realized gain | – | (.62) | (1.02) | (.34) | (.11) | (.21) |
| Total distributions | – | (.68)E | (1.02) | (.39) | (.11) | (.24) |
| Net asset value, end of period | $10.08 | $10.99 | $14.05 | $13.45 | $10.91 | $11.28 |
| Total ReturnF,G | (8.28)% | (17.24)% | 12.50% | 27.33% | (2.31)%C | 8.86%D |
| Ratios to Average Net AssetsH,I | | | | | | |
| Expenses before reductions | 1.60%J | 1.36% | 1.46% | 1.97% | 2.17% | 2.63% |
| Expenses net of fee waivers, if any | 1.30%J | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| Expenses net of all reductions | 1.28%J | 1.29% | 1.28% | 1.29% | 1.28% | 1.28% |
| Net investment income (loss) | .21%J | .26% | (.13)% | (.28)% | 1.00%B | .35% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,161 | $4,529 | $26,849 | $13,145 | $3,604 | $1,990 |
| Portfolio turnover rateK | 139%J | 97% | 86% | 120% | 113% | 150% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .47%.
C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (2.34)%.
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 8.78%.
E Total distributions of $.68 per share is comprised of distributions from net investment income of $.053 and distributions from net realized gain of $.622 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Event Driven Opportunities Fund Class Z
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.98 | $13.70 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .02 | .03 |
| Net realized and unrealized gain (loss) | (.91) | (2.30) |
| Total from investment operations | (.89) | (2.27) |
| Distributions from net investment income | – | (.08) |
| Distributions from net realized gain | – | (.38) |
| Total distributions | – | (.45)C |
| Net asset value, end of period | $10.09 | $10.98 |
| Total ReturnD,E | (8.11)% | (16.46)% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | 1.53%H | 1.57%H |
| Expenses net of fee waivers, if any | 1.15%H | 1.15%H |
| Expenses net of all reductions | 1.13%H | 1.13%H |
| Net investment income (loss) | .36%H | .40%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $276 | $486 |
| Portfolio turnover rateI | 139%H | 97% |
A For the period October 2, 2018 (commencement of sale of shares) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.45 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.376 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
1. Organization.
Fidelity Advisor Event Driven Opportunities Fund (the Fund) is a non-diversified 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, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, market discount 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 | $1,140,053 |
| Gross unrealized depreciation | (730,022) |
| Net unrealized appreciation (depreciation) | $410,031 |
| Tax cost | $13,242,608 |
The Fund elected to defer to its next fiscal year approximately $5,139,826 of capital losses recognized during the period November 1, 2018 to April 30, 2019, and $111,206 of ordinary losses recognized during the period January 1, 2019 to April 30, 2019.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $9,683,157 and $14,160,464, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Class I of the Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .65% 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 Corporation (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% | $8,343 | $371 |
| Class M | .25% | .25% | 4,492 | – |
| Class C | .75% | .25% | 14,173 | 1,667 |
| | | | $27,008 | $2,038 |
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 | $1,315 |
| Class M | 133 |
| Class C(a) | 188 |
| | $1,636 |
(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, Inc., (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. FFIOC received an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets(a) |
| Class A | $9,585 | .29 |
| Class M | 2,731 | .30 |
| Class C | 3,889 | .27 |
| Class I | 2,248 | .14 |
| Class Z | 84 | .05 |
| | $18,537 | |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $855 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $20 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $68. 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. During the period, there were no securities loaned to NFS.
9. Expense Reductions.
The investment adviser contractually agreed to reimburse 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, 2020. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Class A | 1.55% | $15,468 |
| Class M | 1.80% | 4,303 |
| Class C | 2.30% | 6,436 |
| Class I | 1.30% | 4,798 |
| Class Z | 1.15% | 683 |
| | | $31,688 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,447 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $34.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $112.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended
October 31, 2019 | Year ended
April 30, 2019(a) |
| Distributions to shareholders | | |
| Class A | $– | $544,268 |
| Class M | – | 136,286 |
| Class C | – | 219,562 |
| Class I | – | 935,781 |
| Class Z | – | 54,227 |
| Total | $– | $1,890,124 |
(a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to April 30, 2019.
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended October 31, 2019 | Year ended April 30, 2019(a) | Six months ended October 31, 2019 | Year ended April 30, 2019(a) |
| Class A | | | | |
| Shares sold | 31,518 | 238,741 | $328,661 | $3,058,992 |
| Reinvestment of distributions | – | 46,215 | – | 541,683 |
| Shares redeemed | (148,255) | (409,304) | (1,539,016) | (4,769,599) |
| Net increase (decrease) | (116,737) | (124,348) | $(1,210,355) | $(1,168,924) |
| Class M | | | | |
| Shares sold | 3,197 | 29,846 | $32,670 | $384,279 |
| Reinvestment of distributions | – | 11,670 | – | 136,286 |
| Shares redeemed | (48,159) | (66,594) | (498,430) | (762,229) |
| Net increase (decrease) | (44,962) | (25,078) | $(465,760) | $(241,664) |
| Class C | | | | |
| Shares sold | 18,140 | 86,038 | $184,136 | $1,131,579 |
| Reinvestment of distributions | – | 19,042 | – | 219,142 |
| Shares redeemed | (88,307) | (171,996) | (891,034) | (2,055,378) |
| Net increase (decrease) | (70,167) | (66,916) | $(706,898) | $(704,657) |
| Class I | | | | |
| Shares sold | 63,390 | 551,800 | $658,264 | $7,517,728 |
| Reinvestment of distributions | – | 66,193 | – | 803,114 |
| Shares redeemed | (261,379) | (2,117,175) | (2,708,439) | (26,454,593) |
| Net increase (decrease) | (197,989) | (1,499,182) | $(2,050,175) | $(18,133,751) |
| Class Z | | | | |
| Shares sold | 1,508 | 171,060 | $15,113 | $2,096,921 |
| Reinvestment of distributions | – | 5,027 | – | 53,589 |
| Shares redeemed | (18,409) | (131,800) | (189,558) | (1,483,785) |
| Net increase (decrease) | (16,901) | 44,287 | $(174,445) | $666,725 |
(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to April 30, 2019.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (May 1, 2019 to October 31, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Class A | 1.55% | | | |
| Actual | | $1,000.00 | $916.70 | $7.47 |
| Hypothetical-C | | $1,000.00 | $1,017.34 | $7.86 |
| Class M | 1.80% | | | |
| Actual | | $1,000.00 | $915.50 | $8.67 |
| Hypothetical-C | | $1,000.00 | $1,016.09 | $9.12 |
| Class C | 2.30% | | | |
| Actual | | $1,000.00 | $913.20 | $11.06 |
| Hypothetical-C | | $1,000.00 | $1,013.57 | $11.64 |
| Class I | 1.30% | | | |
| Actual | | $1,000.00 | $917.20 | $6.26 |
| Hypothetical-C | | $1,000.00 | $1,018.60 | $6.60 |
| Class Z | 1.15% | | | |
| Actual | | $1,000.00 | $918.90 | $5.55 |
| Hypothetical-C | | $1,000.00 | $1,019.36 | $5.84 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
AEDO-SANN-1219
1.9585369.105
Fidelity® Large Cap Stock K6 Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| General Electric Co. | 6.0 |
| Microsoft Corp. | 5.0 |
| Exxon Mobil Corp. | 4.4 |
| Comcast Corp. Class A | 3.8 |
| Altria Group, Inc. | 3.4 |
| Bank of America Corp. | 3.1 |
| Wells Fargo & Co. | 2.8 |
| Bristol-Myers Squibb Co. | 2.5 |
| Qualcomm, Inc. | 2.3 |
| Apple, Inc. | 2.3 |
| | 35.6 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Health Care | 18.5 |
| Financials | 18.0 |
| Information Technology | 14.9 |
| Industrials | 13.9 |
| Energy | 8.9 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019 * |
| | Stocks | 96.7% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 3.3% |
* Foreign investments - 10.3%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.7% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 8.4% | | | |
| Diversified Telecommunication Services - 1.2% | | | |
| Verizon Communications, Inc. | | 16,333 | $987,657 |
| Entertainment - 1.9% | | | |
| Activision Blizzard, Inc. | | 4,935 | 276,508 |
| Electronic Arts, Inc. (a) | | 4,117 | 396,879 |
| The Walt Disney Co. | | 1,727 | 224,372 |
| Vivendi SA | | 23,865 | 664,351 |
| | | | 1,562,110 |
| Interactive Media & Services - 0.7% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 252 | 317,218 |
| Class C (a) | | 252 | 317,548 |
| | | | 634,766 |
| Media - 4.6% | | | |
| Comcast Corp. Class A | | 71,706 | 3,213,863 |
| Discovery Communications, Inc. Class A (a) | | 3,258 | 87,819 |
| Interpublic Group of Companies, Inc. | | 12,623 | 274,550 |
| Omnicom Group, Inc. | | 692 | 53,415 |
| Sinclair Broadcast Group, Inc. Class A | | 5,886 | 234,498 |
| | | | 3,864,145 |
|
| TOTAL COMMUNICATION SERVICES | | | 7,048,678 |
|
| CONSUMER DISCRETIONARY - 3.8% | | | |
| Distributors - 0.3% | | | |
| LKQ Corp. (a) | | 6,954 | 236,366 |
| Hotels, Restaurants & Leisure - 0.0% | | | |
| Drive Shack, Inc. (a) | | 5,580 | 22,264 |
| Household Durables - 1.0% | | | |
| Mohawk Industries, Inc. (a) | | 3,869 | 554,737 |
| Whirlpool Corp. | | 1,828 | 278,075 |
| | | | 832,812 |
| Internet & Direct Marketing Retail - 1.2% | | | |
| The Booking Holdings, Inc. (a) | | 472 | 967,019 |
| Leisure Products - 0.2% | | | |
| Brunswick Corp. | | 2,743 | 159,752 |
| Specialty Retail - 0.9% | | | |
| Lowe's Companies, Inc. | | 5,633 | 628,699 |
| TJX Companies, Inc. | | 2,160 | 124,524 |
| | | | 753,223 |
| Textiles, Apparel & Luxury Goods - 0.2% | | | |
| Capri Holdings Ltd. (a) | | 812 | 25,229 |
| PVH Corp. | | 1,522 | 132,658 |
| Tapestry, Inc. | | 1,015 | 26,248 |
| | | | 184,135 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 3,155,571 |
|
| CONSUMER STAPLES - 8.7% | | | |
| Beverages - 1.1% | | | |
| The Coca-Cola Co. | | 16,175 | 880,405 |
| Food & Staples Retailing - 1.9% | | | |
| Walgreens Boots Alliance, Inc. | | 4,845 | 265,409 |
| Walmart, Inc. | | 11,639 | 1,364,789 |
| | | | 1,630,198 |
| Food Products - 0.3% | | | |
| Nestle SA sponsored ADR | | 2,447 | 262,221 |
| Household Products - 1.1% | | | |
| Procter & Gamble Co. | | 5,913 | 736,228 |
| Spectrum Brands Holdings, Inc. | | 3,053 | 153,291 |
| | | | 889,519 |
| Personal Products - 0.0% | | | |
| Edgewell Personal Care Co. (a) | | 608 | 21,280 |
| Tobacco - 4.3% | | | |
| Altria Group, Inc. | | 62,989 | 2,821,277 |
| British American Tobacco PLC sponsored ADR | | 14,617 | 511,010 |
| Philip Morris International, Inc. | | 3,048 | 248,229 |
| | | | 3,580,516 |
|
| TOTAL CONSUMER STAPLES | | | 7,264,139 |
|
| ENERGY - 8.9% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Schlumberger Ltd. | | 1,700 | 55,573 |
| Oil, Gas & Consumable Fuels - 8.8% | | | |
| BP PLC sponsored ADR | | 11,136 | 422,166 |
| Cenovus Energy, Inc. (Canada) | | 137,210 | 1,168,853 |
| Equinor ASA sponsored ADR | | 42,582 | 788,193 |
| Exxon Mobil Corp. | | 54,180 | 3,660,943 |
| Hess Corp. | | 13,539 | 890,189 |
| Kosmos Energy Ltd. | | 69,619 | 431,638 |
| Noble Energy, Inc. | | 2,031 | 39,117 |
| | | | 7,401,099 |
|
| TOTAL ENERGY | | | 7,456,672 |
|
| FINANCIALS - 18.0% | | | |
| Banks - 11.9% | | | |
| Bank of America Corp. | | 83,693 | 2,617,080 |
| Citigroup, Inc. | | 6,714 | 482,468 |
| First Hawaiian, Inc. | | 2,259 | 61,738 |
| JPMorgan Chase & Co. | | 14,397 | 1,798,473 |
| M&T Bank Corp. | | 869 | 136,025 |
| PNC Financial Services Group, Inc. | | 6,724 | 986,411 |
| SunTrust Banks, Inc. | | 12,352 | 844,136 |
| U.S. Bancorp | | 11,351 | 647,234 |
| Wells Fargo & Co. | | 46,020 | 2,376,013 |
| | | | 9,949,578 |
| Capital Markets - 3.9% | | | |
| Cboe Global Markets, Inc. | | 633 | 72,890 |
| Charles Schwab Corp. | | 4,592 | 186,940 |
| KKR & Co. LP | | 12,411 | 357,809 |
| Morgan Stanley | | 7,614 | 350,625 |
| Northern Trust Corp. | | 10,961 | 1,092,592 |
| Raymond James Financial, Inc. | | 707 | 59,027 |
| State Street Corp. | | 16,716 | 1,104,426 |
| | | | 3,224,309 |
| Consumer Finance - 0.0% | | | |
| Shriram Transport Finance Co. Ltd. | | 1,900 | 30,434 |
| Diversified Financial Services - 0.4% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 1,524 | 323,972 |
| Insurance - 0.4% | | | |
| Chubb Ltd. | | 1,765 | 269,021 |
| The Travelers Companies, Inc. | | 702 | 92,004 |
| | | | 361,025 |
| Thrifts & Mortgage Finance - 1.4% | | | |
| MGIC Investment Corp. | | 14,530 | 199,206 |
| Radian Group, Inc. | | 37,378 | 938,188 |
| | | | 1,137,394 |
|
| TOTAL FINANCIALS | | | 15,026,712 |
|
| HEALTH CARE - 18.5% | | | |
| Biotechnology - 2.6% | | | |
| AbbVie, Inc. | | 4,468 | 355,429 |
| Alexion Pharmaceuticals, Inc. (a) | | 5,588 | 588,975 |
| Alnylam Pharmaceuticals, Inc. (a) | | 1,476 | 128,028 |
| Amgen, Inc. | | 1,946 | 414,985 |
| AnaptysBio, Inc. (a) | | 726 | 27,385 |
| Gritstone Oncology, Inc. (a) | | 5,111 | 41,450 |
| Heron Therapeutics, Inc. (a) | | 1,051 | 22,334 |
| Insmed, Inc. (a) | | 6,774 | 125,929 |
| Intercept Pharmaceuticals, Inc. (a)(b) | | 6,048 | 440,173 |
| | | | 2,144,688 |
| Health Care Equipment & Supplies - 1.1% | | | |
| Becton, Dickinson & Co. | | 1,035 | 264,960 |
| Boston Scientific Corp. (a) | | 15,084 | 629,003 |
| | | | 893,963 |
| Health Care Providers & Services - 6.8% | | | |
| AmerisourceBergen Corp. | | 6,389 | 545,493 |
| Cardinal Health, Inc. | | 12,389 | 612,636 |
| Cigna Corp. | | 5,542 | 989,025 |
| Covetrus, Inc. (a)(b) | | 3,687 | 36,557 |
| CVS Health Corp. | | 23,650 | 1,570,124 |
| McKesson Corp. | | 7,167 | 953,211 |
| UnitedHealth Group, Inc. | | 3,636 | 918,817 |
| | | | 5,625,863 |
| Health Care Technology - 0.0% | | | |
| Castlight Health, Inc. Class B (a) | | 9,995 | 15,092 |
| Life Sciences Tools & Services - 0.1% | | | |
| Avantor, Inc. | | 6,944 | 98,674 |
| Pharmaceuticals - 7.9% | | | |
| Bayer AG | | 17,052 | 1,322,829 |
| Bristol-Myers Squibb Co. | | 36,583 | 2,098,767 |
| GlaxoSmithKline PLC sponsored ADR | | 32,695 | 1,497,431 |
| Johnson & Johnson | | 11,867 | 1,566,919 |
| TherapeuticsMD, Inc. (a)(b) | | 51,588 | 137,224 |
| | | | 6,623,170 |
|
| TOTAL HEALTH CARE | | | 15,401,450 |
|
| INDUSTRIALS - 13.9% | | | |
| Aerospace & Defense - 1.4% | | | |
| General Dynamics Corp. | | 1,439 | 254,415 |
| Huntington Ingalls Industries, Inc. | | 731 | 164,957 |
| The Boeing Co. | | 304 | 103,333 |
| United Technologies Corp. | | 4,372 | 627,732 |
| | | | 1,150,437 |
| Air Freight & Logistics - 2.3% | | | |
| C.H. Robinson Worldwide, Inc. | | 1,026 | 77,607 |
| FedEx Corp. | | 2,173 | 331,730 |
| United Parcel Service, Inc. Class B | | 12,534 | 1,443,541 |
| XPO Logistics, Inc. (a) | | 812 | 62,037 |
| | | | 1,914,915 |
| Commercial Services & Supplies - 0.2% | | | |
| Healthcare Services Group, Inc. | | 300 | 7,308 |
| Stericycle, Inc. (a) | | 2,362 | 136,051 |
| | | | 143,359 |
| Electrical Equipment - 0.5% | | | |
| Acuity Brands, Inc. | | 1,658 | 206,902 |
| Hubbell, Inc. Class B | | 1,368 | 193,846 |
| | | | 400,748 |
| Industrial Conglomerates - 6.0% | | | |
| 3M Co. | | 101 | 16,664 |
| General Electric Co. | | 501,215 | 5,002,124 |
| | | | 5,018,788 |
| Machinery - 0.7% | | | |
| Flowserve Corp. | | 5,824 | 284,444 |
| Westinghouse Air Brake Co. | | 4,279 | 296,834 |
| | | | 581,278 |
| Professional Services - 0.2% | | | |
| IHS Markit Ltd. (a) | | 2,344 | 164,127 |
| RELX PLC (London Stock Exchange) | | 1,800 | 43,322 |
| | | | 207,449 |
| Road & Rail - 2.6% | | | |
| J.B. Hunt Transport Services, Inc. | | 5,185 | 609,549 |
| Knight-Swift Transportation Holdings, Inc. Class A | | 20,817 | 758,988 |
| Lyft, Inc. | | 3,711 | 153,784 |
| Union Pacific Corp. | | 3,779 | 625,273 |
| | | | 2,147,594 |
|
| TOTAL INDUSTRIALS | | | 11,564,568 |
|
| INFORMATION TECHNOLOGY - 14.9% | | | |
| Communications Equipment - 0.1% | | | |
| Cisco Systems, Inc. | | 2,632 | 125,046 |
| IT Services - 2.3% | | | |
| MasterCard, Inc. Class A | | 1,051 | 290,927 |
| Paychex, Inc. | | 522 | 43,660 |
| Unisys Corp. (a) | | 13,873 | 142,337 |
| Visa, Inc. Class A | | 7,909 | 1,414,604 |
| | | | 1,891,528 |
| Semiconductors & Semiconductor Equipment - 2.9% | | | |
| Analog Devices, Inc. | | 877 | 93,515 |
| Applied Materials, Inc. | | 5,040 | 273,470 |
| Marvell Technology Group Ltd. | | 2,131 | 51,975 |
| NVIDIA Corp. | | 196 | 39,400 |
| Qualcomm, Inc. | | 23,766 | 1,911,737 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,105 | 57,051 |
| | | | 2,427,148 |
| Software - 7.3% | | | |
| Autodesk, Inc. (a) | | 1,421 | 209,399 |
| Dynatrace, Inc. | | 2,227 | 45,052 |
| Microsoft Corp. | | 29,399 | 4,214,935 |
| Oracle Corp. | | 13,066 | 711,966 |
| SAP SE sponsored ADR | | 6,696 | 887,756 |
| | | | 6,069,108 |
| Technology Hardware, Storage & Peripherals - 2.3% | | | |
| Apple, Inc. | | 7,618 | 1,895,054 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 12,407,884 |
|
| MATERIALS - 0.8% | | | |
| Chemicals - 0.7% | | | |
| Corteva, Inc. | | 3,135 | 82,701 |
| International Flavors & Fragrances, Inc. | | 532 | 64,909 |
| Intrepid Potash, Inc. (a) | | 29,551 | 91,313 |
| Nutrien Ltd. | | 6,807 | 325,647 |
| The Scotts Miracle-Gro Co. Class A | | 300 | 30,117 |
| | | | 594,687 |
| Metals & Mining - 0.1% | | | |
| BHP Billiton Ltd. sponsored ADR (b) | | 2,216 | 108,385 |
|
| TOTAL MATERIALS | | | 703,072 |
|
| REAL ESTATE - 0.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.6% | | | |
| American Tower Corp. | | 750 | 163,560 |
| Equinix, Inc. | | 443 | 251,084 |
| Simon Property Group, Inc. | | 513 | 77,299 |
| | | | 491,943 |
| UTILITIES - 0.2% | | | |
| Electric Utilities - 0.1% | | | |
| Duke Energy Corp. | | 637 | 60,044 |
| Southern Co. | | 1,306 | 81,834 |
| | | | 141,878 |
| Multi-Utilities - 0.1% | | | |
| Sempra Energy | | 421 | 60,839 |
|
| TOTAL UTILITIES | | | 202,717 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $73,634,838) | | | 80,723,406 |
|
| Money Market Funds - 3.5% | | | |
| Fidelity Cash Central Fund 1.83% (c) | | 2,643,928 | 2,644,457 |
| Fidelity Securities Lending Cash Central Fund 1.84% (c)(d) | | 270,427 | 270,454 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $2,914,911) | | | 2,914,911 |
| TOTAL INVESTMENT IN SECURITIES - 100.2% | | | |
| (Cost $76,549,749) | | | 83,638,317 |
| NET OTHER ASSETS (LIABILITIES) - (0.2)% | | | (135,910) |
| NET ASSETS - 100% | | | $83,502,407 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $18,678 |
| Fidelity Securities Lending Cash Central Fund | 9,565 |
| Total | $28,243 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $7,048,678 | $7,048,678 | $-- | $-- |
| Consumer Discretionary | 3,155,571 | 3,155,571 | -- | -- |
| Consumer Staples | 7,264,139 | 7,264,139 | -- | -- |
| Energy | 7,456,672 | 7,456,672 | -- | -- |
| Financials | 15,026,712 | 14,996,278 | 30,434 | -- |
| Health Care | 15,401,450 | 14,078,621 | 1,322,829 | -- |
| Industrials | 11,564,568 | 11,564,568 | -- | -- |
| Information Technology | 12,407,884 | 12,407,884 | -- | -- |
| Materials | 703,072 | 703,072 | -- | -- |
| Real Estate | 491,943 | 491,943 | -- | -- |
| Utilities | 202,717 | 202,717 | -- | -- |
| Money Market Funds | 2,914,911 | 2,914,911 | -- | -- |
| Total Investments in Securities: | $83,638,317 | $82,285,054 | $1,353,263 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 89.7% |
| United Kingdom | 2.9% |
| Germany | 2.7% |
| Canada | 1.8% |
| Others (Individually Less Than 1%) | 2.9% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $264,155) — See accompanying schedule:
Unaffiliated issuers (cost $73,634,838) | $80,723,406 | |
| Fidelity Central Funds (cost $2,914,911) | 2,914,911 | |
| Total Investment in Securities (cost $76,549,749) | | $83,638,317 |
| Receivable for investments sold | | 188,532 |
| Receivable for fund shares sold | | 16,061 |
| Dividends receivable | | 79,991 |
| Distributions receivable from Fidelity Central Funds | | 6,764 |
| Other receivables | | 766 |
| Total assets | | 83,930,431 |
| Liabilities | | |
| Payable for investments purchased | $126,803 | |
| Accrued management fee | 30,314 | |
| Other payables and accrued expenses | 345 | |
| Collateral on securities loaned | 270,562 | |
| Total liabilities | | 428,024 |
| Net Assets | | $83,502,407 |
| Net Assets consist of: | | |
| Paid in capital | | $75,845,399 |
| Total accumulated earnings (loss) | | 7,657,008 |
| Net Assets, for 7,065,463 shares outstanding | | $83,502,407 |
| Net Asset Value, offering price and redemption price per share ($83,502,407 ÷ 7,065,463 shares) | | $11.82 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $954,037 |
| Income from Fidelity Central Funds (including $9,565 from security lending) | | 28,243 |
| Total income | | 982,280 |
| Expenses | | |
| Management fee | $181,768 | |
| Independent trustees' fees and expenses | 233 | |
| Commitment fees | 100 | |
| Total expenses before reductions | 182,101 | |
| Expense reductions | (33) | |
| Total expenses after reductions | | 182,068 |
| Net investment income (loss) | | 800,212 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 865,449 | |
| Fidelity Central Funds | 4 | |
| Foreign currency transactions | (52) | |
| Total net realized gain (loss) | | 865,401 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $344) | 379,362 | |
| Assets and liabilities in foreign currencies | (106) | |
| Total change in net unrealized appreciation (depreciation) | | 379,256 |
| Net gain (loss) | | 1,244,657 |
| Net increase (decrease) in net assets resulting from operations | | $2,044,869 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $800,212 | $1,812,516 |
| Net realized gain (loss) | 865,401 | 681,058 |
| Change in net unrealized appreciation (depreciation) | 379,256 | 4,887,715 |
| Net increase (decrease) in net assets resulting from operations | 2,044,869 | 7,381,289 |
| Distributions to shareholders | (586,667) | (3,617,047) |
| Share transactions | | |
| Proceeds from sales of shares | 7,966,532 | 21,947,649 |
| Reinvestment of distributions | 586,667 | 3,617,047 |
| Cost of shares redeemed | (13,676,779) | (26,378,256) |
| Net increase (decrease) in net assets resulting from share transactions | (5,123,580) | (813,560) |
| Total increase (decrease) in net assets | (3,665,378) | 2,950,682 |
| Net Assets | | |
| Beginning of period | 87,167,785 | 84,217,103 |
| End of period | $83,502,407 | $87,167,785 |
| Other Information | | |
| Shares | | |
| Sold | 707,263 | 1,967,708 |
| Issued in reinvestment of distributions | 53,092 | 342,490 |
| Redeemed | (1,203,596) | (2,457,463) |
| Net increase (decrease) | (443,241) | (147,265) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Stock K6 Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | |
| | 2019 | 2019 | 2018 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.61 | $11.00 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .23 | .16 |
| Net realized and unrealized gain (loss) | .18 | .84 | .91 |
| Total from investment operations | .29 | 1.07 | 1.07 |
| Distributions from net investment income | (.08) | (.20) | (.05) |
| Distributions from net realized gain | – | (.26) | (.01) |
| Total distributions | (.08) | (.46) | (.07)C |
| Net asset value, end of period | $11.82 | $11.61 | $11.00 |
| Total ReturnD,E | 2.55% | 10.12% | 10.65% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .45%H | .45% | .45%H |
| Expenses net of fee waivers, if any | .45%H | .45% | .45%H |
| Expenses net of all reductions | .45%H | .44% | .45%H |
| Net investment income (loss) | 1.98%H | 2.09% | 1.55%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $83,502 | $87,168 | $84,217 |
| Portfolio turnover rateI | 31%H,J | 49%J | 67%H,J |
A For the period May 25, 2017 (commencement of operations) to April 30, 2018.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.013 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, and losses deferred due to wash sales 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 | $11,566,550 |
| Gross unrealized depreciation | (5,230,900) |
| Net unrealized appreciation (depreciation) | $6,335,650 |
| Tax cost | $77,302,667 |
The Fund elected to defer to its next fiscal year approximately $379,612 of capital losses recognized during the period November 1, 2018 to April 30, 2019.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $12,418,223 and $19,495,364, respectively.
Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $1,207,059 in exchange for 107,485 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $3,009,509 in exchange for 268,268 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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. The Fund placed a portion of its portfolio transactions 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 $707 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $100 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $129,824. Total fees paid by the Fund to NFS, as lending agent, amounted to $851. 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, and includes $8,680 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $33 for the period.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | .45% | $1,000.00 | $1,025.50 | $2.29 |
| Hypothetical-C | | $1,000.00 | $1,022.87 | $2.29 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
LCSK6-SANN-1219
1.9883970.102
Fidelity® Small Cap Stock K6 Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| SYNNEX Corp. | 2.9 |
| Boyd Group Income Fund | 2.7 |
| Primerica, Inc. | 2.6 |
| Innospec, Inc. | 2.6 |
| Inovalon Holdings, Inc. Class A | 2.4 |
| First Cash Financial Services, Inc. | 2.4 |
| NICE Systems Ltd. sponsored ADR | 2.3 |
| LGI Homes, Inc. | 2.3 |
| Encore Capital Group, Inc. | 2.2 |
| Essential Properties Realty Trust, Inc. | 2.2 |
| | 24.6 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 18.4 |
| Information Technology | 15.6 |
| Health Care | 13.7 |
| Consumer Discretionary | 13.5 |
| Industrials | 13.3 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019 * |
| | Stocks | 99.2% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.8% |
* Foreign investments - 23.6%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 99.2% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 5.6% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Alaska Communication Systems Group, Inc. (a) | | 48,700 | $79,868 |
| LICT Corp. (a) | | 3 | 54,000 |
| | | | 133,868 |
| Interactive Media & Services - 1.3% | | | |
| Adevinta ASA Class B | | 3,840 | 43,844 |
| CarGurus, Inc. Class A (a) | | 17,143 | 575,833 |
| Cars.com, Inc. (a) | | 40,461 | 457,614 |
| LIFULL Co. Ltd. | | 28,298 | 171,986 |
| | | | 1,249,277 |
| Media - 4.2% | | | |
| 4Imprint Group PLC | | 23,714 | 912,323 |
| Cable One, Inc. | | 557 | 738,231 |
| Cardlytics, Inc. (a) | | 19,458 | 815,485 |
| Cogeco Communications, Inc. | | 18,015 | 1,557,215 |
| | | | 4,023,254 |
|
| TOTAL COMMUNICATION SERVICES | | | 5,406,399 |
|
| CONSUMER DISCRETIONARY - 13.5% | | | |
| Auto Components - 0.5% | | | |
| Burelle SA | | 55 | 49,809 |
| Linamar Corp. | | 15,025 | 489,958 |
| | | | 539,767 |
| Diversified Consumer Services - 1.9% | | | |
| Career Education Corp. (a) | | 121,538 | 1,720,978 |
| Collectors Universe, Inc. | | 2,940 | 84,260 |
| Redhill Education Ltd. | | 28,700 | 38,706 |
| | | | 1,843,944 |
| Hotels, Restaurants & Leisure - 1.9% | | | |
| MTY Food Group, Inc. | | 32,251 | 1,288,473 |
| SkiStar AB | | 22,433 | 269,037 |
| Wyndham Destinations, Inc. | | 5,699 | 264,491 |
| | | | 1,822,001 |
| Household Durables - 5.4% | | | |
| Cavco Industries, Inc. (a) | | 1,032 | 197,783 |
| Legacy Housing Corp. | | 29,730 | 471,221 |
| LGI Homes, Inc. (a) | | 28,117 | 2,206,622 |
| Skyline Champion Corp. (a) | | 32,742 | 924,307 |
| TRI Pointe Homes, Inc. (a) | | 91,550 | 1,440,997 |
| | | | 5,240,930 |
| Internet & Direct Marketing Retail - 2.2% | | | |
| Kogan.Com Ltd. (b) | | 168,919 | 787,709 |
| Liberty Interactive Corp. QVC Group Series A (a) | | 53,567 | 511,029 |
| Points International Ltd. (a) | | 43,744 | 476,810 |
| Redbubble Ltd. (a) | | 250,667 | 332,407 |
| | | | 2,107,955 |
| Leisure Products - 0.3% | | | |
| American Outdoor Brands Corp. (a) | | 36,600 | 259,128 |
| Specialty Retail - 0.8% | | | |
| Sportsman's Warehouse Holdings, Inc. (a) | | 45,251 | 308,159 |
| Winmark Corp. | | 2,538 | 456,840 |
| | | | 764,999 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| Crocs, Inc. (a) | | 13,345 | 466,942 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 13,045,666 |
|
| CONSUMER STAPLES - 3.1% | | | |
| Beverages - 0.2% | | | |
| Nichols PLC | | 9,030 | 175,455 |
| Food & Staples Retailing - 1.6% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 20,436 | 545,641 |
| Performance Food Group Co. (a) | | 24,794 | 1,056,472 |
| | | | 1,602,113 |
| Food Products - 0.1% | | | |
| Armanino Foods of Distinction | | 20,104 | 72,173 |
| Household Products - 1.2% | | | |
| Spectrum Brands Holdings, Inc. | | 22,768 | 1,143,181 |
|
| TOTAL CONSUMER STAPLES | | | 2,992,922 |
|
| ENERGY - 2.7% | | | |
| Energy Equipment & Services - 0.2% | | | |
| Profire Energy, Inc. (a) | | 134,323 | 236,408 |
| Oil, Gas & Consumable Fuels - 2.5% | | | |
| NACCO Industries, Inc. Class A | | 18,709 | 944,805 |
| Texas Pacific Land Trust | | 751 | 427,342 |
| World Fuel Services Corp. | | 25,501 | 1,065,177 |
| | | | 2,437,324 |
|
| TOTAL ENERGY | | | 2,673,732 |
|
| FINANCIALS - 18.4% | | | |
| Banks - 2.1% | | | |
| First Hawaiian, Inc. | | 18,700 | 511,071 |
| Hilltop Holdings, Inc. | | 20,395 | 476,427 |
| Plumas Bancorp (b) | | 4,625 | 101,750 |
| Popular, Inc. | | 17,408 | 948,040 |
| | | | 2,037,288 |
| Capital Markets - 4.3% | | | |
| Ashford, Inc. (a) | | 505 | 12,075 |
| Assetmark Financial Holdings, Inc. (a) | | 4,879 | 133,880 |
| EQT AB (a) | | 3,125 | 29,982 |
| Impax Asset Management Group PLC | | 118,693 | 402,822 |
| INTL FCStone, Inc. (a) | | 5,192 | 207,680 |
| LPL Financial | | 17,834 | 1,441,701 |
| Morningstar, Inc. | | 11,553 | 1,869,738 |
| Tradeweb Markets, Inc. Class A | | 1,560 | 65,130 |
| | | | 4,163,008 |
| Consumer Finance - 5.6% | | | |
| Encore Capital Group, Inc. (a)(b) | | 65,134 | 2,161,797 |
| Fellow Finance Oyj | | 6,421 | 22,916 |
| First Cash Financial Services, Inc. | | 27,291 | 2,303,087 |
| Gruppo MutuiOnline SpA | | 5,100 | 101,247 |
| Nelnet, Inc. Class A | | 14,007 | 858,209 |
| | | | 5,447,256 |
| Diversified Financial Services - 0.5% | | | |
| Hypoport AG (a) | | 1,392 | 432,371 |
| Insurance - 3.9% | | | |
| First American Financial Corp. | | 21,217 | 1,310,786 |
| Investors Title Co. | | 69 | 10,467 |
| Primerica, Inc. | | 19,800 | 2,498,364 |
| | | | 3,819,617 |
| Thrifts & Mortgage Finance - 2.0% | | | |
| LendingTree, Inc. (a)(b) | | 5,314 | 1,912,243 |
| Timberland Bancorp, Inc. | | 1,196 | 31,694 |
| | | | 1,943,937 |
|
| TOTAL FINANCIALS | | | 17,843,477 |
|
| HEALTH CARE - 13.7% | | | |
| Biotechnology - 0.5% | | | |
| BioGaia AB | | 1,016 | 38,669 |
| Bioventix PLC | | 2,334 | 100,980 |
| Essex Bio-Technology Ltd. | | 233,400 | 179,626 |
| Shanghai Haohai Biological Technology Co. Ltd. (H Shares) (c) | | 29,700 | 171,367 |
| | | | 490,642 |
| Health Care Equipment & Supplies - 2.5% | | | |
| C-Rad AB (B Shares) (a) | | 52,283 | 183,830 |
| Hamilton Thorne Ltd. (a) | | 800 | 632 |
| Medacta Group SA (c) | | 7,500 | 612,772 |
| Medistim ASA | | 12,480 | 210,349 |
| TransMedics Group, Inc. | | 2,691 | 48,277 |
| Tristel PLC (b) | | 73,968 | 314,271 |
| Utah Medical Products, Inc. | | 8,224 | 842,713 |
| Varex Imaging Corp. (a) | | 6,905 | 207,219 |
| | | | 2,420,063 |
| Health Care Providers & Services - 4.3% | | | |
| Chemed Corp. | | 2,162 | 851,633 |
| Corvel Corp. (a) | | 7,616 | 602,578 |
| DFB Healthcare Acquisitions Co. (a) | | 24,896 | 253,690 |
| Encompass Health Corp. | | 22,368 | 1,431,999 |
| InfuSystems Holdings, Inc. (a) | | 1,573 | 10,901 |
| Magellan Health Services, Inc. (a) | | 7,841 | 508,881 |
| Viemed Healthcare, Inc. (a) | | 57,824 | 467,123 |
| | | | 4,126,805 |
| Health Care Technology - 2.4% | | | |
| Inovalon Holdings, Inc. Class A (a)(b) | | 149,970 | 2,344,031 |
| Life Sciences Tools & Services - 3.2% | | | |
| 10X Genomics, Inc. (a) | | 206 | 11,948 |
| Charles River Laboratories International, Inc. (a) | | 14,521 | 1,887,440 |
| ICON PLC (a) | | 8,203 | 1,205,021 |
| | | | 3,104,409 |
| Pharmaceuticals - 0.8% | | | |
| BioSyent, Inc. (a) | | 47,190 | 214,972 |
| Dechra Pharmaceuticals PLC | | 12,022 | 409,562 |
| Phibro Animal Health Corp. Class A | | 8,362 | 200,354 |
| | | | 824,888 |
|
| TOTAL HEALTH CARE | | | 13,310,838 |
|
| INDUSTRIALS - 13.3% | | | |
| Commercial Services & Supplies - 3.5% | | | |
| Boyd Group Income Fund | | 18,266 | 2,547,199 |
| Bravida AB (c) | | 22,769 | 209,516 |
| Clipper Logistics PLC (b) | | 30,950 | 88,200 |
| VSE Corp. | | 13,290 | 510,602 |
| | | | 3,355,517 |
| Construction & Engineering - 1.2% | | | |
| AECOM (a) | | 16,031 | 641,400 |
| Tutor Perini Corp. (a) | | 35,119 | 543,291 |
| | | | 1,184,691 |
| Machinery - 1.1% | | | |
| Allison Transmission Holdings, Inc. | | 19,111 | 833,431 |
| Hurco Companies, Inc. | | 6,441 | 224,082 |
| | | | 1,057,513 |
| Professional Services - 6.2% | | | |
| Barrett Business Services, Inc. | | 11,122 | 975,733 |
| CBIZ, Inc. (a) | | 64,669 | 1,769,991 |
| Franklin Covey Co. (a) | | 30,443 | 1,162,923 |
| Insperity, Inc. | | 10,903 | 1,151,684 |
| Red Violet, Inc. (a) | | 6,825 | 108,449 |
| SHL-JAPAN Ltd. | | 3,000 | 56,159 |
| Talenom OYJ | | 10,770 | 424,016 |
| Tinexta SpA | | 27,168 | 399,966 |
| | | | 6,048,921 |
| Trading Companies & Distributors - 1.3% | | | |
| AerCap Holdings NV (a) | | 13,174 | 762,511 |
| Rush Enterprises, Inc. Class A | | 10,159 | 443,847 |
| | | | 1,206,358 |
|
| TOTAL INDUSTRIALS | | | 12,853,000 |
|
| INFORMATION TECHNOLOGY - 15.6% | | | |
| Electronic Equipment & Components - 3.4% | | | |
| Insight Enterprises, Inc. (a) | | 7,500 | 460,350 |
| SYNNEX Corp. | | 23,941 | 2,818,810 |
| | | | 3,279,160 |
| IT Services - 3.6% | | | |
| Bouvet ASA | | 4,566 | 146,471 |
| Castleton Technology PLC | | 113,979 | 92,277 |
| Computer Services, Inc. | | 11,695 | 526,275 |
| D4t4 Solutions PLC | | 11,957 | 36,630 |
| Econocom Group SA | | 117,234 | 305,696 |
| International Money Express, Inc. (a) | | 6,251 | 95,765 |
| Liberated Syndication, Inc. (a) | | 2,406 | 6,713 |
| Over The Wire Holdings Ltd. | | 71,500 | 232,096 |
| Prodware | | 8,991 | 55,954 |
| Sylogist Ltd. | | 43,195 | 329,595 |
| Verra Mobility Corp. (a) | | 18,114 | 259,936 |
| WEX, Inc. (a) | | 7,542 | 1,426,796 |
| | | | 3,514,204 |
| Software - 8.6% | | | |
| Admicom OYJ | | 4,377 | 250,918 |
| Bigtincan Holdings Ltd. (a)(b) | | 302,121 | 138,813 |
| Ebix, Inc. (b) | | 43,701 | 1,862,974 |
| Elmo Software Ltd. (a) | | 7,800 | 35,346 |
| Enghouse Systems Ltd. | | 20,399 | 594,267 |
| GetBusy PLC (a) | | 172,510 | 93,854 |
| Globalscape, Inc. | | 23,293 | 225,942 |
| Hansen Technologies Ltd. | | 77,149 | 180,531 |
| j2 Global, Inc. | | 14,630 | 1,389,265 |
| LeadDesk Oyj | | 2,091 | 24,021 |
| LoopUp Group PLC (a) | | 262 | 219 |
| Micro Focus International PLC | | 46,831 | 642,766 |
| MSL Solutions Ltd. (a) | | 756,500 | 40,729 |
| NICE Systems Ltd. sponsored ADR (a) | | 14,045 | 2,216,161 |
| Park City Group, Inc. (a) | | 29,494 | 160,742 |
| RIB Software AG (b) | | 14,198 | 367,689 |
| Vitec Software Group AB | | 4,394 | 62,799�� |
| | | | 8,287,036 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 15,080,400 |
|
| MATERIALS - 7.1% | | | |
| Chemicals - 4.5% | | | |
| Core Molding Technologies, Inc. (a) | | 12,622 | 72,072 |
| Innospec, Inc. | | 27,256 | 2,490,108 |
| NewMarket Corp. | | 1,953 | 948,162 |
| Northern Technologies International Corp. | | 10,958 | 136,756 |
| Valvoline, Inc. | | 32,273 | 688,706 |
| | | | 4,335,804 |
| Containers & Packaging - 1.4% | | | |
| Silgan Holdings, Inc. | | 21,865 | 672,786 |
| UFP Technologies, Inc. (a) | | 15,854 | 659,685 |
| | | | 1,332,471 |
| Paper & Forest Products - 1.2% | | | |
| Schweitzer-Mauduit International, Inc. | | 29,899 | 1,210,611 |
|
| TOTAL MATERIALS | | | 6,878,886 |
|
| REAL ESTATE - 5.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.5% | | | |
| CareTrust (REIT), Inc. | | 8,000 | 193,920 |
| EPR Properties | | 21,081 | 1,639,891 |
| Essential Properties Realty Trust, Inc. | | 81,425 | 2,089,366 |
| Store Capital Corp. | | 34,033 | 1,378,337 |
| | | | 5,301,514 |
| Real Estate Management & Development - 0.1% | | | |
| The RMR Group, Inc. | | 2,586 | 125,162 |
|
| TOTAL REAL ESTATE | | | 5,426,676 |
|
| UTILITIES - 0.6% | | | |
| Gas Utilities - 0.6% | | | |
| Star Gas Partners LP | | 61,311 | 569,579 |
| TOTAL COMMON STOCKS | | | |
| (Cost $84,712,510) | | | 96,081,575 |
|
| Money Market Funds - 5.7% | | | |
| Fidelity Cash Central Fund 1.83% (d) | | 626,329 | 626,454 |
| Fidelity Securities Lending Cash Central Fund 1.84% (d)(e) | | 4,904,194 | 4,904,685 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $5,531,139) | | | 5,531,139 |
| TOTAL INVESTMENT IN SECURITIES - 104.9% | | | |
| (Cost $90,243,649) | | | 101,612,714 |
| NET OTHER ASSETS (LIABILITIES) - (4.9)% | | | (4,753,442) |
| NET ASSETS - 100% | | | $96,859,272 |
Legend
(a) Non-income producing
(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 $993,655 or 1.0% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $5,412 |
| Fidelity Securities Lending Cash Central Fund | 26,608 |
| Total | $32,020 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $5,406,399 | $5,234,413 | $171,986 | $-- |
| Consumer Discretionary | 13,045,666 | 11,886,844 | 1,158,822 | -- |
| Consumer Staples | 2,992,922 | 2,992,922 | -- | -- |
| Energy | 2,673,732 | 2,673,732 | -- | -- |
| Financials | 17,843,477 | 17,843,477 | -- | -- |
| Health Care | 13,310,838 | 12,959,845 | 350,993 | -- |
| Industrials | 12,853,000 | 12,796,841 | 56,159 | -- |
| Information Technology | 15,080,400 | 13,810,119 | 1,270,281 | -- |
| Materials | 6,878,886 | 6,878,886 | -- | -- |
| Real Estate | 5,426,676 | 5,426,676 | -- | -- |
| Utilities | 569,579 | 569,579 | -- | -- |
| Money Market Funds | 5,531,139 | 5,531,139 | -- | -- |
| Total Investments in Securities: | $101,612,714 | $98,604,473 | $3,008,241 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 76.4% |
| Canada | 8.2% |
| United Kingdom | 3.3% |
| Israel | 2.3% |
| Australia | 1.8% |
| Ireland | 1.2% |
| Puerto Rico | 1.0% |
| Others (Individually Less Than 1%) | 5.8% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $4,867,311) — See accompanying schedule:
Unaffiliated issuers (cost $84,712,510) | $96,081,575 | |
| Fidelity Central Funds (cost $5,531,139) | 5,531,139 | |
| Total Investment in Securities (cost $90,243,649) | | $101,612,714 |
| Receivable for investments sold | | 452,478 |
| Receivable for fund shares sold | | 74,787 |
| Dividends receivable | | 33,103 |
| Distributions receivable from Fidelity Central Funds | | 5,836 |
| Other receivables | | 1,303 |
| Total assets | | 102,180,221 |
| Liabilities | | |
| Payable for investments purchased | $334,184 | |
| Payable for fund shares redeemed | 34,501 | |
| Accrued management fee | 47,275 | |
| Collateral on securities loaned | 4,904,989 | |
| Total liabilities | | 5,320,949 |
| Net Assets | | $96,859,272 |
| Net Assets consist of: | | |
| Paid in capital | | $91,780,266 |
| Total accumulated earnings (loss) | | 5,079,006 |
| Net Assets, for 8,545,288 shares outstanding | | $96,859,272 |
| Net Asset Value, offering price and redemption price per share ($96,859,272 ÷ 8,545,288 shares) | | $11.33 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $496,393 |
| Income from Fidelity Central Funds (including $26,608 from security lending) | | 32,020 |
| Total income | | 528,413 |
| Expenses | | |
| Management fee | $271,043 | |
| Independent trustees' fees and expenses | 252 | |
| Commitment fees | 109 | |
| Total expenses before reductions | 271,404 | |
| Expense reductions | (2,359) | |
| Total expenses after reductions | | 269,045 |
| Net investment income (loss) | | 259,368 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (3,621,344) | |
| Fidelity Central Funds | (110) | |
| Foreign currency transactions | (1,701) | |
| Total net realized gain (loss) | | (3,623,155) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 5,175,144 | |
| Assets and liabilities in foreign currencies | 298 | |
| Total change in net unrealized appreciation (depreciation) | | 5,175,442 |
| Net gain (loss) | | 1,552,287 |
| Net increase (decrease) in net assets resulting from operations | | $1,811,655 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | Year ended April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $259,368 | $657,942 |
| Net realized gain (loss) | (3,623,155) | 564,041 |
| Change in net unrealized appreciation (depreciation) | 5,175,442 | 3,501,209 |
| Net increase (decrease) in net assets resulting from operations | 1,811,655 | 4,723,192 |
| Distributions to shareholders | (343,926) | (4,262,130) |
| Share transactions | | |
| Proceeds from sales of shares | 14,467,357 | 12,966,287 |
| Reinvestment of distributions | 343,926 | 4,262,131 |
| Cost of shares redeemed | (8,106,239) | (25,528,120) |
| Net increase (decrease) in net assets resulting from share transactions | 6,705,044 | (8,299,702) |
| Total increase (decrease) in net assets | 8,172,773 | (7,838,640) |
| Net Assets | | |
| Beginning of period | 88,686,499 | 96,525,139 |
| End of period | $96,859,272 | $88,686,499 |
| Other Information | | |
| Shares | | |
| Sold | 1,301,123 | 1,179,305 |
| Issued in reinvestment of distributions | 31,352 | 424,435 |
| Redeemed | (731,539) | (2,422,198) |
| Net increase (decrease) | 600,936 | (818,458) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Small Cap Stock K6 Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, | |
| | 2019 | 2019 | 2018 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.16 | $11.02 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .03 | .08C | .06 |
| Net realized and unrealized gain (loss) | .18 | .57 | 1.02 |
| Total from investment operations | .21 | .65 | 1.08 |
| Distributions from net investment income | (.04) | (.05) | (.03) |
| Distributions from net realized gain | – | (.46) | (.04) |
| Total distributions | (.04) | (.51) | (.06)D |
| Net asset value, end of period | $11.33 | $11.16 | $11.02 |
| Total ReturnE,F | 1.93% | 6.43% | 10.83% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .60%I | .60% | .60%I |
| Expenses net of fee waivers, if any | .60%I | .60% | .60%I |
| Expenses net of all reductions | .60%I | .59% | .59%I |
| Net investment income (loss) | .57%I | .71%C | .56%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $96,859 | $88,686 | $96,525 |
| Portfolio turnover rateJ | 58%I,K | 75%K | 90%I,K |
A For the period May 25, 2017 (commencement of operations) to April 30, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .47%.
D Total distributions of $.06 per share is comprised of distributions from net investment income of $.027 and distributions from net realized gain of $.035 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to partnerships, 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 | $15,542,651 |
| Gross unrealized depreciation | (4,694,316) |
| Net unrealized appreciation (depreciation) | $10,848,335 |
| Tax cost | $90,764,379 |
The Fund elected to defer to its next fiscal year approximately $2,275,491 of capital losses recognized during the period November 1, 2018 to April 30, 2019.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $25,534,235 and $29,989,755, respectively.
Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $10,629,621 in exchange for 954,953 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $3,023,506 in exchange for 274,365 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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. The Fund placed a portion of its portfolio transactions 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 $1,224 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $109 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $359. 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, and includes $858 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,306 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $53 respectively.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Actual | .60% | $1,000.00 | $1,019.30�� | $3.05 |
| Hypothetical-C | | $1,000.00 | $1,022.12 | $3.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
SLCXK6-SANN-1219
1.9883974.102
Fidelity Flex℠ Funds
Fidelity Flex℠ Large Cap Value II Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| JPMorgan Chase & Co. | 3.2 |
| AT&T, Inc. | 2.4 |
| Procter & Gamble Co. | 2.4 |
| Berkshire Hathaway, Inc. Class B | 2.3 |
| Intel Corp. | 2.2 |
| Verizon Communications, Inc. | 2.2 |
| Exxon Mobil Corp. | 2.1 |
| Johnson & Johnson | 2.0 |
| Chevron Corp. | 2.0 |
| Wells Fargo & Co. | 1.8 |
| | 22.6 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 20.6 |
| Health Care | 13.7 |
| Industrials | 9.6 |
| Communication Services | 9.0 |
| Consumer Staples | 8.5 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019* |
| | Stocks and Equity Futures | 99.9% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 5.1%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 94.1% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 9.0% | | | |
| Diversified Telecommunication Services - 5.1% | | | |
| AT&T, Inc. | | 14,760 | $568,112 |
| CenturyLink, Inc. | | 10,355 | 133,994 |
| Verizon Communications, Inc. | | 8,553 | 517,200 |
| | | | 1,219,306 |
| Entertainment - 1.6% | | | |
| Activision Blizzard, Inc. | | 56 | 3,138 |
| Electronic Arts, Inc. (a) | | 1,224 | 117,994 |
| Lions Gate Entertainment Corp. Class A | | 214 | 1,710 |
| The Walt Disney Co. | | 1,919 | 249,316 |
| | | | 372,158 |
| Interactive Media & Services - 0.3% | | | |
| Alphabet, Inc. Class A (a) | | 63 | 79,304 |
| TripAdvisor, Inc. (a) | | 156 | 6,302 |
| | | | 85,606 |
| Media - 1.9% | | | |
| Comcast Corp. Class A | | 6,051 | 271,206 |
| DISH Network Corp. Class A (a) | | 2,620 | 90,076 |
| Liberty Media Corp.: | | | |
| Liberty SiriusXM Series A (a) | | 1,297 | 58,248 |
| Liberty SiriusXM Series C (a) | | 723 | 32,672 |
| | | | 452,202 |
| Wireless Telecommunication Services - 0.1% | | | |
| Telephone & Data Systems, Inc. | | 589 | 15,367 |
|
| TOTAL COMMUNICATION SERVICES | | | 2,144,639 |
|
| CONSUMER DISCRETIONARY - 6.5% | | | |
| Auto Components - 0.4% | | | |
| BorgWarner, Inc. | | 2,005 | 83,568 |
| Automobiles - 0.5% | | | |
| Ford Motor Co. | | 13,242 | 113,749 |
| Distributors - 0.0% | | | |
| LKQ Corp. (a) | | 96 | 3,263 |
| Diversified Consumer Services - 0.3% | | | |
| Frontdoor, Inc. (a) | | 1,456 | 70,223 |
| Service Corp. International | | 286 | 13,007 |
| | | | 83,230 |
| Hotels, Restaurants & Leisure - 1.8% | | | |
| ARAMARK Holdings Corp. | | 227 | 9,934 |
| Chipotle Mexican Grill, Inc. (a) | | 23 | 17,898 |
| Extended Stay America, Inc. unit | | 7,966 | 113,197 |
| International Game Technology PLC | | 2,084 | 27,592 |
| McDonald's Corp. | | 464 | 91,269 |
| MGM Mirage, Inc. | | 4,669 | 133,067 |
| Norwegian Cruise Line Holdings Ltd. (a) | | 411 | 20,862 |
| Royal Caribbean Cruises Ltd. | | 11 | 1,197 |
| | | | 415,016 |
| Household Durables - 1.7% | | | |
| Garmin Ltd. | | 986 | 92,438 |
| Lennar Corp. Class A | | 1,603 | 95,539 |
| Meritage Homes Corp. (a) | | 332 | 23,934 |
| PulteGroup, Inc. | | 3,275 | 128,511 |
| Roku, Inc. Class A (a) | | 143 | 21,050 |
| Taylor Morrison Home Corp. (a) | | 438 | 10,972 |
| Toll Brothers, Inc. | | 858 | 34,123 |
| | | | 406,567 |
| Internet & Direct Marketing Retail - 0.1% | | | |
| eBay, Inc. | | 925 | 32,606 |
| Multiline Retail - 0.7% | | | |
| Target Corp. | | 1,599 | 170,949 |
| Specialty Retail - 0.5% | | | |
| AutoNation, Inc. (a) | | 375 | 19,069 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 111 | 17,480 |
| The Home Depot, Inc. | | 277 | 64,979 |
| Tiffany & Co., Inc. | | 24 | 2,988 |
| Williams-Sonoma, Inc. | | 37 | 2,471 |
| | | | 106,987 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| Deckers Outdoor Corp. (a) | | 260 | 39,754 |
| PVH Corp. | | 90 | 7,844 |
| Ralph Lauren Corp. | | 678 | 65,129 |
| | | | 112,727 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 1,528,662 |
|
| CONSUMER STAPLES - 8.5% | | | |
| Beverages - 0.1% | | | |
| Coca-Cola Bottling Co. Consolidated | | 33 | 9,054 |
| Molson Coors Brewing Co. Class B | | 293 | 15,447 |
| | | | 24,501 |
| Food & Staples Retailing - 2.7% | | | |
| Kroger Co. | | 5,446 | 134,189 |
| U.S. Foods Holding Corp. (a) | | 3,136 | 124,405 |
| Walmart, Inc. | | 3,142 | 368,431 |
| | | | 627,025 |
| Food Products - 1.6% | | | |
| Bunge Ltd. | | 174 | 9,396 |
| General Mills, Inc. | | 2,268 | 115,350 |
| Ingredion, Inc. | | 211 | 16,669 |
| Mondelez International, Inc. | | 2,526 | 132,489 |
| The Hershey Co. | | 535 | 78,575 |
| The J.M. Smucker Co. | | 26 | 2,748 |
| Tyson Foods, Inc. Class A | | 395 | 32,702 |
| | | | 387,929 |
| Household Products - 2.9% | | | |
| Kimberly-Clark Corp. | | 736 | 97,800 |
| Procter & Gamble Co. | | 4,540 | 565,275 |
| Spectrum Brands Holdings, Inc. | | 544 | 27,314 |
| | | | 690,389 |
| Tobacco - 1.2% | | | |
| Altria Group, Inc. | | 569 | 25,486 |
| Philip Morris International, Inc. | | 3,161 | 257,432 |
| | | | 282,918 |
|
| TOTAL CONSUMER STAPLES | | | 2,012,762 |
|
| ENERGY - 5.9% | | | |
| Oil, Gas & Consumable Fuels - 5.9% | | | |
| Chevron Corp. | | 4,039 | 469,089 |
| ConocoPhillips Co. | | 3,695 | 203,964 |
| Delek U.S. Holdings, Inc. | | 4 | 160 |
| Exxon Mobil Corp. | | 7,449 | 503,329 |
| HollyFrontier Corp. | | 1,249 | 68,620 |
| Kinder Morgan, Inc. | | 4,270 | 85,315 |
| Marathon Oil Corp. | | 2,790 | 32,169 |
| Marathon Petroleum Corp. | | 148 | 9,465 |
| Parsley Energy, Inc. Class A | | 979 | 15,478 |
| Phillips 66 Co. | | 96 | 11,215 |
| | | | 1,398,804 |
| FINANCIALS - 20.6% | | | |
| Banks - 9.4% | | | |
| Bank of America Corp. | | 13,547 | 423,615 |
| Citigroup, Inc. | | 5,186 | 372,666 |
| Citizens Financial Group, Inc. | | 765 | 26,897 |
| East West Bancorp, Inc. | | 149 | 6,395 |
| JPMorgan Chase & Co. | | 6,057 | 756,635 |
| M&T Bank Corp. | | 672 | 105,188 |
| Regions Financial Corp. | | 4,736 | 76,250 |
| SunTrust Banks, Inc. | | 355 | 24,261 |
| U.S. Bancorp | | 296 | 16,878 |
| Wells Fargo & Co. | | 8,395 | 433,434 |
| | | | 2,242,219 |
| Capital Markets - 2.5% | | | |
| Affiliated Managers Group, Inc. | | 282 | 22,526 |
| Ameriprise Financial, Inc. | | 122 | 18,409 |
| Bank of New York Mellon Corp. | | 1,478 | 69,097 |
| BlackRock, Inc. Class A | | 30 | 13,851 |
| Charles Schwab Corp. | | 66 | 2,687 |
| CME Group, Inc. | | 20 | 4,115 |
| Donnelley Financial Solutions, Inc. (a) | | 55 | 622 |
| Goldman Sachs Group, Inc. | | 6 | 1,280 |
| Invesco Ltd. | | 7,172 | 120,633 |
| Legg Mason, Inc. | | 219 | 8,160 |
| LPL Financial | | 262 | 21,180 |
| MarketAxess Holdings, Inc. | | 41 | 15,112 |
| Morgan Stanley | | 4,535 | 208,837 |
| S&P Global, Inc. | | 48 | 12,384 |
| SEI Investments Co. | | 42 | 2,517 |
| State Street Corp. | | 996 | 65,806 |
| | | | 587,216 |
| Consumer Finance - 1.5% | | | |
| Ally Financial, Inc. | | 3,554 | 108,859 |
| Capital One Financial Corp. | | 404 | 37,673 |
| Discover Financial Services | | 35 | 2,809 |
| Navient Corp. | | 4,880 | 67,198 |
| Synchrony Financial | | 3,739 | 132,248 |
| | | | 348,787 |
| Diversified Financial Services - 2.5% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 2,599 | 552,495 |
| Jefferies Financial Group, Inc. | | 2,220 | 41,447 |
| | | | 593,942 |
| Insurance - 4.4% | | | |
| Allstate Corp. | | 1,526 | 162,397 |
| American National Insurance Co. | | 27 | 3,239 |
| Arch Capital Group Ltd. (a) | | 1,394 | 58,213 |
| Chubb Ltd. | | 12 | 1,829 |
| CNA Financial Corp. | | 48 | 2,152 |
| First American Financial Corp. | | 2,080 | 128,502 |
| FNF Group | | 1,810 | 82,970 |
| Hanover Insurance Group, Inc. | | 168 | 22,127 |
| Hartford Financial Services Group, Inc. | | 2,397 | 136,821 |
| Kemper Corp. | | 94 | 6,757 |
| Lincoln National Corp. | | 599 | 33,832 |
| Loews Corp. | | 1,616 | 79,184 |
| Old Republic International Corp. | | 1,402 | 31,321 |
| Primerica, Inc. | | 251 | 31,671 |
| Progressive Corp. | | 2,070 | 144,279 |
| Prudential Financial, Inc. | | 207 | 18,866 |
| Selective Insurance Group, Inc. | | 241 | 16,658 |
| Unum Group | | 3,261 | 89,808 |
| W.R. Berkley Corp. | | 1 | 70 |
| | | | 1,050,696 |
| Mortgage Real Estate Investment Trusts - 0.2% | | | |
| MFA Financial, Inc. | | 6,218 | 47,195 |
| Thrifts & Mortgage Finance - 0.1% | | | |
| Essent Group Ltd. | | 118 | 6,147 |
| Radian Group, Inc. | | 368 | 9,237 |
| | | | 15,384 |
|
| TOTAL FINANCIALS | | | 4,885,439 |
|
| HEALTH CARE - 13.7% | | | |
| Biotechnology - 2.0% | | | |
| Amgen, Inc. | | 517 | 110,250 |
| Biogen, Inc. (a) | | 611 | 182,512 |
| Gilead Sciences, Inc. | | 1,407 | 89,640 |
| Regeneron Pharmaceuticals, Inc. (a) | | 333 | 101,991 |
| | | | 484,393 |
| Health Care Equipment & Supplies - 4.6% | | | |
| Abbott Laboratories | | 2,786 | 232,937 |
| Baxter International, Inc. | | 1,468 | 112,596 |
| Boston Scientific Corp. (a) | | 390 | 16,263 |
| Danaher Corp. | | 1,142 | 157,390 |
| Edwards Lifesciences Corp. (a) | | 293 | 69,845 |
| Haemonetics Corp. (a) | | 77 | 9,296 |
| Hill-Rom Holdings, Inc. | | 520 | 54,439 |
| Hologic, Inc. (a) | | 2,429 | 117,345 |
| Medtronic PLC | | 2,732 | 297,515 |
| Zimmer Biomet Holdings, Inc. | | 168 | 23,223 |
| | | | 1,090,849 |
| Health Care Providers & Services - 1.1% | | | |
| Anthem, Inc. | | 22 | 5,920 |
| CVS Health Corp. | | 2,073 | 137,626 |
| Molina Healthcare, Inc. (a) | | 909 | 106,935 |
| | | | 250,481 |
| Life Sciences Tools & Services - 0.5% | | | |
| Agilent Technologies, Inc. | | 881 | 66,736 |
| Medpace Holdings, Inc. (a) | | 49 | 3,608 |
| Thermo Fisher Scientific, Inc. | | 164 | 49,525 |
| | | | 119,869 |
| Pharmaceuticals - 5.5% | | | |
| Allergan PLC | | 315 | 55,475 |
| Bristol-Myers Squibb Co. | | 3,652 | 209,515 |
| Johnson & Johnson | | 3,594 | 474,552 |
| Merck & Co., Inc. | | 1,515 | 131,290 |
| Mylan NV (a) | | 6,889 | 131,924 |
| Pfizer, Inc. | | 7,518 | 288,466 |
| | | | 1,291,222 |
|
| TOTAL HEALTH CARE | | | 3,236,814 |
|
| INDUSTRIALS - 9.6% | | | |
| Aerospace & Defense - 3.2% | | | |
| Arconic, Inc. | | 4,784 | 131,416 |
| Harris Corp. | | 718 | 148,131 |
| Lockheed Martin Corp. | | 105 | 39,551 |
| Moog, Inc. Class A | | 595 | 49,807 |
| Northrop Grumman Corp. | | 142 | 50,052 |
| Parsons Corp. | | 684 | 24,350 |
| Raytheon Co. | | 47 | 9,974 |
| United Technologies Corp. | | 2,115 | 303,672 |
| | | | 756,953 |
| Airlines - 0.2% | | | |
| Southwest Airlines Co. | | 796 | 44,679 |
| Building Products - 0.7% | | | |
| Fortune Brands Home & Security, Inc. | | 33 | 1,982 |
| Johnson Controls International PLC | | 3,283 | 142,252 |
| Simpson Manufacturing Co. Ltd. | | 54 | 4,463 |
| Universal Forest Products, Inc. | | 200 | 10,072 |
| | | | 158,769 |
| Commercial Services & Supplies - 1.3% | | | |
| Brady Corp. Class A | | 207 | 11,662 |
| Cintas Corp. | | 119 | 31,972 |
| Herman Miller, Inc. | | 435 | 20,228 |
| KAR Auction Services, Inc. | | 1,578 | 39,229 |
| Republic Services, Inc. | | 1,461 | 127,852 |
| UniFirst Corp. | | 271 | 54,428 |
| Waste Management, Inc. | | 301 | 33,775 |
| | | | 319,146 |
| Construction & Engineering - 0.5% | | | |
| EMCOR Group, Inc. | | 1,174 | 102,972 |
| Valmont Industries, Inc. | | 38 | 5,213 |
| | | | 108,185 |
| Electrical Equipment - 0.3% | | | |
| Eaton Corp. PLC | | 776 | 67,597 |
| Industrial Conglomerates - 0.1% | | | |
| General Electric Co. | | 2,993 | 29,870 |
| Machinery - 1.8% | | | |
| AGCO Corp. | | 1,630 | 125,005 |
| Allison Transmission Holdings, Inc. | | 219 | 9,551 |
| Caterpillar, Inc. | | 502 | 69,176 |
| Crane Co. | | 70 | 5,356 |
| Cummins, Inc. | | 818 | 141,089 |
| Dover Corp. | | 65 | 6,753 |
| Gates Industrial Corp. PLC (a) | | 236 | 2,360 |
| Oshkosh Corp. | | 375 | 32,018 |
| Rexnord Corp. (a) | | 362 | 10,241 |
| Timken Co. | | 380 | 18,620 |
| Woodward, Inc. | | 88 | 9,386 |
| | | | 429,555 |
| Professional Services - 0.3% | | | |
| FTI Consulting, Inc. (a) | | 397 | 43,221 |
| Nielsen Holdings PLC | | 913 | 18,406 |
| Robert Half International, Inc. | | 183 | 10,480 |
| | | | 72,107 |
| Road & Rail - 1.2% | | | |
| CSX Corp. | | 2,164 | 152,064 |
| Kansas City Southern | | 948 | 133,459 |
| Norfolk Southern Corp. | | 30 | 5,460 |
| | | | 290,983 |
|
| TOTAL INDUSTRIALS | | | 2,277,844 |
|
| INFORMATION TECHNOLOGY - 7.5% | | | |
| Communications Equipment - 0.4% | | | |
| Ciena Corp. (a) | | 917 | 34,039 |
| Cisco Systems, Inc. | | 915 | 43,472 |
| Juniper Networks, Inc. | | 535 | 13,279 |
| | | | 90,790 |
| Electronic Equipment & Components - 0.4% | | | |
| Avnet, Inc. | | 806 | 31,885 |
| Keysight Technologies, Inc. (a) | | 305 | 30,778 |
| National Instruments Corp. | | 200 | 8,278 |
| SYNNEX Corp. | | 145 | 17,072 |
| Tech Data Corp. (a) | | 124 | 15,066 |
| | | | 103,079 |
| IT Services - 0.8% | | | |
| Amdocs Ltd. | | 1,906 | 124,271 |
| CoreLogic, Inc. (a) | | 162 | 6,559 |
| Genpact Ltd. | | 66 | 2,585 |
| IBM Corp. | | 381 | 50,951 |
| | | | 184,366 |
| Semiconductors & Semiconductor Equipment - 3.9% | | | |
| Applied Materials, Inc. | | 2,279 | 123,659 |
| Cirrus Logic, Inc. (a) | | 695 | 47,232 |
| Intel Corp. | | 9,298 | 525,616 |
| Lam Research Corp. | | 81 | 21,954 |
| Micron Technology, Inc. (a) | | 2,131 | 101,329 |
| Qualcomm, Inc. | | 1,468 | 118,086 |
| | | | 937,876 |
| Software - 1.5% | | | |
| Cadence Design Systems, Inc. (a) | | 1,703 | 111,291 |
| Cerence, Inc. (a) | | 454 | 7,037 |
| LogMeIn, Inc. | | 143 | 9,392 |
| Microsoft Corp. | | 80 | 11,470 |
| Nuance Communications, Inc. (a) | | 3,922 | 64,007 |
| Synopsys, Inc. (a) | | 806 | 109,415 |
| Verint Systems, Inc. (a) | | 729 | 33,089 |
| | | | 345,701 |
| Technology Hardware, Storage & Peripherals - 0.5% | | | |
| Dell Technologies, Inc. (a) | | 458 | 24,224 |
| Hewlett Packard Enterprise Co. | | 472 | 7,746 |
| Xerox Holdings Corp. | | 2,745 | 93,138 |
| | | | 125,108 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 1,786,920 |
|
| MATERIALS - 3.9% | | | |
| Chemicals - 2.3% | | | |
| CF Industries Holdings, Inc. | | 1,227 | 55,644 |
| Corteva, Inc. | | 1,555 | 41,021 |
| DowDuPont, Inc. | | 2,481 | 163,523 |
| Eastman Chemical Co. | | 1,710 | 130,028 |
| Huntsman Corp. | | 5,110 | 113,084 |
| Linde PLC | | 274 | 54,348 |
| | | | 557,648 |
| Construction Materials - 0.2% | | | |
| Vulcan Materials Co. | | 313 | 44,718 |
| Containers & Packaging - 0.2% | | | |
| Graphic Packaging Holding Co. | | 1,142 | 17,884 |
| International Paper Co. | | 455 | 19,874 |
| | | | 37,758 |
| Metals & Mining - 1.0% | | | |
| Newmont Goldcorp Corp. | | 2,585 | 102,702 |
| Reliance Steel & Aluminum Co. | | 1,131 | 131,241 |
| | | | 233,943 |
| Paper & Forest Products - 0.2% | | | |
| Domtar Corp. | | 1,282 | 46,652 |
|
| TOTAL MATERIALS | | | 920,719 |
|
| REAL ESTATE - 3.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.4% | | | |
| American Assets Trust, Inc. | | 236 | 11,555 |
| American Campus Communities, Inc. | | 147 | 7,347 |
| Apple Hospitality (REIT), Inc. | | 3,116 | 51,352 |
| Brixmor Property Group, Inc. | | 6,021 | 132,582 |
| Camden Property Trust (SBI) | | 215 | 24,590 |
| Columbia Property Trust, Inc. | | 58 | 1,190 |
| Crown Castle International Corp. | | 111 | 15,406 |
| EastGroup Properties, Inc. | | 133 | 17,815 |
| Essex Property Trust, Inc. | | 43 | 14,067 |
| Gaming & Leisure Properties | | 633 | 25,548 |
| Hospitality Properties Trust (SBI) | | 792 | 20,038 |
| Host Hotels & Resorts, Inc. | | 2,876 | 47,138 |
| Life Storage, Inc. | | 359 | 39,102 |
| Outfront Media, Inc. | | 1,901 | 50,015 |
| Park Hotels & Resorts, Inc. | | 2,425 | 56,381 |
| Prologis, Inc. | | 14 | 1,229 |
| PS Business Parks, Inc. | | 88 | 15,888 |
| Realty Income Corp. | | 495 | 40,486 |
| Retail Properties America, Inc. | | 606 | 8,339 |
| RLJ Lodging Trust | | 81 | 1,329 |
| Store Capital Corp. | | 1,929 | 78,125 |
| Sunstone Hotel Investors, Inc. | | 2,625 | 35,464 |
| Ventas, Inc. | | 637 | 41,469 |
| VEREIT, Inc. | | 4,334 | 42,647 |
| VICI Properties, Inc. | | 1,025 | 24,139 |
| Weingarten Realty Investors (SBI) | | 204 | 6,473 |
| | | | 809,714 |
| Real Estate Management & Development - 0.1% | | | |
| CBRE Group, Inc. (a) | | 187 | 10,014 |
| Jones Lang LaSalle, Inc. | | 9 | 1,319 |
| | | | 11,333 |
|
| TOTAL REAL ESTATE | | | 821,047 |
|
| UTILITIES - 5.4% | | | |
| Electric Utilities - 3.1% | | | |
| Duke Energy Corp. | | 990 | 93,317 |
| Exelon Corp. | | 3,995 | 181,733 |
| IDACORP, Inc. | | 57 | 6,134 |
| NextEra Energy, Inc. | | 269 | 64,113 |
| OGE Energy Corp. | | 2,396 | 103,172 |
| PNM Resources, Inc. | | 481 | 25,084 |
| Portland General Electric Co. | | 1,949 | 110,859 |
| PPL Corp. | | 2,376 | 79,572 |
| Xcel Energy, Inc. | | 1,023 | 64,971 |
| | | | 728,955 |
| Gas Utilities - 0.5% | | | |
| Southwest Gas Holdings, Inc. | | 87 | 7,595 |
| UGI Corp. | | 2,346 | 111,834 |
| | | | 119,429 |
| Independent Power and Renewable Electricity Producers - 1.0% | | | |
| The AES Corp. | | 7,672 | 130,808 |
| Vistra Energy Corp. | | 4,507 | 121,824 |
| | | | 252,632 |
| Multi-Utilities - 0.6% | | | |
| Ameren Corp. | | 715 | 55,556 |
| MDU Resources Group, Inc. | | 2,798 | 80,834 |
| NorthWestern Energy Corp. | | 22 | 1,595 |
| | | | 137,985 |
| Water Utilities - 0.2% | | | |
| American States Water Co. | | 16 | 1,522 |
| American Water Works Co., Inc. | | 383 | 47,212 |
| | | | 48,734 |
|
| TOTAL UTILITIES | | | 1,287,735 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $21,523,502) | | | 22,301,385 |
|
| Money Market Funds - 5.7% | | | |
| Fidelity Cash Central Fund 1.83% (b) | | | |
| (Cost $1,342,291) | | 1,342,022 | 1,342,291 |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | | | |
| (Cost $22,865,793) | | | 23,643,676 |
| NET OTHER ASSETS (LIABILITIES) - 0.2% | | | 51,947 |
| NET ASSETS - 100% | | | $23,695,623 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini S&P 500 Index Contracts (United States) | 9 | Dec. 2019 | $1,366,110 | $22,217 | $22,217 |
The notional amount of futures purchased as a percentage of Net Assets is 5.8%
Legend
(a) Non-income producing
(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 are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $11,208 |
| Total | $11,208 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $2,144,639 | $2,144,639 | $-- | $-- |
| Consumer Discretionary | 1,528,662 | 1,528,662 | -- | -- |
| Consumer Staples | 2,012,762 | 2,012,762 | -- | -- |
| Energy | 1,398,804 | 1,398,804 | -- | -- |
| Financials | 4,885,439 | 4,885,439 | -- | -- |
| Health Care | 3,236,814 | 3,236,814 | -- | -- |
| Industrials | 2,277,844 | 2,277,844 | -- | -- |
| Information Technology | 1,786,920 | 1,786,920 | -- | -- |
| Materials | 920,719 | 920,719 | -- | -- |
| Real Estate | 821,047 | 821,047 | -- | -- |
| Utilities | 1,287,735 | 1,287,735 | -- | -- |
| Money Market Funds | 1,342,291 | 1,342,291 | -- | -- |
| Total Investments in Securities: | $23,643,676 | $23,643,676 | $-- | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $22,217 | $22,217 | $-- | $-- |
| Total Assets | $22,217 | $22,217 | $-- | $-- |
| Total Derivative Instruments: | $22,217 | $22,217 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
| Primary Risk Exposure / Derivative Type | Value |
| | Asset | Liability |
| Equity Risk | | |
| Futures Contracts(a) | $22,217 | $0 |
| Total Equity Risk | 22,217 | 0 |
| Total Value of Derivatives | $22,217 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $21,523,502) | $22,301,385 | |
| Fidelity Central Funds (cost $1,342,291) | 1,342,291 | |
| Total Investment in Securities (cost $22,865,793) | | $23,643,676 |
| Segregated cash with brokers for derivative instruments | | 56,700 |
| Cash | | 16,685 |
| Receivable for investments sold | | 204,704 |
| Receivable for fund shares sold | | 9,006 |
| Dividends receivable | | 33,622 |
| Distributions receivable from Fidelity Central Funds | | 1,287 |
| Total assets | | 23,965,680 |
| Liabilities | | |
| Payable for investments purchased | $217,963 | |
| Payable for fund shares redeemed | 46,694 | |
| Payable for daily variation margin on futures contracts | 5,400 | |
| Total liabilities | | 270,057 |
| Net Assets | | $23,695,623 |
| Net Assets consist of: | | |
| Paid in capital | | $22,719,027 |
| Total accumulated earnings (loss) | | 976,596 |
| Net Assets, for 2,274,724 shares outstanding | | $23,695,623 |
| Net Asset Value, offering price and redemption price per share ($23,695,623 ÷ 2,274,724 shares) | | $10.42 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 27, 2019 (commencement of operations) to
October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $223,046 |
| Income from Fidelity Central Funds | | 11,208 |
| Total income | | 234,254 |
| Expenses | | |
| Independent trustees' fees and expenses | $37 | |
| Total expenses | | 37 |
| Net investment income (loss) | | 234,217 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (63,587) | |
| Futures contracts | 5,866 | |
| Total net realized gain (loss) | | (57,721) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 777,883 | |
| Futures contracts | 22,217 | |
| Total change in net unrealized appreciation (depreciation) | | 800,100 |
| Net gain (loss) | | 742,379 |
| Net increase (decrease) in net assets resulting from operations | | $976,596 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 27, 2019 (commencement of operations) to
October 31, 2019 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $234,217 |
| Net realized gain (loss) | (57,721) |
| Change in net unrealized appreciation (depreciation) | 800,100 |
| Net increase (decrease) in net assets resulting from operations | 976,596 |
| Share transactions | |
| Proceeds from sales of shares | 30,005,931 |
| Cost of shares redeemed | (7,286,904) |
| Net increase (decrease) in net assets resulting from share transactions | 22,719,027 |
| Total increase (decrease) in net assets | 23,695,623 |
| Net Assets | |
| Beginning of period | – |
| End of period | $23,695,623 |
| Other Information | |
| Shares | |
| Sold | 2,996,340 |
| Redeemed | (721,616) |
| Net increase (decrease) | 2,274,724 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Large Cap Value II Fund
| | Six months ended (Unaudited) October 31, |
| | 2019 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .09 |
| Net realized and unrealized gain (loss) | .33 |
| Total from investment operations | .42 |
| Net asset value, end of period | $10.42 |
| Total ReturnC | 4.20% |
| Ratios to Average Net AssetsD,E | |
| Expenses before reductionsF | - %G |
| Expenses net of fee waivers, if anyF | - %G |
| Expenses net of all reductionsF | - %G |
| Net investment income (loss) | 2.70%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $23,696 |
| Portfolio turnover rateH | 52%I |
A For the period June 27, 2019 (commencement of operations) to October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
1. Organization.
Fidelity Flex Large Cap Value II 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. The Fund is available only to certain fee-based accounts offered by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 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. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
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 | $1,324,891 |
| Gross unrealized depreciation | (592,771) |
| Net unrealized appreciation (depreciation) | $732,120 |
| Tax cost | $22,933,773 |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $34,480,953 and $12,888,315, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. 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.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (June 27, 2019 to October 31, 2019). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period |
| Actual | - %-B | $1,000.00 | $1,042.00 | $--C,D |
| Hypothetical-E | | $1,000.00 | $1,025.14 | $--D,F |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Amount represents less than .005%.
C Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 127/366 (to reflect the period June 27, 2019 to October 31, 2019).
D Amount represents less than $.005.
E 5% return per year before expenses
F Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex Large Cap Value II Fund
On March 6, 2019, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company (FMR), the sub-advisory agreements with affiliates of FMR, and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (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 Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation programs and whether the structures provide 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 and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's and Geode'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 and Geode's investment professionals have sufficient access to 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. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder 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.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
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.
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 noted that the fund is available exclusively to certain Fidelity fee-based programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with the exception of taxes, fees and expenses of the Independent Trustees, interest, 12b-1 fees, proxy and shareholder meeting expenses, and non-recurring and/or extraordinary expenses, such as litigation. The Board further noted that the fund will also pay its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The 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. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with 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.
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 and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.
FLV-SANN-1219
1.9893833.100
Fidelity® Mid-Cap Stock K6 Fund
Semi-Annual Report
October 31, 2019
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2019
| | % of fund's net assets |
| NVR, Inc. | 2.0 |
| Amphenol Corp. Class A | 1.5 |
| Radian Group, Inc. | 1.6 |
| Huntington Bancshares, Inc. | 1.4 |
| WNS Holdings Ltd. sponsored ADR | 1.4 |
| M&T Bank Corp. | 1.4 |
| Reinsurance Group of America, Inc. | 1.3 |
| OGE Energy Corp. | 1.3 |
| VICI Properties, Inc. | 1.3 |
| Huntington Ingalls Industries, Inc. | 1.2 |
| | 14.4 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Financials | 21.4 |
| Consumer Discretionary | 14.6 |
| Industrials | 11.2 |
| Information Technology | 9.8 |
| Health Care | 8.3 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019* |
| | Stocks | 92.6% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 7.4% |
* Foreign investments - 14.6%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 92.6% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 1.9% | | | |
| Diversified Telecommunication Services - 0.6% | | | |
| Cogent Communications Group, Inc. | | 6,655 | $390,249 |
| Iridium Communications, Inc. (a) | | 12,099 | 296,063 |
| | | | 686,312 |
| Media - 0.6% | | | |
| Nexstar Broadcasting Group, Inc. Class A | | 4,034 | 392,468 |
| Sinclair Broadcast Group, Inc. Class A | | 10,183 | 405,691 |
| | | | 798,159 |
| Wireless Telecommunication Services - 0.7% | | | |
| Sprint Corp. (a) | | 130,028 | 807,474 |
|
| TOTAL COMMUNICATION SERVICES | | | 2,291,945 |
|
| CONSUMER DISCRETIONARY - 14.6% | | | |
| Automobiles - 1.1% | | | |
| Aston Martin Lagonda Global Holdings PLC (a)(b) | | 55,500 | 287,064 |
| Fiat Chrysler Automobiles NV | | 66,938 | 1,025,490 |
| | | | 1,312,554 |
| Hotels, Restaurants & Leisure - 2.8% | | | |
| ARAMARK Holdings Corp. | | 21,389 | 935,983 |
| Drive Shack, Inc. (a) | | 56,738 | 226,385 |
| Dunkin' Brands Group, Inc. | | 6,957 | 546,959 |
| Wyndham Hotels & Resorts, Inc. | | 19,553 | 1,055,275 |
| Wynn Resorts Ltd. | | 5,243 | 636,186 |
| | | | 3,400,788 |
| Household Durables - 3.7% | | | |
| D.R. Horton, Inc. | | 20,963 | 1,097,832 |
| Lennar Corp. Class A | | 10,160 | 605,536 |
| Mohawk Industries, Inc. (a) | | 2,338 | 335,222 |
| NVR, Inc. (a) | | 681 | 2,476,513 |
| | | | 4,515,103 |
| Leisure Products - 0.8% | | | |
| Peloton Interactive, Inc. Class A (a)(c) | | 42,859 | 1,023,044 |
| Multiline Retail - 1.4% | | | |
| Dollar General Corp. | | 7,481 | 1,199,504 |
| Dollar Tree, Inc. (a) | | 5,336 | 589,094 |
| | | | 1,788,598 |
| Specialty Retail - 2.7% | | | |
| AutoZone, Inc. (a) | | 589 | 674,040 |
| Best Buy Co., Inc. | | 4,955 | 355,918 |
| National Vision Holdings, Inc. (a) | | 28,498 | 678,252 |
| Ross Stores, Inc. | | 8,369 | 917,828 |
| Tiffany & Co., Inc. | | 5,881 | 732,243 |
| | | | 3,358,281 |
| Textiles, Apparel & Luxury Goods - 2.1% | | | |
| Brunello Cucinelli SpA | | 36,600 | 1,146,225 |
| PVH Corp. | | 5,452 | 475,196 |
| Tapestry, Inc. | | 19,464 | 503,339 |
| Under Armour, Inc. Class A (sub. vtg.) (a) | | 19,464 | 401,932 |
| | | | 2,526,692 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 17,925,060 |
|
| CONSUMER STAPLES - 4.1% | | | |
| Food & Staples Retailing - 1.7% | | | |
| Kroger Co. | | 19,460 | 479,494 |
| Performance Food Group Co. (a) | | 17,326 | 738,261 |
| U.S. Foods Holding Corp. (a) | | 22,882 | 907,729 |
| | | | 2,125,484 |
| Food Products - 1.5% | | | |
| Bunge Ltd. | | 8,130 | 439,020 |
| Conagra Brands, Inc. | | 21,386 | 578,491 |
| Greencore Group PLC | | 281,179 | 846,459 |
| | | | 1,863,970 |
| Personal Products - 0.9% | | | |
| Coty, Inc. Class A | | 25,667 | 300,047 |
| Edgewell Personal Care Co. (a) | | 21,282 | 744,870 |
| | | | 1,044,917 |
|
| TOTAL CONSUMER STAPLES | | | 5,034,371 |
|
| ENERGY - 5.1% | | | |
| Energy Equipment & Services - 0.8% | | | |
| Borr Drilling Ltd. (a) | | 37,912 | 255,312 |
| Oceaneering International, Inc. (a) | | 35,077 | 496,690 |
| Pacific Drilling SA (a) | | 16,361 | 40,903 |
| TechnipFMC PLC | | 11,762 | 232,064 |
| | | | 1,024,969 |
| Oil, Gas & Consumable Fuels - 4.3% | | | |
| Cabot Oil & Gas Corp. | | 26,303 | 490,288 |
| Cheniere Energy, Inc. (a) | | 12,907 | 794,426 |
| GasLog Ltd. | | 20,532 | 281,494 |
| Golar LNG Ltd. | | 34,887 | 480,394 |
| Hess Corp. | | 16,978 | 1,116,304 |
| Kosmos Energy Ltd. | | 125,356 | 777,207 |
| New Fortress Energy LLC | | 22,162 | 382,073 |
| The Williams Companies, Inc. | | 39,564 | 882,673 |
| | | | 5,204,859 |
|
| TOTAL ENERGY | | | 6,229,828 |
|
| FINANCIALS - 21.4% | | | |
| Banks - 8.9% | | | |
| Bank of Hawaii Corp. | | 8,235 | 718,998 |
| Cullen/Frost Bankers, Inc. | | 11,795 | 1,062,494 |
| First Horizon National Corp. | | 60,206 | 961,490 |
| Huntington Bancshares, Inc. | | 121,481 | 1,716,527 |
| M&T Bank Corp. | | 10,818 | 1,693,342 |
| Prosperity Bancshares, Inc. | | 15,792 | 1,089,964 |
| Signature Bank | | 10,476 | 1,239,520 |
| SunTrust Banks, Inc. | | 11,012 | 752,560 |
| UMB Financial Corp. | | 10,990 | 717,207 |
| Wintrust Financial Corp. | | 14,735 | 940,388 |
| | | | 10,892,490 |
| Capital Markets - 3.1% | | | |
| Cboe Global Markets, Inc. | | 3,731 | 429,625 |
| Lazard Ltd. Class A | | 15,248 | 569,208 |
| Northern Trust Corp. | | 9,075 | 904,596 |
| Raymond James Financial, Inc. | | 5,099 | 425,716 |
| The NASDAQ OMX Group, Inc. | | 8,167 | 814,822 |
| TPG Specialty Lending, Inc. | | 34,387 | 732,443 |
| | | | 3,876,410 |
| Insurance - 7.8% | | | |
| American Financial Group, Inc. | | 10,181 | 1,059,231 |
| Arch Capital Group Ltd. (a) | | 31,152 | 1,300,908 |
| Axis Capital Holdings Ltd. | | 11,441 | 679,939 |
| Beazley PLC | | 51,221 | 389,138 |
| First American Financial Corp. | | 17,647 | 1,090,232 |
| FNF Group | | 19,870 | 910,841 |
| Globe Life, Inc. | | 8,665 | 843,364 |
| Hartford Financial Services Group, Inc. | | 14,653 | 836,393 |
| Hiscox Ltd. | | 17,141 | 330,612 |
| Principal Financial Group, Inc. | | 9,982 | 532,839 |
| Reinsurance Group of America, Inc. | | 10,072 | 1,636,398 |
| | | | 9,609,895 |
| Thrifts & Mortgage Finance - 1.6% | | | |
| Radian Group, Inc. | | 76,269 | 1,914,352 |
|
| TOTAL FINANCIALS | | | 26,293,147 |
|
| HEALTH CARE - 8.3% | | | |
| Health Care Equipment & Supplies - 2.0% | | | |
| Boston Scientific Corp. (a) | | 18,716 | 780,457 |
| Hologic, Inc. (a) | | 12,278 | 593,150 |
| ResMed, Inc. | | 4,600 | 680,432 |
| Wright Medical Group NV (a) | | 20,066 | 417,373 |
| | | | 2,471,412 |
| Health Care Providers & Services - 2.8% | | | |
| Centene Corp. (a) | | 7,615 | 404,204 |
| Henry Schein, Inc. (a) | | 11,192 | 700,451 |
| Molina Healthcare, Inc. (a) | | 10,117 | 1,190,164 |
| Universal Health Services, Inc. Class B | | 8,450 | 1,161,537 |
| | | | 3,456,356 |
| Life Sciences Tools & Services - 1.4% | | | |
| Bruker Corp. | | 19,415 | 863,968 |
| Lonza Group AG | | 2,420 | 870,857 |
| | | | 1,734,825 |
| Pharmaceuticals - 2.1% | | | |
| Catalent, Inc. (a) | | 20,544 | 999,466 |
| Perrigo Co. PLC | | 12,618 | 669,006 |
| Recordati SpA | | 12,301 | 516,806 |
| Zogenix, Inc. (a) | | 8,974 | 400,689 |
| | | | 2,585,967 |
|
| TOTAL HEALTH CARE | | | 10,248,560 |
|
| INDUSTRIALS - 11.2% | | | |
| Aerospace & Defense - 1.8% | | | |
| Huntington Ingalls Industries, Inc. | | 6,402 | 1,444,675 |
| Kratos Defense & Security Solutions, Inc. (a) | | 39,223 | 740,530 |
| | | | 2,185,205 |
| Air Freight & Logistics - 0.8% | | | |
| C.H. Robinson Worldwide, Inc. | | 1,160 | 87,742 |
| XPO Logistics, Inc. (a) | | 12,189 | 931,240 |
| | | | 1,018,982 |
| Commercial Services & Supplies - 1.4% | | | |
| IAA Spinco, Inc. (a) | | 11,118 | 424,152 |
| KAR Auction Services, Inc. | | 11,013 | 273,783 |
| Stericycle, Inc. (a) | | 10,486 | 603,994 |
| U.S. Ecology, Inc. | | 6,554 | 407,855 |
| | | | 1,709,784 |
| Electrical Equipment - 3.2% | | | |
| AMETEK, Inc. | | 14,254 | 1,306,379 |
| Generac Holdings, Inc. (a) | | 13,783 | 1,331,162 |
| Melrose Industries PLC | | 316,200 | 872,836 |
| Regal Beloit Corp. | | 6,628 | 490,803 |
| | | | 4,001,180 |
| Machinery - 2.1% | | | |
| Donaldson Co., Inc. | | 25,967 | 1,369,500 |
| Gardner Denver Holdings, Inc. (a) | | 18,500 | 588,855 |
| Pentair PLC | | 15,828 | 656,387 |
| | | | 2,614,742 |
| Marine - 0.0% | | | |
| Goodbulk Ltd. (a)(d) | | 1,500 | 20,042 |
| Professional Services - 0.7% | | | |
| Equifax, Inc. | | 6,107 | 834,888 |
| Road & Rail - 1.2% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 23,840 | 869,206 |
| Lyft, Inc. | | 13,553 | 561,636 |
| | | | 1,430,842 |
|
| TOTAL INDUSTRIALS | | | 13,815,665 |
|
| INFORMATION TECHNOLOGY - 9.8% | | | |
| Communications Equipment - 0.3% | | | |
| Ericsson (B Shares) | | 35,592 | 311,031 |
| Electronic Equipment & Components - 3.0% | | | |
| Amphenol Corp. Class A | | 19,097 | 1,916,002 |
| Fabrinet (a) | | 18,832 | 1,058,923 |
| Keysight Technologies, Inc. (a) | | 7,484 | 755,210 |
| | | | 3,730,135 |
| IT Services - 5.8% | | | |
| Akamai Technologies, Inc. (a) | | 9,780 | 845,970 |
| Black Knight, Inc. (a) | | 20,963 | 1,345,825 |
| Euronet Worldwide, Inc. (a) | | 2,522 | 353,257 |
| Fiserv, Inc. (a) | | 10,326 | 1,096,002 |
| FleetCor Technologies, Inc. (a) | | 1,080 | 317,758 |
| Leidos Holdings, Inc. | | 10,873 | 937,579 |
| Verra Mobility Corp. (a) | | 33,911 | 486,623 |
| WNS Holdings Ltd. sponsored ADR (a) | | 27,431 | 1,696,333 |
| | | | 7,079,347 |
| Software - 0.7% | | | |
| Citrix Systems, Inc. | | 7,865 | 856,184 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 11,976,697 |
|
| MATERIALS - 3.1% | | | |
| Chemicals - 1.5% | | | |
| International Flavors & Fragrances, Inc. | | 5,772 | 704,242 |
| LG Chemical Ltd. | | 1,321 | 347,100 |
| Nutrien Ltd. | | 8,571 | 410,036 |
| Olin Corp. | | 23,738 | 435,355 |
| | | | 1,896,733 |
| Containers & Packaging - 0.2% | | | |
| Avery Dennison Corp. | | 1,500 | 191,790 |
| Metals & Mining - 1.4% | | | |
| Franco-Nevada Corp. | | 5,949 | 577,240 |
| Newcrest Mining Ltd. | | 22,608 | 493,495 |
| Novagold Resources, Inc. (a) | | 91,252 | 663,726 |
| | | | 1,734,461 |
|
| TOTAL MATERIALS | | | 3,822,984 |
|
| REAL ESTATE - 8.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 8.2% | | | |
| Apartment Investment & Management Co. Class A | | 15,931 | 874,293 |
| Cousins Properties, Inc. | | 22,780 | 914,161 |
| Gaming & Leisure Properties | | 17,246 | 696,049 |
| Healthcare Realty Trust, Inc. | | 29,949 | 1,041,327 |
| Healthcare Trust of America, Inc. | | 28,766 | 891,746 |
| National Retail Properties, Inc. | | 17,991 | 1,059,850 |
| SBA Communications Corp. Class A | | 3,026 | 728,207 |
| Spirit Realty Capital, Inc. | | 13,796 | 687,593 |
| Taubman Centers, Inc. | | 16,153 | 577,954 |
| VEREIT, Inc. | | 106,849 | 1,051,394 |
| VICI Properties, Inc. | | 65,791 | 1,549,378 |
| | | | 10,071,952 |
| UTILITIES - 4.9% | | | |
| Electric Utilities - 3.4% | | | |
| Alliant Energy Corp. | | 26,029 | 1,388,387 |
| IDACORP, Inc. | | 10,127 | 1,089,868 |
| OGE Energy Corp. | | 37,604 | 1,619,228 |
| | | | 4,097,483 |
| Gas Utilities - 1.5% | | | |
| Atmos Energy Corp. | | 12,295 | 1,382,942 |
| Spire, Inc. | | 5,776 | 485,531 |
| | | | 1,868,473 |
|
| TOTAL UTILITIES | | | 5,965,956 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $108,454,621) | | | 113,676,165 |
| | | Principal Amount | Value |
|
| Nonconvertible Bonds - 0.0% | | | |
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Pacific Drilling SA 12% 4/1/24 pay-in-kind (b)(e) | | | |
| (Cost $7,010) | | 10,600 | 4,399 |
| | | Shares | Value |
|
| Money Market Funds - 7.5% | | | |
| Fidelity Cash Central Fund 1.83% (f) | | 9,054,600 | 9,056,411 |
| Fidelity Securities Lending Cash Central Fund 1.84% (f)(g) | | 181,857 | 181,875 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $9,238,286) | | | 9,238,286 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $117,699,917) | | | 122,918,850 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (114,088) |
| NET ASSETS - 100% | | | $122,804,762 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $291,463 or 0.2% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Level 3 security
(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $34,882 |
| Fidelity Securities Lending Cash Central Fund | 343 |
| Total | $35,225 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2019, 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 | $2,291,945 | $2,291,945 | $-- | $-- |
| Consumer Discretionary | 17,925,060 | 17,925,060 | -- | -- |
| Consumer Staples | 5,034,371 | 5,034,371 | -- | -- |
| Energy | 6,229,828 | 6,229,828 | -- | -- |
| Financials | 26,293,147 | 26,293,147 | -- | -- |
| Health Care | 10,248,560 | 10,248,560 | -- | -- |
| Industrials | 13,815,665 | 13,795,623 | -- | 20,042 |
| Information Technology | 11,976,697 | 11,665,666 | 311,031 | -- |
| Materials | 3,822,984 | 3,329,489 | 493,495 | -- |
| Real Estate | 10,071,952 | 10,071,952 | -- | -- |
| Utilities | 5,965,956 | 5,965,956 | -- | -- |
| Corporate Bonds | 4,399 | -- | 4,399 | -- |
| Money Market Funds | 9,238,286 | 9,238,286 | -- | -- |
| Total Investments in Securities: | $122,918,850 | $122,089,883 | $808,925 | $20,042 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 85.4% |
| Bermuda | 3.5% |
| Ireland | 1.8% |
| United Kingdom | 1.4% |
| Bailiwick of Jersey | 1.4% |
| Italy | 1.4% |
| Canada | 1.3% |
| Netherlands | 1.2% |
| Others (Individually Less Than 1%) | 2.6% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $179,025) — See accompanying schedule:
Unaffiliated issuers (cost $108,461,631) | $113,680,564 | |
| Fidelity Central Funds (cost $9,238,286) | 9,238,286 | |
| Total Investment in Securities (cost $117,699,917) | | $122,918,850 |
| Cash | | 21,452 |
| Receivable for investments sold | | 849,109 |
| Receivable for fund shares sold | | 9 |
| Dividends receivable | | 33,582 |
| Interest receivable | | 99 |
| Distributions receivable from Fidelity Central Funds | | 14,251 |
| Other receivables | | 13 |
| Total assets | | 123,837,365 |
| Liabilities | | |
| Payable for investments purchased | $757,209 | |
| Payable for fund shares redeemed | 48,774 | |
| Accrued management fee | 44,745 | |
| Collateral on securities loaned | 181,875 | |
| Total liabilities | | 1,032,603 |
| Net Assets | | $122,804,762 |
| Net Assets consist of: | | |
| Paid in capital | | $117,528,264 |
| Total accumulated earnings (loss) | | 5,276,498 |
| Net Assets, for 11,838,954 shares outstanding | | $122,804,762 |
| Net Asset Value, offering price and redemption price per share ($122,804,762 ÷ 11,838,954 shares) | | $10.37 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | For the period
June 13, 2019 (commencement of operations) to
October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $365,143 |
| Interest | | 164 |
| Income from Fidelity Central Funds (including $343 from security lending) | | 35,225 |
| Total income | | 400,532 |
| Expenses | | |
| Management fee | $108,248 | |
| Independent trustees' fees and expenses | 64 | |
| Total expenses before reductions | 108,312 | |
| Expense reductions | (22) | |
| Total expenses after reductions | | 108,290 |
| Net investment income (loss) | | 292,242 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (235,233) | |
| Foreign currency transactions | 830 | |
| Total net realized gain (loss) | | (234,403) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 5,218,933 | |
| Assets and liabilities in foreign currencies | (274) | |
| Total change in net unrealized appreciation (depreciation) | | 5,218,659 |
| Net gain (loss) | | 4,984,256 |
| Net increase (decrease) in net assets resulting from operations | | $5,276,498 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | For the period
June 13, 2019 (commencement of operations) to
October 31, 2019 (Unaudited) |
| Increase (Decrease) in Net Assets | |
| Operations | |
| Net investment income (loss) | $292,242 |
| Net realized gain (loss) | (234,403) |
| Change in net unrealized appreciation (depreciation) | 5,218,659 |
| Net increase (decrease) in net assets resulting from operations | 5,276,498 |
| Share transactions | |
| Proceeds from sales of shares | 121,937,669 |
| Cost of shares redeemed | (4,409,405) |
| Net increase (decrease) in net assets resulting from share transactions | 117,528,264 |
| Total increase (decrease) in net assets | 122,804,762 |
| Net Assets | |
| Beginning of period | – |
| End of period | $122,804,762 |
| Other Information | |
| Shares | |
| Sold | 12,274,640 |
| Redeemed | (435,686) |
| Net increase (decrease) | 11,838,954 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Mid-Cap Stock K6 Fund
| | Six months ended (Unaudited) October 31, |
| | 2019 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $10.00 |
| Income from Investment Operations | |
| Net investment income (loss)B | .05 |
| Net realized and unrealized gain (loss) | .32 |
| Total from investment operations | .37 |
| Net asset value, end of period | $10.37 |
| Total ReturnC,D | 3.70% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .45%G |
| Expenses net of fee waivers, if any | .45%G |
| Expenses net of all reductions | .45%G |
| Net investment income (loss) | 1.21%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $122,805 |
| Portfolio turnover rateH | 19%I,J |
A For the period June 13, 2019 (commencement of operations) to October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
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.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
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 | $7,115,798 |
| Gross unrealized depreciation | (1,900,258) |
| Net unrealized appreciation (depreciation) | $5,215,540 |
| Tax cost | $117,703,310 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $8,417,555 and $9,980,627, respectively.
Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $6,840,295 in exchange for 677,928 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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. The Fund placed a portion of its portfolio transactions 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 $305 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Exchanges In-Kind. During the period, the Fund received investments, including accrued interest, and cash valued at $112,603,573 in exchange for 11,351,167 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
6. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $179,025. Total fees paid by the Fund to NFS, as lending agent, amounted to $37. 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, and includes $26 from securities loaned to NFS, as affiliated borrower.
7. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $22 for the period.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (June 13, 2019 to October 31, 2019). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2019 to October 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| | Annualized Expense Ratio-A | Beginning
Account Value | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period |
| Actual | .45% | $1,000.00 | $1,037.00 | $1.77-B |
| Hypothetical-C | | $1,000.00 | $1,022.87 | $2.29-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 141/366 (to reflect the period June 13, 2019 to October 31, 2019).
C 5% return per year before expenses
D Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Mid-Cap Stock K6 Fund
On March 6, 2019, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company (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 Fidelity's 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. 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 that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder 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.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
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.
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 ..In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate out of which FMR will pay all operating expenses, with certain limited exceptions, and the projected total expense ratio of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.
Based on its review, the Board concluded that the fund's management fee and projected total expense ratio were 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. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
MCS-K6-SANN-1219
1.9893889.100
Fidelity® Founders Fund
Semi-Annual Report
October 31, 2019
Includes Fidelity and Fidelity Advisor share classes
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
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. © 2019 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.
Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2019
| | % of fund's net assets |
| Microsoft Corp. | 6.1 |
| Alphabet, Inc. Class C | 5.4 |
| Amazon.com, Inc. | 4.9 |
| Salesforce.com, Inc. | 3.5 |
| Danaher Corp. | 2.8 |
| | 22.7 |
Top Five Market Sectors as of October 31, 2019
| | % of fund's net assets |
| Information Technology | 28.5 |
| Health Care | 15.4 |
| Consumer Discretionary | 14.0 |
| Communication Services | 9.5 |
| Industrials | 8.6 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2019* |
| | Stocks | 96.2% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 3.8% |
* Foreign investments - 9.3%
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 96.2% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 9.5% | | | |
| Entertainment - 1.0% | | | |
| Netflix, Inc. (a) | | 469 | $134,795 |
| World Wrestling Entertainment, Inc. Class A | | 1,609 | 90,168 |
| | | | 224,963 |
| Interactive Media & Services - 8.5% | | | |
| Alphabet, Inc. Class C (a) | | 956 | 1,204,665 |
| Facebook, Inc. Class A (a) | | 3,218 | 616,730 |
| Tencent Holdings Ltd. sponsored ADR | | 2,386 | 96,633 |
| | | | 1,918,028 |
|
| TOTAL COMMUNICATION SERVICES | | | 2,142,991 |
|
| CONSUMER DISCRETIONARY - 14.0% | | | |
| Diversified Consumer Services - 0.6% | | | |
| Arco Platform Ltd. Class A (a) | | 3,022 | 125,413 |
| Hotels, Restaurants & Leisure - 2.1% | | | |
| Boyd Gaming Corp. | | 1,632 | 44,472 |
| Chipotle Mexican Grill, Inc. (a) | | 296 | 230,335 |
| Marriott International, Inc. Class A | | 512 | 64,794 |
| Melco Crown Entertainment Ltd. sponsored ADR | | 1,509 | 32,504 |
| Monarch Casino & Resort, Inc. (a) | | 443 | 19,133 |
| Shake Shack, Inc. Class A (a) | | 962 | 79,153 |
| | | | 470,391 |
| Household Durables - 1.0% | | | |
| D.R. Horton, Inc. | | 3,328 | 174,287 |
| Toll Brothers, Inc. | | 1,606 | 63,871 |
| | | | 238,158 |
| Internet & Direct Marketing Retail - 7.4% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 1,245 | 219,954 |
| Amazon.com, Inc. (a) | | 621 | 1,103,306 |
| GrubHub, Inc. (a) | | 1,613 | 54,939 |
| MercadoLibre, Inc. (a) | | 134 | 69,884 |
| Pinduoduo, Inc. ADR (a) | | 2,802 | 114,546 |
| The RealReal, Inc. | | 4,673 | 107,993 |
| Wayfair LLC Class A (a) | | 60 | 4,934 |
| | | | 1,675,556 |
| Multiline Retail - 1.5% | | | |
| Dollar Tree, Inc. (a) | | 3,113 | 343,675 |
| Specialty Retail - 0.6% | | | |
| Five Below, Inc. (a) | | 1,131 | 141,499 |
| Textiles, Apparel & Luxury Goods - 0.8% | | | |
| Capri Holdings Ltd. (a) | | 1,309 | 40,671 |
| Gildan Activewear, Inc. | | 1,046 | 26,704 |
| Moncler SpA | | 1,100 | 42,375 |
| Ralph Lauren Corp. | | 637 | 61,190 |
| | | | 170,940 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 3,165,632 |
|
| CONSUMER STAPLES - 2.1% | | | |
| Beverages - 1.7% | | | |
| Boston Beer Co., Inc. Class A (a) | | 503 | 188,353 |
| Fever-Tree Drinks PLC | | 2,469 | 59,487 |
| Monster Beverage Corp. (a) | | 2,310 | 129,660 |
| | | | 377,500 |
| Personal Products - 0.4% | | | |
| Estee Lauder Companies, Inc. Class A | | 506 | 94,253 |
|
| TOTAL CONSUMER STAPLES | | | 471,753 |
|
| ENERGY - 2.9% | | | |
| Oil, Gas & Consumable Fuels - 2.9% | | | |
| Continental Resources, Inc. | | 2,117 | 62,388 |
| Hess Corp. | | 5,906 | 388,320 |
| Parsley Energy, Inc. Class A | | 2,185 | 34,545 |
| Pioneer Natural Resources Co. | | 1,327 | 163,248 |
| | | | 648,501 |
| FINANCIALS - 8.3% | | | |
| Banks - 2.8% | | | |
| First Republic Bank | | 2,442 | 259,731 |
| Signature Bank | | 3,155 | 373,300 |
| | | | 633,031 |
| Capital Markets - 4.2% | | | |
| BlackRock, Inc. Class A | | 193 | 89,108 |
| EQT AB (a) | | 800 | 7,675 |
| Intercontinental Exchange, Inc. | | 2,122 | 200,147 |
| Morningstar, Inc. | | 1,933 | 312,837 |
| The Blackstone Group LP | | 3,616 | 192,227 |
| Tradeweb Markets, Inc. Class A | | 3,451 | 144,079 |
| | | | 946,073 |
| Diversified Financial Services - 1.0% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 1,057 | 224,697 |
| Thrifts & Mortgage Finance - 0.3% | | | |
| LendingTree, Inc. (a) | | 169 | 60,815 |
|
| TOTAL FINANCIALS | | | 1,864,616 |
|
| HEALTH CARE - 15.4% | | | |
| Biotechnology - 4.0% | | | |
| Argenx SE ADR (a) | | 1,827 | 223,734 |
| Ascendis Pharma A/S sponsored ADR (a) | | 484 | 53,521 |
| Blueprint Medicines Corp. (a) | | 512 | 35,246 |
| Neurocrine Biosciences, Inc. (a) | | 1,293 | 128,641 |
| Vertex Pharmaceuticals, Inc. (a) | | 2,414 | 471,889 |
| | | | 913,031 |
| Health Care Equipment & Supplies - 7.4% | | | |
| Boston Scientific Corp. (a) | | 6,836 | 285,061 |
| Danaher Corp. | | 4,629 | 637,969 |
| Genmark Diagnostics, Inc. (a) | | 883 | 4,954 |
| Hologic, Inc. (a) | | 2,258 | 109,084 |
| Masimo Corp. (a) | | 1,927 | 280,937 |
| Penumbra, Inc. (a) | | 1,298 | 202,449 |
| ResMed, Inc. | | 939 | 138,897 |
| | | | 1,659,351 |
| Health Care Providers & Services - 2.1% | | | |
| UnitedHealth Group, Inc. | | 1,840 | 464,968 |
| Health Care Technology - 0.7% | | | |
| Veeva Systems, Inc. Class A (a) | | 1,162 | 164,806 |
| Life Sciences Tools & Services - 1.2% | | | |
| 10X Genomics, Inc. (a) | | 2,150 | 124,700 |
| Bruker Corp. | | 3,266 | 145,337 |
| | | | 270,037 |
|
| TOTAL HEALTH CARE | | | 3,472,193 |
|
| INDUSTRIALS - 8.6% | | | |
| Aerospace & Defense - 2.5% | | | |
| TransDigm Group, Inc. | | 1,066 | 561,014 |
| Airlines - 0.4% | | | |
| Southwest Airlines Co. | | 1,682 | 94,411 |
| Commercial Services & Supplies - 1.7% | | | |
| Cintas Corp. | | 740 | 198,816 |
| Copart, Inc. (a) | | 1,707 | 141,066 |
| Waste Connection, Inc. (United States) | | 508 | 46,939 |
| | | | 386,821 |
| Machinery - 2.5% | | | |
| Fortive Corp. | | 1,337 | 92,253 |
| PACCAR, Inc. | | 6,028 | 458,490 |
| | | | 550,743 |
| Road & Rail - 0.8% | | | |
| Lyft, Inc. | | 4,452 | 184,491 |
| Trading Companies & Distributors - 0.7% | | | |
| Indutrade AB | | 5,080 | 156,361 |
|
| TOTAL INDUSTRIALS | | | 1,933,841 |
|
| INFORMATION TECHNOLOGY - 28.5% | | | |
| Communications Equipment - 0.3% | | | |
| Arista Networks, Inc. (a) | | 226 | 55,273 |
| IT Services - 4.9% | | | |
| Black Knight, Inc. (a) | | 2,499 | 160,436 |
| EPAM Systems, Inc. (a) | | 728 | 128,099 |
| Euronet Worldwide, Inc. (a) | | 504 | 70,595 |
| GoDaddy, Inc. (a) | | 2,869 | 186,571 |
| MongoDB, Inc. Class A (a) | | 851 | 108,732 |
| Square, Inc. (a) | | 771 | 47,363 |
| VeriSign, Inc. (a) | | 1,611 | 306,122 |
| Wix.com Ltd. (a) | | 831 | 101,440 |
| | | | 1,109,358 |
| Semiconductors & Semiconductor Equipment - 2.0% | | | |
| Analog Devices, Inc. | | 1,825 | 194,600 |
| NVIDIA Corp. | | 1,324 | 266,150 |
| | | | 460,750 |
| Software - 21.3% | | | |
| Adobe, Inc. (a) | | 2,168 | 602,552 |
| Atlassian Corp. PLC (a) | | 1,041 | 125,742 |
| BlackLine, Inc. (a) | | 894 | 41,786 |
| Cloudflare, Inc. (a) | | 108 | 1,819 |
| Datadog, Inc. Class A (a) | | 62 | 2,083 |
| DocuSign, Inc. (a) | | 4,995 | 330,619 |
| HubSpot, Inc. (a) | | 1,342 | 208,144 |
| Intuit, Inc. | | 1,001 | 257,758 |
| LivePerson, Inc. (a) | | 1,492 | 61,247 |
| Microsoft Corp. | | 9,579 | 1,373,340 |
| Paylocity Holding Corp. (a) | | 1,399 | 143,537 |
| RingCentral, Inc. (a) | | 1,109 | 179,126 |
| Salesforce.com, Inc. (a) | | 4,978 | 779,007 |
| SAP SE sponsored ADR | | 340 | 45,077 |
| Slack Technologies, Inc. Class A (a) | | 1,000 | 22,000 |
| SS&C Technologies Holdings, Inc. | | 551 | 28,658 |
| SurveyMonkey (a) | | 2,680 | 49,312 |
| The Trade Desk, Inc. (a) | | 593 | 119,074 |
| Workday, Inc. Class A (a) | | 1,995 | 323,509 |
| Workiva, Inc. (a) | | 1,882 | 78,423 |
| Zscaler, Inc. (a) | | 725 | 31,886 |
| | | | 4,804,699 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 6,430,080 |
|
| MATERIALS - 3.0% | | | |
| Chemicals - 0.4% | | | |
| Westlake Chemical Corp. | | 1,530 | 96,681 |
| Metals & Mining - 2.6% | | | |
| Barrick Gold Corp. | | 32,687 | 567,446 |
| Steel Dynamics, Inc. | | 355 | 10,778 |
| | | | 578,224 |
|
| TOTAL MATERIALS | | | 674,905 |
|
| REAL ESTATE - 3.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.2% | | | |
| Alexandria Real Estate Equities, Inc. | | 468 | 74,295 |
| Crown Castle International Corp. | | 3,663 | 508,388 |
| Public Storage | | 641 | 142,853 |
| | | | 725,536 |
| UTILITIES - 0.7% | | | |
| Water Utilities - 0.7% | | | |
| AquaVenture Holdings Ltd. (a) | | 8,241 | 161,688 |
| TOTAL COMMON STOCKS | | | |
| (Cost $20,478,894) | | | 21,691,736 |
|
| Money Market Funds - 1.5% | | | |
| Fidelity Cash Central Fund 1.83% (b) | | | |
| (Cost $338,248) | | 338,180 | 338,248 |
| TOTAL INVESTMENT IN SECURITIES - 97.7% | | | |
| (Cost $20,817,142) | | | 22,029,984 |
| NET OTHER ASSETS (LIABILITIES) - 2.3% | | | 524,354 |
| NET ASSETS - 100% | | | $22,554,338 |
Legend
(a) Non-income producing
(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 are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $3,010 |
| Total | $3,010 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $20,478,894) | $21,691,736 | |
| Fidelity Central Funds (cost $338,248) | 338,248 | |
| Total Investment in Securities (cost $20,817,142) | | $22,029,984 |
| Receivable for investments sold | | 110,331 |
| Receivable for fund shares sold | | 531,579 |
| Dividends receivable | | 2,231 |
| Distributions receivable from Fidelity Central Funds | | 370 |
| Prepaid expenses | | 27,614 |
| Receivable from investment adviser for expense reductions | | 12,475 |
| Other receivables | | 173 |
| Total assets | | 22,714,757 |
| Liabilities | | |
| Payable for investments purchased | $93,454 | |
| Payable for fund shares redeemed | 27,461 | |
| Payable for audit fee | 17,912 | |
| Accrued management fee | 9,655 | |
| Distribution and service plan fees payable | 359 | |
| Other affiliated payables | 4,860 | |
| Other payables and acrrued expenses | 6,718 | |
| Total liabilities | | 160,419 |
| Net Assets | | $22,554,338 |
| Net Assets consist of: | | |
| Paid in capital | | $21,777,994 |
| Total accumulated earnings (loss) | | 776,344 |
| Net Assets | | $22,554,338 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($1,166,022 ÷ 108,385 shares)(a) | | $10.76 |
| Maximum offering price per share (100/94.25 of $10.76) | | $11.42 |
| Class M: | | |
| Net Asset Value and redemption price per share ($250,891 ÷ 23,366 shares)(a) | | $10.74 |
| Maximum offering price per share (100/96.50 of $10.74) | | $11.13 |
| Class C: | | |
| Net Asset Value and offering price per share ($193,364 ÷ 18,072 shares)(a) | | $10.70 |
| Fidelity Founders Fund: | | |
| Net Asset Value, offering price and redemption price per share ($16,689,475 ÷ 1,548,880 shares) | | $10.78 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($341,854 ÷ 31,725 shares) | | $10.78 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($3,912,732 ÷ 362,766 shares) | | $10.79 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended October 31, 2019 (Unaudited) |
| Investment Income | | |
| Dividends | | $45,099 |
| Special dividends | | 32,610 |
| Income from Fidelity Central Funds | | 3,010 |
| Total income | | 80,719 |
| Expenses | | |
| Management fee | $59,117 | |
| Transfer agent fees | 22,492 | |
| Distribution and service plan fees | 1,850 | |
| Accounting fees | 4,292 | |
| Custodian fees and expenses | 4,971 | |
| Independent trustees' fees and expenses | 54 | |
| Registration fees | 71,130 | |
| Audit | 19,258 | |
| Legal | 641 | |
| Miscellaneous | 45 | |
| Total expenses before reductions | 183,850 | |
| Expense reductions | (76,347) | |
| Total expenses after reductions | | 107,503 |
| Net investment income (loss) | | (26,784) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (389,521) | |
| Foreign currency transactions | (255) | |
| Total net realized gain (loss) | | (389,776) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 289,511 | |
| Assets and liabilities in foreign currencies | 2 | |
| Total change in net unrealized appreciation (depreciation) | | 289,513 |
| Net gain (loss) | | (100,263) |
| Net increase (decrease) in net assets resulting from operations | | $(127,047) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended October 31, 2019 (Unaudited) | For the period
February 14, 2019 (commencement of operations) to April 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(26,784) | $(10,220) |
| Net realized gain (loss) | (389,776) | (20,929) |
| Change in net unrealized appreciation (depreciation) | 289,513 | 923,329 |
| Net increase (decrease) in net assets resulting from operations | (127,047) | 892,180 |
| Share transactions - net increase (decrease) | 4,912,653 | 16,876,552 |
| Total increase (decrease) in net assets | 4,785,606 | 17,768,732 |
| Net Assets | | |
| Beginning of period | 17,768,732 | – |
| End of period | $22,554,338 | $17,768,732 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Founders Fund Class A
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.85 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.03)C | (.02) |
| Net realized and unrealized gain (loss) | (.06) | .87 |
| Total from investment operations | (.09) | .85 |
| Net asset value, end of period | $10.76 | $10.85 |
| Total ReturnD,E,F | (.83)% | 8.50% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | 1.83%I | 4.81%I |
| Expenses net of fee waivers, if any | 1.25%I | 1.25%I |
| Expenses net of all reductions | 1.25%I | 1.25%I |
| Net investment income (loss) | (.52)%C,I | (.74)%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $1,166 | $220 |
| Portfolio turnover rateJ | 96%I | 4%K |
A For the period February 14, 2019 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this non-recurring dividend the ratio of net investment income (loss) to average net assets would have been (.81)%.
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 Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Founders Fund Class M
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.85 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.04)C | (.02) |
| Net realized and unrealized gain (loss) | (.07) | .87 |
| Total from investment operations | (.11) | .85 |
| Net asset value, end of period | $10.74 | $10.85 |
| Total ReturnD,E,F | (1.01)% | 8.50% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | 2.06%I | 5.05%I |
| Expenses net of fee waivers, if any | 1.50%I | 1.50%I |
| Expenses net of all reductions | 1.50%I | 1.50%I |
| Net investment income (loss) | (.77)%C,I | (.99)%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $251 | $205 |
| Portfolio turnover rateJ | 96%I | 4%K |
A For the period February 14, 2019 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this non-recurring dividend the ratio of net investment income (loss) to average net assets would have been (1.06)%.
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 Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Founders Fund Class C
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.84 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.07)C | (.03) |
| Net realized and unrealized gain (loss) | (.07) | .87 |
| Total from investment operations | (.14) | .84 |
| Net asset value, end of period | $10.70 | $10.84 |
| Total ReturnD,E,F | (1.29)% | 8.40% |
| Ratios to Average Net AssetsG,H | | |
| Expenses before reductions | 2.55%I | 5.67%I |
| Expenses net of fee waivers, if any | 2.00%I | 2.00%I |
| Expenses net of all reductions | 2.00%I | 2.00%I |
| Net investment income (loss) | (1.27)%C,I | (1.49)%I |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $193 | $173 |
| Portfolio turnover rateJ | 96%I | 4%K |
A For the period February 14, 2019 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this non-recurring dividend the ratio of net investment income (loss) to average net assets would have been (1.56)%.
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 Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Founders Fund
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.86 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.01)C | (.01) |
| Net realized and unrealized gain (loss) | (.07) | .87 |
| Total from investment operations | (.08) | .86 |
| Net asset value, end of period | $10.78 | $10.86 |
| Total ReturnD,E | (.74)% | 8.60% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | 1.71%H | 3.49%H |
| Expenses net of fee waivers, if any | 1.00%H | 1.00%H |
| Expenses net of all reductions | .99%H | 1.00%H |
| Net investment income (loss) | (.26)%C,H | (.48)%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $16,689 | $10,595 |
| Portfolio turnover rateI | 96%H | 4%J |
A For the period February 14, 2019 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this non-recurring dividend the ratio of net investment income (loss) to average net assets would have been (.56)%.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Founders Fund Class I
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.86 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.01)C | (.01) |
| Net realized and unrealized gain (loss) | (.07) | .87 |
| Total from investment operations | (.08) | .86 |
| Net asset value, end of period | $10.78 | $10.86 |
| Total ReturnD,E | (.74)% | 8.60% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | 1.63%H | 4.10%H |
| Expenses net of fee waivers, if any | 1.00%H | 1.00%H |
| Expenses net of all reductions | 1.00%H | 1.00%H |
| Net investment income (loss) | (.27)%C,H | (.48)%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $342 | $831 |
| Portfolio turnover rateI | 96%H | 4%J |
A For the period February 14, 2019 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this non-recurring dividend the ratio of net investment income (loss) to average net assets would have been (.57)%.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Founders Fund Class Z
| | Six months ended (Unaudited) October 31, | Years endedApril 30, |
| | 2019 | 2019 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.86 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.01)C | (.01) |
| Net realized and unrealized gain (loss) | (.06) | .87 |
| Total from investment operations | (.07) | .86 |
| Net asset value, end of period | $10.79 | $10.86 |
| Total ReturnD,E | (.64)% | 8.60% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | 1.49%H | 3.18%H |
| Expenses net of fee waivers, if any | .85%H | .85%H |
| Expenses net of all reductions | .85%H | .85%H |
| Net investment income (loss) | (.12)%C,H | (.34)%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $3,913 | $5,745 |
| Portfolio turnover rateI | 96%H | 4%J |
A For the period February 14, 2019 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this non-recurring dividend the ratio of net investment income (loss) to average net assets would have been (.42)%.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2019
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. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, net operating losses, 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 | $1,883,229 |
| Gross unrealized depreciation | (766,365) |
| Net unrealized appreciation (depreciation) | $1,116,864 |
| Tax cost | $20,913,120 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(20,292) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $14,519,010 and $10,256,440, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Fidelity Founders Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. The Fund's performance adjustment will not take effect until February 1, 2020. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% | $415 | $265 |
| Class M | .25% | .25% | 542 | 429 |
| Class C | .75% | .25% | 893 | 891 |
| | | | $1,850 | $1,585 |
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 | $1,989 |
| Class M | 192 |
| | $2,181 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets(a) |
| Class A | $233 | .14 |
| Class M | 140 | .13 |
| Class C | 117 | .13 |
| Fidelity Founders Fund | 20,462 | .26 |
| Class I | 317 | .17 |
| Class Z | 1,223 | .05 |
| | $22,492 | |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $249 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $25 and is reflected in Miscellaneous expenses on the Statement of Operations.
7. Expense Reductions.
The investment adviser contractually agreed to reimburse 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, 2020. 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 | 1.25% | $969 |
| Class M | 1.50% | 599 |
| Class C | 2.00% | 487 |
| Fidelity Founders Fund | 1.00% | 55,827 |
| Class I | 1.00% | 1,143 |
| Class Z | .85% | 16,996 |
| | | $76,021 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $315 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $11.
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Six months ended October 31, 2019 | Year ended April 30, 2019(a) | Six months ended October 31, 2019 | Year ended April 30, 2019(a) |
| Class A | | | | |
| Shares sold | 100,263 | 20,239 | $1,078,463 | $204,750 |
| Shares redeemed | (12,117) | – | (131,149) | – |
| Net increase (decrease) | 88,146 | 20,239 | $947,314 | $204,750 |
| Class M | | | | |
| Shares sold | 5,675 | 18,882 | $60,317 | $190,000 |
| Shares redeemed | (1,191) | – | (12,807) | – |
| Net increase (decrease) | 4,484 | 18,882 | $47,510 | $190,000 |
| Class C | | | | |
| Shares sold | 2,072 | 16,000 | $22,387 | $160,000 |
| Net increase (decrease) | 2,072 | 16,000 | $22,387 | $160,000 |
| Fidelity Founders Fund | | | | |
| Shares sold | 977,198 | 988,331 | $10,528,688 | $10,221,260 |
| Shares redeemed | (404,146) | (12,503) | (4,355,445) | (133,257) |
| Net increase (decrease) | 573,052 | 975,828 | $6,173,243 | $10,088,003 |
| Class I | | | | |
| Shares sold | 6,178 | 76,622 | $64,346 | $800,402 |
| Shares redeemed | (50,958) | (117) | (540,594) | (1,269) |
| Net increase (decrease) | (44,780) | 76,505 | $(476,248) | $799,133 |
| Class Z | | | | |
| Shares sold | 241,741 | 534,265 | $2,628,791 | $5,490,165 |
| Shares redeemed | (407,921) | (5,319) | (4,430,344) | (55,499) |
| Net increase (decrease) | (166,180) | 528,946 | $(1,801,553) | $5,434,666 |
(a) For the period February 14, 2019 (commencement of operations) to April 30, 2019.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (May 1, 2019 to October 31, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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
May 1, 2019 | Ending
Account Value
October 31, 2019 | Expenses Paid
During Period-B
May 1, 2019
to October 31, 2019 |
| Class A | 1.25% | | | |
| Actual | | $1,000.00 | $991.70 | $6.26 |
| Hypothetical-C | | $1,000.00 | $1,018.85 | $6.34 |
| Class M | 1.50% | | | |
| Actual | | $1,000.00 | $989.90 | $7.50 |
| Hypothetical-C | | $1,000.00 | $1,017.60 | $7.61 |
| Class C | 2.00% | | | |
| Actual | | $1,000.00 | $987.10 | $9.99 |
| Hypothetical-C | | $1,000.00 | $1,015.08 | $10.13 |
| Fidelity Founders Fund | 1.00% | | | |
| Actual | | $1,000.00 | $992.60 | $5.01 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.08 |
| Class I | 1.00% | | | |
| Actual | | $1,000.00 | $992.60 | $5.01 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.08 |
| Class Z | .85% | | | |
| Actual | | $1,000.00 | $993.60 | $4.26 |
| Hypothetical-C | | $1,000.00 | $1,020.86 | $4.32 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
C 5% return per year before expenses
RFFF-SANN-1219
1.9892519.100
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Concord Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Concord Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
| | |
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Concord Street Trust
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | December 23, 2019 |
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: | December 23, 2019 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | December 23, 2019 |
