# EDGAR Filing Document

**Accession Number:** 0000819118
**File Stem:** 0000819118-25-000466
**Filing Date:** 2025-12
**Character Count:** 935517
**Document Hash:** 2e64ede48be6b5cd0ba6cb4c7422b80c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819118-25-000466.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000819118-25-000466

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONCORD STREET TRUST
- **CENTRAL INDEX KEY:** 0000819118

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05251
- **FILM NUMBER:** 251589693

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Large Cap Stock Fund (Series ID: S000055364)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000174182 | Fidelity Large Cap Stock Fund | FLCSX           |

### Fidelity Mid-Cap Stock Fund (Series ID: S000055365)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000174183 | Fidelity Mid-Cap Stock Fund                  | FMCSX           |
| C000174184 | Class K                                      | FKMCX           |
| C000254534 | Fidelity Advisor Mid-Cap Stock Fund: Class C | FMCNX           |
| C000254535 | Fidelity Advisor Mid-Cap Stock Fund: Class Z | FMCWX           |
| C000254536 | Fidelity Advisor Mid-Cap Stock Fund: Class A | FMCHX           |
| C000254537 | Fidelity Advisor Mid-Cap Stock Fund: Class M | FMCJX           |
| C000254538 | Fidelity Advisor Mid-Cap Stock Fund: Class I | FMCQX           |

### Fidelity Series Small Cap Discovery Fund (Series ID: S000055368)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000174188 | Fidelity Series Small Cap Discovery Fund | FJACX           |

### Fidelity Small Cap Stock Fund (Series ID: S000055369)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000174190 | Fidelity Small Cap Stock Fund | FSLCX           |

### Fidelity Small Cap Discovery Fund (Series ID: S000055370)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000174191 | Fidelity Small Cap Discovery Fund | FSCRX           |

### Fidelity Large Cap Stock K6 Fund (Series ID: S000057286)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000182862 | Fidelity Large Cap Stock K6 Fund | FCLKX           |

### Fidelity Small Cap Stock K6 Fund (Series ID: S000057287)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000182863 | Fidelity Small Cap Stock K6 Fund | FKICX           |

### Fidelity Founders Fund (Series ID: S000064789)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000209806 | Fidelity Founders Fund                  | FIFNX           |
| C000209807 | Fidelity Advisor Founders Fund: Class Z | FIFWX           |
| C000209808 | Fidelity Advisor Founders Fund: Class A | FIFOX           |
| C000209809 | Fidelity Advisor Founders Fund: Class C | FIFQX           |
| C000209810 | Fidelity Advisor Founders Fund: Class M | FIFPX           |
| C000209811 | Fidelity Advisor Founders Fund: Class I | FIFVX           |

### Fidelity Mid-Cap Stock K6 Fund (Series ID: S000065697)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000212500 | Fidelity Mid-Cap Stock K6 Fund | FNKFX           |

### Fidelity Series Small Cap Core Fund (Series ID: S000077859)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000238446 | Fidelity Series Small Cap Core Fund | FSSLX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-05251</u>

<u>Fidelity Concord Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;April 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;October 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Small Cap Stock K6 Fund<br> **Fidelity® Small Cap Stock K6 Fund : FKICX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Stock K6 Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Stock K6 Fund  | $33  | 0.60% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $16707717<br>|
| Number of Holdings | 147<br>|
| Portfolio Turnover | 191%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.6 |
| Financials | 17.3 |
| Consumer Discretionary | 13.5 |
| Health Care | 12.7 |
| Information Technology | 12.2 |
| Energy | 4.9 |
| Materials | 4.3 |
| Real Estate | 4.3 |
| Consumer Staples | 3.5 |
| Utilities | 2.5 |
| Communication Services | 0.0 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2942_20251031_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.3 |
| Thailand | 2.1 |
| Japan | 1.1 |
| Israel | 0.9 |
| Puerto Rico | 0.8 |
| Italy | 0.6 |
| Taiwan | 0.6 |
| Sweden | 0.3 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2942_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Cbiz Inc | 3.2<br>|
| Laureate Education Inc | 2.8<br>|
| Sanmina Corp | 2.2<br>|
| Fabrinet | 2.1<br>|
| YETI Holdings Inc | 2.0<br>|
| Perimeter Solutions Inc | 1.9<br>|
| Genpact Ltd | 1.9<br>|
| V2X Inc | 1.8<br>|
| Primerica Inc | 1.8<br>|
| American Eagle Outfitters Inc | 1.7<br>|
|  | 21.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2942_20251031_1.jpg)<br>| ![](img118674_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915089.101 2942-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Small Cap Stock Fund<br> **Fidelity® Small Cap Stock Fund : FSLCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Stock Fund  | $50  | 0.90% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1172940037<br>|
| Number of Holdings | 148<br>|
| Portfolio Turnover | 162%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.4 |
| Financials | 17.3 |
| Consumer Discretionary | 13.5 |
| Health Care | 12.8 |
| Information Technology | 12.3 |
| Energy | 4.9 |
| Materials | 4.3 |
| Real Estate | 4.3 |
| Consumer Staples | 3.5 |
| Utilities | 2.5 |
| Communication Services | 0.0 |

---

Common Stocks 96.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img340_20251031_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| United States | 90.6 |
| Canada | 2.3 |
| Thailand | 2.2 |
| Japan | 1.1 |
| Israel | 0.9 |
| Puerto Rico | 0.8 |
| Italy | 0.6 |
| Taiwan | 0.6 |
| Sweden | 0.3 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img340_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Cbiz Inc | 3.0<br>|
| Laureate Education Inc | 2.8<br>|
| Fabrinet | 2.2<br>|
| Sanmina Corp | 2.2<br>|
| YETI Holdings Inc | 2.0<br>|
| Perimeter Solutions Inc | 1.9<br>|
| Genpact Ltd | 1.9<br>|
| V2X Inc | 1.8<br>|
| Primerica Inc | 1.8<br>|
| American Eagle Outfitters Inc | 1.7<br>|
|  | 21.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img340_20251031_1.jpg)<br>| ![](img118675_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915050.101 340-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Small Cap Discovery Fund<br> **Fidelity® Small Cap Discovery Fund : FSCRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Discovery Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Discovery Fund  | $40  | 0.74% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2302165813<br>|
| Number of Holdings | 152<br>|
| Portfolio Turnover | 75%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.1 |
| Financials | 22.9 |
| Consumer Discretionary | 14.3 |
| Information Technology | 14.0 |
| Health Care | 10.2 |
| Energy | 4.1 |
| Materials | 3.0 |
| Real Estate | 1.2 |
| Consumer Staples | 1.0 |
| Utilities | 0.8 |

---

Common Stocks 97.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img384_20251031_AA.jpg) <br>|

---

Common Stocks - 97.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.4 <br>

---

| | |
|:---|:---|
| United States | 95.5 |
| Thailand | 2.1 |
| Puerto Rico | 1.2 |
| Canada | 0.6 |
| Brazil | 0.2 |
| Bailiwick Of Guernsey | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img384_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Guernsey - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.2&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Laureate Education Inc | 4.0<br>|
| Genpact Ltd | 3.9<br>|
| IES Holdings Inc | 3.1<br>|
| Sanmina Corp | 2.4<br>|
| Old National Bancorp/IN | 2.3<br>|
| Brink's Co/The | 2.1<br>|
| Fabrinet | 2.1<br>|
| Maximus Inc | 2.1<br>|
| Webster Financial Corp | 2.0<br>|
| Brady Corp Class A | 2.0<br>|
|  | 26.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img384_20251031_1.jpg)<br>| ![](img118677_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915051.101 384-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Small Cap Discovery Fund<br> **Fidelity® Series Small Cap Discovery Fund : FJACX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Small Cap Discovery Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Small Cap Discovery Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1789664061<br>|
| Number of Holdings | 152<br>|
| Portfolio Turnover | 70%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.5 |
| Financials | 22.9 |
| Information Technology | 14.3 |
| Consumer Discretionary | 13.5 |
| Health Care | 10.7 |
| Energy | 4.1 |
| Materials | 3.0 |
| Real Estate | 1.2 |
| Consumer Staples | 1.0 |
| Utilities | 0.8 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2615_20251031_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 95.6 |
| Thailand | 2.1 |
| Puerto Rico | 1.1 |
| Canada | 0.6 |
| Brazil | 0.2 |
| Bailiwick Of Guernsey | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2615_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Guernsey - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.2&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Genpact Ltd | 3.9<br>|
| IES Holdings Inc | 3.1<br>|
| Laureate Education Inc | 3.1<br>|
| Sanmina Corp | 2.4<br>|
| Maximus Inc | 2.4<br>|
| Old National Bancorp/IN | 2.3<br>|
| Brink's Co/The | 2.2<br>|
| Fabrinet | 2.1<br>|
| Kyndryl Holdings Inc | 2.1<br>|
| Brady Corp Class A | 2.0<br>|
|  | 25.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2615_20251031_1.jpg)<br>| ![](img118685_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915083.101 2615-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Small Cap Core Fund<br> **Fidelity® Series Small Cap Core Fund : FSSLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Small Cap Core Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Small Cap Core Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1531530784<br>|
| Number of Holdings | 224<br>|
| Portfolio Turnover | 73%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.0 |
| Information Technology | 17.3 |
| Financials | 16.8 |
| Health Care | 15.9 |
| Consumer Discretionary | 10.2 |
| Real Estate | 5.6 |
| Energy | 5.0 |
| Materials | 2.6 |
| Communication Services | 2.5 |
| Utilities | 2.3 |
| Consumer Staples | 1.9 |

---

Common Stocks 98.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6956_20251031_AA.jpg) <br>|

---

Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.9 <br>

---

| | |
|:---|:---|
| United States | 92.0 |
| Canada | 1.8 |
| Thailand | 1.2 |
| Israel | 1.1 |
| Bahamas (Nassau) | 0.9 |
| Puerto Rico | 0.8 |
| Brazil | 0.4 |
| Japan | 0.4 |
| Taiwan | 0.4 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6956_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bahamas (Nassau) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Laureate Education Inc | 1.2<br>|
| Fabrinet | 1.2<br>|
| NEXTracker Inc Class A | 1.2<br>|
| Sterling Infrastructure Inc | 1.1<br>|
| IES Holdings Inc | 1.1<br>|
| Solaris Energy Infrastructure Inc Class A | 1.0<br>|
| Wintrust Financial Corp | 0.9<br>|
| Herc Holdings Inc | 0.9<br>|
| Construction Partners Inc Class A | 0.9<br>|
| REV Group Inc | 0.9<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6956_20251031_1.jpg)<br>| ![](img118686_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915114.101 6956-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock K6 Fund<br> **Fidelity® Mid-Cap Stock K6 Fund : FNKFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock K6 Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid-Cap Stock K6 Fund  | $24  | 0.45% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1135713813<br>|
| Number of Holdings | 182<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.1 |
| Consumer Discretionary | 15.1 |
| Financials | 14.0 |
| Information Technology | 13.2 |
| Health Care | 9.1 |
| Real Estate | 6.2 |
| Energy | 5.3 |
| Materials | 3.9 |
| Consumer Staples | 2.9 |
| Utilities | 2.0 |
| Communication Services | 2.0 |

---

Common Stocks 99.3 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3462_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 1.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.8<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Jones Lang LaSalle Inc | 1.6<br>|
| Acuity Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3462_20251031_1.jpg)<br>| ![](img118692_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915105.101 3462-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity® Mid-Cap Stock Fund : FMCSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid-Cap Stock Fund  | $31  | 0.57% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118693_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915048.101 337-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity® Mid-Cap Stock Fund Class K : FKMCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118694_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915047.101 2097-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Large Cap Stock K6 Fund<br> **Fidelity® Large Cap Stock K6 Fund : FCLKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Large Cap Stock K6 Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Stock K6 Fund  | $26  | 0.45% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $116187669<br>|
| Number of Holdings | 182<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.3 |
| Industrials | 18.0 |
| Financials | 13.6 |
| Health Care | 10.3 |
| Communication Services | 9.6 |
| Energy | 8.0 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 2.8 |
| Materials | 1.8 |
| Utilities | 1.0 |
| Real Estate | 0.6 |

---

Common Stocks 94.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2954_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 5.7 |

---

---

| | |
|:---|:---|
| United States | 90.9 |
| Canada | 2.1 |
| Zambia | 1.2 |
| Belgium | 1.1 |
| United Kingdom | 1.1 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2954_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.8<br>|
| Microsoft Corp | 6.3<br>|
| Wells Fargo & Co | 5.2<br>|
| GE Aerospace | 4.7<br>|
| Boeing Co | 3.9<br>|
| GE Vernova Inc | 3.7<br>|
| Exxon Mobil Corp | 3.5<br>|
| Alphabet Inc Class A | 3.1<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Bank of America Corp | 2.7<br>|
|  | 43.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2954_20251031_1.jpg)<br>| ![](img118697_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915090.101 2954-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Large Cap Stock Fund<br> **Fidelity® Large Cap Stock Fund : FLCSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Large Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Large Cap Stock Fund  | $43  | 0.75% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6534821169<br>|
| Number of Holdings | 182<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 24.9 |
| Industrials | 18.0 |
| Financials | 14.5 |
| Health Care | 10.4 |
| Communication Services | 9.8 |
| Energy | 8.1 |
| Consumer Staples | 4.3 |
| Consumer Discretionary | 2.8 |
| Materials | 1.9 |
| Utilities | 1.1 |
| Real Estate | 0.6 |

---

Common Stocks 96.3 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img338_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.6 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.2 |
| Zambia | 1.3 |
| United Kingdom | 1.1 |
| Belgium | 1.1 |
| Netherlands | 0.8 |
| Germany | 0.8 |
| Taiwan | 0.7 |
| France | 0.6 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img338_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.0<br>|
| Microsoft Corp | 6.4<br>|
| Wells Fargo & Co | 5.8<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 3.9<br>|
| GE Vernova Inc | 3.6<br>|
| Exxon Mobil Corp | 3.5<br>|
| Alphabet Inc Class A | 3.0<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Bank of America Corp | 2.7<br>|
|  | 44.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img338_20251031_1.jpg)<br>| ![](img118698_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915049.101 338-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Founders Fund<br> **Fidelity® Founders Fund : FIFNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Founders Fund  | $45  | 0.79% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $222279732<br>|
| Number of Holdings | 81<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 19.7 |
| Communication Services | 16.5 |
| Consumer Discretionary | 13.6 |
| Industrials | 11.0 |
| Materials | 4.4 |
| Consumer Staples | 3.8 |
| Energy | 1.1 |
| Real Estate | 1.1 |
| Health Care | 0.0 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 83.2 |
| Canada | 8.5 |
| Taiwan | 2.3 |
| France | 1.7 |
| China | 1.3 |
| Japan | 0.9 |
| Brazil | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Alphabet Inc Class C | 7.4<br>|
| Microsoft Corp | 7.0<br>|
| Amazon.com Inc | 5.4<br>|
| Interactive Brokers Group Inc Class A | 2.9<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Monster Beverage Corp | 2.7<br>|
| Marriott International Inc/MD Class A1 | 2.3<br>|
| Intercontinental Exchange Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20251031_1.jpg)<br>| ![](img118719_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915093.101 3336-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class Z : FIFWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $39  | 0.68% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $222279732<br>|
| Number of Holdings | 81<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 19.7 |
| Communication Services | 16.5 |
| Consumer Discretionary | 13.6 |
| Industrials | 11.0 |
| Materials | 4.4 |
| Consumer Staples | 3.8 |
| Energy | 1.1 |
| Real Estate | 1.1 |
| Health Care | 0.0 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 83.2 |
| Canada | 8.5 |
| Taiwan | 2.3 |
| France | 1.7 |
| China | 1.3 |
| Japan | 0.9 |
| Brazil | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Alphabet Inc Class C | 7.4<br>|
| Microsoft Corp | 7.0<br>|
| Amazon.com Inc | 5.4<br>|
| Interactive Brokers Group Inc Class A | 2.9<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Monster Beverage Corp | 2.7<br>|
| Marriott International Inc/MD Class A1 | 2.3<br>|
| Intercontinental Exchange Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20251031_1.jpg)<br>| ![](img118720_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915098.101 3353-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class M : FIFPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $75  | 1.33% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $222279732<br>|
| Number of Holdings | 81<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 19.7 |
| Communication Services | 16.5 |
| Consumer Discretionary | 13.6 |
| Industrials | 11.0 |
| Materials | 4.4 |
| Consumer Staples | 3.8 |
| Energy | 1.1 |
| Real Estate | 1.1 |
| Health Care | 0.0 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 83.2 |
| Canada | 8.5 |
| Taiwan | 2.3 |
| France | 1.7 |
| China | 1.3 |
| Japan | 0.9 |
| Brazil | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Alphabet Inc Class C | 7.4<br>|
| Microsoft Corp | 7.0<br>|
| Amazon.com Inc | 5.4<br>|
| Interactive Brokers Group Inc Class A | 2.9<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Monster Beverage Corp | 2.7<br>|
| Marriott International Inc/MD Class A1 | 2.3<br>|
| Intercontinental Exchange Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20251031_1.jpg)<br>| ![](img118721_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915096.101 3351-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class I : FIFVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $44  | 0.77% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $222279732<br>|
| Number of Holdings | 81<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 19.7 |
| Communication Services | 16.5 |
| Consumer Discretionary | 13.6 |
| Industrials | 11.0 |
| Materials | 4.4 |
| Consumer Staples | 3.8 |
| Energy | 1.1 |
| Real Estate | 1.1 |
| Health Care | 0.0 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 83.2 |
| Canada | 8.5 |
| Taiwan | 2.3 |
| France | 1.7 |
| China | 1.3 |
| Japan | 0.9 |
| Brazil | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Alphabet Inc Class C | 7.4<br>|
| Microsoft Corp | 7.0<br>|
| Amazon.com Inc | 5.4<br>|
| Interactive Brokers Group Inc Class A | 2.9<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Monster Beverage Corp | 2.7<br>|
| Marriott International Inc/MD Class A1 | 2.3<br>|
| Intercontinental Exchange Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20251031_1.jpg)<br>| ![](img118722_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915097.101 3352-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class C : FIFQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $104  | 1.83% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $222279732<br>|
| Number of Holdings | 81<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 19.7 |
| Communication Services | 16.5 |
| Consumer Discretionary | 13.6 |
| Industrials | 11.0 |
| Materials | 4.4 |
| Consumer Staples | 3.8 |
| Energy | 1.1 |
| Real Estate | 1.1 |
| Health Care | 0.0 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 83.2 |
| Canada | 8.5 |
| Taiwan | 2.3 |
| France | 1.7 |
| China | 1.3 |
| Japan | 0.9 |
| Brazil | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Alphabet Inc Class C | 7.4<br>|
| Microsoft Corp | 7.0<br>|
| Amazon.com Inc | 5.4<br>|
| Interactive Brokers Group Inc Class A | 2.9<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Monster Beverage Corp | 2.7<br>|
| Marriott International Inc/MD Class A1 | 2.3<br>|
| Intercontinental Exchange Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20251031_1.jpg)<br>| ![](img118723_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915095.101 3350-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Founders Fund<br> **Fidelity Advisor® Founders Fund Class A : FIFOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $61  | 1.08% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $222279732<br>|
| Number of Holdings | 81<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 19.7 |
| Communication Services | 16.5 |
| Consumer Discretionary | 13.6 |
| Industrials | 11.0 |
| Materials | 4.4 |
| Consumer Staples | 3.8 |
| Energy | 1.1 |
| Real Estate | 1.1 |
| Health Care | 0.0 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3336_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 83.2 |
| Canada | 8.5 |
| Taiwan | 2.3 |
| France | 1.7 |
| China | 1.3 |
| Japan | 0.9 |
| Brazil | 0.8 |
| Netherlands | 0.7 |
| Korea (South) | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3336_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.5<br>|
| Alphabet Inc Class C | 7.4<br>|
| Microsoft Corp | 7.0<br>|
| Amazon.com Inc | 5.4<br>|
| Interactive Brokers Group Inc Class A | 2.9<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Monster Beverage Corp | 2.7<br>|
| Marriott International Inc/MD Class A1 | 2.3<br>|
| Intercontinental Exchange Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 42.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3336_20251031_1.jpg)<br>| ![](img118724_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915094.101 3349-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class A : FMCHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $47  | 0.86% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118730_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918469.101 7839-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class M : FMCJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $60  | 1.11% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118731_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918473.101 7840-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class C : FMCNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $87  | 1.61% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118732_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918471.101 7841-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class I : FMCQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $32  | 0.60% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118733_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918475.101 7842-TSRS-1225 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Mid-Cap Stock Fund<br> **Fidelity Advisor® Mid-Cap Stock Fund Class Z : FMCWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7548912915<br>|
| Number of Holdings | 183<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 26.9 |
| Consumer Discretionary | 14.8 |
| Financials | 13.7 |
| Information Technology | 13.1 |
| Health Care | 9.0 |
| Real Estate | 6.1 |
| Energy | 5.1 |
| Materials | 3.8 |
| Consumer Staples | 2.8 |
| Utilities | 2.0 |
| Communication Services | 1.9 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img337_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 2.6 |
| Italy | 2.1 |
| United Kingdom | 1.7 |
| Thailand | 1.3 |
| Brazil | 0.7 |
| Germany | 0.6 |
| Belgium | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img337_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Comfort Systems USA Inc | 1.7<br>|
| Ciena Corp | 1.7<br>|
| AECOM | 1.7<br>|
| Flex Ltd | 1.7<br>|
| Acuity Inc | 1.5<br>|
| Jones Lang LaSalle Inc | 1.5<br>|
| Performance Food Group Co | 1.5<br>|
| Somnigroup International Inc | 1.4<br>|
| Wintrust Financial Corp | 1.4<br>|
| Fabrinet | 1.3<br>|
|  | 15.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img337_20251031_1.jpg)<br>| ![](img118734_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918477.101 7843-TSRS-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Small Cap Stock K6 Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119034_1.jpg)

![](img119034_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SLCXK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Stock K6 Fund](#Sub_Sec_Fund_2942_SLCXK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2942_SLCXK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SLCXK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SLCXK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SLCXK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SLCXK6-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Stock K6 Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| DroneShield Ltd (a)(b) | 6721 | 16843 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Elsight Ltd (a) | 6500 | 6868 |
| TOTAL AUSTRALIA |  | 23711 |
| BAILIWICK OF GUERNSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Super Group SGHC Ltd  | 2580 | 27864 |
| CANADA - 2.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| South Bow Corp  | 1668 | 43265 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (a) | 497 | 20834 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kraken Robotics Inc (a) | 7846 | 36081 |
| Software - 0.5% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 3397 | 81138 |
| TOTAL INFORMATION TECHNOLOGY |  | 117219 |
| Utilities - 1.2% |  |  |
| Gas Utilities - 1.2% |  |  |
| Brookfield Infrastructure Corp (United States)  | 4303 | 194970 |
| TOTAL CANADA |  | 376288 |
| ISRAEL - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Next Vision Stabilized Systems Ltd  | 799 | 35065 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Nova Ltd (a) | 214 | 73753 |
| Software - 0.3% |  |  |
| Cellebrite DI Ltd (a) | 2736 | 46676 |
| TOTAL ISRAEL |  | 155494 |
| ITALY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Leisure Products - 0.6% |  |  |
| Sanlorenzo SpA/Ameglia  | 2700 | 105502 |
| JAPAN - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Machinery - 0.5% |  |  |
| Sumitomo Heavy Industries Ltd  | 3163 | 84786 |
| Professional Services - 0.6% |  |  |
| BayCurrent Inc  | 2134 | 97831 |
| TOTAL JAPAN |  | 182617 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Newamsterdam Pharma Co NV (a)(c) | 829 | 31461 |
| PUERTO RICO - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Financial Services - 0.8% |  |  |
| EVERTEC Inc  | 4922 | 140129 |
| SWEDEN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Asmodee Group AB B Shares  | 3530 | 45584 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Alleima AB  | 1100 | 9529 |
| TOTAL SWEDEN |  | 55113 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Silicon Motion Technology Corp ADR  | 1035 | 101544 |
| THAILAND - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Fabrinet (a) | 806 | 355099 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Beauty Tech Group PLC/The  | 4500 | 15666 |
| UNITED STATES - 87.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| GCI Liberty Inc/DEL Class A (a)(d) | 6792 | 0 |
| Consumer Discretionary - 12.3% |  |  |
| Distributors - 0.2% |  |  |
| GigaCloud Technology Inc Class A (a) | 1219 | 34108 |
| Diversified Consumer Services - 3.9% |  |  |
| Grand Canyon Education Inc (a) | 1002 | 188677 |
| Laureate Education Inc (a) | 15553 | 451504 |
| Stride Inc (a) | 75 | 5102 |
|  |  | 645283 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Pursuit Attractions and Hospitality Inc (a) | 1916 | 67980 |
| Household Durables - 2.0% |  |  |
| KB Home  | 2828 | 176524 |
| Tri Pointe Homes Inc (a) | 4749 | 151255 |
|  |  | 327779 |
| Leisure Products - 2.0% |  |  |
| YETI Holdings Inc (a)(c) | 10020 | 340580 |
| Specialty Retail - 2.4% |  |  |
| American Eagle Outfitters Inc  | 16574 | 276952 |
| Lithia Motors Inc Class A  | 380 | 119350 |
|  |  | 396302 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Crocs Inc (a) | 1124 | 91820 |
| Oxford Industries Inc  | 1800 | 66329 |
| Steven Madden Ltd  | 2358 | 79960 |
|  |  | 238109 |
| TOTAL CONSUMER DISCRETIONARY |  | 2050141 |
| Consumer Staples - 3.5% |  |  |
| Consumer Staples Distribution & Retail - 2.7% |  |  |
| Grocery Outlet Holding Corp (a) | 13733 | 186906 |
| Performance Food Group Co (a) | 2722 | 263326 |
|  |  | 450232 |
| Tobacco - 0.8% |  |  |
| Turning Point Brands Inc  | 1521 | 136738 |
| TOTAL CONSUMER STAPLES |  | 586970 |
| Energy - 4.6% |  |  |
| Energy Equipment & Services - 1.9% |  |  |
| Cactus Inc Class A  | 2707 | 119568 |
| Flowco Holdings Inc Class A  | 4500 | 72900 |
| Kodiak Gas Services Inc  | 2716 | 100166 |
| Solaris Energy Infrastructure Inc Class A (c) | 537 | 28585 |
|  |  | 321219 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| Chord Energy Corp  | 1801 | 163387 |
| Core Natural Resources Inc  | 1531 | 120948 |
| Gulfport Energy Corp (a) | 872 | 162201 |
|  |  | 446536 |
| TOTAL ENERGY |  | 767755 |
| Financials - 16.5% |  |  |
| Banks - 9.0% |  |  |
| Ameris Bancorp (c) | 2382 | 170599 |
| Axos Financial Inc (a) | 1189 | 92717 |
| Connectone Bancorp Inc  | 4475 | 107669 |
| CVB Financial Corp  | 6334 | 116356 |
| Eastern Bankshares Inc  | 9139 | 160207 |
| First Bancorp/Southern Pines NC  | 2930 | 142222 |
| FNB Corp/PA  | 9454 | 148617 |
| Old National Bancorp/IN  | 10102 | 206384 |
| Webster Financial Corp  | 3088 | 176140 |
| Western Alliance Bancorp  | 2277 | 176126 |
|  |  | 1497037 |
| Capital Markets - 1.8% |  |  |
| Perella Weinberg Partners Class A  | 10646 | 198867 |
| WisdomTree Inc  | 9337 | 111671 |
|  |  | 310538 |
| Consumer Finance - 2.2% |  |  |
| FirstCash Holdings Inc  | 1499 | 237592 |
| SLM Corp  | 4715 | 126597 |
|  |  | 364189 |
| Insurance - 3.5% |  |  |
| Baldwin Insurance Group Inc/The Class A (a)(c) | 10932 | 241597 |
| Hagerty Inc Class A (a) | 4947 | 55505 |
| Primerica Inc  | 1117 | 290275 |
|  |  | 587377 |
| TOTAL FINANCIALS |  | 2759141 |
| Health Care - 12.4% |  |  |
| Biotechnology - 3.2% |  |  |
| ARS Pharmaceuticals Inc (a)(c) | 5300 | 47488 |
| Catalyst Pharmaceuticals Inc (a) | 1883 | 40051 |
| Celldex Therapeutics Inc (a) | 1137 | 30392 |
| Centessa Pharmaceuticals PLC ADR (a) | 900 | 22410 |
| Cogent Biosciences Inc (a) | 2531 | 41255 |
| Dianthus Therapeutics Inc (a) | 709 | 24801 |
| Disc Medicine Inc (a) | 453 | 39058 |
| GRAIL Inc (a) | 175 | 16088 |
| Mirum Pharmaceuticals Inc (a)(c) | 442 | 32111 |
| Nuvalent Inc Class A (a) | 657 | 65253 |
| Soleno Therapeutics Inc (a) | 425 | 28543 |
| Spyre Therapeutics Inc (a) | 724 | 17709 |
| Ultragenyx Pharmaceutical Inc (a) | 900 | 31140 |
| Upstream Bio Inc (a) | 827 | 21378 |
| Vaxcyte Inc (a) | 745 | 33734 |
| Viking Therapeutics Inc (a) | 321 | 12224 |
| Viridian Therapeutics Inc (a) | 1641 | 38777 |
|  |  | 542412 |
| Health Care Equipment & Supplies - 3.1% |  |  |
| Artivion Inc (a) | 1027 | 46594 |
| Lantheus Holdings Inc (a) | 1966 | 113419 |
| Masimo Corp (a) | 574 | 80733 |
| Merit Medical Systems Inc (a) | 1311 | 114765 |
| Penumbra Inc (a) | 242 | 55024 |
| TransMedics Group Inc (a)(c) | 775 | 101944 |
|  |  | 512479 |
| Health Care Providers & Services - 3.2% |  |  |
| BrightSpring Health Services Inc (a) | 3754 | 124070 |
| Ensign Group Inc/The  | 722 | 130032 |
| HealthEquity Inc (a) | 1397 | 132129 |
| LifeStance Health Group Inc (a) | 16118 | 78978 |
| Option Care Health Inc (a) | 1900 | 49457 |
| PACS Group Inc (a) | 1752 | 21164 |
|  |  | 535830 |
| Life Sciences Tools & Services - 0.7% |  |  |
| BioLife Solutions Inc (a) | 2334 | 65049 |
| Charles River Laboratories International Inc (a) | 259 | 46637 |
|  |  | 111686 |
| Pharmaceuticals - 2.2% |  |  |
| Crinetics Pharmaceuticals Inc (a) | 1267 | 55115 |
| Enliven Therapeutics Inc (a) | 1251 | 29298 |
| Ligand Pharmaceuticals Inc (a) | 1049 | 200684 |
| Phibro Animal Health Corp Class A  | 1088 | 45761 |
| Trevi Therapeutics Inc (a) | 2700 | 31482 |
|  |  | 362340 |
| TOTAL HEALTH CARE |  | 2064747 |
| Industrials - 20.4% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| Carpenter Technology Corp  | 145 | 45806 |
| Karman Holdings Inc (a)(c) | 1382 | 116420 |
| Leonardo DRS Inc  | 1223 | 44712 |
| Mercury Systems Inc (a) | 1204 | 93202 |
| V2X Inc (a) | 5210 | 297439 |
|  |  | 597579 |
| Air Freight & Logistics - 1.0% |  |  |
| Hub Group Inc Class A  | 4517 | 166361 |
| Building Products - 1.2% |  |  |
| CSW Industrials Inc  | 426 | 106679 |
| Tecnoglass Inc  | 1527 | 91055 |
|  |  | 197734 |
| Construction & Engineering - 3.2% |  |  |
| Construction Partners Inc Class A (a) | 721 | 82446 |
| IES Holdings Inc (a) | 530 | 207697 |
| Legence Corp Class A  | 3219 | 133170 |
| WillScot Holdings Corp  | 5199 | 113078 |
|  |  | 536391 |
| Electrical Equipment - 0.2% |  |  |
| NEXTracker Inc Class A (a) | 300 | 30366 |
| Ground Transportation - 1.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 3601 | 162477 |
| Machinery - 1.1% |  |  |
| Hillman Solutions Corp Class A (a) | 11200 | 103264 |
| REV Group Inc  | 1676 | 85929 |
|  |  | 189193 |
| Professional Services - 6.5% |  |  |
| Cbiz Inc (a)(c) | 9475 | 521125 |
| Genpact Ltd  | 8203 | 312944 |
| KBR Inc  | 5446 | 233307 |
|  |  | 1067376 |
| Trading Companies & Distributors - 2.6% |  |  |
| Core & Main Inc Class A (a) | 2817 | 146991 |
| EVI Industries Inc  | 400 | 10776 |
| Herc Holdings Inc (c) | 1887 | 268048 |
| Transcat Inc (a) | 200 | 14530 |
|  |  | 440345 |
| TOTAL INDUSTRIALS |  | 3387822 |
| Information Technology - 7.9% |  |  |
| Electronic Equipment, Instruments & Components - 5.1% |  |  |
| Belden Inc  | 526 | 64093 |
| Insight Enterprises Inc (a) | 2388 | 238800 |
| Mirion Technologies Inc Class A (a)(c) | 3947 | 115923 |
| Sanmina Corp (a) | 2555 | 350163 |
| TD SYNNEX Corp  | 230 | 35993 |
| TTM Technologies Inc (a) | 600 | 40320 |
|  |  | 845292 |
| IT Services - 1.0% |  |  |
| Kyndryl Holdings Inc (a) | 5871 | 169789 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Diodes Inc (a) | 2295 | 122461 |
| Kopin Corp (a)(c) | 4100 | 14186 |
| Penguin Solutions Inc (a) | 3858 | 85918 |
|  |  | 222565 |
| Software - 0.5% |  |  |
| Riot Platforms Inc (a) | 2880 | 56966 |
| Weave Communications Inc (a) | 3282 | 24320 |
|  |  | 81286 |
| TOTAL INFORMATION TECHNOLOGY |  | 1318932 |
| Materials - 4.3% |  |  |
| Chemicals - 3.4% |  |  |
| Element Solutions Inc  | 7558 | 201950 |
| Hawkins Inc  | 358 | 50782 |
| Perimeter Solutions Inc (c) | 13609 | 319948 |
|  |  | 572680 |
| Construction Materials - 0.9% |  |  |
| Eagle Materials Inc  | 705 | 149685 |
| TOTAL MATERIALS |  | 722365 |
| Real Estate - 4.3% |  |  |
| Health Care REITs - 0.8% |  |  |
| CareTrust REIT Inc  | 3949 | 136833 |
| Industrial REITs - 0.6% |  |  |
| Terreno Realty Corp  | 1751 | 100035 |
| Real Estate Management & Development - 1.3% |  |  |
| Compass Inc Class A (a) | 26993 | 208116 |
| Retail REITs - 1.2% |  |  |
| Acadia Realty Trust  | 6234 | 118882 |
| Tanger Inc  | 2501 | 81433 |
|  |  | 200315 |
| Specialized REITs - 0.4% |  |  |
| Four Corners Property Trust Inc  | 2923 | 69099 |
| TOTAL REAL ESTATE |  | 714398 |
| Utilities - 1.3% |  |  |
| Gas Utilities - 0.8% |  |  |
| Southwest Gas Holdings Inc  | 1733 | 137774 |
| Water Utilities - 0.5% |  |  |
| WaterBridge Infrastructure LLC Class A (c) | 3545 | 85080 |
| TOTAL UTILITIES |  | 222854 |
| TOTAL UNITED STATES |  | 14595125 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,778,473) |  | <br> **16165613** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 13.9%** | &nbsp;&nbsp;**Money Market Funds - 13.9%** | &nbsp;&nbsp;**Money Market Funds - 13.9%** | &nbsp;&nbsp;**Money Market Funds - 13.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 463963 | 464056 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 1863326 | 1863513 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,327,569) |  |  | **2327569** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 110.7%**<br> (Cost $16,106,042)<br>| <br>**18493182** |
| **NET OTHER ASSETS (LIABILITIES) - (10.7)%**  | **(1785465)** |
| **NET ASSETS - 100.0%** | **16707717** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $97,981 or 0.6% of net assets.

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 213944 | 4981137 | 4731026 | 5600 | 1 | - | 464056 | 463963 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1439089 | 10180545 | 9756121 | 818 | - | - | 1863513 | 1863326 | 0.0% |
| Total | 1653033 | 15161682 | 14487147 | 6418 | 1 | - | 2327569 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | - | - | - | - |
| Consumer Discretionary | 2244757 | 2244757 | - | - |
| Consumer Staples | 586970 | 586970 | - | - |
| Energy | 811020 | 811020 | - | - |
| Financials | 2899270 | 2899270 | - | - |
| Health Care | 2117042 | 2117042 | - | - |
| Industrials | 3587282 | 3587282 | - | - |
| Information Technology | 2055156 | 2055156 | - | - |
| Materials | 731894 | 731894 | - | - |
| Real Estate | 714398 | 714398 | - | - |
| Utilities | 417824 | 417824 | - | - |
|  **Money Market Funds** | 2327569 | 2327569 | - | - |
| **Total Investments in Securities:** | 18493182 | 18493182 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,929,878) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,778,473) | $16165613 |  |
| Fidelity Central Funds (cost $2,327,569) | 2327569 |  |
| Total Investment in Securities (cost $16,106,042) |  | $18493182 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 106637 |
| Receivable for fund shares sold |  | 2351 |
| Dividends receivable |  | 8639 |
| Distributions receivable from Fidelity Central Funds |  | 1625 |
| Other receivables |  | 59 |
| **Total assets** |  | 18612494 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $32021 |  |
| Payable for fund shares redeemed | 939 |  |
| Accrued management fee | 8494 |  |
| Collateral on securities loaned | 1863323 |  |
| **Total liabilities** |  | 1904777 |
| **Net Assets**  |  | $16707717 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $12647891 |
| Total accumulated earnings (loss) |  | 4059826 |
| **Net Assets** |  | $16707717 |
| **Net Asset Value**, offering price and redemption price per share ($16,707,717 ÷ 2,700,530 shares) |  | $6.19 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $68962 |
| Income from Fidelity Central Funds (including $818 from security lending)  |  | 6418 |
| **Total income** |  | 75380 |
| **Expenses** |  |  |
| Management fee | $45990 |  |
| Independent trustees' fees and expenses | 26 |  |
| Total expenses before reductions | 46016 |  |
| Expense reductions | (77) |  |
| Total expenses after reductions |  | 45939 |
| **Net Investment income (loss)** |  | 29441 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2033677 |  |
| Fidelity Central Funds | 1 |  |
| Foreign currency transactions | (407) |  |
| Total net realized gain (loss) |  | 2033271 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 503410 |  |
| Assets and liabilities in foreign currencies | 211 |  |
| Total change in net unrealized appreciation (depreciation) |  | 503621 |
| **Net gain (loss)** |  | 2536892 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2566333 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $29441 | $105829 |
| &nbsp;&nbsp;Net realized gain (loss) | 2033271<br>| 11818591<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 503621 | (4015861)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2566333<br>| 7908559<br>|
| Distributions to shareholders | (1563092)<br>| (11262163)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3574492 | 4334813 |
| Reinvestment of distributions | 1563092<br>| 11262163<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1473587) | (59052178) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3663997<br>| (43455202)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4667238<br>| (46808806)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12040479 | 58849285<br>|
| &nbsp;&nbsp;End of period | $16707717 | $12040479 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 579999 | 414459 |
| Issued in reinvestment of distributions | 284199<br>| 1670849<br>|
| &nbsp;&nbsp;Redeemed | (242182) | (5314633) |
| &nbsp;&nbsp;Net increase (decrease) | 622016 | (3229325) |

---

**Financial Highlights** 

**Fidelity® Small Cap Stock K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $5.79 | $11.09 | $9.75 | $10.94 | $15.61 | $9.24 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .03  | .03  | .02  | .05  | .03  |
| Net realized and unrealized gain (loss)  | 1.06  | 1.23  | 1.33  | (.28)  | (1.54)  | 6.38  |
| Total from investment operations  | 1.07  | 1.26  | 1.36  | (.26)  | (1.49)  | 6.41  |
| Distributions from net investment income  | -  | (.10)  | (.02)  | -  | (.06)  | (.04)  |
| Distributions from net realized gain  | (.67)  | (6.46)  | -  | (.93)  | (3.13)  | -  |
| Total distributions  | (.67)  | (6.56)  | (.02)  | (.93)  | (3.18) C | (.04)  |
| Net asset value, end of period  | $6.19 | $5.79 | $11.09 | $9.75 | $10.94 | $15.61 |
| **Total Return** D,E | 19.95% <br>| 5.48%  | 13.94%  | (2.39)%  | (12.54)%  | 69.44%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .60% H | .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .60% H<br>| .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .60% H | .60%  | .60%  | .60%  | .60%  | .56%  |
| Net investment income (loss)  | .38% H | .27%  | .31%  | .16%  | .35%  | .27%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16708 | $12040 | $58849 | $64257 | $57173 | $75872 |
| Portfolio turnover rate I | 191% H,J<br>| 133% J | 96%  | 78% J | 148% J | 136% J |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Small Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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** | $3026702 |
| **Gross unrealized depreciation** | <u>(765519)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2261183</u> |
| **Tax cost** | <u>$16231999</u> |

---

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 14397397 | 13910811 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 223199 | 1403921 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 19812 | 114313 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 876 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 510636 | 536414 | 66332 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 70 | 3 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock K6 Fund** | 99081 |

---

**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 $77.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Small Cap Stock K6 Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119034_4.jpg)<br>

1.9883974.108 SLCXK6-SANN-1225

**Fidelity® Small Cap Stock Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119035_1.jpg)

![](img119035_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SLCX-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Stock Fund](#Sub_Sec_Fund_340_SLCX-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements340_SLCX-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SLCX-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SLCX-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SLCX-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SLCX-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Stock Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| DroneShield Ltd (a)(b) | 492018 | 1232982 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Elsight Ltd (a) | 476100 | 503092 |
| TOTAL AUSTRALIA |  | 1736074 |
| BAILIWICK OF GUERNSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Super Group SGHC Ltd  | 188500 | 2035800 |
| CANADA - 2.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| South Bow Corp  | 113540 | 2945054 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (a) | 33044 | 1385204 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kraken Robotics Inc (a) | 544808 | 2505445 |
| Software - 0.5% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 237425 | 5670912 |
| TOTAL INFORMATION TECHNOLOGY |  | 8176357 |
| Utilities - 1.2% |  |  |
| Gas Utilities - 1.2% |  |  |
| Brookfield Infrastructure Corp (United States)  | 300642 | 13622089 |
| TOTAL CANADA |  | 26128704 |
| ISRAEL - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Next Vision Stabilized Systems Ltd  | 61810 | 2712587 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Nova Ltd (a) | 14757 | 5085852 |
| Software - 0.3% |  |  |
| Cellebrite DI Ltd (a) | 192360 | 3281662 |
| TOTAL ISRAEL |  | 11080101 |
| ITALY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Leisure Products - 0.6% |  |  |
| Sanlorenzo SpA/Ameglia (c) | 189300 | 7396866 |
| JAPAN - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Machinery - 0.5% |  |  |
| Sumitomo Heavy Industries Ltd  | 224367 | 6014276 |
| Professional Services - 0.6% |  |  |
| BayCurrent Inc  | 151253 | 6934024 |
| TOTAL JAPAN |  | 12948300 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Newamsterdam Pharma Co NV (a)(c) | 54931 | 2084631 |
| PUERTO RICO - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Financial Services - 0.8% |  |  |
| EVERTEC Inc  | 347816 | 9902322 |
| SWEDEN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Asmodee Group AB B Shares  | 244170 | 3153051 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Alleima AB  | 75000 | 649720 |
| TOTAL SWEDEN |  | 3802771 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Silicon Motion Technology Corp ADR  | 73896 | 7249937 |
| THAILAND - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Fabrinet (a) | 56218 | 24767964 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| Beauty Tech Group PLC/The  | 312100 | 1086515 |
| UNITED STATES - 87.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| GCI Liberty Inc/DEL Class A (a)(d) | 107906 | 1 |
| Consumer Discretionary - 12.3% |  |  |
| Distributors - 0.2% |  |  |
| GigaCloud Technology Inc Class A (a) | 89900 | 2515402 |
| Diversified Consumer Services - 3.9% |  |  |
| Grand Canyon Education Inc (a) | 70427 | 13261404 |
| Laureate Education Inc (a) | 1091030 | 31672601 |
| Stride Inc (a) | 5300 | 360612 |
|  |  | 45294617 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Pursuit Attractions and Hospitality Inc (a) | 133454 | 4734948 |
| Household Durables - 2.0% |  |  |
| KB Home  | 198038 | 12361532 |
| Tri Pointe Homes Inc (a) | 334926 | 10667393 |
|  |  | 23028925 |
| Leisure Products - 2.0% |  |  |
| YETI Holdings Inc (a)(c) | 705207 | 23969986 |
| Specialty Retail - 2.4% |  |  |
| American Eagle Outfitters Inc  | 1161371 | 19406509 |
| Lithia Motors Inc Class A  | 26400 | 8291712 |
|  |  | 27698221 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Crocs Inc (a) | 74971 | 6124381 |
| Oxford Industries Inc  | 126400 | 4657840 |
| Steven Madden Ltd  | 168276 | 5706239 |
|  |  | 16488460 |
| TOTAL CONSUMER DISCRETIONARY |  | 143730559 |
| Consumer Staples - 3.5% |  |  |
| Consumer Staples Distribution & Retail - 2.7% |  |  |
| Grocery Outlet Holding Corp (a) | 964499 | 13126831 |
| Performance Food Group Co (a) | 190919 | 18469504 |
|  |  | 31596335 |
| Tobacco - 0.8% |  |  |
| Turning Point Brands Inc  | 107514 | 9665509 |
| TOTAL CONSUMER STAPLES |  | 41261844 |
| Energy - 4.6% |  |  |
| Energy Equipment & Services - 1.9% |  |  |
| Cactus Inc Class A  | 192106 | 8485322 |
| Flowco Holdings Inc Class A  | 312700 | 5065740 |
| Kodiak Gas Services Inc (c) | 192413 | 7096191 |
| Solaris Energy Infrastructure Inc Class A  | 39300 | 2091939 |
|  |  | 22739192 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| Chord Energy Corp  | 126800 | 11503297 |
| Core Natural Resources Inc  | 106353 | 8401887 |
| Gulfport Energy Corp (a) | 61614 | 11460820 |
|  |  | 31366004 |
| TOTAL ENERGY |  | 54105196 |
| Financials - 16.5% |  |  |
| Banks - 9.0% |  |  |
| Ameris Bancorp  | 165600 | 11860272 |
| Axos Financial Inc (a) | 82100 | 6402157 |
| Connectone Bancorp Inc  | 308564 | 7424050 |
| CVB Financial Corp  | 437194 | 8031254 |
| Eastern Bankshares Inc  | 637349 | 11172728 |
| First Bancorp/Southern Pines NC (c) | 207532 | 10073603 |
| FNB Corp/PA  | 667426 | 10491937 |
| Old National Bancorp/IN  | 704804 | 14399146 |
| Webster Financial Corp  | 216049 | 12323435 |
| Western Alliance Bancorp  | 160696 | 12429836 |
|  |  | 104608418 |
| Capital Markets - 1.8% |  |  |
| Perella Weinberg Partners Class A (c) | 745773 | 13931040 |
| WisdomTree Inc (c) | 648800 | 7759647 |
|  |  | 21690687 |
| Consumer Finance - 2.2% |  |  |
| FirstCash Holdings Inc  | 104803 | 16611276 |
| SLM Corp  | 339832 | 9124489 |
|  |  | 25735765 |
| Insurance - 3.5% |  |  |
| Baldwin Insurance Group Inc/The Class A (a)(c) | 760373 | 16804243 |
| Hagerty Inc Class A (a) | 342900 | 3847338 |
| Primerica Inc  | 77996 | 20268821 |
|  |  | 40920402 |
| TOTAL FINANCIALS |  | 192955272 |
| Health Care - 12.5% |  |  |
| Biotechnology - 3.4% |  |  |
| ARS Pharmaceuticals Inc (a)(c) | 361100 | 3235456 |
| Catalyst Pharmaceuticals Inc (a) | 134227 | 2855008 |
| Celldex Therapeutics Inc (a) | 82815 | 2213645 |
| Centessa Pharmaceuticals PLC ADR (a) | 62400 | 1553760 |
| Cogent Biosciences Inc (a) | 179816 | 2931001 |
| Dianthus Therapeutics Inc (a) | 52125 | 1823333 |
| Disc Medicine Inc (a) | 31600 | 2724552 |
| GRAIL Inc (a) | 12300 | 1130739 |
| Mirum Pharmaceuticals Inc (a)(c) | 29500 | 2143175 |
| Nuvalent Inc Class A (a) | 51585 | 5123422 |
| Soleno Therapeutics Inc (a) | 31275 | 2100429 |
| Spyre Therapeutics Inc (a) | 58410 | 1428709 |
| Ultragenyx Pharmaceutical Inc (a) | 61600 | 2131360 |
| Upstream Bio Inc (a) | 65591 | 1695527 |
| Vaxcyte Inc (a) | 50036 | 2265630 |
| Viking Therapeutics Inc (a)(c) | 24147 | 919518 |
| Viridian Therapeutics Inc (a) | 126837 | 2997158 |
|  |  | 39272422 |
| Health Care Equipment & Supplies - 3.0% |  |  |
| Artivion Inc (a) | 71771 | 3256250 |
| Lantheus Holdings Inc (a) | 135686 | 7827725 |
| Masimo Corp (a) | 40753 | 5731909 |
| Merit Medical Systems Inc (a) | 90574 | 7928849 |
| Penumbra Inc (a) | 16876 | 3837096 |
| TransMedics Group Inc (a)(c) | 54167 | 7125127 |
|  |  | 35706956 |
| Health Care Providers & Services - 3.2% |  |  |
| BrightSpring Health Services Inc (a) | 263258 | 8700677 |
| Ensign Group Inc/The  | 51110 | 9204911 |
| HealthEquity Inc (a) | 97200 | 9193176 |
| LifeStance Health Group Inc (a) | 1112500 | 5451250 |
| Option Care Health Inc (a) | 132600 | 3451578 |
| PACS Group Inc (a) | 126900 | 1532952 |
|  |  | 37534544 |
| Life Sciences Tools & Services - 0.7% |  |  |
| BioLife Solutions Inc (a)(c) | 159000 | 4431330 |
| Charles River Laboratories International Inc (a) | 18204 | 3277994 |
|  |  | 7709324 |
| Pharmaceuticals - 2.2% |  |  |
| Crinetics Pharmaceuticals Inc (a) | 99463 | 4326641 |
| Enliven Therapeutics Inc (a) | 92155 | 2158270 |
| Ligand Pharmaceuticals Inc (a) | 73700 | 14099547 |
| Phibro Animal Health Corp Class A  | 74700 | 3141882 |
| Trevi Therapeutics Inc (a) | 197400 | 2301684 |
|  |  | 26028024 |
| TOTAL HEALTH CARE |  | 146251270 |
| Industrials - 20.2% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| Carpenter Technology Corp  | 10097 | 3189642 |
| Karman Holdings Inc (a) | 95600 | 8053344 |
| Leonardo DRS Inc  | 82242 | 3006768 |
| Mercury Systems Inc (a) | 85200 | 6595332 |
| V2X Inc (a) | 363834 | 20771284 |
|  |  | 41616370 |
| Air Freight & Logistics - 1.0% |  |  |
| Hub Group Inc Class A  | 317800 | 11704574 |
| Building Products - 1.2% |  |  |
| CSW Industrials Inc (c) | 30200 | 7562684 |
| Tecnoglass Inc  | 106151 | 6329784 |
|  |  | 13892468 |
| Construction & Engineering - 3.2% |  |  |
| Construction Partners Inc Class A (a) | 49374 | 5645916 |
| IES Holdings Inc (a) | 37386 | 14650826 |
| Legence Corp Class A  | 225700 | 9337209 |
| WillScot Holdings Corp  | 367589 | 7995061 |
|  |  | 37629012 |
| Electrical Equipment - 0.2% |  |  |
| NEXTracker Inc Class A (a) | 19089 | 1932189 |
| Ground Transportation - 1.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 253834 | 11452990 |
| Machinery - 1.1% |  |  |
| Hillman Solutions Corp Class A (a) | 794500 | 7325290 |
| REV Group Inc  | 114305 | 5860417 |
|  |  | 13185707 |
| Professional Services - 6.3% |  |  |
| Cbiz Inc (a)(c) | 638722 | 35129711 |
| Genpact Ltd  | 577019 | 22013275 |
| KBR Inc  | 380956 | 16320155 |
|  |  | 73463141 |
| Trading Companies & Distributors - 2.7% |  |  |
| Core & Main Inc Class A (a) | 198500 | 10357730 |
| EVI Industries Inc  | 36880 | 993547 |
| Herc Holdings Inc (c) | 131563 | 18688524 |
| Transcat Inc (a)(c) | 14400 | 1046160 |
|  |  | 31085961 |
| TOTAL INDUSTRIALS |  | 235962412 |
| Information Technology - 7.9% |  |  |
| Electronic Equipment, Instruments & Components - 5.1% |  |  |
| Belden Inc  | 37700 | 4593745 |
| Insight Enterprises Inc (a) | 166681 | 16668100 |
| Mirion Technologies Inc Class A (a)(c) | 279700 | 8214789 |
| Sanmina Corp (a) | 178614 | 24479049 |
| TD SYNNEX Corp  | 16492 | 2580833 |
| TTM Technologies Inc (a) | 42700 | 2869440 |
|  |  | 59405956 |
| IT Services - 1.1% |  |  |
| ASGN Inc (a) | 8853 | 396260 |
| Kyndryl Holdings Inc (a) | 413400 | 11955528 |
|  |  | 12351788 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Diodes Inc (a) | 161600 | 8622976 |
| Kopin Corp (a)(c) | 285600 | 988176 |
| Penguin Solutions Inc (a)(c) | 274442 | 6111823 |
|  |  | 15722975 |
| Software - 0.4% |  |  |
| Riot Platforms Inc (a)(c) | 196500 | 3886770 |
| Weave Communications Inc (a) | 238921 | 1770405 |
|  |  | 5657175 |
| TOTAL INFORMATION TECHNOLOGY |  | 93137894 |
| Materials - 4.3% |  |  |
| Chemicals - 3.4% |  |  |
| Element Solutions Inc  | 529047 | 14136136 |
| Hawkins Inc  | 24729 | 3507809 |
| Perimeter Solutions Inc  | 957814 | 22518207 |
|  |  | 40162152 |
| Construction Materials - 0.9% |  |  |
| Eagle Materials Inc  | 49155 | 10436589 |
| TOTAL MATERIALS |  | 50598741 |
| Real Estate - 4.3% |  |  |
| Health Care REITs - 0.8% |  |  |
| CareTrust REIT Inc  | 279015 | 9667870 |
| Industrial REITs - 0.6% |  |  |
| Terreno Realty Corp  | 121729 | 6954378 |
| Real Estate Management & Development - 1.3% |  |  |
| Compass Inc Class A (a) | 1893548 | 14599255 |
| Retail REITs - 1.2% |  |  |
| Acadia Realty Trust  | 452816 | 8635201 |
| Tanger Inc  | 172163 | 5605627 |
|  |  | 14240828 |
| Specialized REITs - 0.4% |  |  |
| Four Corners Property Trust Inc  | 205786 | 4864781 |
| TOTAL REAL ESTATE |  | 50327112 |
| Utilities - 1.3% |  |  |
| Gas Utilities - 0.8% |  |  |
| Southwest Gas Holdings Inc  | 122551 | 9742805 |
| Water Utilities - 0.5% |  |  |
| WaterBridge Infrastructure LLC Class A  | 250600 | 6014400 |
| TOTAL UTILITIES |  | 15757205 |
| TOTAL UNITED STATES |  | 1024087506 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $974,587,233) |  | <br> **1134307491** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** | &nbsp;&nbsp;**Money Market Funds - 7.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 34423100 | 34429984 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 52921022 | 52926314 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $87,356,298) |  |  | **87356298** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.2%**<br> (Cost $1,061,943,531)<br>| <br>**1221663789** |
| **NET OTHER ASSETS (LIABILITIES) - (4.2)%**  | **(48723752)** |
| **NET ASSETS - 100.0%** | **1172940037** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,903,894 or 0.6% of net assets.

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 23410601 | 248195595 | 237176386 | 433008 | 174 | - | 34429984 | 34423100 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 58769914 | 425541879 | 431385479 | 65202 | - | - | 52926314 | 52921022 | 0.2% |
| Total | 82180515 | 673737474 | 668561865 | 498210 | 174 | - | 87356298 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1 | - | - | 1 |
| Consumer Discretionary | 157402791 | 157402791 | - | - |
| Consumer Staples | 41261844 | 41261844 | - | - |
| Energy | 57050250 | 57050250 | - | - |
| Financials | 202857594 | 202857594 | - | - |
| Health Care | 149721105 | 149721105 | - | - |
| Industrials | 250143694 | 250143694 | - | - |
| Information Technology | 144915345 | 144915345 | - | - |
| Materials | 51248461 | 51248461 | - | - |
| Real Estate | 50327112 | 50327112 | - | - |
| Utilities | 29379294 | 29379294 | - | - |
|  **Money Market Funds** | 87356298 | 87356298 | - | - |
| **Total Investments in Securities:** | 1221663789 | 1221663788 | - | 1 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $90,502,886) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $974,587,233) | $1134307491 |  |
| Fidelity Central Funds (cost $87,356,298) | 87356298 |  |
| Total Investment in Securities (cost $1,061,943,531) |  | $1221663789 |
| Cash |  | 442 |
| Foreign currency held at value (cost $167,368) |  | 166826 |
| Receivable for investments sold |  | 7955540 |
| Receivable for fund shares sold |  | 213951 |
| Dividends receivable |  | 434948 |
| Distributions receivable from Fidelity Central Funds |  | 108424 |
| Prepaid expenses |  | 1232 |
| **Total assets** |  | 1230545152 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2623319 |  |
| Payable for fund shares redeemed | 1188091 |  |
| Accrued management fee | 830627 |  |
| Other payables and accrued expenses | 41346 |  |
| Collateral on securities loaned | 52921732 |  |
| **Total liabilities** |  | 57605115 |
| **Net Assets**  |  | $1172940037 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $901958789 |
| Total accumulated earnings (loss) |  | 270981248 |
| **Net Assets** |  | $1172940037 |
| **Net Asset Value**, offering price and redemption price per share ($1,172,940,037 ÷ 59,438,491 shares) |  | $19.73 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5416254 |
| Income from Fidelity Central Funds (including $65,202 from security lending)  |  | 498210 |
| **Total income** |  | 5914464 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $4610648 |  |
| Performance adjustment | 475514 |  |
| Custodian fees and expenses | 22706 |  |
| Independent trustees' fees and expenses | 2002 |  |
| Registration fees | 8433 |  |
| Audit fees | 39143 |  |
| Legal | 386 |  |
| Miscellaneous | 2368 |  |
| Total expenses before reductions | 5161200 |  |
| Expense reductions | (1875) |  |
| Total expenses after reductions |  | 5159325 |
| **Net Investment income (loss)** |  | 755139 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 146031860 |  |
| Redemptions in-kind | 362073 |  |
| Fidelity Central Funds | 174 |  |
| Foreign currency transactions | (8108) |  |
| Total net realized gain (loss) |  | 146385999 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 45485101 |  |
| Assets and liabilities in foreign currencies | 2640 |  |
| Total change in net unrealized appreciation (depreciation) |  | 45487741 |
| **Net gain (loss)** |  | 191873740 |
| **Net increase (decrease) in net assets resulting from operations** |  | $192628879 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $755139 | $470630 |
| &nbsp;&nbsp;Net realized gain (loss) | 146385999<br>| 45173614<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 45487741 | 18023630<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 192628879<br>| 63667874<br>|
| Distributions to shareholders | (47486824)<br>| (21451426)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 33285691 | 58116522 |
| Reinvestment of distributions | 45166579<br>| 20453335<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (84698450) | (194078535) |
| **Net increase (decrease) in net assets resulting from share transactions** | (6246180)<br>| (115508678)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 138895875<br>| (73292230)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1034044162 | 1107336392<br>|
| &nbsp;&nbsp;End of period | $1172940037 | $1034044162 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1734849 | 3120669 |
| Issued in reinvestment of distributions | 2564826<br>| 1053753<br>|
| &nbsp;&nbsp;Redeemed | (4453443) | (10558278) |
| &nbsp;&nbsp;Net increase (decrease) | (153768) | (6383856) |

---

**Financial Highlights** 

**Fidelity® Small Cap Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.35 | $16.78 | $14.76 | $16.44 | $23.58 | $14.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .01  | .01  | - C | .02  | (.01)  |
| Net realized and unrealized gain (loss)  | 3.18  | .90  | 2.01  | (.54)  | (2.57)  | 9.59  |
| Total from investment operations  | 3.19  | .91  | 2.02  | (.54)  | (2.55)  | 9.58  |
| Distributions from net investment income  | -  | - D | - C | -  | (.05)  | -  |
| Distributions from net realized gain  | (.81)  | (.34) D | -  | (1.14)  | (4.54)  | -  |
| Total distributions  | (.81)  | (.34)  | - C | (1.14)  | (4.59)  | -  |
| Net asset value, end of period  | $19.73 | $17.35 | $16.78 | $14.76 | $16.44 | $23.58 |
| **Total Return** E,F | 18.94% <br>| 5.23%  | 13.71%  | (3.33)%  | (13.53)%  | 68.43%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .90% I | .86%  | .87%  | .77%  | .90%  | .88%  |
| Expenses net of fee waivers, if any  | .90% I<br>| .86%  | .86%  | .77%  | .89%  | .88%  |
| Expenses net of all reductions, if any  | .90% I | .86%  | .86%  | .77%  | .89%  | .86%  |
| Net investment income (loss)  | .13% I | .04%  | .04%  | (.02)%  | .10%  | (.05)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1172940 | $1034044 | $1107336 | $1168446 | $1257662 | $1609274 |
| Portfolio turnover rate J | 162% I,K<br>| 124% K | 78%  | 74% K | 135% K | 123% K |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Small Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, 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** | $209028890 |
| **Gross unrealized depreciation** | <u>(53506489)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$155522401</u> |
| **Tax cost** | <u>$1066141388</u> |

---

The Fund elected to defer to its next fiscal year approximately $20,146,208 of capital losses recognized during the period November 1, 2024 to April, 30, 2025.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Small Cap Stock Fund** | 899514692 | 966214848 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Small Cap Stock Fund** | 74796 | - | 362073 | 362073 | 1403921 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Small Cap Stock Fund** | 6592 | 26894 | 114313 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Small Cap Stock Fund** | .82 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Small Cap Stock Fund** | .81 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Small Cap Stock Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .08%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock Fund** | 39033 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Small Cap Stock Fund** | 46239083 | 40615031 | 4199884 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock Fund** | 667 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Small Cap Stock Fund** | 6728 | 1192 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Stock Fund** | 38712351 |

---

**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 $1,875 .

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Small Cap Stock Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119035_4.jpg)<br>

1.711817.127 SLCX-SANN-1225

**Fidelity® Small Cap Discovery Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119036_1.jpg)

![](img119036_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SMR-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Discovery Fund](#Sub_Sec_Fund_384_SMR-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements384_SMR-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMR-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMR-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMR-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMR-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Discovery Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** | &nbsp;&nbsp;**Common Stocks - 97.6%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF GUERNSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Super Group SGHC Ltd  | 527100 | 5692680 |
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| StoneCo Ltd Class A (a) | 299900 | 5701099 |
| CANADA - 0.6%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| CES Energy Solutions Corp  | 1267000 | 8681238 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| Brookfield Infrastructure Corp (United States)  | 97663 | 4425110 |
| TOTAL CANADA |  | 13106348 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Patria Investments Ltd Class A  | 376820 | 5490267 |
| PUERTO RICO - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| EVERTEC Inc  | 937013 | 26676760 |
| THAILAND - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Fabrinet (a) | 108100 | 47625617 |
| UNITED STATES - 93.1%  |  |  |
| Consumer Discretionary - 14.1% |  |  |
| Distributors - 0.5% |  |  |
| GigaCloud Technology Inc Class A (a)(b) | 421045 | 11780839 |
| Diversified Consumer Services - 5.3% |  |  |
| Adtalem Global Education Inc (a) | 89391 | 8762106 |
| Carriage Services Inc  | 381569 | 17056134 |
| Laureate Education Inc (a) | 3056903 | 88741895 |
| Stride Inc (a) | 84300 | 5735772 |
|  |  | 120295907 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Cheesecake Factory Inc/The (b) | 325500 | 16209900 |
| Household Durables - 2.1% |  |  |
| Cavco Industries Inc (a) | 33263 | 17622737 |
| KB Home  | 183900 | 11479038 |
| TopBuild Corp (a) | 10593 | 4475331 |
| Tri Pointe Homes Inc (a) | 471400 | 15014090 |
|  |  | 48591196 |
| Specialty Retail - 4.1% |  |  |
| Academy Sports & Outdoors Inc (b) | 890396 | 42641064 |
| American Eagle Outfitters Inc  | 809597 | 13528366 |
| Caleres Inc (b) | 404600 | 4466784 |
| Lithia Motors Inc Class A  | 40400 | 12688832 |
| Signet Jewelers Ltd  | 113600 | 11229360 |
| Urban Outfitters Inc (a) | 167400 | 10815714 |
|  |  | 95370120 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Crocs Inc (a) | 307132 | 25089613 |
| Oxford Industries Inc  | 42800 | 1577180 |
| Steven Madden Ltd (b) | 191230 | 6484609 |
|  |  | 33151402 |
| TOTAL CONSUMER DISCRETIONARY |  | 325399364 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.1% |  |  |
| Primo Brands Corp Class A  | 133812 | 2939850 |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Grocery Outlet Holding Corp (a)(b) | 1194365 | 16255308 |
| Village Super Market Inc Class A  | 21200 | 665044 |
|  |  | 16920352 |
| Food Products - 0.1% |  |  |
| Simply Good Foods Co/The (a) | 137900 | 2698702 |
| TOTAL CONSUMER STAPLES |  | 22558904 |
| Energy - 3.7% |  |  |
| Energy Equipment & Services - 1.1% |  |  |
| Cactus Inc Class A  | 257859 | 11389632 |
| Flowco Holdings Inc Class A  | 377500 | 6115500 |
| Solaris Energy Infrastructure Inc Class A (b) | 131200 | 6983776 |
|  |  | 24488908 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Chord Energy Corp  | 186300 | 16901136 |
| Gulfport Energy Corp (a) | 26900 | 5003669 |
| Northern Oil & Gas Inc (b) | 558083 | 12350377 |
| Ovintiv Inc  | 687100 | 25773121 |
|  |  | 60028303 |
| TOTAL ENERGY |  | 84517211 |
| Financials - 21.3% |  |  |
| Banks - 10.0% |  |  |
| Axos Financial Inc (a) | 126500 | 9864470 |
| BankUnited Inc  | 516387 | 20696791 |
| Eastern Bankshares Inc  | 815851 | 14301868 |
| FNB Corp/PA  | 2282241 | 35876829 |
| Hancock Whitney Corp  | 192400 | 10987964 |
| Hanmi Financial Corp  | 709720 | 18736608 |
| Old National Bancorp/IN  | 2641700 | 53969931 |
| Orrstown Financial Services Inc  | 1697 | 56476 |
| UMB Financial Corp  | 185959 | 19875298 |
| Webster Financial Corp  | 823873 | 46993716 |
|  |  | 231359951 |
| Capital Markets - 0.7% |  |  |
| Victory Capital Holdings Inc Class A  | 59178 | 3685014 |
| WisdomTree Inc (b) | 1063400 | 12718264 |
|  |  | 16403278 |
| Consumer Finance - 3.1% |  |  |
| EZCORP Inc Class A (a) | 425700 | 7769025 |
| FirstCash Holdings Inc  | 241413 | 38263961 |
| SLM Corp  | 924300 | 24817455 |
|  |  | 70850441 |
| Financial Services - 1.8% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 187510 | 5195902 |
| Voya Financial Inc  | 268800 | 20014848 |
| WEX Inc (a) | 108150 | 15776922 |
|  |  | 40987672 |
| Insurance - 5.7% |  |  |
| Assurant Inc  | 45840 | 9705245 |
| Axis Capital Holdings Ltd  | 268100 | 25110246 |
| Baldwin Insurance Group Inc/The Class A (a) | 551709 | 12192769 |
| First American Financial Corp  | 280972 | 17563560 |
| Primerica Inc  | 126005 | 32744919 |
| Reinsurance Group of America Inc  | 88700 | 16184202 |
| Selective Insurance Group Inc  | 230463 | 17363082 |
|  |  | 130864023 |
| TOTAL FINANCIALS |  | 490465365 |
| Health Care - 10.2% |  |  |
| Biotechnology - 3.2% |  |  |
| Apogee Therapeutics Inc (a) | 3400 | 192406 |
| Astria Therapeutics Inc (a) | 190315 | 2403678 |
| Celldex Therapeutics Inc (a)(b) | 378084 | 10106185 |
| CG oncology Inc (a) | 119100 | 5153457 |
| Cytokinetics Inc (a) | 362600 | 23057735 |
| Day One Biopharmaceuticals Inc (a) | 192700 | 1433688 |
| Disc Medicine Inc (a) | 35100 | 3026322 |
| Janux Therapeutics Inc (a) | 27163 | 779850 |
| Nurix Therapeutics Inc (a) | 154600 | 2000524 |
| Perspective Therapeutics Inc (a) | 145366 | 396849 |
| Soleno Therapeutics Inc (a) | 105775 | 7103849 |
| Travere Therapeutics Inc (a) | 148800 | 5231808 |
| Upstream Bio Inc (a) | 66400 | 1716440 |
| Vaxcyte Inc (a) | 189636 | 8586718 |
| Viridian Therapeutics Inc (a) | 77000 | 1819510 |
|  |  | 73009019 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Haemonetics Corp (a) | 228201 | 11412332 |
| Lantheus Holdings Inc (a) | 613200 | 35375508 |
|  |  | 46787840 |
| Health Care Providers & Services - 2.8% |  |  |
| Addus HomeCare Corp (a) | 75300 | 8801817 |
| BrightSpring Health Services Inc (a) | 203142 | 6713843 |
| Ensign Group Inc/The  | 67776 | 12206458 |
| Option Care Health Inc (a) | 619993 | 16138418 |
| PACS Group Inc (a) | 361100 | 4362088 |
| Pennant Group Inc/The (a) | 255577 | 6320419 |
| Progyny Inc (a) | 557620 | 10433070 |
|  |  | 64976113 |
| Life Sciences Tools & Services - 1.4% |  |  |
| ICON PLC (a) | 185100 | 31803882 |
| Pharmaceuticals - 0.8% |  |  |
| Amylyx Pharmaceuticals Inc (a) | 114200 | 1590806 |
| Elanco Animal Health Inc (a) | 510181 | 11300509 |
| Enliven Therapeutics Inc (a) | 4200 | 98364 |
| Phibro Animal Health Corp Class A  | 147271 | 6194218 |
|  |  | 19183897 |
| TOTAL HEALTH CARE |  | 235760751 |
| Industrials - 26.1% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| V2X Inc (a) | 474228 | 27073677 |
| Building Products - 1.9% |  |  |
| AZZ Inc  | 28802 | 2875880 |
| Gibraltar Industries Inc (a) | 333255 | 20791779 |
| Tecnoglass Inc  | 337886 | 20148142 |
|  |  | 43815801 |
| Commercial Services & Supplies - 4.1% |  |  |
| Brady Corp Class A  | 610001 | 46305176 |
| Brink's Co/The  | 437949 | 48682411 |
|  |  | 94987587 |
| Construction & Engineering - 3.1% |  |  |
| IES Holdings Inc (a)(b) | 181007 | 70933023 |
| Electrical Equipment - 0.3% |  |  |
| NEXTracker Inc Class A (a) | 76352 | 7728349 |
| Ground Transportation - 0.3% |  |  |
| ArcBest Corp  | 86869 | 6456104 |
| Proficient Auto Logistics Inc (a) | 97716 | 730916 |
| Universal Logistics Holdings Inc  | 43701 | 707082 |
|  |  | 7894102 |
| Machinery - 3.1% |  |  |
| Blue Bird Corp (a) | 58951 | 2945192 |
| Energy Recovery Inc (a) | 77000 | 1317470 |
| Enpro Inc  | 15337 | 3558337 |
| Hillman Solutions Corp Class A (a) | 1117317 | 10301663 |
| JBT Marel Corp  | 60500 | 7629050 |
| Mueller Industries Inc  | 226000 | 23926620 |
| Mueller Water Products Inc Class A1  | 176796 | 4536585 |
| REV Group Inc  | 314721 | 16135746 |
|  |  | 70350663 |
| Professional Services - 10.3% |  |  |
| Cbiz Inc (a)(b) | 578220 | 31802100 |
| CRA International Inc  | 3000 | 571470 |
| ExlService Holdings Inc (a) | 610700 | 23878370 |
| Genpact Ltd  | 2306912 | 88008694 |
| ICF International Inc  | 50752 | 4074371 |
| KBR Inc  | 880200 | 37707768 |
| Kforce Inc  | 50091 | 1267302 |
| Maximus Inc  | 562608 | 46763977 |
|  |  | 234074052 |
| Trading Companies & Distributors - 1.8% |  |  |
| Core & Main Inc Class A (a) | 261400 | 13639852 |
| DXP Enterprises Inc/TX (a) | 199147 | 23827939 |
| Rush Enterprises Inc Class A  | 103296 | 5103855 |
|  |  | 42571646 |
| TOTAL INDUSTRIALS |  | 599428900 |
| Information Technology - 11.9% |  |  |
| Electronic Equipment, Instruments & Components - 6.5% |  |  |
| Bel Fuse Inc Class B  | 14582 | 2245482 |
| Belden Inc  | 151142 | 18416653 |
| ePlus Inc  | 187332 | 13705209 |
| Insight Enterprises Inc (a) | 435294 | 43529400 |
| Sanmina Corp (a) | 404038 | 55373408 |
| TTM Technologies Inc (a) | 226600 | 15227520 |
|  |  | 148497672 |
| IT Services - 2.1% |  |  |
| ASGN Inc (a) | 73870 | 3306421 |
| Kyndryl Holdings Inc (a) | 1587329 | 45905555 |
|  |  | 49211976 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Diodes Inc (a) | 304789 | 16263541 |
| MKS Inc  | 84372 | 12125100 |
| Penguin Solutions Inc (a)(b) | 575316 | 12812287 |
|  |  | 41200928 |
| Software - 1.5% |  |  |
| Bitdeer Technologies Group Class A (a)(b) | 168000 | 3729600 |
| Intapp Inc (a) | 47967 | 1840973 |
| PAR Technology Corp (a) | 41000 | 1448940 |
| Riot Platforms Inc (a) | 385400 | 7623213 |
| SPS Commerce Inc (a) | 70700 | 5814368 |
| Varonis Systems Inc (a) | 90300 | 3181269 |
| Weave Communications Inc (a) | 1016198 | 7530027 |
| Workiva Inc Class A (a) | 54400 | 4624544 |
|  |  | 35792934 |
| TOTAL INFORMATION TECHNOLOGY |  | 274703510 |
| Materials - 3.0% |  |  |
| Chemicals - 1.5% |  |  |
| Hawkins Inc (b) | 17317 | 2456416 |
| Minerals Technologies Inc  | 447700 | 25406976 |
| Perimeter Solutions Inc  | 256275 | 6025025 |
|  |  | 33888417 |
| Construction Materials - 0.8% |  |  |
| Eagle Materials Inc  | 86800 | 18429376 |
| Containers & Packaging - 0.6% |  |  |
| Silgan Holdings Inc  | 353700 | 13659894 |
| Metals & Mining - 0.1% |  |  |
| Constellium SE (a) | 199212 | 3133604 |
| TOTAL MATERIALS |  | 69111291 |
| Real Estate - 1.2% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Compass Inc Class A (a) | 1274600 | 9827166 |
| Specialized REITs - 0.8% |  |  |
| Outfront Media Inc  | 998786 | 17668524 |
| TOTAL REAL ESTATE |  | 27495690 |
| Utilities - 0.6% |  |  |
| Gas Utilities - 0.6% |  |  |
| UGI Corp  | 390944 | 13069258 |
| Water Utilities - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 23200 | 556800 |
| TOTAL UTILITIES |  | 13626058 |
| TOTAL UNITED STATES |  | 2143067044 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,063,546,618) |  | <br> **2247359815** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.2%** | &nbsp;&nbsp;**Money Market Funds - 8.2%** | &nbsp;&nbsp;**Money Market Funds - 8.2%** | &nbsp;&nbsp;**Money Market Funds - 8.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.18 | 120515326 | 120539429 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.18 | 68335897 | 68342731 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $188,882,160) |  |  | **188882160** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.8%**<br> (Cost $2,252,428,778)<br>| <br>**2436241975** |
| **NET OTHER ASSETS (LIABILITIES) - (5.8)%**  | **(134076162)** |
| **NET ASSETS - 100.0%** | **2302165813** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 93271874 | 351986209 | 324718175 | 1881720 | (479) | - | 120539429 | 120515326 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 60632698 | 228443309 | 220733276 | 51272 | - | - | 68342731 | 68335897 | 0.3% |
| Total | 153904572 | 580429518 | 545451451 | 1932992 | (479) | - | 188882160 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 331092044 | 331092044 | - | - |
| Consumer Staples | 22558904 | 22558904 | - | - |
| Energy | 93198449 | 93198449 | - | - |
| Financials | 528333491 | 528333491 | - | - |
| Health Care | 235760751 | 235760751 | - | - |
| Industrials | 599428900 | 599428900 | - | - |
| Information Technology | 322329127 | 322329127 | - | - |
| Materials | 69111291 | 69111291 | - | - |
| Real Estate | 27495690 | 27495690 | - | - |
| Utilities | 18051168 | 18051168 | - | - |
|  **Money Market Funds** | 188882160 | 188882160 | - | - |
| **Total Investments in Securities:** | 2436241975 | 2436241975 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $114,763,445) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,063,546,618) | $2247359815 |  |
| Fidelity Central Funds (cost $188,882,160) | 188882160 |  |
| Total Investment in Securities (cost $2,252,428,778) |  | $2436241975 |
| Cash |  | 179136 |
| Foreign currency held at value (cost $2) |  | 2 |
| Receivable for investments sold |  | 9919187 |
| Receivable for fund shares sold |  | 363463 |
| Dividends receivable |  | 941985 |
| Distributions receivable from Fidelity Central Funds |  | 390148 |
| Prepaid expenses |  | 2524 |
| **Total assets** |  | 2448038420 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $73524367 |  |
| Payable for fund shares redeemed | 2694700 |  |
| Accrued management fee | 1266411 |  |
| Other payables and accrued expenses | 47796 |  |
| Collateral on securities loaned | 68339333 |  |
| **Total liabilities** |  | 145872607 |
| **Net Assets**  |  | $2302165813 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1869697574 |
| Total accumulated earnings (loss) |  | 432468239 |
| **Net Assets** |  | $2302165813 |
| **Net Asset Value**, offering price and redemption price per share ($2,302,165,813 ÷ 93,245,357 shares) |  | $24.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $11799823 |
| Income from Fidelity Central Funds (including $51,272 from security lending)  |  | 1932992 |
| **Total income** |  | 13732815 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $8958694 |  |
| Performance adjustment | (461266) |  |
| Custodian fees and expenses | 20183 |  |
| Independent trustees' fees and expenses | 4034 |  |
| Registration fees | 48017 |  |
| Audit fees | 29185 |  |
| Legal | 1363 |  |
| Miscellaneous | 4925 |  |
| Total expenses before reductions | 8605135 |  |
| Expense reductions | (436) |  |
| Total expenses after reductions |  | 8604699 |
| **Net Investment income (loss)** |  | 5128116 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 244782782 |  |
| Fidelity Central Funds | (479) |  |
| Foreign currency transactions | (22201) |  |
| Total net realized gain (loss) |  | 244760102 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 56172351 |  |
| Assets and liabilities in foreign currencies | 1275 |  |
| Total change in net unrealized appreciation (depreciation) |  | 56173626 |
| **Net gain (loss)** |  | 300933728 |
| **Net increase (decrease) in net assets resulting from operations** |  | $306061844 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5128116 | $5506813 |
| &nbsp;&nbsp;Net realized gain (loss) | 244760102<br>| 197426539<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 56173626 | (301845142)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 306061844<br>| (98911790)<br>|
| Distributions to shareholders | (63282265)<br>| (295273715)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 174701563 | 511958193 |
| Reinvestment of distributions | 49805465<br>| 266250032<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (266415172) | (897949560) |
| **Net increase (decrease) in net assets resulting from share transactions** | (41908144)<br>| (119741335)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 200871435<br>| (513926840)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2101294378 | 2615221218<br>|
| &nbsp;&nbsp;End of period | $2302165813 | $2101294378 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7291265 | 21275688 |
| Issued in reinvestment of distributions | 2197946<br>| 10938899<br>|
| &nbsp;&nbsp;Redeemed | (10990199) | (35720230) |
| &nbsp;&nbsp;Net increase (decrease) | (1500988) | (3505643) |

---

**Financial Highlights** 

**Fidelity® Small Cap Discovery Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.18 | $26.62 | $23.70 | $26.93 | $29.55 | $17.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .06  | .04  | .06  | - C | .08  |
| Net realized and unrealized gain (loss)  | 3.14  | (1.35)  | 4.06  | (.64)  | (.74)  | 13.03  |
| Total from investment operations  | 3.19  | (1.29)  | 4.10  | (.58)  | (.74)  | 13.11  |
| Distributions from net investment income  | (.01)  | (.06)  | (.03)  | (.04)  | (.03)  | (.07) D |
| Distributions from net realized gain  | (.67)  | (3.09)  | (1.15)  | (2.61)  | (1.85)  | (.60) D |
| Total distributions  | (.68)  | (3.15)  | (1.18)  | (2.65)  | (1.88)  | (.67)  |
| Net asset value, end of period  | $24.69 | $22.18 | $26.62 | $23.70 | $26.93 | $29.55 |
| **Total Return** E,F | 14.63% <br>| (5.57)%  | 17.57%  | (1.82)%  | (2.94)%  | 77.54%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .74% I | .91%  | 1.10%  | 1.03%  | .98%  | .62%  |
| Expenses net of fee waivers, if any  | .74% I<br>| .91%  | 1.09%  | 1.02%  | .97%  | .62%  |
| Expenses net of all reductions, if any  | .74% I | .91%  | 1.09%  | 1.02%  | .97%  | .61%  |
| Net investment income (loss)  | .44% I | .23%  | .17%  | .25%  | .01%  | .33%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2302166 | $2101294 | $2615221 | $2757344 | $3223415 | $3170589 |
| Portfolio turnover rate J | 75% I<br>| 67%  | 45%  | 27%  | 26%  | 33%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions 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** | $471288968 |
| **Gross unrealized depreciation** | <u>(153535318)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$317753650</u> |
| **Tax cost** | <u>$2118488325</u> |

---

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Small Cap Discovery Fund** | 826654847 | 890937097 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Small Cap Discovery Fund** | .84 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Small Cap Discovery Fund** | .77 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Small Cap Discovery Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.04)%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Discovery Fund** | 19473 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Small Cap Discovery Fund** | 57746652 | 40689953 | 15626341 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Discovery Fund** | 1356 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Small Cap Discovery Fund** | 5473 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Discovery Fund** | 47299027 |

---

**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 $436.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity Small Cap Discovery Fund** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119036_4.jpg)<br>

1.749363.125 SMR-SANN-1225

**Fidelity® Series Small Cap Discovery Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119039_1.jpg)

![](img119039_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_XS4-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Small Cap Discovery Fund](#Sub_Sec_Fund_2615_XS4-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2615_XS4-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS4-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS4-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS4-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS4-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Small Cap Discovery Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF GUERNSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Super Group SGHC Ltd  | 410800 | 4436640 |
| BRAZIL - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| StoneCo Ltd Class A (a) | 233700 | 4442637 |
| CANADA - 0.6%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| CES Energy Solutions Corp  | 1002400 | 6868250 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| Brookfield Infrastructure Corp (United States) (b) | 75209 | 3407720 |
| TOTAL CANADA |  | 10275970 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Patria Investments Ltd Class A  | 288057 | 4196990 |
| PUERTO RICO - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| EVERTEC Inc  | 698461 | 19885185 |
| THAILAND - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Fabrinet (a) | 83800 | 36919766 |
| UNITED STATES - 93.6%  |  |  |
| Consumer Discretionary - 13.3% |  |  |
| Distributors - 0.5% |  |  |
| GigaCloud Technology Inc Class A (a) | 328105 | 9180378 |
| Diversified Consumer Services - 4.5% |  |  |
| Adtalem Global Education Inc (a) | 69298 | 6792590 |
| Carriage Services Inc  | 293200 | 13106040 |
| Laureate Education Inc (a) | 1848648 | 53666251 |
| Stride Inc (a) | 65700 | 4470228 |
|  |  | 78035109 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Cheesecake Factory Inc/The (b) | 253700 | 12634260 |
| Household Durables - 2.1% |  |  |
| Cavco Industries Inc (a) | 25891 | 13717052 |
| KB Home  | 143300 | 8944786 |
| TopBuild Corp (a) | 8279 | 3497712 |
| Tri Pointe Homes Inc (a) | 360059 | 11467879 |
|  |  | 37627429 |
| Specialty Retail - 4.1% |  |  |
| Academy Sports & Outdoors Inc (b) | 686397 | 32871553 |
| American Eagle Outfitters Inc (b) | 630888 | 10542138 |
| Caleres Inc  | 317700 | 3507408 |
| Lithia Motors Inc Class A  | 31800 | 9987744 |
| Signet Jewelers Ltd  | 88600 | 8758110 |
| Urban Outfitters Inc (a) | 130500 | 8431605 |
|  |  | 74098558 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Crocs Inc (a) | 238017 | 19443609 |
| Oxford Industries Inc  | 33000 | 1216049 |
| Steven Madden Ltd (b) | 147959 | 5017290 |
|  |  | 25676948 |
| TOTAL CONSUMER DISCRETIONARY |  | 237252682 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.1% |  |  |
| Primo Brands Corp Class A  | 104248 | 2290329 |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Grocery Outlet Holding Corp (a)(b) | 916372 | 12471823 |
| Village Super Market Inc Class A  | 10800 | 338796 |
|  |  | 12810619 |
| Food Products - 0.1% |  |  |
| Simply Good Foods Co/The (a) | 108000 | 2113559 |
| TOTAL CONSUMER STAPLES |  | 17214507 |
| Energy - 3.7% |  |  |
| Energy Equipment & Services - 1.1% |  |  |
| Cactus Inc Class A  | 201056 | 8880644 |
| Flowco Holdings Inc Class A  | 294300 | 4767659 |
| Solaris Energy Infrastructure Inc Class A (b) | 99600 | 5301708 |
|  |  | 18950011 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Chord Energy Corp  | 145171 | 13169913 |
| Gulfport Energy Corp (a) | 20900 | 3887609 |
| Northern Oil & Gas Inc (b) | 434926 | 9624912 |
| Ovintiv Inc  | 535500 | 20086606 |
|  |  | 46769040 |
| TOTAL ENERGY |  | 65719051 |
| Financials - 21.4% |  |  |
| Banks - 10.0% |  |  |
| Axos Financial Inc (a) | 98600 | 7688828 |
| BankUnited Inc  | 402085 | 16115567 |
| Eastern Bankshares Inc  | 625741 | 10969240 |
| FNB Corp/PA  | 1775423 | 27909650 |
| Hancock Whitney Corp  | 149949 | 8563587 |
| Hanmi Financial Corp  | 550201 | 14525306 |
| Old National Bancorp/IN  | 2055200 | 41987737 |
| Orrstown Financial Services Inc  | 200 | 6656 |
| UMB Financial Corp  | 144371 | 15430372 |
| Webster Financial Corp  | 629207 | 35889967 |
|  |  | 179086910 |
| Capital Markets - 0.7% |  |  |
| Victory Capital Holdings Inc Class A  | 46000 | 2864420 |
| WisdomTree Inc (b) | 828700 | 9911252 |
|  |  | 12775672 |
| Consumer Finance - 3.1% |  |  |
| EZCORP Inc Class A (a) | 331800 | 6055350 |
| FirstCash Holdings Inc  | 186024 | 29484804 |
| SLM Corp  | 735751 | 19754914 |
|  |  | 55295068 |
| Financial Services - 1.8% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 144311 | 3998858 |
| Voya Financial Inc  | 209500 | 15599370 |
| WEX Inc (a) | 85400 | 12458152 |
|  |  | 32056380 |
| Insurance - 5.8% |  |  |
| Assurant Inc  | 35733 | 7565390 |
| Axis Capital Holdings Ltd  | 209000 | 19574940 |
| Baldwin Insurance Group Inc/The Class A (a)(b) | 448086 | 9902701 |
| First American Financial Corp  | 221245 | 13830025 |
| Primerica Inc  | 96611 | 25106301 |
| Reinsurance Group of America Inc  | 76900 | 14031174 |
| Selective Insurance Group Inc  | 179900 | 13553666 |
|  |  | 103564197 |
| TOTAL FINANCIALS |  | 382778227 |
| Health Care - 10.7% |  |  |
| Biotechnology - 3.3% |  |  |
| Apogee Therapeutics Inc (a) | 2800 | 158452 |
| Astria Therapeutics Inc (a) | 148979 | 1881605 |
| Celldex Therapeutics Inc (a) | 298200 | 7970886 |
| CG oncology Inc (a) | 92900 | 4019783 |
| Cytokinetics Inc (a) | 294500 | 18727255 |
| Day One Biopharmaceuticals Inc (a) | 152000 | 1130880 |
| Disc Medicine Inc (a) | 31700 | 2733174 |
| Janux Therapeutics Inc (a) | 20444 | 586947 |
| Nurix Therapeutics Inc (a) | 120500 | 1559270 |
| Perspective Therapeutics Inc (a) | 125000 | 341250 |
| Soleno Therapeutics Inc (a) | 82500 | 5540700 |
| Travere Therapeutics Inc (a) | 124500 | 4377420 |
| Upstream Bio Inc (a) | 64100 | 1656985 |
| Vaxcyte Inc (a) | 150162 | 6799335 |
| Viridian Therapeutics Inc (a) | 51968 | 1228004 |
|  |  | 58711946 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Haemonetics Corp (a) | 185328 | 9268253 |
| Lantheus Holdings Inc (a) | 476841 | 27508958 |
|  |  | 36777211 |
| Health Care Providers & Services - 3.2% |  |  |
| Addus HomeCare Corp (a) | 58600 | 6849754 |
| BrightSpring Health Services Inc (a) | 353200 | 11673260 |
| Ensign Group Inc/The  | 51800 | 9329180 |
| Option Care Health Inc (a) | 483200 | 12577696 |
| PACS Group Inc (a) | 282689 | 3414883 |
| Pennant Group Inc/The (a) | 208041 | 5144854 |
| Progyny Inc (a) | 434567 | 8130749 |
|  |  | 57120376 |
| Life Sciences Tools & Services - 1.4% |  |  |
| ICON PLC (a) | 144300 | 24793626 |
| Pharmaceuticals - 0.7% |  |  |
| Amylyx Pharmaceuticals Inc (a) | 89016 | 1239993 |
| Elanco Animal Health Inc (a) | 395921 | 8769650 |
| Enliven Therapeutics Inc (a) | 2949 | 69065 |
| Phibro Animal Health Corp Class A  | 112820 | 4745209 |
|  |  | 14823917 |
| TOTAL HEALTH CARE |  | 192227076 |
| Industrials - 26.5% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| V2X Inc (a) | 411126 | 23471183 |
| Building Products - 1.9% |  |  |
| AZZ Inc  | 22456 | 2242232 |
| Gibraltar Industries Inc (a) | 258029 | 16098429 |
| Tecnoglass Inc  | 274617 | 16375412 |
|  |  | 34716073 |
| Commercial Services & Supplies - 4.2% |  |  |
| Brady Corp Class A  | 477446 | 36242926 |
| Brink's Co/The  | 340670 | 37868877 |
|  |  | 74111803 |
| Construction & Engineering - 3.1% |  |  |
| IES Holdings Inc (a)(b) | 140368 | 55007412 |
| Electrical Equipment - 0.3% |  |  |
| NEXTracker Inc Class A (a) | 60040 | 6077249 |
| Ground Transportation - 0.3% |  |  |
| ArcBest Corp (b) | 66648 | 4953279 |
| Proficient Auto Logistics Inc (a) | 51744 | 387045 |
| Universal Logistics Holdings Inc  | 41700 | 674706 |
|  |  | 6015030 |
| Machinery - 3.0% |  |  |
| Blue Bird Corp (a) | 45800 | 2288168 |
| Energy Recovery Inc (a) | 48600 | 831545 |
| Enpro Inc  | 11764 | 2729366 |
| Hillman Solutions Corp Class A (a) | 848740 | 7825383 |
| JBT Marel Corp  | 47200 | 5951920 |
| Mueller Industries Inc  | 176700 | 18707229 |
| Mueller Water Products Inc Class A1  | 137800 | 3535948 |
| REV Group Inc  | 245326 | 12577864 |
|  |  | 54447423 |
| Professional Services - 10.5% |  |  |
| Cbiz Inc (a)(b) | 448653 | 24675915 |
| CRA International Inc  | 2400 | 457176 |
| ExlService Holdings Inc (a) | 476000 | 18611600 |
| Genpact Ltd  | 1794584 | 68463380 |
| ICF International Inc  | 39570 | 3176680 |
| KBR Inc  | 681784 | 29207627 |
| Kforce Inc  | 30741 | 777747 |
| Maximus Inc  | 495166 | 41158198 |
|  |  | 186528323 |
| Trading Companies & Distributors - 1.9% |  |  |
| Core & Main Inc Class A (a) | 203800 | 10634284 |
| DXP Enterprises Inc/TX (a) | 154889 | 18532469 |
| Rush Enterprises Inc Class A  | 80509 | 3977950 |
|  |  | 33144703 |
| TOTAL INDUSTRIALS |  | 473519199 |
| Information Technology - 12.2% |  |  |
| Electronic Equipment, Instruments & Components - 6.6% |  |  |
| Bel Fuse Inc Class B  | 11687 | 1799681 |
| Belden Inc  | 126800 | 15450580 |
| ePlus Inc  | 153034 | 11195967 |
| Insight Enterprises Inc (a) | 360169 | 36016900 |
| Sanmina Corp (a) | 311276 | 42660376 |
| TTM Technologies Inc (a) | 176600 | 11867520 |
|  |  | 118991024 |
| IT Services - 2.2% |  |  |
| ASGN Inc (a) | 58071 | 2599258 |
| Kyndryl Holdings Inc (a) | 1249900 | 36147108 |
|  |  | 38746366 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Diodes Inc (a) | 236302 | 12609075 |
| MKS Inc  | 65700 | 9441747 |
| Penguin Solutions Inc (a) | 453714 | 10104211 |
|  |  | 32155033 |
| Software - 1.6% |  |  |
| Bitdeer Technologies Group Class A (a)(b) | 130900 | 2905980 |
| Intapp Inc (a) | 41400 | 1588932 |
| PAR Technology Corp (a) | 34200 | 1208628 |
| Riot Platforms Inc (a) | 300400 | 5941912 |
| SPS Commerce Inc (a) | 57800 | 4753472 |
| Varonis Systems Inc (a) | 69800 | 2459054 |
| Weave Communications Inc (a) | 792013 | 5868816 |
| Workiva Inc Class A (a) | 42400 | 3604424 |
|  |  | 28331218 |
| TOTAL INFORMATION TECHNOLOGY |  | 218223641 |
| Materials - 3.0% |  |  |
| Chemicals - 1.5% |  |  |
| Hawkins Inc  | 13656 | 1937104 |
| Minerals Technologies Inc  | 348900 | 19800075 |
| Perimeter Solutions Inc  | 194220 | 4566112 |
|  |  | 26303291 |
| Construction Materials - 0.8% |  |  |
| Eagle Materials Inc  | 70500 | 14968560 |
| Containers & Packaging - 0.6% |  |  |
| Silgan Holdings Inc  | 275300 | 10632086 |
| Metals & Mining - 0.1% |  |  |
| Constellium SE (a) | 151900 | 2389387 |
| TOTAL MATERIALS |  | 54293324 |
| Real Estate - 1.2% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Compass Inc Class A (a) | 993300 | 7658343 |
| Specialized REITs - 0.8% |  |  |
| Outfront Media Inc  | 774074 | 13693369 |
| TOTAL REAL ESTATE |  | 21351712 |
| Utilities - 0.6% |  |  |
| Gas Utilities - 0.6% |  |  |
| UGI Corp  | 304700 | 10186121 |
| Water Utilities - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 18000 | 432000 |
| TOTAL UTILITIES |  | 10618121 |
| TOTAL UNITED STATES |  | 1673197540 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,659,780,239) |  | <br> **1753354728** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.18 | 82652191 | 82668721 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.18 | 31331731 | 31334864 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $114,003,585) |  |  | **114003585** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.3%**<br> (Cost $1,773,783,824)<br>| <br>**1867358313** |
| **NET OTHER ASSETS (LIABILITIES) - (4.3)%**  | **(77694252)** |
| **NET ASSETS - 100.0%** | **1789664061** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 24417400 | 280133785 | 221881999 | 1136087 | (465) | - | 82668721 | 82652191 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 48819342 | 269521736 | 287006214 | 46955 | - | - | 31334864 | 31331731 | 0.1% |
| Total | 73236742 | 549655521 | 508888213 | 1183042 | (465) | - | 114003585 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 241689322 | 241689322 | - | - |
| Consumer Staples | 17214507 | 17214507 | - | - |
| Energy | 72587301 | 72587301 | - | - |
| Financials | 411303039 | 411303039 | - | - |
| Health Care | 192227076 | 192227076 | - | - |
| Industrials | 473519199 | 473519199 | - | - |
| Information Technology | 255143407 | 255143407 | - | - |
| Materials | 54293324 | 54293324 | - | - |
| Real Estate | 21351712 | 21351712 | - | - |
| Utilities | 14025841 | 14025841 | - | - |
|  **Money Market Funds** | 114003585 | 114003585 | - | - |
| **Total Investments in Securities:** | 1867358313 | 1867358313 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $91,038,602) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,659,780,239) | $1753354728 |  |
| Fidelity Central Funds (cost $114,003,585) | 114003585 |  |
| Total Investment in Securities (cost $1,773,783,824) |  | $1867358313 |
| Cash |  | 139056 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 7762049 |
| Receivable for fund shares sold |  | 3679420 |
| Dividends receivable |  | 647605 |
| Distributions receivable from Fidelity Central Funds |  | 215657 |
| **Total assets** |  | 1879802101 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $52893461 |  |
| Payable for fund shares redeemed | 5902078 |  |
| Other payables and accrued expenses | 12606 |  |
| Collateral on securities loaned | 31329895 |  |
| **Total liabilities** |  | 90138040 |
| **Net Assets**  |  | $1789664061 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1543915186 |
| Total accumulated earnings (loss) |  | 245748875 |
| **Net Assets** |  | $1789664061 |
| **Net Asset Value**, offering price and redemption price per share ($1,789,664,061 ÷ 157,958,147 shares) |  | $11.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $9228870 |
| Income from Fidelity Central Funds (including $46,955 from security lending)  |  | 1183042 |
| **Total income** |  | 10411912 |
| **Expenses** |  |  |
| Custodian fees and expenses | $16028 |  |
| Independent trustees' fees and expenses | 3186 |  |
| Total expenses before reductions | 19214 |  |
| Expense reductions | (1105) |  |
| Total expenses after reductions |  | 18109 |
| **Net Investment income (loss)** |  | 10393803 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 143909749 |  |
| Fidelity Central Funds | (465) |  |
| Foreign currency transactions | (14024) |  |
| Total net realized gain (loss) |  | 143895260 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 93913374 |  |
| Assets and liabilities in foreign currencies | 4282 |  |
| Total change in net unrealized appreciation (depreciation) |  | 93917656 |
| **Net gain (loss)** |  | 237812916 |
| **Net increase (decrease) in net assets resulting from operations** |  | $248206719 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $10393803 | $16445835 |
| &nbsp;&nbsp;Net realized gain (loss) | 143895260<br>| 86503756<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 93917656 | (216955838)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 248206719<br>| (114006247)<br>|
| Distributions to shareholders | (30253266)<br>| (140023638)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 64679200 | 849535221 |
| Reinvestment of distributions | 30253266<br>| 140023638<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (157529935) | (350995254) |
| **Net increase (decrease) in net assets resulting from share transactions** | (62597469)<br>| 638563605<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 155355984<br>| 384533720<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1634308077 | 1249774357<br>|
| &nbsp;&nbsp;End of period | $1789664061 | $1634308077 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5914578 | 74809976 |
| Issued in reinvestment of distributions | 2917383<br>| 12499751<br>|
| &nbsp;&nbsp;Redeemed | (14016269) | (30713924) |
| &nbsp;&nbsp;Net increase (decrease) | (5184308) | 56595803 |

---

**Financial Highlights** 

**Fidelity® Series Small Cap Discovery Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.02 | $11.73 | $10.23 | $12.49 | $15.20 | $8.73 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .12  | .14  | .14  | .14  | .12  |
| Net realized and unrealized gain (loss)  | 1.44  | (.66)  | 1.70  | (.34)  | (.33)  | 6.68  |
| Total from investment operations  | 1.50  | (.54)  | 1.84  | (.20)  | (.19)  | 6.80  |
| Distributions from net investment income  | (.03)  | (.12)  | (.13)  | (.15)  | (.14)  | (.12)  |
| Distributions from net realized gain  | (.16)  | (1.05)  | (.21)  | (1.92)  | (2.38)  | (.21)  |
| Total distributions  | (.19)  | (1.17)  | (.34)  | (2.06) C | (2.52)  | (.33)  |
| Net asset value, end of period  | $11.33 | $10.02 | $11.73 | $10.23 | $12.49 | $15.20 |
| **Total Return** D,E | 15.10% <br>| (5.38)%  | 18.22%  | (1.01)%  | (2.37)%  | 78.91%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions H | -% I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.15% I | 1.09%  | 1.30%  | 1.31%  | 1.01%  | 1.03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1789664 | $1634308 | $1249774 | $1149203 | $1295339 | $1510555 |
| Portfolio turnover rate J | 70% I<br>| 80%  | 50%  | 31%  | 25%  | 28%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions 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** | $265676376 |
| **Gross unrealized depreciation** | <u>(173009597)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$92666779</u> |
| **Tax cost** | <u>$1774691534</u> |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 609254762 | 702421431 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 14091 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 41541200 | 32202192 | 11533405 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 4986 | 1 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Discovery Fund** | 59969915 |

---

**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 $1,105.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Series Small Cap Discovery Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. The Board considered that the fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119039_4.jpg)<br>

1.968032.111 XS4-SANN-1225

**Fidelity® Mid-Cap Stock K6 Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119043_1.jpg)

![](img119043_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCS-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid-Cap Stock K6 Fund](#Sub_Sec_Fund_3462_MCS-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3462_MCS-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCS-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCS-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCS-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCS-K6-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Mid-Cap Stock K6 Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 26119 | 6698600 |
| BRAZIL - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Wheaton Precious Metals Corp (United States)  | 78844 | 7610023 |
| CANADA - 2.6%  |  |  |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Imperial Oil Ltd (a) | 142348 | 12590118 |
| South Bow Corp  | 67301 | 1745685 |
|  |  | 14335803 |
| Industrials - 1.1% |  |  |
| Commercial Services & Supplies - 1.1% |  |  |
| RB Global Inc (United States)  | 122856 | 12189772 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Descartes Systems Group Inc/The (United States) (b) | 34300 | 3025603 |
| TOTAL CANADA |  | 29551178 |
| CHILE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Lundin Mining Corp  | 119800 | 1926981 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Amer Sports Inc (b) | 101543 | 3171188 |
| GERMANY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.3% |  |  |
| Auto1 Group SE (b) | 109818 | 3853148 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Birkenstock Holding Plc (a)(b) | 87055 | 3474365 |
| TOTAL GERMANY |  | 7327513 |
| ISRAEL - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (b) | 10944 | 3771740 |
| ITALY - 2.1%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 103809 | 2558233 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Brunello Cucinelli SpA  | 119578 | 12093343 |
| Brunello Cucinelli SpA  | 1600 | 161814 |
|  |  | 12255157 |
| TOTAL CONSUMER DISCRETIONARY |  | 14813390 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 88091 | 5229212 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA  | 40394 | 4182032 |
| TOTAL ITALY |  | 24224634 |
| JAPAN - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Capcom Co Ltd  | 116700 | 3047401 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE (b) | 6026 | 4932085 |
| THAILAND - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Fabrinet (b) | 33871 | 14922546 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Flutter Entertainment PLC (United Kingdom) (b) | 23487 | 5410402 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Nomad Foods Ltd  | 46235 | 522456 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| TechnipFMC PLC  | 248767 | 10286515 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Verisure PLC (b) | 56000 | 1034711 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Sage Group PLC/The  | 145714 | 2200424 |
| TOTAL UNITED KINGDOM |  | 19454508 |
| UNITED STATES - 88.2%  |  |  |
| Communication Services - 1.7% |  |  |
| Entertainment - 1.3% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 43996 | 4002756 |
| Live Nation Entertainment Inc (b) | 41979 | 6277120 |
| TKO Group Holdings Inc Class A  | 24814 | 4674958 |
|  |  | 14954834 |
| Interactive Media & Services - 0.3% |  |  |
| Pinterest Inc Class A (b) | 43674 | 1445609 |
| Reddit Inc Class A (b) | 9071 | 1895386 |
|  |  | 3340995 |
| Media - 0.1% |  |  |
| Magnite Inc (b) | 83169 | 1487061 |
| TOTAL COMMUNICATION SERVICES |  | 19782890 |
| Consumer Discretionary - 12.4% |  |  |
| Broadline Retail - 0.2% |  |  |
| Etsy Inc (b) | 31000 | 1921999 |
| Diversified Consumer Services - 1.6% |  |  |
| Duolingo Inc Class A (b) | 28049 | 7591181 |
| Service Corp International/US  | 123048 | 10275739 |
|  |  | 17866920 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Aramark  | 76107 | 2882933 |
| Domino's Pizza Inc  | 6036 | 2405105 |
| Sportradar Holding AG Class A (b) | 106935 | 2738605 |
| Texas Roadhouse Inc  | 40339 | 6598654 |
| Wyndham Hotels & Resorts Inc  | 85363 | 6268205 |
|  |  | 20893502 |
| Household Durables - 4.3% |  |  |
| DR Horton Inc  | 34402 | 5128650 |
| NVR Inc (b) | 838 | 6042667 |
| SharkNinja Inc (b) | 36100 | 3086550 |
| Somnigroup International Inc  | 198697 | 15764620 |
| Toll Brothers Inc  | 78328 | 10570364 |
| TopBuild Corp (b) | 18200 | 7689136 |
|  |  | 48281987 |
| Specialty Retail - 3.1% |  |  |
| Burlington Stores Inc (b) | 36592 | 10011205 |
| Chewy Inc Class A (b) | 165196 | 5570409 |
| Floor & Decor Holdings Inc Class A (b) | 60895 | 3804720 |
| Group 1 Automotive Inc  | 7800 | 3100812 |
| Urban Outfitters Inc (b) | 44200 | 2855762 |
| Williams-Sonoma Inc  | 51437 | 9996267 |
|  |  | 35339175 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Capri Holdings Ltd (b) | 180200 | 3739150 |
| Ralph Lauren Corp Class A  | 15605 | 4988294 |
| Tapestry Inc  | 66362 | 7287875 |
|  |  | 16015319 |
| TOTAL CONSUMER DISCRETIONARY |  | 140318902 |
| Consumer Staples - 2.9% |  |  |
| Consumer Staples Distribution & Retail - 2.9% |  |  |
| Albertsons Cos Inc Class A  | 331555 | 5865208 |
| BJ's Wholesale Club Holdings Inc (a)(b) | 114427 | 10099327 |
| Performance Food Group Co (b) | 174916 | 16921374 |
|  |  | 32885909 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Kodiak Gas Services Inc  | 101799 | 3754347 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| APA Corp  | 125200 | 2835780 |
| Cheniere Energy Inc  | 36784 | 7798208 |
| Energy Transfer LP  | 271808 | 4574529 |
| Ovintiv Inc  | 164043 | 6153253 |
| Range Resources Corp  | 278366 | 9895911 |
|  |  | 31257681 |
| TOTAL ENERGY |  | 35012028 |
| Financials - 14.0% |  |  |
| Banks - 5.7% |  |  |
| East West Bancorp Inc  | 94765 | 9628124 |
| First Citizens BancShares Inc/NC Class A  | 1549 | 2826646 |
| Hancock Whitney Corp  | 59200 | 3380912 |
| Huntington Bancshares Inc/OH  | 614401 | 9486351 |
| KeyCorp  | 222636 | 3916167 |
| M&T Bank Corp  | 57209 | 10519019 |
| Old National Bancorp/IN  | 273368 | 5584908 |
| Western Alliance Bancorp  | 45345 | 3507436 |
| Wintrust Financial Corp  | 117245 | 15244196 |
|  |  | 64093759 |
| Capital Markets - 4.6% |  |  |
| Blue Owl Capital Inc Class A  | 225428 | 3555000 |
| Cboe Global Markets Inc  | 37437 | 9196025 |
| Evercore Inc Class A  | 23829 | 7019070 |
| Houlihan Lokey Inc Class A  | 41828 | 7490558 |
| Interactive Brokers Group Inc Class A  | 49784 | 3502802 |
| MarketAxess Holdings Inc  | 13375 | 2140802 |
| Raymond James Financial Inc  | 56595 | 8979929 |
| Stifel Financial Corp  | 86920 | 10293936 |
|  |  | 52178122 |
| Financial Services - 0.5% |  |  |
| Toast Inc Class A (b) | 171482 | 6197359 |
| Insurance - 3.2% |  |  |
| American Financial Group Inc/OH  | 51130 | 6732798 |
| Arch Capital Group Ltd  | 60565 | 5227365 |
| First American Financial Corp  | 136093 | 8507173 |
| Hartford Insurance Group Inc/The  | 52740 | 6549253 |
| Reinsurance Group of America Inc  | 51367 | 9372424 |
|  |  | 36389013 |
| TOTAL FINANCIALS |  | 158858253 |
| Health Care - 7.6% |  |  |
| Biotechnology - 1.1% |  |  |
| Arcellx Inc (b) | 17822 | 1608436 |
| Exact Sciences Corp (b) | 91749 | 5935243 |
| Legend Biotech Corp ADR (b) | 42833 | 1387789 |
| United Therapeutics Corp (b) | 9145 | 4073457 |
|  |  | 13004925 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Insulet Corp (b) | 15556 | 4869184 |
| Masimo Corp (b) | 54460 | 7659799 |
| Penumbra Inc (b) | 29311 | 6664442 |
|  |  | 19193425 |
| Health Care Providers & Services - 2.5% |  |  |
| BrightSpring Health Services Inc (b) | 125600 | 4151080 |
| Molina Healthcare Inc (b) | 14043 | 2149422 |
| Option Care Health Inc (b) | 204016 | 5310536 |
| Privia Health Group Inc (b) | 76413 | 1856836 |
| Tenet Healthcare Corp (b) | 71055 | 14672147 |
|  |  | 28140021 |
| Health Care Technology - 0.7% |  |  |
| Doximity Inc Class A (b) | 79684 | 5259144 |
| Waystar Holding Corp (b) | 84062 | 3013622 |
|  |  | 8272766 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Bruker Corp  | 120800 | 4703952 |
| Repligen Corp (b) | 44143 | 6579956 |
|  |  | 11283908 |
| Pharmaceuticals - 0.6% |  |  |
| Crinetics Pharmaceuticals Inc (b) | 42193 | 1835395 |
| Royalty Pharma PLC Class A  | 127400 | 4782596 |
|  |  | 6617991 |
| TOTAL HEALTH CARE |  | 86513036 |
| Industrials - 24.1% |  |  |
| Aerospace & Defense - 4.0% |  |  |
| Axon Enterprise Inc (b) | 4673 | 3421711 |
| BWX Technologies Inc  | 59484 | 12706377 |
| Carpenter Technology Corp  | 32710 | 10333089 |
| Huntington Ingalls Industries Inc  | 19943 | 6422045 |
| Woodward Inc  | 46503 | 12188901 |
|  |  | 45072123 |
| Building Products - 1.3% |  |  |
| AAON Inc (a) | 61770 | 6077550 |
| Builders FirstSource Inc (b) | 17995 | 2090479 |
| Carlisle Cos Inc  | 20487 | 6659300 |
|  |  | 14827329 |
| Commercial Services & Supplies - 1.3% |  |  |
| CECO Environmental Corp (b) | 84841 | 4147876 |
| GFL Environmental Inc Subordinate Voting Shares  | 158453 | 6927624 |
| OPENLANE Inc (b) | 126000 | 3328920 |
|  |  | 14404420 |
| Construction & Engineering - 5.3% |  |  |
| AECOM (a) | 144091 | 19358626 |
| Centuri Holdings Inc (b) | 173424 | 3501430 |
| Comfort Systems USA Inc  | 20313 | 19613827 |
| EMCOR Group Inc  | 16528 | 11169292 |
| Quanta Services Inc  | 13228 | 5941092 |
|  |  | 59584267 |
| Electrical Equipment - 2.9% |  |  |
| Acuity Inc  | 47449 | 17321257 |
| NEXTracker Inc Class A (b) | 16800 | 1700496 |
| nVent Electric PLC  | 96119 | 10991208 |
| Vertiv Holdings Co Class A  | 17587 | 3391829 |
|  |  | 33404790 |
| Machinery - 5.4% |  |  |
| Allison Transmission Holdings Inc  | 79543 | 6566275 |
| Atmus Filtration Technologies Inc  | 73462 | 3341052 |
| Chart Industries Inc (b) | 31157 | 6219560 |
| CNH Industrial NV Class A  | 587873 | 6166788 |
| Crane Co  | 49492 | 9403480 |
| ITT Inc  | 59799 | 11067002 |
| RBC Bearings Inc (b) | 24574 | 10530696 |
| Westinghouse Air Brake Technologies Corp  | 35328 | 7222456 |
|  |  | 60517309 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 69500 | 2900235 |
| Professional Services - 2.5% |  |  |
| FTI Consulting Inc (b) | 40951 | 6757325 |
| Leidos Holdings Inc  | 58919 | 11222302 |
| Paylocity Holding Corp (b) | 29874 | 4220299 |
| TransUnion  | 80983 | 6574200 |
|  |  | 28774126 |
| Trading Companies & Distributors - 1.1% |  |  |
| Applied Industrial Technologies Inc  | 25860 | 6648347 |
| Watsco Inc  | 17070 | 6281931 |
|  |  | 12930278 |
| TOTAL INDUSTRIALS |  | 272414877 |
| Information Technology - 11.2% |  |  |
| Communications Equipment - 2.6% |  |  |
| Ciena Corp (b) | 101960 | 19364243 |
| Lumentum Holdings Inc (b) | 51641 | 10408760 |
|  |  | 29773003 |
| Electronic Equipment, Instruments & Components - 4.1% |  |  |
| Belden Inc  | 57686 | 7029039 |
| Coherent Corp (b) | 81784 | 10792217 |
| Flex Ltd (b) | 302245 | 18896357 |
| Sanmina Corp (b) | 45400 | 6222070 |
| Trimble Inc (b) | 40657 | 3242396 |
|  |  | 46182079 |
| IT Services - 1.1% |  |  |
| Kyndryl Holdings Inc (b) | 86278 | 2495160 |
| Okta Inc Class A (b) | 25566 | 2340056 |
| Twilio Inc Class A (b) | 57700 | 7782576 |
|  |  | 12617792 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ON Semiconductor Corp (b) | 33761 | 1690751 |
| Veeco Instruments Inc (b) | 56500 | 1624374 |
|  |  | 3315125 |
| Software - 2.3% |  |  |
| Commvault Systems Inc (b) | 41813 | 5821206 |
| Docusign Inc (b) | 98460 | 7201364 |
| Dynatrace Inc (b) | 196125 | 9918041 |
| Monday.com Ltd (b) | 15998 | 3283430 |
|  |  | 26224041 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Pure Storage Inc Class A (b) | 22084 | 2179691 |
| Western Digital Corp  | 46209 | 6941054 |
|  |  | 9120745 |
| TOTAL INFORMATION TECHNOLOGY |  | 127232785 |
| Materials - 3.0% |  |  |
| Chemicals - 0.5% |  |  |
| CF Industries Holdings Inc  | 67830 | 5649561 |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc  | 29806 | 6328410 |
| Containers & Packaging - 1.3% |  |  |
| AptarGroup Inc  | 47551 | 5516392 |
| Crown Holdings Inc  | 96196 | 9348327 |
|  |  | 14864719 |
| Metals & Mining - 0.2% |  |  |
| Steel Dynamics Inc  | 14600 | 2289279 |
| Paper & Forest Products - 0.4% |  |  |
| Louisiana-Pacific Corp  | 58354 | 5083217 |
| TOTAL MATERIALS |  | 34215186 |
| Real Estate - 6.2% |  |  |
| Health Care REITs - 1.3% |  |  |
| CareTrust REIT Inc  | 124385 | 4309940 |
| Ventas Inc  | 138946 | 10252826 |
|  |  | 14562766 |
| Industrial REITs - 0.4% |  |  |
| Terreno Realty Corp  | 89025 | 5085998 |
| Real Estate Management & Development - 2.4% |  |  |
| Compass Inc Class A (b) | 389914 | 3006236 |
| Jones Lang LaSalle Inc (b) | 57295 | 17480132 |
| Zillow Group Inc Class C (b) | 78017 | 5849715 |
|  |  | 26336083 |
| Retail REITs - 1.3% |  |  |
| Macerich Co/The  | 158138 | 2712067 |
| NNN REIT Inc  | 202794 | 8205045 |
| Tanger Inc  | 122816 | 3998889 |
|  |  | 14916001 |
| Specialized REITs - 0.8% |  |  |
| CubeSmart  | 246569 | 9288254 |
| TOTAL REAL ESTATE |  | 70189102 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 0.5% |  |  |
| IDACORP Inc  | 44045 | 5682685 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Talen Energy Corp (b) | 12600 | 5037228 |
| Vistra Corp  | 16652 | 3135572 |
|  |  | 8172800 |
| Multi-Utilities - 0.8% |  |  |
| NiSource Inc  | 222970 | 9389267 |
| TOTAL UTILITIES |  | 23244752 |
| TOTAL UNITED STATES |  | 1000667720 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $858,944,928) |  | <br> **1127306117** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| National Resilience Inc Series B (b)(c)(d) | 15539 | 94477 |
| Industrials - 0.5% |  |  |
| Construction & Engineering - 0.5% |  |  |
| Beta Technologies Inc 6% Series C-1 (c) | 10052 | 2182406 |
| Beta Technologies Inc Series B, 6% (b)(c) | 11901 | 3178488 |
| Beta Technologies Inc Series C, 6% (b)(c) | 1500 | 344087 |
|  |  | 5704981 |
| TOTAL UNITED STATES |  | 5799458 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,762,446) |  | <br> **5799458** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 1760469 | 1760821 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 25899831 | 25902421 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $27,663,242) |  |  | **27663242** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $889,370,616)<br>| <br>**1160768817** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(25055004)** |
| **NET ASSETS - 100.0%** | **1135713813** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,799,458 or 0.5% of net assets.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Beta Technologies Inc 6% Series C-1 | 9/26/2025 | 1150652 |
| Beta Technologies Inc Series B, 6% | 4/4/2022 | 1227827 |
| Beta Technologies Inc Series C, 6% | 10/24/2024 | 171705 |
| National Resilience Inc Series B | 12/1/2020 | 212262 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 21616527 | 89996309 | 109851846 | 316099 | (169) | - | 1760821 | 1760469 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 26650487 | 116627723 | 117375789 | 26107 | - | - | 25902421 | 25899831 | 0.1% |
| Total | 48267014 | 206624032 | 227227635 | 342206 | (169) | - | 27663242 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 22830291 | 19782890 | 3047401 | - |
| Consumer Discretionary | 171041395 | 171041395 | - | - |
| Consumer Staples | 33408365 | 33408365 | - | - |
| Energy | 59634346 | 59634346 | - | - |
| Financials | 158858253 | 158858253 | - | - |
| Health Care | 103372933 | 98440848 | 4932085 | - |
| Industrials | 289821392 | 289821392 | - | - |
| Information Technology | 151153098 | 151153098 | - | - |
| Materials | 43752190 | 43752190 | - | - |
| Real Estate | 70189102 | 70189102 | - | - |
| Utilities | 23244752 | 23244752 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 94477 | - | - | 94477 |
| Industrials | 5704981 | - | 5704981 | - |
|  **Money Market Funds** | 27663242 | 27663242 | - | - |
| **Total Investments in Securities:** | 1160768817 | 1146989873 | 13684467 | 94477 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $25,726,196) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $861,707,374) | $1133105575 |  |
| Fidelity Central Funds (cost $27,663,242) | 27663242 |  |
| Total Investment in Securities (cost $889,370,616) |  | $1160768817 |
| Cash |  | 2074 |
| Foreign currency held at value (cost $36) |  | 36 |
| Receivable for investments sold |  | 2869390 |
| Receivable for fund shares sold |  | 565015 |
| Dividends receivable |  | 459692 |
| Distributions receivable from Fidelity Central Funds |  | 23091 |
| **Total assets** |  | 1164688115 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1756952 |  |
| Payable for fund shares redeemed | 887143 |  |
| Accrued management fee | 428220 |  |
| Collateral on securities loaned | 25901987 |  |
| **Total liabilities** |  | 28974302 |
| **Net Assets**  |  | $1135713813 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $874050433 |
| Total accumulated earnings (loss) |  | 261663380 |
| **Net Assets** |  | $1135713813 |
| **Net Asset Value**, offering price and redemption price per share ($1,135,713,813 ÷ 66,619,476 shares) |  | $17.05 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5695926 |
| Interest  |  | 17622 |
| Income from Fidelity Central Funds (including $26,107 from security lending)  |  | 342206 |
| **Total income** |  | 6055754 |
| **Expenses** |  |  |
| Management fee | $2521702 |  |
| Independent trustees' fees and expenses | 1964 |  |
| Total expenses before reductions | 2523666 |  |
| Expense reductions | (776) |  |
| Total expenses after reductions |  | 2522890 |
| **Net Investment income (loss)** |  | 3532864 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (13557740) |  |
| Fidelity Central Funds | (169) |  |
| Foreign currency transactions | (12880) |  |
| Futures contracts | 2174592 |  |
| Total net realized gain (loss) |  | (11396197) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 168658084 |  |
| Assets and liabilities in foreign currencies | (265) |  |
| Futures contracts | (388423) |  |
| Total change in net unrealized appreciation (depreciation) |  | 168269396 |
| **Net gain (loss)** |  | 156873199 |
| **Net increase (decrease) in net assets resulting from operations** |  | $160406063 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3532864 | $9244135 |
| &nbsp;&nbsp;Net realized gain (loss) | (11396197)<br>| 71180518<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 168269396 | (48075407)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 160406063<br>| 32349246<br>|
| Distributions to shareholders | (2149571)<br>| (66933877)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 63729184 | 281722921 |
| Reinvestment of distributions | 2141055<br>| 66678037<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (106964952) | (234643236) |
| **Net increase (decrease) in net assets resulting from share transactions** | (41094713)<br>| 113757722<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 117161779<br>| 79173091<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1018552034 | 939378943<br>|
| &nbsp;&nbsp;End of period | $1135713813 | $1018552034 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3940060 | 17275181 |
| Issued in reinvestment of distributions | 137600<br>| 4223016<br>|
| &nbsp;&nbsp;Redeemed | (6516037) | (14752446) |
| &nbsp;&nbsp;Net increase (decrease) | (2438377) | 6745751 |

---

**Financial Highlights** 

**Fidelity® Mid-Cap Stock K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.75 | $15.08 | $13.52 | $13.67 | $14.13 | $8.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .14  | .18  | .21  | .19  | .15  |
| Net realized and unrealized gain (loss)  | 2.28  | .55  | 1.53  | .03  | (.07)  | 5.37  |
| Total from investment operations  | 2.33  | .69  | 1.71  | .24  | .12  | 5.52  |
| Distributions from net investment income  | (.03)  | (.20)  | (.15)  | (.17)  | (.13)  | (.17)  |
| Distributions from net realized gain  | - C | (.82)  | -  | (.21)  | (.45)  | -  |
| Total distributions  | (.03)  | (1.02)  | (.15)  | (.39) D | (.58)  | (.17)  |
| Net asset value, end of period  | $17.05 | $14.75 | $15.08 | $13.52 | $13.67 | $14.13 |
| **Total Return** E,F | 15.82% <br>| 4.15%  | 12.70%  | 1.82%  | .78%  | 63.39%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .45% I | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% I<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% I | .45%  | .45%  | .45%  | .45%  | .44%  |
| Net investment income (loss)  | .63% I | .89%  | 1.24%  | 1.58%  | 1.35%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1135714 | $1018552 | $939379 | $822968 | $576537 | $319924 |
| Portfolio turnover rate J | 35% I,K<br>| 69% K | 51% K | 34% K | 40% K | 61% K |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Mid-Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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 futures transactions, foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $318998894 |
| **Gross unrealized depreciation** | <u>(48783690)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$270215204</u> |
| **Tax cost** | <u>$890553613</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 191061666 | 213300378 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

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| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 431155 | 6829495 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

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| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 4049494 | 71318989 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 4834 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 12386994 | 17761175 | (1445350) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 2794 | 106 | - |

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At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid-Cap Stock K6 Fund** | 1351697 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $776.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Mid-Cap Stock K6 Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119043_4.jpg)<br>

1.9893889.106 MCS-K6-SANN-1225

**Fidelity® Mid-Cap Stock Fund**

**Semi-Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img119044_1.jpg)

![](img119044_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid-Cap Stock Fund](#Sub_Sec_Fund_337_MCS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements337_MCS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCS-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Mid-Cap Stock Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 175217 | 44936962 |
| BRAZIL - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Wheaton Precious Metals Corp (United States)  | 514656 | 49674597 |
| CANADA - 2.6%  |  |  |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Imperial Oil Ltd (a) | 928492 | 82121445 |
| South Bow Corp  | 453199 | 11755288 |
|  |  | 93876733 |
| Industrials - 1.1% |  |  |
| Commercial Services & Supplies - 1.1% |  |  |
| RB Global Inc (United States)  | 804948 | 79866941 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Descartes Systems Group Inc/The (United States) (b) | 223900 | 19750219 |
| TOTAL CANADA |  | 193493893 |
| CHILE - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Lundin Mining Corp  | 795200 | 12790783 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Amer Sports Inc (b) | 655657 | 20476168 |
| GERMANY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.3% |  |  |
| Auto1 Group SE (b) | 719282 | 25237207 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Birkenstock Holding Plc (a)(b) | 579545 | 23129641 |
| TOTAL GERMANY |  | 48366848 |
| ISRAEL - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (b) | 69556 | 23971780 |
| ITALY - 2.1%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 657680 | 16207640 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Brunello Cucinelli SpA  | 780606 | 78945427 |
| Brunello Cucinelli SpA  | 11800 | 1193375 |
|  |  | 80138802 |
| TOTAL CONSUMER DISCRETIONARY |  | 96346442 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 570718 | 33878662 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 261306 | 27053278 |
| TOTAL ITALY |  | 157278382 |
| JAPAN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Capcom Co Ltd  | 775300 | 20245500 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE (b) | 38074 | 31162330 |
| THAILAND - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Fabrinet (b) | 218695 | 96350456 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Flutter Entertainment PLC (United Kingdom) (b) | 153265 | 35305711 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Nomad Foods Ltd  | 275946 | 3118189 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| TechnipFMC PLC  | 1652046 | 68312102 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Verisure PLC (b) | 376257 | 6952093 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Sage Group PLC/The  | 944586 | 14264176 |
| TOTAL UNITED KINGDOM |  | 127952271 |
| UNITED STATES - 87.5%  |  |  |
| Communication Services - 1.7% |  |  |
| Entertainment - 1.3% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 285541 | 25978520 |
| Live Nation Entertainment Inc (b) | 273198 | 40851297 |
| TKO Group Holdings Inc Class A  | 160409 | 30221056 |
|  |  | 97050873 |
| Interactive Media & Services - 0.3% |  |  |
| Pinterest Inc Class A (b) | 294326 | 9742190 |
| Reddit Inc Class A (b) | 60129 | 12563955 |
|  |  | 22306145 |
| Media - 0.1% |  |  |
| Magnite Inc (b) | 544479 | 9735284 |
| TOTAL COMMUNICATION SERVICES |  | 129092302 |
| Consumer Discretionary - 12.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Etsy Inc (b) | 208000 | 12895999 |
| Diversified Consumer Services - 1.6% |  |  |
| Duolingo Inc Class A (b) | 185023 | 50074625 |
| Service Corp International/US  | 803977 | 67140119 |
|  |  | 117214744 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Aramark  | 488928 | 18520593 |
| Domino's Pizza Inc  | 40135 | 15992191 |
| Sportradar Holding AG Class A (b) | 697265 | 17856957 |
| Texas Roadhouse Inc  | 264091 | 43200006 |
| Wyndham Hotels & Resorts Inc (a) | 552778 | 40590489 |
|  |  | 136160236 |
| Household Durables - 4.2% |  |  |
| DR Horton Inc  | 226024 | 33695658 |
| NVR Inc (b) | 5271 | 38008232 |
| SharkNinja Inc (b) | 234500 | 20049750 |
| Somnigroup International Inc  | 1302603 | 103348522 |
| Toll Brothers Inc  | 506120 | 68300894 |
| TopBuild Corp (b) | 120700 | 50993336 |
|  |  | 314396392 |
| Specialty Retail - 3.1% |  |  |
| Burlington Stores Inc (b) | 240002 | 65662148 |
| Chewy Inc Class A (b) | 1076204 | 36289599 |
| Floor & Decor Holdings Inc Class A (b) | 395223 | 24693533 |
| Group 1 Automotive Inc  | 52500 | 20870850 |
| Urban Outfitters Inc (b) | 288400 | 18633524 |
| Williams-Sonoma Inc  | 335763 | 65252181 |
|  |  | 231401835 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Capri Holdings Ltd (b) | 1168600 | 24248450 |
| Ralph Lauren Corp Class A  | 101752 | 32526044 |
| Tapestry Inc  | 434526 | 47719646 |
|  |  | 104494140 |
| TOTAL CONSUMER DISCRETIONARY |  | 916563346 |
| Consumer Staples - 2.8% |  |  |
| Consumer Staples Distribution & Retail - 2.8% |  |  |
| Albertsons Cos Inc Class A  | 2158845 | 38189968 |
| BJ's Wholesale Club Holdings Inc (b) | 746013 | 65843107 |
| Performance Food Group Co (b) | 1141594 | 110437804 |
|  |  | 214470879 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Kodiak Gas Services Inc  | 663401 | 24466229 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| APA Corp  | 840200 | 19030529 |
| Cheniere Energy Inc  | 240582 | 51003384 |
| Energy Transfer LP  | 1775477 | 29881278 |
| Ovintiv Inc  | 1087257 | 40783010 |
| Range Resources Corp  | 1819130 | 64670072 |
|  |  | 205368273 |
| TOTAL ENERGY |  | 229834502 |
| Financials - 13.7% |  |  |
| Banks - 5.6% |  |  |
| East West Bancorp Inc  | 620555 | 63048388 |
| First Citizens BancShares Inc/NC Class A  | 9411 | 17173381 |
| Hancock Whitney Corp  | 396900 | 22666959 |
| Huntington Bancshares Inc/OH  | 3960543 | 61150784 |
| KeyCorp  | 1449664 | 25499590 |
| M&T Bank Corp  | 371644 | 68334182 |
| Old National Bancorp/IN  | 1793632 | 36643902 |
| Western Alliance Bancorp  | 294555 | 22783829 |
| Wintrust Financial Corp  | 765972 | 99591680 |
|  |  | 416892695 |
| Capital Markets - 4.5% |  |  |
| Blue Owl Capital Inc Class A  | 1455067 | 22946407 |
| Cboe Global Markets Inc  | 244562 | 60074210 |
| Evercore Inc Class A  | 156371 | 46060642 |
| Houlihan Lokey Inc Class A  | 273766 | 49026015 |
| Interactive Brokers Group Inc Class A  | 313416 | 22051950 |
| MarketAxess Holdings Inc  | 88325 | 14137299 |
| Raymond James Financial Inc  | 369933 | 58697269 |
| Stifel Financial Corp  | 565631 | 66987679 |
|  |  | 339981471 |
| Financial Services - 0.5% |  |  |
| Toast Inc Class A (b) | 1120479 | 40494111 |
| Insurance - 3.1% |  |  |
| American Financial Group Inc/OH  | 335846 | 44224201 |
| Arch Capital Group Ltd  | 402540 | 34743227 |
| First American Financial Corp  | 860998 | 53820985 |
| Hartford Insurance Group Inc/The  | 348031 | 43218490 |
| Reinsurance Group of America Inc  | 334533 | 61038891 |
|  |  | 237045794 |
| TOTAL FINANCIALS |  | 1034414071 |
| Health Care - 7.5% |  |  |
| Biotechnology - 1.1% |  |  |
| Arcellx Inc (b) | 118878 | 10728740 |
| Exact Sciences Corp (b) | 600252 | 38830302 |
| Legend Biotech Corp ADR (b) | 276867 | 8970490 |
| United Therapeutics Corp (b) | 60355 | 26883928 |
|  |  | 85413460 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Insulet Corp (b) | 101344 | 31721685 |
| Masimo Corp (b) | 371939 | 52313221 |
| Penumbra Inc (b) | 187959 | 42736238 |
|  |  | 126771144 |
| Health Care Providers & Services - 2.4% |  |  |
| BrightSpring Health Services Inc (b) | 811000 | 26803550 |
| Molina Healthcare Inc (b) | 93746 | 14348763 |
| Option Care Health Inc (b) | 1324384 | 34473716 |
| Privia Health Group Inc (b) | 513387 | 12475304 |
| Tenet Healthcare Corp (b) | 453376 | 93617610 |
|  |  | 181718943 |
| Health Care Technology - 0.7% |  |  |
| Doximity Inc Class A (b) | 526116 | 34723656 |
| Waystar Holding Corp (b) | 556538 | 19951887 |
|  |  | 54675543 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Bruker Corp  | 782838 | 30483712 |
| Repligen Corp (b) | 287774 | 42895592 |
|  |  | 73379304 |
| Pharmaceuticals - 0.6% |  |  |
| Crinetics Pharmaceuticals Inc (b) | 280107 | 12184654 |
| Royalty Pharma PLC Class A  | 825800 | 31000532 |
|  |  | 43185186 |
| TOTAL HEALTH CARE |  | 565143580 |
| Industrials - 24.6% |  |  |
| Aerospace & Defense - 4.8% |  |  |
| Axon Enterprise Inc (b) | 30899 | 22625175 |
| BWX Technologies Inc  | 388982 | 83090445 |
| Carpenter Technology Corp  | 213590 | 67473081 |
| Huntington Ingalls Industries Inc  | 129379 | 41662626 |
| Space Exploration Technologies Corp (b)(c)(d) | 321606 | 68180472 |
| Woodward Inc  | 303766 | 79620106 |
|  |  | 362651905 |
| Building Products - 1.3% |  |  |
| AAON Inc (a) | 400430 | 39398308 |
| Builders FirstSource Inc (b) | 115505 | 13418216 |
| Carlisle Cos Inc (a) | 132667 | 43123408 |
|  |  | 95939932 |
| Commercial Services & Supplies - 1.2% |  |  |
| CECO Environmental Corp (b) | 545773 | 26682842 |
| GFL Environmental Inc Subordinate Voting Shares  | 1035496 | 45272265 |
| OPENLANE Inc (b) | 822800 | 21738376 |
|  |  | 93693483 |
| Construction & Engineering - 5.2% |  |  |
| AECOM  | 941600 | 126503960 |
| Centuri Holdings Inc (b) | 1148376 | 23185711 |
| Comfort Systems USA Inc  | 135282 | 130625595 |
| EMCOR Group Inc  | 108817 | 73536352 |
| Quanta Services Inc  | 85772 | 38522778 |
|  |  | 392374396 |
| Electrical Equipment - 2.9% |  |  |
| Acuity Inc  | 309693 | 113053430 |
| NEXTracker Inc Class A (b) | 102311 | 10355919 |
| nVent Electric PLC  | 628123 | 71825865 |
| Vertiv Holdings Co Class A  | 113163 | 21824616 |
|  |  | 217059830 |
| Machinery - 5.3% |  |  |
| Allison Transmission Holdings Inc  | 522377 | 43122221 |
| Atmus Filtration Technologies Inc  | 482490 | 21943644 |
| Chart Industries Inc (b) | 202009 | 40325037 |
| CNH Industrial NV Class A  | 3846127 | 40345872 |
| Crane Co  | 322559 | 61286210 |
| ITT Inc  | 390680 | 72303148 |
| RBC Bearings Inc (b) | 160226 | 68661648 |
| Westinghouse Air Brake Technologies Corp  | 232072 | 47444800 |
|  |  | 395432580 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 459600 | 19179108 |
| Professional Services - 2.5% |  |  |
| FTI Consulting Inc (b) | 266397 | 43958169 |
| Leidos Holdings Inc  | 380016 | 72381648 |
| Paylocity Holding Corp (b) | 194426 | 27466560 |
| TransUnion  | 526898 | 42773580 |
|  |  | 186579957 |
| Trading Companies & Distributors - 1.1% |  |  |
| Applied Industrial Technologies Inc  | 170147 | 43743092 |
| Watsco Inc  | 111981 | 41210128 |
|  |  | 84953220 |
| TOTAL INDUSTRIALS |  | 1847864411 |
| Information Technology - 11.0% |  |  |
| Communications Equipment - 2.6% |  |  |
| Ciena Corp (b) | 670121 | 127269380 |
| Lumentum Holdings Inc (b) | 341936 | 68920620 |
|  |  | 196190000 |
| Electronic Equipment, Instruments & Components - 4.0% |  |  |
| Belden Inc  | 366420 | 44648277 |
| Coherent Corp (b) | 534446 | 70525495 |
| Flex Ltd (b) | 1974374 | 123437863 |
| Sanmina Corp (b) | 294300 | 40333815 |
| Trimble Inc (b) | 266743 | 21272754 |
|  |  | 300218204 |
| IT Services - 1.1% |  |  |
| Kyndryl Holdings Inc (b) | 560122 | 16198728 |
| Okta Inc Class A (b) | 166434 | 15233704 |
| Twilio Inc Class A (b) | 381900 | 51510672 |
|  |  | 82943104 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ON Semiconductor Corp (b) | 224292 | 11232543 |
| Veeco Instruments Inc (b) | 375889 | 10806809 |
|  |  | 22039352 |
| Software - 2.3% |  |  |
| Commvault Systems Inc (b) | 281587 | 39202542 |
| Docusign Inc (b) | 643840 | 47090458 |
| Dynatrace Inc (b) | 1278367 | 64647019 |
| Monday.com Ltd (b) | 106043 | 21764265 |
|  |  | 172704284 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Pure Storage Inc Class A (b) | 127528 | 12587014 |
| Western Digital Corp  | 301491 | 45286963 |
|  |  | 57873977 |
| TOTAL INFORMATION TECHNOLOGY |  | 831968921 |
| Materials - 3.0% |  |  |
| Chemicals - 0.5% |  |  |
| CF Industries Holdings Inc  | 447164 | 37244290 |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 193054 | 40989225 |
| Containers & Packaging - 1.4% |  |  |
| AptarGroup Inc  | 307507 | 35673887 |
| Crown Holdings Inc  | 628717 | 61098718 |
|  |  | 96772605 |
| Metals & Mining - 0.2% |  |  |
| Steel Dynamics Inc  | 96800 | 15178240 |
| Paper & Forest Products - 0.4% |  |  |
| Louisiana-Pacific Corp  | 378239 | 32948399 |
| TOTAL MATERIALS |  | 223132759 |
| Real Estate - 6.1% |  |  |
| Health Care REITs - 1.3% |  |  |
| CareTrust REIT Inc  | 812615 | 28157110 |
| Ventas Inc  | 907963 | 66998590 |
|  |  | 95155700 |
| Industrial REITs - 0.4% |  |  |
| Terreno Realty Corp  | 588189 | 33603237 |
| Real Estate Management & Development - 2.3% |  |  |
| Compass Inc Class A (b) | 2549686 | 19658079 |
| Jones Lang LaSalle Inc (b) | 369180 | 112633127 |
| Zillow Group Inc Class C (b) | 512683 | 38440971 |
|  |  | 170732177 |
| Retail REITs - 1.3% |  |  |
| Macerich Co/The  | 1027457 | 17620887 |
| NNN REIT Inc  | 1324399 | 53585184 |
| Tanger Inc  | 800918 | 26077890 |
|  |  | 97283961 |
| Specialized REITs - 0.8% |  |  |
| CubeSmart  | 1610710 | 60675446 |
| TOTAL REAL ESTATE |  | 457450521 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 0.5% |  |  |
| IDACORP Inc (a) | 286163 | 36920750 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Talen Energy Corp (b) | 84200 | 33661476 |
| Vistra Corp  | 110428 | 20793592 |
|  |  | 54455068 |
| Multi-Utilities - 0.8% |  |  |
| NiSource Inc  | 1453228 | 61195432 |
| TOTAL UTILITIES |  | 152571250 |
| TOTAL UNITED STATES |  | 6602506542 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,360,004,853) |  | <br> **7429206512** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.8%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| National Resilience Inc Series B (b)(c)(d) | 711831 | 4327932 |
| Industrials - 0.7% |  |  |
| Construction & Engineering - 0.7% |  |  |
| Beta Technologies Inc 6% Series C-1 (c) | 67424 | 14638532 |
| Beta Technologies Inc Series B, 6% (b)(c) | 145591 | 38884067 |
|  |  | 53522599 |
| TOTAL UNITED STATES |  | 57850531 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $32,462,260) |  | <br> **57850531** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 57125519 | 57136944 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 150168751 | 150183768 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $207,318,361) |  |  | **207320712** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $5,599,785,474)<br>| <br>**7694377755** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(145464840)** |
| **NET ASSETS - 100.0%** | **7548912915** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 48 | 12/19/2025 | 15636960 | 80583 | 80583 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $126,031,003 or 1.7% of net assets.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Beta Technologies Inc 6% Series C-1 | 9/26/2025 | 7718025 |
| Beta Technologies Inc Series B, 6% | 4/4/2022 | 15020624 |
| National Resilience Inc Series B | 12/1/2020 | 9723611 |
| Space Exploration Technologies Corp | 4/8/2016 | 3100924 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 36679319 | 608642373 | 588182952 | 2074914 | (1796) | - | 57136944 | 57125519 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 43878486 | 707993260 | 601687978 | 153372 | - | - | 150183768 | 150168751 | 0.6% |
| Total | 80557805 | 1316635633 | 1189870930 | 2228286 | (1796) | - | 207320712 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 149337802 | 129092302 | 20245500 | - |
| Consumer Discretionary | 1117058515 | 1117058515 | - | - |
| Consumer Staples | 217589068 | 217589068 | - | - |
| Energy | 392023337 | 392023337 | - | - |
| Financials | 1034414071 | 1034414071 | - | - |
| Health Care | 675121534 | 643959204 | 31162330 | - |
| Industrials | 1961736723 | 1893556251 | - | 68180472 |
| Information Technology | 986305552 | 986305552 | - | - |
| Materials | 285598139 | 285598139 | - | - |
| Real Estate | 457450521 | 457450521 | - | - |
| Utilities | 152571250 | 152571250 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 4327932 | - | - | 4327932 |
| Industrials | 53522599 | - | 53522599 | - |
|  **Money Market Funds** | 207320712 | 207320712 | - | - |
| **Total Investments in Securities:** | 7694377755 | 7516938922 | 104930429 | 72508404 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 80583 | 80583 | - | - |
| Total Assets | 80583 | 80583 | - | - |
| **Total Derivative Instruments:** | 80583 | 80583 | - | - |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Common Stocks** | 75148110 | 17119487 | (6151925) | - | (17935200) | - | - | - | 68180472 | (6151925) |
| **Convertible Preferred Stocks** | 30252023 | - | (10855423) | - | - | - | - | (15068668) | 4327932 | (10855423) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 80583 | - |
| **Total Equity Risk**  | 80583 | - |
| **Total Value of Derivatives** | 80583 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $165,139,377) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,392,467,113) | $7487057043 |  |
| Fidelity Central Funds (cost $207,318,361) | 207320712 |  |
| Total Investment in Securities (cost $5,599,785,474) |  | $7694377755 |
| Segregated cash with brokers for derivative instruments |  | 1060739 |
| Cash |  | 80978 |
| Receivable for investments sold |  | 19103102 |
| Receivable for fund shares sold |  | 1583444 |
| Dividends receivable |  | 3200008 |
| Distributions receivable from Fidelity Central Funds |  | 400833 |
| Receivable for daily variation margin on futures contracts |  | 93120 |
| Prepaid expenses |  | 7869 |
| Other receivables |  | 36566 |
| **Total assets** |  | 7719944414 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $11640606 |  |
| Payable for fund shares redeemed | 5545582 |  |
| Accrued management fee | 3591033 |  |
| Distribution and service plan fees payable | 1280 |  |
| Other payables and accrued expenses | 89816 |  |
| Collateral on securities loaned | 150163182 |  |
| **Total liabilities** |  | 171031499 |
| **Net Assets**  |  | $7548912915 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5445402765 |
| Total accumulated earnings (loss) |  | 2103510150 |
| **Net Assets** |  | $7548912915 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($3,022,362 ÷ 67,339 shares)(a) |  | $44.88 |
| Maximum offering price per share (100/94.25 of $44.88) |  | $47.62 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($622,899 ÷ 13,896 shares)(a) |  | $44.83 |
| Maximum offering price per share (100/96.50 of $44.83) |  | $46.46 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($588,713 ÷ 13,172 shares)(a) |  | $44.69 |
| **Mid-Cap Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,872,531,625 ÷ 152,122,693 shares) |  | $45.18 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($592,767,644 ÷ 13,087,594 shares) |  | $45.29 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($31,680,270 ÷ 703,544 shares) |  | $45.03 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($47,699,402 ÷ 1,059,368 shares) |  | $45.03 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $36995028 |
| Interest  |  | 91324 |
| Income from Fidelity Central Funds (including $153,372 from security lending)  |  | 2228286 |
| **Total income** |  | 39314638 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $22206837 |  |
| Performance adjustment | (1491476) |  |
| Distribution and service plan fees | 5627 |  |
| Custodian fees and expenses | 39752 |  |
| Independent trustees' fees and expenses | 12902 |  |
| Registration fees | 134597 |  |
| Audit fees | 39804 |  |
| Legal | 2965 |  |
| Miscellaneous | 14837 |  |
| Total expenses before reductions | 20965845 |  |
| Expense reductions | (9114) |  |
| Total expenses after reductions |  | 20956731 |
| **Net Investment income (loss)** |  | 18357907 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (18547822) |  |
| Redemptions in-kind | 1887850 |  |
| Fidelity Central Funds | (1796) |  |
| Foreign currency transactions | (64031) |  |
| Futures contracts | 3417969 |  |
| Total net realized gain (loss) |  | (13307830) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1030912199 |  |
| Assets and liabilities in foreign currencies | 1469 |  |
| Futures contracts | (38563) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1030875105 |
| **Net gain (loss)** |  | 1017567275 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1035925182 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $18357907 | $47735325 |
| &nbsp;&nbsp;Net realized gain (loss) | (13307830)<br>| 1205178579<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1030875105 | (905845344)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1035925182<br>| 347068560<br>|
| Distributions to shareholders | (113419696)<br>| (647057121)<br>|
| Share transactions - net increase (decrease) | (47592023)<br>| (265910428)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 874913463<br>| (565898989)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6673999452 | 7239898441<br>|
| &nbsp;&nbsp;End of period | $7548912915 | $6673999452 |

---

**Financial Highlights** 

**Fidelity Advisor® Mid-Cap Stock Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $39.52 | $43.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .04  | .06  |
| Net realized and unrealized gain (loss)  | 6.02  | (2.38) D |
| Total from investment operations  | 6.06  | (2.32)  |
| Distributions from net investment income  | (.06)  | (.34)  |
| Distributions from net realized gain  | (.64)  | (1.33)  |
| Total distributions  | (.70)  | (1.67)  |
| Net asset value, end of period  | $44.88 | $39.52 |
| **Total Return** E,F,G | 15.49% <br>| (5.60)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .86% J | .92% J |
| Expenses net of fee waivers, if any  | .86% J<br>| .92% J |
| Expenses net of all reductions, if any  | .86% J | .92% J |
| Net investment income (loss)  | .21% J | .25% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $3022 | $1141 |
| Portfolio turnover rate K | 32% J,L<br>| 51% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Mid-Cap Stock Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $39.48 | $43.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.01)  | (.01)  |
| Net realized and unrealized gain (loss)  | 6.01  | (2.36) D |
| Total from investment operations  | 6.00  | (2.37)  |
| Distributions from net investment income  | (.01)  | (.33)  |
| Distributions from net realized gain  | (.64)  | (1.33)  |
| Total distributions  | (.65)  | (1.66)  |
| Net asset value, end of period  | $44.83 | $39.48 |
| **Total Return** E,F,G | 15.35% <br>| (5.73)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.11% J | 1.18% J |
| Expenses net of fee waivers, if any  | 1.11% J<br>| 1.18% J |
| Expenses net of all reductions, if any  | 1.11% J | 1.18% J |
| Net investment income (loss)  | (.04)% J | (.03)% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $623 | $262 |
| Portfolio turnover rate K | 32% J,L<br>| 51% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns do not include the effect of the sales charges.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Mid-Cap Stock Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $39.45 | $43.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.12)  | (.12)  |
| Net realized and unrealized gain (loss)  | 6.00  | (2.37) D |
| Total from investment operations  | 5.88  | (2.49)  |
| Distributions from net investment income  | -  | (.24)  |
| Distributions from net realized gain  | (.64)  | (1.33)  |
| Total distributions  | (.64)  | (1.57)  |
| Net asset value, end of period  | $44.69 | $39.45 |
| **Total Return** E,F,G | 15.05% <br>| (6.00)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.61% J | 1.69% J |
| Expenses net of fee waivers, if any  | 1.61% J<br>| 1.69% J |
| Expenses net of all reductions, if any  | 1.61% J | 1.69% J |
| Net investment income (loss)  | (.54)% J | (.50)% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $589 | $263 |
| Portfolio turnover rate K | 32% J,L<br>| 51% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns 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 contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Mid-Cap Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.71 | $41.66 | $38.06 | $39.74 | $44.52 | $28.96 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .27  | .33  | .45  | .44  | .35  |
| Net realized and unrealized gain (loss)  | 6.04  | 1.57  | 4.32  | (.09)  | .18  | 17.71  |
| Total from investment operations  | 6.15  | 1.84  | 4.65  | .36  | .62  | 18.06  |
| Distributions from net investment income  | (.04)  | (.31)  | (.37)  | (.27)  | (.48)  | (.39) C |
| Distributions from net realized gain  | (.64)  | (3.48)  | (.68)  | (1.77)  | (4.91)  | (2.10) C |
| Total distributions  | (.68)  | (3.79)  | (1.05)  | (2.04)  | (5.40) D | (2.50) D |
| Net asset value, end of period  | $45.18 | $39.71 | $41.66 | $38.06 | $39.74 | $44.52 |
| **Total Return** E,F | 15.66% <br>| 4.40%  | 12.37%  | 1.06%  | 1.17%  | 64.86%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .57% I | .67%  | .83%  | .85%  | .79%  | .77%  |
| Expenses net of fee waivers, if any  | .57% I<br>| .67%  | .82%  | .84%  | .79%  | .77%  |
| Expenses net of all reductions, if any  | .57% I | .67%  | .82%  | .84%  | .79%  | .76%  |
| Net investment income (loss)  | .49% I | .64%  | .83%  | 1.18%  | 1.05%  | .97%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6872532 | $6102344 | $6431942 | $6853917 | $6033786 | $6020059 |
| Portfolio turnover rate J | 32% I,K<br>| 51% K | 27% K | 19% K | 17% K | 30% K |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Mid-Cap Stock Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.80 | $41.71 | $38.11 | $39.77 | $44.55 | $28.98 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .31  | .37  | .48  | .48  | .38  |
| Net realized and unrealized gain (loss)  | 6.06  | 1.57  | 4.32  | (.08)  | .17  | 17.72  |
| Total from investment operations  | 6.18  | 1.88  | 4.69  | .40  | .65  | 18.10  |
| Distributions from net investment income  | (.05)  | (.31)  | (.41)  | (.29)  | (.51)  | (.43) C |
| Distributions from net realized gain  | (.64)  | (3.48)  | (.68)  | (1.77)  | (4.93)  | (2.10) C |
| Total distributions  | (.69)  | (3.79)  | (1.09)  | (2.06)  | (5.43) D | (2.53)  |
| Net asset value, end of period  | $45.29 | $39.80 | $41.71 | $38.11 | $39.77 | $44.55 |
| **Total Return** E,F | 15.70% <br>| 4.50%  | 12.46%  | 1.16%  | 1.26%  | 65.01%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .50% I | .60%  | .73%  | .75%  | .70%  | .67%  |
| Expenses net of fee waivers, if any  | .50% I<br>| .59%  | .72%  | .75%  | .70%  | .67%  |
| Expenses net of all reductions, if any  | .50% I | .59%  | .72%  | .75%  | .70%  | .66%  |
| Net investment income (loss)  | .56% I | .73%  | .93%  | 1.28%  | 1.13%  | 1.07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $592768 | $553805 | $807956 | $1013456 | $1340986 | $1962077 |
| Portfolio turnover rate J | 32% I,K<br>| 51% K | 27% K | 19% K | 17% K | 30% K |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Mid-Cap Stock Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $39.59 | $43.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .10  | .12  |
| Net realized and unrealized gain (loss)  | 6.03  | (2.38) D |
| Total from investment operations  | 6.13  | (2.26)  |
| Distributions from net investment income  | (.05)  | (.33)  |
| Distributions from net realized gain  | (.64)  | (1.33)  |
| Total distributions  | (.69)  | (1.66)  |
| Net asset value, end of period  | $45.03 | $39.59 |
| **Total Return** E,F | 15.64% <br>| (5.46)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .60% I | .67% I |
| Expenses net of fee waivers, if any  | .60% I<br>| .67% I |
| Expenses net of all reductions, if any  | .59% I | .67% I |
| Net investment income (loss)  | .47% I | .49% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $31680 | $296 |
| Portfolio turnover rate J | 32% I,K<br>| 51% K |

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Mid-Cap Stock Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $39.58 | $43.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .12  | .13  |
| Net realized and unrealized gain (loss)  | 6.03  | (2.36) D |
| Total from investment operations  | 6.15  | (2.23)  |
| Distributions from net investment income  | (.06)  | (.38)  |
| Distributions from net realized gain  | (.64)  | (1.33)  |
| Total distributions  | (.70)  | (1.70) E |
| Net asset value, end of period  | $45.03 | $39.58 |
| **Total Return** F,G | 15.70% <br>| (5.39)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .50% J | .56% J |
| Expenses net of fee waivers, if any  | .50% J<br>| .56% J |
| Expenses net of all reductions, if any  | .50% J | .56% J |
| Net investment income (loss)  | .57% J | .57% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $47699 | $15888 |
| Portfolio turnover rate K | 32% J,L<br>| 51% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Mid-Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. The Fund offers Class A, Class M, Class C, Mid-Cap Stock, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Mid-Cap Stock Fund** | $36566 |

---

**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 futures contracts, foreign currency transactions, redemptions in-kind, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2418853255 |
| **Gross unrealized depreciation** | <u>(326152966)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2092700289</u> |
| **Tax cost** | <u>$5601758049</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid-Cap Stock Fund** | 1156708047 | 1298962513 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Mid-Cap Stock Fund** | 159904 | - | 1887850 | 1887850 | 6829495 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Mid-Cap Stock Fund** | 35197354 | 673735591 | 1542618986 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Mid-Cap Stock** | .64 |
| **Class K** | .55 |
| **Class I** | .68 |
| **Class Z** | .55 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .65 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Mid-Cap Stock** | .61 |
| **Class K** | .54 |
| **Class I** | .63 |
| **Class Z** | .53 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Mid-Cap Stock Fund** | S&P MidCap 400 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Mid-Cap Stock. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.04)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 2511 | 511 |
| **Class M** | .25% | .25% | 1160 | 226 |
| **Class C** | .75% | .25% | <u>1956</u> | <u>1223</u> |
|  |  |  | <u>5627</u> | <u>1960</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, no sales charge amounts were retained by FDC.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid-Cap Stock Fund** | 31607 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid-Cap Stock Fund** | 81565591 | 115907478 | (6162932) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid-Cap Stock Fund** | 4287 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid-Cap Stock Fund** | 16610 | 450 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid-Cap Stock Fund** | 25168585 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $9,114.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025A** |
| **Fidelity Mid-Cap Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $24262 | $17897 |
| Class M | 4453 | 7061 |
| Class C | 5091 | 4830 |
| Mid-Cap Stock | 103989880 | 582431461 |
| Class K | 9107670 | 63990167 |
| Class I | 5378 | 3937 |
| Class Z | <u>282962</u> | <u>601768</u> |
| Total  | <u>$113419696</u> | <u>$647057121</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025A** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025A** |
| **Fidelity Mid-Cap Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 39881 | 33071 | $1739699 | $1415802 |
| Reinvestment of distributions | 591 | 421 | 24262 | 17896 |
| Shares redeemed | <u>(2000)</u> | <u>(4625)</u> | <u>(87872)</u> | <u>(178153)</u> |
| Net increase (decrease) | <u>38472</u> | <u>28867</u> | <u>$1676089</u> | <u>$1255545</u> |
| **Class M** |  |  |  |  |
| Shares sold | 10474 | 6930 | $457400 | $292570 |
| Reinvestment of distributions | 109 | 166 | 4453 | 7061 |
| Shares redeemed | <u>(3311)</u> | <u>(472)</u> | <u>(145543)</u> | <u>(17133)</u> |
| Net increase (decrease) | <u>7272</u> | <u>6624</u> | <u>$316310</u> | <u>$282498</u> |
| **Class C** |  |  |  |  |
| Shares sold | 6529 | 6548 | $285136 | $280449 |
| Reinvestment of distributions | 119 | 113 | 4845 | 4830 |
| Shares redeemed | <u>(137)</u> | <u>-</u> | <u>(5750)</u> | <u>-</u> |
| Net increase (decrease) | <u>6511</u> | <u>6661</u> | <u>$284231</u> | <u>$285279</u> |
| **Mid-Cap Stock** |  |  |  |  |
| Shares sold | 11050063 | 46952083 | $485927242 | $2031852315 |
| Reinvestment of distributions | 2299419 | 13064357 | 94874026 | 530969302 |
| Shares redeemed | <u>(14911205)</u> | <u>(60741094)</u> | <u>(654676296)</u> | <u>(2608825148)</u> |
| Net increase (decrease) | <u>(1561723)</u> | <u>(724654)</u> | <u>$(73875028)</u> | <u>$(46003531)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 804573 | 2044009 | $35142078 | $87250786 |
| Reinvestment of distributions | 220258 | 1579252 | 9107670 | 63990167 |
| Shares redeemed | <u>(1852394)</u> | <u>(9078006)</u> | <u>(80106226)</u> | <u>(392079692)</u> |
| Net increase (decrease) | <u>(827563)</u> | <u>(5454745)</u> | <u>$(35856478)</u> | <u>$(240838739)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 716389 | 8551 | $31887746 | $369454 |
| Reinvestment of distributions | 131 | 92 | 5378 | 3937 |
| Shares redeemed | <u>(20465)</u> | <u>(1154)</u> | <u>(921063)</u> | <u>(43829)</u> |
| Net increase (decrease) | <u>696055</u> | <u>7489</u> | <u>$30972061</u> | <u>$329562</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 722493 | 437569 | $31724718 | $20237150 |
| Reinvestment of distributions | 5991 | 12692 | 246271 | 540055 |
| Shares redeemed | <u>(70571)</u> | <u>(48806)</u> | <u>(3080197)</u> | <u>(1998247)</u> |
| Net increase (decrease) | <u>657913</u> | <u>401455</u> | <u>$28890792</u> | <u>$18778958</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through April 30, 2025.*

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Mid-Cap Stock Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119044_4.jpg)<br>

1.538556.128 MCS-SANN-1225

**Fidelity® Large Cap Stock K6 Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119047_1.jpg)

![](img119047_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LCSK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Stock K6 Fund](#Sub_Sec_Fund_2954_LCSK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2954_LCSK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LCSK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LCSK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LCSK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LCSK6-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Large Cap Stock K6 Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.2%** | &nbsp;&nbsp;**Common Stocks - 94.2%** | &nbsp;&nbsp;**Common Stocks - 94.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 39026 | 161124 |
| BELGIUM - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| UCB SA  | 4958 | 1271552 |
| CANADA - 2.1%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Athabasca Oil Corp (b) | 24793 | 121795 |
| Imperial Oil Ltd (a) | 18501 | 1636340 |
| MEG Energy Corp  | 8800 | 186221 |
|  |  | 1944356 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Bombardier Inc Class B (b) | 3233 | 451728 |
| TOTAL CANADA |  | 2396084 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR  | 6471 | 320056 |
| FRANCE - 0.6%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Pernod Ricard SA  | 2247 | 220047 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Airbus SE  | 1741 | 429280 |
| TOTAL FRANCE |  | 649327 |
| GERMANY - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| SAP SE ADR  | 3296 | 856993 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV  | 13009 | 90479 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Money Forward Inc (b) | 500 | 14599 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SK Hynix Inc  | 100 | 39111 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Universal Music Group NV  | 10547 | 282891 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (b) | 107 | 87580 |
| Merus NV (b) | 1234 | 117057 |
|  |  | 204637 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 221 | 234090 |
| BE Semiconductor Industries NV  | 1257 | 213855 |
|  |  | 447945 |
| TOTAL NETHERLANDS |  | 935473 |
| SPAIN - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (c)(d) | 3560 | 110829 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Atlas Copco AB A Shares  | 8400 | 140751 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 3183 | 956269 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR  | 2025 | 186482 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC ADR  | 12769 | 653645 |
| TOTAL CONSUMER STAPLES |  | 840127 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 896 | 51852 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 22681 | 349034 |
| TOTAL UNITED KINGDOM |  | 1241013 |
| UNITED STATES - 85.1%  |  |  |
| Communication Services - 9.3% |  |  |
| Entertainment - 0.3% |  |  |
| Walt Disney Co/The  | 3565 | 401490 |
| Interactive Media & Services - 8.3% |  |  |
| Alphabet Inc Class A  | 12387 | 3483101 |
| Alphabet Inc Class C  | 10505 | 2960519 |
| Meta Platforms Inc Class A  | 4893 | 3172377 |
|  |  | 9615997 |
| Media - 0.7% |  |  |
| Comcast Corp Class A  | 30161 | 839531 |
| TOTAL COMMUNICATION SERVICES |  | 10857018 |
| Consumer Discretionary - 2.8% |  |  |
| Broadline Retail - 1.0% |  |  |
| Amazon.com Inc (b) | 4641 | 1133426 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Booking Holdings Inc  | 40 | 203110 |
| Chipotle Mexican Grill Inc (b) | 1400 | 44365 |
| Marriott International Inc/MD Class A1  | 727 | 189442 |
| Starbucks Corp  | 2063 | 166835 |
|  |  | 603752 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 6111 | 484847 |
| Whirlpool Corp (a) | 1613 | 115539 |
|  |  | 600386 |
| Specialty Retail - 0.7% |  |  |
| Home Depot Inc/The  | 95 | 36061 |
| Lowe's Cos Inc  | 2772 | 660096 |
| Restoration Hardware Inc (b) | 369 | 63649 |
|  |  | 759806 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (b) | 92 | 15689 |
| NIKE Inc Class B  | 1986 | 128276 |
|  |  | 143965 |
| TOTAL CONSUMER DISCRETIONARY |  | 3241335 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.4% |  |  |
| Brown-Forman Corp Class B  | 8191 | 223041 |
| Coca-Cola Co/The  | 9231 | 636016 |
| Keurig Dr Pepper Inc  | 26605 | 722592 |
|  |  | 1581649 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Performance Food Group Co (b) | 1503 | 145400 |
| Sprouts Farmers Market Inc (b) | 400 | 31584 |
| Sysco Corp  | 2567 | 190677 |
| Target Corp  | 3546 | 328785 |
| US Foods Holding Corp (b) | 1921 | 139503 |
|  |  | 835949 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 337 | 20803 |
| Household Products - 0.1% |  |  |
| Procter & Gamble Co/The  | 400 | 60148 |
| Personal Care Products - 0.6% |  |  |
| Estee Lauder Cos Inc/The Class A  | 2502 | 241918 |
| Kenvue Inc  | 32451 | 466321 |
|  |  | 708239 |
| Tobacco - 0.4% |  |  |
| Philip Morris International Inc  | 3421 | 493753 |
| TOTAL CONSUMER STAPLES |  | 3700541 |
| Energy - 6.2% |  |  |
| Oil, Gas & Consumable Fuels - 6.2% |  |  |
| Chevron Corp  | 2130 | 335944 |
| ConocoPhillips  | 4955 | 440301 |
| Exxon Mobil Corp  | 35411 | 4049602 |
| Murphy Oil Corp  | 3000 | 84900 |
| Shell PLC ADR  | 30816 | 2308735 |
|  |  | 7219482 |
| Financials - 13.6% |  |  |
| Banks - 9.4% |  |  |
| Bank of America Corp  | 55762 | 2980479 |
| M&T Bank Corp  | 2117 | 389253 |
| PNC Financial Services Group Inc/The  | 5137 | 937759 |
| Truist Financial Corp  | 6412 | 286168 |
| US Bancorp  | 5606 | 261687 |
| Wells Fargo & Co (e) | 68747 | 5978927 |
|  |  | 10834273 |
| Capital Markets - 1.6% |  |  |
| Blue Owl Capital Inc Class A  | 15400 | 242858 |
| Charles Schwab Corp/The  | 1851 | 174957 |
| KKR & Co Inc Class A  | 6393 | 756484 |
| Moody's Corp  | 179 | 85974 |
| MSCI Inc  | 15 | 8828 |
| Northern Trust Corp  | 4123 | 530506 |
| Raymond James Financial Inc  | 518 | 82191 |
|  |  | 1881798 |
| Financial Services - 2.0% |  |  |
| Apollo Global Management Inc  | 1662 | 206603 |
| Corpay Inc (b) | 288 | 74981 |
| Global Payments Inc  | 541 | 42067 |
| Mastercard Inc Class A  | 609 | 336162 |
| PayPal Holdings Inc (b) | 1395 | 96632 |
| Visa Inc Class A  | 4544 | 1548323 |
|  |  | 2304768 |
| Insurance - 0.6% |  |  |
| Arthur J Gallagher & Co  | 1056 | 263461 |
| Brown & Brown Inc  | 4928 | 392959 |
| Chubb Ltd  | 353 | 97760 |
|  |  | 754180 |
| TOTAL FINANCIALS |  | 15775019 |
| Health Care - 8.6% |  |  |
| Biotechnology - 0.7% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 658 | 300074 |
| Exact Sciences Corp (b) | 5336 | 345186 |
| Gilead Sciences Inc  | 581 | 69598 |
| Vaxcyte Inc (b) | 1838 | 83225 |
|  |  | 798083 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Abbott Laboratories  | 1207 | 149209 |
| Alcon AG (United States)  | 3100 | 229059 |
| Baxter International Inc  | 14000 | 258580 |
| Becton Dickinson & Co  | 586 | 104724 |
| Boston Scientific Corp (b) | 10258 | 1033186 |
| Masimo Corp (b) | 313 | 44023 |
| Solventum Corp (b) | 742 | 51228 |
|  |  | 1870009 |
| Health Care Providers & Services - 2.8% |  |  |
| Cardinal Health Inc  | 1692 | 322783 |
| Cigna Group/The  | 2271 | 555055 |
| Humana Inc  | 1648 | 458457 |
| McKesson Corp  | 649 | 526560 |
| Molina Healthcare Inc (b) | 100 | 15305 |
| UnitedHealth Group Inc  | 4087 | 1395956 |
|  |  | 3274116 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Bruker Corp  | 10435 | 406339 |
| Danaher Corp  | 1680 | 361838 |
| Thermo Fisher Scientific Inc  | 749 | 424975 |
|  |  | 1193152 |
| Pharmaceuticals - 2.5% |  |  |
| Eli Lilly & Co  | 697 | 601413 |
| GSK PLC ADR  | 22505 | 1054585 |
| Haleon PLC ADR  | 68656 | 636441 |
| Johnson & Johnson  | 2103 | 397194 |
| Merck & Co Inc  | 2046 | 175915 |
|  |  | 2865548 |
| TOTAL HEALTH CARE |  | 10000908 |
| Industrials - 16.8% |  |  |
| Aerospace & Defense - 10.0% |  |  |
| Boeing Co (b) | 22651 | 4553304 |
| GE Aerospace (e) | 17466 | 5396121 |
| General Dynamics Corp  | 919 | 316963 |
| Howmet Aerospace Inc  | 630 | 129749 |
| Huntington Ingalls Industries Inc  | 1157 | 372577 |
| RTX Corp  | 337 | 60155 |
| Spirit AeroSystems Holdings Inc Class A (b) | 15093 | 553762 |
| Textron Inc  | 800 | 64648 |
|  |  | 11447279 |
| Air Freight & Logistics - 1.0% |  |  |
| United Parcel Service Inc Class B  | 11846 | 1142191 |
| Building Products - 0.2% |  |  |
| A O Smith Corp  | 3000 | 197970 |
| AAON Inc  | 500 | 49195 |
|  |  | 247165 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 446 | 44011 |
| Construction & Engineering - 0.0% |  |  |
| Centuri Holdings Inc (b) | 2148 | 43368 |
| Electrical Equipment - 4.4% |  |  |
| Emerson Electric Co  | 400 | 55828 |
| GE Vernova Inc (e) | 7171 | 4196040 |
| Hubbell Inc  | 374 | 175780 |
| Vertiv Holdings Co Class A (e) | 2704 | 521493 |
|  |  | 4949141 |
| Ground Transportation - 0.1% |  |  |
| Knight-Swift Transportation Holdings Inc  | 3407 | 153724 |
| Machinery - 1.1% |  |  |
| Allison Transmission Holdings Inc  | 1058 | 87338 |
| Cummins Inc  | 380 | 166318 |
| Deere & Co  | 299 | 138027 |
| Donaldson Co Inc  | 1270 | 106998 |
| Nordson Corp  | 348 | 80719 |
| Otis Worldwide Corp  | 1621 | 150364 |
| Stanley Black & Decker Inc  | 483 | 32708 |
| Westinghouse Air Brake Technologies Corp  | 2572 | 525820 |
|  |  | 1288292 |
| Trading Companies & Distributors - 0.0% |  |  |
| Watsco Inc  | 148 | 54465 |
| TOTAL INDUSTRIALS |  | 19369636 |
| Information Technology - 22.4% |  |  |
| IT Services - 0.0% |  |  |
| Gartner Inc (b) | 155 | 38493 |
| Semiconductors & Semiconductor Equipment - 12.7% |  |  |
| Applied Materials Inc  | 1195 | 278555 |
| Broadcom Inc  | 7761 | 2868698 |
| First Solar Inc (b)(e) | 1390 | 371047 |
| Lam Research Corp  | 2388 | 376014 |
| Marvell Technology Inc  | 8668 | 812538 |
| Micron Technology Inc  | 3696 | 827054 |
| NVIDIA Corp (e) | 44256 | 8961397 |
| Teradyne Inc  | 506 | 91971 |
|  |  | 14587274 |
| Software - 7.2% |  |  |
| Adobe Inc (b) | 1317 | 448188 |
| Autodesk Inc (b) | 925 | 278740 |
| Intuit Inc  | 271 | 180906 |
| Microsoft Corp  | 14184 | 7344617 |
| Synopsys Inc (b) | 350 | 158837 |
|  |  | 8411288 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| Apple Inc  | 10741 | 2904044 |
| TOTAL INFORMATION TECHNOLOGY |  | 25941099 |
| Materials - 0.6% |  |  |
| Chemicals - 0.5% |  |  |
| Air Products and Chemicals Inc  | 456 | 110621 |
| Dow Inc  | 1524 | 36347 |
| LyondellBasell Industries NV Class A1  | 487 | 22607 |
| Mosaic Co/The  | 13712 | 376394 |
| Sherwin-Williams Co/The  | 57 | 19662 |
|  |  | 565631 |
| Construction Materials - 0.1% |  |  |
| James Hardie Industries PLC (b) | 8800 | 184184 |
| TOTAL MATERIALS |  | 749815 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 1048 | 59872 |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (b) | 13500 | 104085 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 802 | 101533 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 1216 | 217640 |
| Crown Castle Inc  | 2220 | 200288 |
| Equinix Inc  | 28 | 23688 |
|  |  | 441616 |
| TOTAL REAL ESTATE |  | 707106 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 0.8% |  |  |
| Duke Energy Corp  | 298 | 37041 |
| Edison International  | 1165 | 64518 |
| Entergy Corp  | 966 | 92823 |
| PG&E Corp  | 2328 | 37155 |
| Southern Co/The  | 7674 | 721663 |
|  |  | 953200 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 575 | 108273 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 1048 | 96353 |
| TOTAL UTILITIES |  | 1157826 |
| TOTAL UNITED STATES |  | 98719785 |
| ZAMBIA - 1.2%  |  |  |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| First Quantum Minerals Ltd (b) | 69874 | 1450737 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $73,656,454) |  | <br> **109354182** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Bruker Corp 6.375% Series A <br>(Cost $113,040)<br>| 450 | **140202** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 6308598 | 6309860 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 1024048 | 1024150 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $7,334,010) |  |  | **7334010** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $81,103,504)<br>| <br>**116828394** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(640725)** |
| **NET ASSETS - 100.0%** | **116187669** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| First Solar Inc | Chicago Board Options Exchange | 3 | 80082 | 240.00 | 11/21/2025 | (9383) |
| First Solar Inc | Chicago Board Options Exchange | 6 | 160164 | 250.00 | 11/21/2025 | (14250) |
| GE Aerospace | Chicago Board Options Exchange | 3 | 92685 | 340.00 | 12/19/2025 | (1125) |
| GE Aerospace | Chicago Board Options Exchange | 8 | 247160 | 320.00 | 11/21/2025 | (3740) |
| GE Aerospace | Chicago Board Options Exchange | 5 | 154475 | 300.00 | 11/21/2025 | (7513) |
| GE Vernova Inc | Chicago Board Options Exchange | 3 | 175542 | 800.00 | 1/16/2026 | (1545) |
| NVIDIA Corp | Chicago Board Options Exchange | 21 | 425229 | 220.00 | 12/19/2025 | (14648) |
| Vertiv Holdings Co Class A | Chicago Board Options Exchange | 1 | 19286 | 200.00 | 12/19/2025 | (1428) |
| Wells Fargo & Co | Chicago Board Options Exchange | 32 | 278304 | 95.00 | 11/21/2025 | (560) |
| Wells Fargo & Co | Chicago Board Options Exchange | 3 | 26091 | 92.50 | 11/21/2025 | (122) |
|  |  |  |  |  |  | (54314) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(54314)** |

---

**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 Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $110,829 or 0.1% of net assets.

(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 $110,829 or 0.1% of net assets.

(e) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $1,659,018.

(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**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 640120 | 23919545 | 18249844 | 105354 | 39 | - | 6309860 | 6308598 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 93425 | 4626983 | 3696258 | 1400 | - | - | 1024150 | 1024048 | 0.0% |
| Total | 733545 | 28546528 | 21946102 | 106754 | 39 | - | 7334010 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 11250738 | 10857018 | 393720 | - |
| Consumer Discretionary | 3241335 | 3241335 | - | - |
| Consumer Staples | 4851194 | 4851194 | - | - |
| Energy | 9324962 | 9324962 | - | - |
| Financials | 15826871 | 15775019 | 51852 | - |
| Health Care | 11797153 | 11797153 | - | - |
| Industrials | 20740429 | 19821364 | 919065 | - |
| Information Technology | 28256016 | 28256016 | - | - |
| Materials | 2200552 | 2200552 | - | - |
| Real Estate | 707106 | 707106 | - | - |
| Utilities | 1157826 | 1157826 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 140202 | - | 140202 | - |
|  **Money Market Funds** | 7334010 | 7334010 | - | - |
| **Total Investments in Securities:** | 116828394 | 115323555 | 1504839 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (54314) | (54314) | - | - |
| Total Liabilities | (54314) | (54314) | - | - |
| **Total Derivative Instruments:** | (54314) | (54314) | - | - |

---

**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, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (54314) |
| **Total Equity Risk**  | - | (54314) |
| **Total Value of Derivatives** | - | (54314) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $950,212) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $73,769,494) | $109494384 |  |
| Fidelity Central Funds (cost $7,334,010) | 7334010 |  |
| Total Investment in Securities (cost $81,103,504) |  | $116828394 |
| Cash |  | 14861 |
| Receivable for investments sold |  | 24747 |
| Receivable for fund shares sold |  | 500130 |
| Dividends receivable |  | 35432 |
| Distributions receivable from Fidelity Central Funds |  | 25033 |
| **Total assets** |  | 117428597 |
| **Liabilities** |  |  |
| Payable to custodian bank | $4 |  |
| Payable for investments purchased  | 114742 |  |
| Payable for fund shares redeemed | 5500 |  |
| Accrued management fee | 42218 |  |
| Written options, at value (premium received $45,023) | 54314 |  |
| Collateral on securities loaned | 1024150 |  |
| **Total liabilities** |  | 1240928 |
| **Net Assets**  |  | $116187669 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $78946153 |
| Total accumulated earnings (loss) |  | 37241516 |
| **Net Assets** |  | $116187669 |
| **Net Asset Value**, offering price and redemption price per share ($116,187,669 ÷ 6,303,293 shares) |  | $18.43 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $513484 |
| Interest  |  | 2752 |
| Income from Fidelity Central Funds (including $1,400 from security lending)  |  | 106754 |
| **Total income** |  | 622990 |
| **Expenses** |  |  |
| Management fee | $190307 |  |
| Independent trustees' fees and expenses | 128 |  |
| Total expenses before reductions | 190435 |  |
| Expense reductions | (131) |  |
| Total expenses after reductions |  | 190304 |
| **Net Investment income (loss)** |  | 432686 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1478740 |  |
| Affiliated issuers | 39 |  |
| Foreign currency transactions | (1703) |  |
| Written options | (78871) |  |
| Total net realized gain (loss) |  | 1398205 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 16005892 |  |
| Assets and liabilities in foreign currencies | (9) |  |
| Written options | (922) |  |
| Total change in net unrealized appreciation (depreciation) |  | 16004961 |
| **Net gain (loss)** |  | 17403166 |
| **Net increase (decrease) in net assets resulting from operations** |  | $17835852 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $432686 | $684120 |
| &nbsp;&nbsp;Net realized gain (loss) | 1398205<br>| 2889338<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 16004961 | 2784917<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 17835852<br>| 6358375<br>|
| Distributions to shareholders | (2170519)<br>| (2787627)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 51553056 | 24535119 |
| Reinvestment of distributions | 2170519<br>| 2787627<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (9183539) | (24642065) |
| **Net increase (decrease) in net assets resulting from share transactions** | 44540036<br>| 2680681<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 60205369<br>| 6251429<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 55982300 | 49730871<br>|
| &nbsp;&nbsp;End of period | $116187669 | $55982300 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2976701 | 1619018 |
| Issued in reinvestment of distributions | 135404<br>| 186863<br>|
| &nbsp;&nbsp;Redeemed | (537615) | (1616869) |
| &nbsp;&nbsp;Net increase (decrease) | 2574490 | 189012 |

---

**Financial Highlights** 

**Fidelity® Large Cap Stock K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.01 | $14.05 | $11.63 | $14.34 | $15.41 | $10.37 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .17  | .18  | .19  | .30 C | .22  |
| Net realized and unrealized gain (loss)  | 3.87  | 1.51  | 2.63  | .92  | (.36)  | 5.27  |
| Total from investment operations  | 3.96  | 1.68  | 2.81  | 1.11  | (.06)  | 5.49  |
| Distributions from net investment income  | (.05)  | (.19)  | (.16)  | (.28)  | (.30)  | (.25)  |
| Distributions from net realized gain  | (.49)  | (.53)  | (.23)  | (3.54)  | (.71)  | (.20)  |
| Total distributions  | (.54)  | (.72)  | (.39)  | (3.82)  | (1.01)  | (.45)  |
| Net asset value, end of period  | $18.43 | $15.01 | $14.05 | $11.63 | $14.34 | $15.41 |
| **Total Return** D,E | 26.88% <br>| 12.05%  | 24.71%  | 11.14%  | (.72)%  | 54.03%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .45% H | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% H<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% H | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 1.02% H | 1.14%  | 1.47%  | 1.65%  | 1.95% C | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $116188 | $55982 | $49731 | $33486 | $45095 | $72208 |
| Portfolio turnover rate I | 14% H,J<br>| 22%  | 14%  | 27% J | 18% J | 19% J |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.30%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Large Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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** | $38262751 |
| **Gross unrealized depreciation** | <u>(2863339)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$35399412</u> |
| **Tax cost** | <u>$81419691</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Stock K6 Fund** | 40231730 | 5523026 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Large Cap Stock K6 Fund** | 137491 | 2291981 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Stock K6 Fund** | 400 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Large Cap Stock K6 Fund** | 1897467 | 221101 | 52688 |

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**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Stock K6 Fund** | 147 | - | - |

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**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $131.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Large Cap Stock K6 Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119047_4.jpg)<br>

1.9883970.108 LCSK6-SANN-1225

**Fidelity® Large Cap Stock Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119048_1.jpg)

![](img119048_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LCS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Large Cap Stock Fund](#Sub_Sec_Fund_338_LCS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements338_LCS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LCS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LCS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LCS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LCS-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Large Cap Stock Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 1785728 | 7372616 |
| BELGIUM - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| UCB SA  | 280092 | 71833690 |
| CANADA - 2.2%  |  |  |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Athabasca Oil Corp (b) | 2172007 | 10669942 |
| Imperial Oil Ltd (a) | 1063565 | 94068118 |
| MEG Energy Corp  | 718515 | 15204824 |
|  |  | 119942884 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Bombardier Inc Class B (b) | 186200 | 26016622 |
| TOTAL CANADA |  | 145959506 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR  | 362910 | 17949529 |
| FRANCE - 0.6%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Pernod Ricard SA  | 122950 | 12040388 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Airbus SE  | 97234 | 23975101 |
| TOTAL FRANCE |  | 36015489 |
| GERMANY - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| SAP SE ADR  | 191081 | 49682971 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV (a) | 810191 | 5634951 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Money Forward Inc (b) | 36300 | 1059957 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SK Hynix Inc  | 5650 | 2209780 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Universal Music Group NV  | 581578 | 15599075 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (b) | 5388 | 4410078 |
| Merus NV (b) | 75766 | 7187163 |
|  |  | 11597241 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 13094 | 13869558 |
| BE Semiconductor Industries NV  | 84965 | 14455192 |
|  |  | 28324750 |
| TOTAL NETHERLANDS |  | 55521066 |
| SPAIN - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (c)(d) | 239045 | 7441888 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Atlas Copco AB A Shares  | 426900 | 7153164 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 159017 | 47773477 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR (a) | 126902 | 11686405 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC ADR  | 718231 | 36766245 |
| TOTAL CONSUMER STAPLES |  | 48452650 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 46879 | 2712917 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 1477661 | 22739444 |
| TOTAL UNITED KINGDOM |  | 73905011 |
| UNITED STATES - 87.0%  |  |  |
| Communication Services - 9.5% |  |  |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 210631 | 23721263 |
| Interactive Media & Services - 8.3% |  |  |
| Alphabet Inc Class A  | 696775 | 195926163 |
| Alphabet Inc Class C  | 597076 | 168267958 |
| Meta Platforms Inc Class A  | 276106 | 179013325 |
|  |  | 543207446 |
| Media - 0.8% |  |  |
| Comcast Corp Class A  | 1850772 | 51516239 |
| TOTAL COMMUNICATION SERVICES |  | 618444948 |
| Consumer Discretionary - 2.8% |  |  |
| Broadline Retail - 1.1% |  |  |
| Amazon.com Inc (b) | 263186 | 64275285 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Booking Holdings Inc  | 2148 | 10906986 |
| Chipotle Mexican Grill Inc (b) | 78000 | 2471819 |
| Marriott International Inc/MD Class A1  | 41410 | 10790618 |
| Starbucks Corp  | 127726 | 10329202 |
|  |  | 34498625 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 369971 | 29353499 |
| Whirlpool Corp (a) | 90947 | 6514534 |
|  |  | 35868033 |
| Specialty Retail - 0.6% |  |  |
| Home Depot Inc/The  | 3100 | 1176729 |
| Lowe's Cos Inc  | 152447 | 36302204 |
| Restoration Hardware Inc (b) | 21991 | 3793228 |
|  |  | 41272161 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (b) | 5198 | 886466 |
| NIKE Inc Class B  | 121856 | 7870679 |
|  |  | 8757145 |
| TOTAL CONSUMER DISCRETIONARY |  | 184671249 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.4% |  |  |
| Brown-Forman Corp Class B (a) | 467161 | 12720794 |
| Coca-Cola Co/The  | 502438 | 34617978 |
| Keurig Dr Pepper Inc  | 1515069 | 41149275 |
|  |  | 88488047 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Performance Food Group Co (b) | 88372 | 8549107 |
| Sprouts Farmers Market Inc (b) | 18700 | 1476552 |
| Sysco Corp  | 133506 | 9916826 |
| Target Corp  | 206113 | 19110797 |
| US Foods Holding Corp (b) | 109016 | 7916742 |
|  |  | 46970024 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 21840 | 1348183 |
| Household Products - 0.0% |  |  |
| Procter & Gamble Co/The  | 7600 | 1142812 |
| Personal Care Products - 0.7% |  |  |
| Estee Lauder Cos Inc/The Class A  | 167525 | 16197992 |
| Kenvue Inc  | 1923613 | 27642319 |
|  |  | 43840311 |
| Tobacco - 0.4% |  |  |
| Philip Morris International Inc  | 185239 | 26735545 |
| TOTAL CONSUMER STAPLES |  | 208524922 |
| Energy - 6.2% |  |  |
| Oil, Gas & Consumable Fuels - 6.2% |  |  |
| Chevron Corp  | 123600 | 19494192 |
| ConocoPhillips  | 228900 | 20340054 |
| Exxon Mobil Corp  | 2008989 | 229747982 |
| Murphy Oil Corp  | 164100 | 4644030 |
| Shell PLC ADR  | 1740823 | 130422459 |
|  |  | 404648717 |
| Financials - 14.5% |  |  |
| Banks - 10.2% |  |  |
| Bank of America Corp  | 3324315 | 177684637 |
| M&T Bank Corp  | 127029 | 23356822 |
| PNC Financial Services Group Inc/The  | 281889 | 51458837 |
| Truist Financial Corp  | 389213 | 17370576 |
| US Bancorp  | 285360 | 13320605 |
| Wells Fargo & Co (e) | 4380098 | 380937123 |
|  |  | 664128600 |
| Capital Markets - 1.7% |  |  |
| Blue Owl Capital Inc Class A  | 879600 | 13871292 |
| Charles Schwab Corp/The  | 114547 | 10826982 |
| KKR & Co Inc Class A  | 359832 | 42578921 |
| Moody's Corp  | 9996 | 4801079 |
| MSCI Inc  | 900 | 529695 |
| Northern Trust Corp  | 243804 | 31370261 |
| Raymond James Financial Inc  | 29920 | 4747406 |
|  |  | 108725636 |
| Financial Services - 2.0% |  |  |
| Acacia Research Corp (b)(f) | 24000 | 83280 |
| Apollo Global Management Inc  | 90488 | 11248563 |
| Corpay Inc (b) | 17192 | 4475937 |
| Global Payments Inc  | 36434 | 2833108 |
| Mastercard Inc Class A  | 32698 | 18048969 |
| PayPal Holdings Inc (b) | 87105 | 6033763 |
| Visa Inc Class A  | 258832 | 88194416 |
|  |  | 130918036 |
| Insurance - 0.6% |  |  |
| Arthur J Gallagher & Co  | 56384 | 14067244 |
| Brown & Brown Inc  | 283500 | 22606291 |
| Chubb Ltd  | 18992 | 5259644 |
|  |  | 41933179 |
| TOTAL FINANCIALS |  | 945705451 |
| Health Care - 8.7% |  |  |
| Biotechnology - 0.7% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 38529 | 17570765 |
| Exact Sciences Corp (b) | 332364 | 21500628 |
| Gilead Sciences Inc  | 35084 | 4202712 |
| Vaxcyte Inc (b) | 93443 | 4231099 |
|  |  | 47505204 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Abbott Laboratories  | 88828 | 10980917 |
| Alcon AG (United States)  | 157800 | 11659842 |
| Baxter International Inc  | 840000 | 15514800 |
| Becton Dickinson & Co  | 33369 | 5963374 |
| Boston Scientific Corp (b) | 596363 | 60065681 |
| Masimo Corp (b) | 27987 | 3936372 |
| Solventum Corp (b) | 45264 | 3125027 |
|  |  | 111246013 |
| Health Care Providers & Services - 2.9% |  |  |
| Cardinal Health Inc  | 84493 | 16118730 |
| Cigna Group/The  | 132913 | 32485266 |
| Humana Inc  | 97822 | 27213102 |
| McKesson Corp  | 35321 | 28657340 |
| Molina Healthcare Inc (b) | 8100 | 1239786 |
| UnitedHealth Group Inc  | 237348 | 81068583 |
|  |  | 186782807 |
| Life Sciences Tools & Services - 1.0% |  |  |
| Bruker Corp (a) | 580062 | 22587614 |
| Danaher Corp  | 92997 | 20029694 |
| Thermo Fisher Scientific Inc  | 42394 | 24053932 |
|  |  | 66671240 |
| Pharmaceuticals - 2.4% |  |  |
| Eli Lilly & Co  | 28680 | 24746825 |
| GSK PLC ADR  | 1311029 | 61434819 |
| Haleon PLC ADR  | 4054487 | 37585094 |
| Johnson & Johnson  | 123917 | 23404204 |
| Merck & Co Inc  | 127943 | 11000539 |
|  |  | 158171481 |
| TOTAL HEALTH CARE |  | 570376745 |
| Industrials - 16.8% |  |  |
| Aerospace & Defense - 10.1% |  |  |
| Boeing Co (b) | 1266036 | 254498557 |
| GE Aerospace (e) | 1000004 | 308951236 |
| General Dynamics Corp  | 53271 | 18373168 |
| Howmet Aerospace Inc  | 35284 | 7266740 |
| Huntington Ingalls Industries Inc  | 69388 | 22344324 |
| RTX Corp  | 21191 | 3782594 |
| Spirit AeroSystems Holdings Inc Class A (b) | 937191 | 34385538 |
| Textron Inc  | 40800 | 3297047 |
|  |  | 652899204 |
| Air Freight & Logistics - 1.0% |  |  |
| United Parcel Service Inc Class B  | 680562 | 65619788 |
| Building Products - 0.2% |  |  |
| A O Smith Corp  | 144800 | 9555352 |
| AAON Inc  | 13937 | 1371261 |
|  |  | 10926613 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 21135 | 2085602 |
| Construction & Engineering - 0.0% |  |  |
| Centuri Holdings Inc (b) | 122545 | 2474184 |
| Electrical Equipment - 4.3% |  |  |
| Emerson Electric Co  | 26500 | 3698605 |
| GE Vernova Inc (e) | 401480 | 234922007 |
| Hubbell Inc  | 22031 | 10354570 |
| Vertiv Holdings Co Class A  | 156621 | 30205926 |
|  |  | 279181108 |
| Ground Transportation - 0.1% |  |  |
| Knight-Swift Transportation Holdings Inc  | 200401 | 9042093 |
| Machinery - 1.1% |  |  |
| Allison Transmission Holdings Inc  | 70369 | 5808961 |
| Cummins Inc  | 21733 | 9512099 |
| Deere & Co  | 17092 | 7890180 |
| Donaldson Co Inc  | 75466 | 6358011 |
| Nordson Corp  | 28187 | 6537975 |
| Otis Worldwide Corp  | 80133 | 7433137 |
| Stanley Black & Decker Inc  | 28604 | 1937062 |
| Westinghouse Air Brake Technologies Corp  | 113606 | 23225611 |
|  |  | 68703036 |
| Trading Companies & Distributors - 0.0% |  |  |
| Watsco Inc  | 7897 | 2906175 |
| TOTAL INDUSTRIALS |  | 1093837803 |
| Information Technology - 23.0% |  |  |
| IT Services - 0.0% |  |  |
| Gartner Inc (b) | 8900 | 2210225 |
| Semiconductors & Semiconductor Equipment - 13.1% |  |  |
| Applied Materials Inc  | 67715 | 15784367 |
| Broadcom Inc  | 464993 | 171875363 |
| First Solar Inc (b)(e) | 80962 | 21611996 |
| Lam Research Corp  | 130602 | 20564591 |
| Marvell Technology Inc  | 512263 | 48019534 |
| Micron Technology Inc  | 219698 | 49161821 |
| NVIDIA Corp (e) | 2552767 | 516909790 |
| Teradyne Inc  | 39382 | 7158072 |
|  |  | 851085534 |
| Software - 7.3% |  |  |
| Adobe Inc (b) | 77209 | 26274995 |
| Autodesk Inc (b) | 55496 | 16723165 |
| Intuit Inc  | 13789 | 9204847 |
| Microsoft Corp  | 799841 | 414165668 |
| Synopsys Inc (b) | 20800 | 9439456 |
|  |  | 475808131 |
| Technology Hardware, Storage & Peripherals - 2.6% |  |  |
| Apple Inc  | 627653 | 169698542 |
| TOTAL INFORMATION TECHNOLOGY |  | 1498802432 |
| Materials - 0.6% |  |  |
| Chemicals - 0.5% |  |  |
| Air Products and Chemicals Inc  | 31585 | 7662205 |
| Dow Inc  | 79800 | 1903230 |
| LyondellBasell Industries NV Class A1  | 24400 | 1132648 |
| Mosaic Co/The  | 770335 | 21145696 |
| Sherwin-Williams Co/The  | 1498 | 516720 |
|  |  | 32360499 |
| Construction Materials - 0.1% |  |  |
| James Hardie Industries PLC (b) | 413700 | 8658740 |
| TOTAL MATERIALS |  | 41019239 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 62072 | 3546172 |
| Real Estate Management & Development - 0.1% |  |  |
| Compass Inc Class A (b) | 755794 | 5827172 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 48778 | 6175295 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 75513 | 13515317 |
| Crown Castle Inc  | 126929 | 11451534 |
| Equinix Inc  | 1120 | 947531 |
|  |  | 25914382 |
| TOTAL REAL ESTATE |  | 41463021 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 0.9% |  |  |
| Duke Energy Corp  | 28287 | 3516074 |
| Edison International  | 68680 | 3803498 |
| Entergy Corp  | 52806 | 5074129 |
| PG&E Corp  | 128842 | 2056318 |
| Southern Co/The  | 455383 | 42824218 |
|  |  | 57274237 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 38782 | 7302651 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 64178 | 5900525 |
| TOTAL UTILITIES |  | 70477413 |
| TOTAL UNITED STATES |  | 5677971940 |
| ZAMBIA - 1.3%  |  |  |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| First Quantum Minerals Ltd (b) | 3984802 | 82733189 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,465,150,415) |  | <br> **6290218224** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Bruker Corp 6.375% Series A <br>(Cost $5,872,794)<br>| 23300 | **7259348** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 240695055 | 240743195 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 27103744 | 27106454 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $267,849,649) |  |  | **267849649** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $3,738,872,858)<br>| <br>**6565327221** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(30506052)** |
| **NET ASSETS - 100.0%** | **6534821169** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| First Solar Inc | Chicago Board Options Exchange | 201 | 5365494 | 240.00 | 11/21/2025 | (628628) |
| First Solar Inc | Chicago Board Options Exchange | 403 | 10757682 | 250.00 | 11/21/2025 | (957125) |
| GE Aerospace | Chicago Board Options Exchange | 181 | 5591995 | 340.00 | 12/19/2025 | (67875) |
| GE Aerospace | Chicago Board Options Exchange | 507 | 15663765 | 320.00 | 11/21/2025 | (237023) |
| GE Aerospace | Chicago Board Options Exchange | 404 | 12481580 | 300.00 | 11/21/2025 | (607010) |
| GE Vernova Inc | Chicago Board Options Exchange | 193 | 11293202 | 800.00 | 1/16/2026 | (99395) |
| NVIDIA Corp | Chicago Board Options Exchange | 1269 | 25695981 | 220.00 | 12/19/2025 | (885128) |
| Wells Fargo & Co | Chicago Board Options Exchange | 2182 | 18976854 | 95.00 | 11/21/2025 | (38185) |
| Wells Fargo & Co | Chicago Board Options Exchange | 225 | 1956825 | 92.50 | 11/21/2025 | (9113) |
|  |  |  |  |  |  | (3529482) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(3529482)** |

---

**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 Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,441,888 or 0.1% of net assets.

(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 $7,441,888 or 0.1% of net assets.

(e) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $107,783,378.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $83,280 or 0.0% of net assets.

(g) 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.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Acacia Research Corp | 2/16/2012 | 881999 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 63200825 | 468149757 | 290607291 | 4001599 | (96) | - | 240743195 | 240695055 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 23322787 | 310273708 | 306490041 | 59584 | - | - | 27106454 | 27103744 | 0.1% |
| Total | 86523612 | 778423465 | 597097332 | 4061183 | (96) | - | 267849649 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 641485911 | 618444948 | 23040963 | - |
| Consumer Discretionary | 184671249 | 184671249 | - | - |
| Consumer Staples | 274652911 | 274652911 | - | - |
| Energy | 531964217 | 531964217 | - | - |
| Financials | 948418368 | 945705451 | 2712917 | - |
| Health Care | 671757205 | 671757205 | - | - |
| Industrials | 1173722134 | 1119854425 | 53867709 | - |
| Information Technology | 1627853367 | 1627853367 | - | - |
| Materials | 123752428 | 123752428 | - | - |
| Real Estate | 41463021 | 41463021 | - | - |
| Utilities | 70477413 | 70477413 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 7259348 | - | 7259348 | - |
|  **Money Market Funds** | 267849649 | 267849649 | - | - |
| **Total Investments in Securities:** | 6565327221 | 6478446284 | 86880937 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (3529482) | (3529482) | - | - |
| Total Liabilities | (3529482) | (3529482) | - | - |
| **Total Derivative Instruments:** | (3529482) | (3529482) | - | - |

---

**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, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (3529482) |
| **Total Equity Risk**  | - | (3529482) |
| **Total Value of Derivatives** | - | (3529482) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $28,230,822) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,471,023,209) | $6297477572 |  |
| Fidelity Central Funds (cost $267,849,649) | 267849649 |  |
| Total Investment in Securities (cost $3,738,872,858) |  | $6565327221 |
| Foreign currency held at value (cost $149,416) |  | 149376 |
| Receivable for investments sold |  | 3777024 |
| Receivable for fund shares sold |  | 4503148 |
| Dividends receivable |  | 2905638 |
| Distributions receivable from Fidelity Central Funds |  | 995603 |
| Prepaid expenses |  | 6275 |
| **Total assets** |  | 6577664285 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5146209 |  |
| Payable for fund shares redeemed | 3068680 |  |
| Accrued management fee | 3947035 |  |
| Written options, at value (premium received $2,846,834) | 3529482 |  |
| Other payables and accrued expenses | 45256 |  |
| Collateral on securities loaned | 27106454 |  |
| **Total liabilities** |  | 42843116 |
| **Net Assets**  |  | $6534821169 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3434837760 |
| Total accumulated earnings (loss) |  | 3099983409 |
| **Net Assets** |  | $6534821169 |
| **Net Asset Value**, offering price and redemption price per share ($6,534,821,169 ÷ 99,305,784 shares) |  | $65.81 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $38400194 |
| Interest  |  | 135039 |
| Income from Fidelity Central Funds (including $59,584 from security lending)  |  | 4061183 |
| **Total income** |  | 42596416 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $17929773 |  |
| Performance adjustment | 3936812 |  |
| Custodian fees and expenses | 33019 |  |
| Independent trustees' fees and expenses | 9906 |  |
| Registration fees | 90825 |  |
| Audit fees | 37706 |  |
| Legal | 3658 |  |
| Miscellaneous | 10484 |  |
| Total expenses before reductions | 22052183 |  |
| Expense reductions | (2107) |  |
| Total expenses after reductions |  | 22050076 |
| **Net Investment income (loss)** |  | 20546340 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 264709118 |  |
| Redemptions in-kind | 1427807 |  |
| Fidelity Central Funds | (96) |  |
| Foreign currency transactions | (33618) |  |
| Written options | (5939940) |  |
| Total net realized gain (loss) |  | 260163271 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1060687697 |  |
| Assets and liabilities in foreign currencies | (3631) |  |
| Written options | 122814 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1060806880 |
| **Net gain (loss)** |  | 1320970151 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1341516491 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20546340 | $41886358 |
| &nbsp;&nbsp;Net realized gain (loss) | 260163271<br>| 192840421<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1060806880 | 276355816<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1341516491<br>| 511082595<br>|
| Distributions to shareholders | (129144541)<br>| (208537305)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 707787849 | 1450948276 |
| Reinvestment of distributions | 86714993<br>| 140096428<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (428089631) | (1127401138) |
| **Net increase (decrease) in net assets resulting from share transactions** | 366413211<br>| 463643566<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1578785161<br>| 766188856<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4956036008 | 4189847152<br>|
| &nbsp;&nbsp;End of period | $6534821169 | $4956036008 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 11453472 | 27432962 |
| Issued in reinvestment of distributions | 1518651<br>| 2672664<br>|
| &nbsp;&nbsp;Redeemed | (7037567) | (21560247) |
| &nbsp;&nbsp;Net increase (decrease) | 5934556 | 8545379 |

---

**Financial Highlights** 

**Fidelity® Large Cap Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.08 | $49.39 | $40.97 | $39.00 | $41.09 | $27.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .45  | .46  | .49  | .75 C | .57  |
| Net realized and unrealized gain (loss)  | 13.90  | 5.56  | 9.24  | 2.64  | (.86)  | 14.10  |
| Total from investment operations  | 14.11  | 6.01  | 9.70  | 3.13  | (.11)  | 14.67  |
| Distributions from net investment income  | (.13)  | (.46)  | (.48)  | (.48)  | (.77)  | (.65)  |
| Distributions from net realized gain  | (1.25)  | (1.86)  | (.79)  | (.68)  | (1.21)  | (.73)  |
| Total distributions  | (1.38)  | (2.32)  | (1.28) D | (1.16)  | (1.98)  | (1.38)  |
| Net asset value, end of period  | $65.81 | $53.08 | $49.39 | $40.97 | $39.00 | $41.09 |
| **Total Return** E,F | 26.98% <br>| 12.28%  | 24.07%  | 8.33%  | (.46)%  | 54.08%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .75% I | .75%  | .84%  | .76%  | .54%  | .48%  |
| Expenses net of fee waivers, if any  | .75% I<br>| .75%  | .83%  | .76%  | .53%  | .48%  |
| Expenses net of all reductions, if any  | .75% I | .75%  | .83%  | .76%  | .53%  | .48%  |
| Net investment income (loss)  | .70% I | .85%  | 1.04%  | 1.29%  | 1.80% C | 1.73%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6534821 | $4956036 | $4189847 | $3025247 | $2869284 | $2969140 |
| Portfolio turnover rate J | 20% I,K<br>| 17%  | 17%  | 8% K | 15% K | 18%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.24%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Large Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales and options.

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** | $2978486585 |
| **Gross unrealized depreciation** | <u>(156464857)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2822021728</u> |
| **Tax cost** | <u>$3742622845</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Large Cap Stock Fund** | 686059778 | 555633579 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Large Cap Stock Fund** | 38940 | - | 1427807 | 1427807 | 2291981 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Large Cap Stock Fund** | .66 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Large Cap Stock Fund** | .61 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Large Cap Stock Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .13%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Stock Fund** | 8315 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Large Cap Stock Fund** | 58075802 | 20614088 | 9837800 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Stock Fund** | 3314 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Large Cap Stock Fund** | 6290 | 1371 | 3015623 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Large Cap Stock Fund** | 1856401 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,107.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**12. Reorganization.**

The Board of Trustees of Fidelity Advisor Large Cap Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Advisor Large Cap Fund and the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 13, 2025. The Agreement provided for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Large Cap Fund in exchange for corresponding shares of the Fund equal in value to the net assets of the Fund on the day the reorganization was effective.

The Fund's shareholders approved the reorganization that became effective on November 21, 2025. The reorganization qualified as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Large Cap Stock Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119048_4.jpg)<br>

1.465347.128 LCS-SANN-1225

**Fidelity® Founders Fund**

**Semi-Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img119052_1.jpg)

![](img119052_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_RFFF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Founders Fund](#Sub_Sec_Fund_3336_RFFF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3336_RFFF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_RFFF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_RFFF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_RFFF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_RFFF-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Founders Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Canva Australia Holdings Pty Ltd Class A (a)(b)(c) | 188 | 309487 |
| BRAZIL - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| MercadoLibre Inc (c) | 764 | 1778027 |
| CANADA - 8.5%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Broadline Retail - 2.0% |  |  |
| Dollarama Inc  | 33793 | 4392572 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Tourmaline Oil Corp  | 55609 | 2445916 |
| Industrials - 0.7% |  |  |
| Professional Services - 0.7% |  |  |
| Thomson Reuters Corp  | 11629 | 1781308 |
| Information Technology - 1.6% |  |  |
| IT Services - 1.6% |  |  |
| Shopify Inc Class A (United States) (c) | 20334 | 3535269 |
| Materials - 3.1% |  |  |
| Metals & Mining - 3.1% |  |  |
| Alamos Gold Inc Class A  | 101078 | 3116190 |
| Franco-Nevada Corp  | 19683 | 3676696 |
|  |  | 6792886 |
| TOTAL CANADA |  | 18947951 |
| CHINA - 1.2%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Tencent Holdings Ltd  | 22760 | 1848744 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Trip.com Group Ltd ADR  | 12906 | 911809 |
| TOTAL CHINA |  | 2760553 |
| FRANCE - 1.7%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 755 | 1870169 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Dassault Aviation SA  | 5700 | 1831745 |
| TOTAL FRANCE |  | 3701914 |
| JAPAN - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Commercial Services & Supplies - 0.9% |  |  |
| Japan Elevator Service Holdings Co Ltd  | 160749 | 1895797 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| SK Hynix Inc GDR (Germany) (d) | 2216 | 868453 |
| NETHERLANDS - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Topicus.com Inc (c) | 16034 | 1577621 |
| TAIWAN - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 16765 | 5036709 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (a) | 44800 | 137718 |
| UNITED STATES - 82.3%  |  |  |
| Communication Services - 15.6% |  |  |
| Entertainment - 4.7% |  |  |
| Netflix Inc (c) | 3569 | 3993211 |
| ROBLOX Corp Class A (c) | 36751 | 4179324 |
| Spotify Technology SA (c) | 3513 | 2302139 |
|  |  | 10474674 |
| Interactive Media & Services - 10.9% |  |  |
| Alphabet Inc Class C  | 58206 | 16403615 |
| Meta Platforms Inc Class A  | 9484 | 6148951 |
| Reddit Inc Class A (c) | 8201 | 1713599 |
|  |  | 24266165 |
| TOTAL COMMUNICATION SERVICES |  | 34740839 |
| Consumer Discretionary - 9.5% |  |  |
| Automobiles - 1.8% |  |  |
| Tesla Inc (c) | 8908 | 4067036 |
| Broadline Retail - 5.4% |  |  |
| Amazon.com Inc (c) | 48564 | 11860300 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Marriott International Inc/MD Class A1  | 19685 | 5129517 |
| Monarch Casino & Resort Inc  | 1 | 90 |
|  |  | 5129607 |
| Household Durables - 0.0% |  |  |
| Garmin Ltd  | 1 | 214 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ralph Lauren Corp Class A  | 16 | 5115 |
| TOTAL CONSUMER DISCRETIONARY |  | 21062272 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 3.8% |  |  |
| Coca-Cola Consolidated Inc  | 19778 | 2578656 |
| Monster Beverage Corp (c) | 88840 | 5937177 |
|  |  | 8515833 |
| Financials - 19.6% |  |  |
| Banks - 1.5% |  |  |
| First Citizens BancShares Inc/NC Class A  | 1826 | 3332121 |
| Capital Markets - 10.5% |  |  |
| Blackrock Inc  | 3736 | 4045378 |
| Charles Schwab Corp/The  | 31623 | 2989006 |
| Coinbase Global Inc Class A (c) | 7133 | 2452183 |
| Interactive Brokers Group Inc Class A  | 91311 | 6424642 |
| Intercontinental Exchange Inc  | 34616 | 5063975 |
| MSCI Inc  | 4099 | 2412466 |
|  |  | 23387650 |
| Consumer Finance - 1.3% |  |  |
| Capital One Financial Corp  | 12966 | 2852390 |
| Financial Services - 2.6% |  |  |
| Apollo Global Management Inc  | 13145 | 1634055 |
| Berkshire Hathaway Inc Class B (c) | 8660 | 4135496 |
|  |  | 5769551 |
| Insurance - 3.7% |  |  |
| Arthur J Gallagher & Co  | 6447 | 1608462 |
| Fidelity National Financial Inc/US  | 42420 | 2343282 |
| Kinsale Capital Group Inc  | 5277 | 2108003 |
| W R Berkley Corp  | 31122 | 2220243 |
|  |  | 8279990 |
| TOTAL FINANCIALS |  | 43621702 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Blueprint Medicines Corp rights (a)(c) | 1000 | 0 |
| Health Care Technology - 0.0% |  |  |
| Doximity Inc Class A (c) | 26 | 1716 |
| TOTAL HEALTH CARE |  | 1716 |
| Industrials - 8.6% |  |  |
| Aerospace & Defense - 5.1% |  |  |
| GE Aerospace  | 15711 | 4853914 |
| HEICO Corp Class A  | 14934 | 3699600 |
| TransDigm Group Inc  | 2095 | 2741328 |
|  |  | 11294842 |
| Commercial Services & Supplies - 3.0% |  |  |
| Cintas Corp  | 13348 | 2446288 |
| Copart Inc (c) | 51594 | 2219058 |
| Rollins Inc  | 33192 | 1912191 |
| Waste Connections Inc (United States)  | 1 | 168 |
|  |  | 6577705 |
| Ground Transportation - 0.5% |  |  |
| Old Dominion Freight Line Inc  | 8684 | 1219407 |
| TOTAL INDUSTRIALS |  | 19091954 |
| Information Technology - 22.8% |  |  |
| Communications Equipment - 1.7% |  |  |
| Arista Networks Inc  | 24323 | 3835494 |
| IT Services - 1.0% |  |  |
| Cloudflare Inc Class A (c) | 8504 | 2154064 |
| CoreWeave Inc Class A (c) | 202 | 27009 |
|  |  | 2181073 |
| Semiconductors & Semiconductor Equipment - 7.5% |  |  |
| Analog Devices Inc  | 10 | 2341 |
| NVIDIA Corp  | 82443 | 16693883 |
|  |  | 16696224 |
| Software - 11.4% |  |  |
| Applied Intuition Inc Class A (a)(b)(c) | 270 | 36261 |
| Microsoft Corp  | 29722 | 15390349 |
| Oracle Corp  | 11221 | 2946747 |
| Palantir Technologies Inc Class A (c) | 22533 | 4517191 |
| Synopsys Inc (c) | 5595 | 2539123 |
| Zoom Communications Inc Class A (c) | 19 | 1657 |
| Zscaler Inc (c) | 6 | 1987 |
|  |  | 25433315 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Dell Technologies Inc Class C  | 16114 | 2610629 |
| TOTAL INFORMATION TECHNOLOGY |  | 50756735 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| MP Materials Corp (c) | 29 | 1830 |
| Steel Dynamics Inc  | 17990 | 2820832 |
|  |  | 2822662 |
| Real Estate - 1.1% |  |  |
| Specialized REITs - 1.1% |  |  |
| Public Storage Operating Co  | 8486 | 2363860 |
| TOTAL UNITED STATES |  | 182977573 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $156,750,359) |  | <br> **219991803** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (a)(b)(c) | 17 | 27985 |
| Canva Australia Holdings Pty Ltd Series A2 (a)(b)(c) | 3 | 4938 |
| TOTAL AUSTRALIA |  | 32923 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (a)(b)(c) | 638 | 164987 |
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (a)(b)(c) | 2484 | 6905 |
| Yanka Industries Inc Series F (a)(b)(c) | 12743 | 56961 |
|  |  | 63866 |
| Software - 0.2% |  |  |
| Applied Intuition Inc Series A2 (a)(b)(c) | 352 | 47274 |
| Applied Intuition Inc Series B2 (a)(b)(c) | 171 | 22965 |
| Evozyne Inc Series A (a)(b)(c) | 1000 | 16530 |
| MOLOCO Inc Series A (a)(b)(c) | 3703 | 276022 |
|  |  | 362791 |
| TOTAL UNITED STATES |  | 426657 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $803,322) |  | <br> **624567** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $1,778,290)<br>| 4.18 | 1777934 | **1778290** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $159,331,971)<br>| <br>**222394660** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(114928)** |
| **NET ASSETS - 100.0%** | **222279732** |

---

**Legend**

(a) Level 3 security.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $970,315 or 0.4% of net assets.

(c) Non-income producing.

(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 $868,453 or 0.4% 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.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Applied Intuition Inc Class A | 7/2/2024 | 16118 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 21013 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 10207 |
| Bytedance Ltd Series E1 | 11/18/2020 | 69908 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 5/3/2024 | 200532 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 18133 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 3200 |
| Evozyne Inc Series A | 4/9/2021 | 22470 |
| MOLOCO Inc Series A | 6/26/2023 | 222180 |
| Yanka Industries Inc Series E | 5/15/2020 | 30005 |
| Yanka Industries Inc Series F | 4/8/2021 | 406206 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4663370 | 28636581 | 31521583 | 91983 | (78) | - | 1778290 | 1777934 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3276043 | 24470817 | 27746860 | 3034 | - | - | - | - | 0.0% |
| Total | 7939413 | 53107398 | 59268443 | 95017 | (78) | - | 1778290 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 36589583 | 34740839 | 1848744 | - |
| Consumer Discretionary | 30014849 | 30014849 | - | - |
| Consumer Staples | 8515833 | 8515833 | - | - |
| Energy | 2445916 | 2445916 | - | - |
| Financials | 43759420 | 43621702 | - | 137718 |
| Health Care | 1716 | 1716 | - | - |
| Industrials | 24600804 | 24600804 | - | - |
| Information Technology | 62084274 | 61738526 | - | 345748 |
| Materials | 9615548 | 9615548 | - | - |
| Real Estate | 2363860 | 2363860 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 164987 | - | - | 164987 |
| Information Technology | 459580 | - | - | 459580 |
|  **Money Market Funds** | 1778290 | 1778290 | - | - |
| **Total Investments in Securities:** | 222394660 | 219437883 | 1848744 | 1108033 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $157,553,681) | $220616370 |  |
| Fidelity Central Funds (cost $1,778,290) | 1778290 |  |
| Total Investment in Securities (cost $159,331,971) |  | $222394660 |
| Foreign currency held at value (cost $822,154) |  | 822154 |
| Receivable for investments sold |  | 218660 |
| Receivable for fund shares sold |  | 147336 |
| Dividends receivable |  | 7340 |
| Distributions receivable from Fidelity Central Funds |  | 5605 |
| Prepaid expenses |  | 222 |
| **Total assets** |  | 223595977 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1042214 |  |
| Payable for fund shares redeemed | 94282 |  |
| Accrued management fee | 135806 |  |
| Distribution and service plan fees payable | 17770 |  |
| Other payables and accrued expenses | 26173 |  |
| **Total liabilities** |  | 1316245 |
| **Net Assets**  |  | $222279732 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $135422061 |
| Total accumulated earnings (loss) |  | 86857671 |
| **Net Assets** |  | $222279732 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($38,165,117 ÷ 1,452,915 shares)(a) |  | $26.27 |
| Maximum offering price per share (100/94.25 of $26.27) |  | $27.87 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($16,578,779 ÷ 639,463 shares)(a) |  | $25.93 |
| Maximum offering price per share (100/96.50 of $25.93) |  | $26.87 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($3,642,758 ÷ 144,613 shares)(a) |  | $25.19 |
| **Fidelity Founders Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($147,626,859 ÷ 5,549,509 shares) |  | $26.60 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,419,151 ÷ 278,865 shares) |  | $26.60 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,847,068 ÷ 330,679 shares) |  | $26.75 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $592910 |
| Income from Fidelity Central Funds (including $3,034 from security lending)  |  | 95017 |
| **Total income** |  | 687927 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $698673 |  |
| Performance adjustment | 66676 |  |
| Distribution and service plan fees | 98622 |  |
| Custodian fees and expenses | 2720 |  |
| Independent trustees' fees and expenses | 353 |  |
| Registration fees | 32037 |  |
| Audit fees | 24100 |  |
| Legal | 880 |  |
| Miscellaneous | 310 |  |
| Total expenses before reductions | 924371 |  |
| Expense reductions | (102) |  |
| Total expenses after reductions |  | 924269 |
| **Net Investment income (loss)** |  | (236342) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2)  | 2394661 |  |
| Redemptions in-kind | 22424394 |  |
| Fidelity Central Funds | (78) |  |
| Foreign currency transactions | (9596) |  |
| Total net realized gain (loss) |  | 24809381 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18903116 |  |
| Assets and liabilities in foreign currencies | 82 |  |
| Total change in net unrealized appreciation (depreciation) |  | 18903198 |
| **Net gain (loss)** |  | 43712579 |
| **Net increase (decrease) in net assets resulting from operations** |  | $43476237 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(236342) | $(155577) |
| &nbsp;&nbsp;Net realized gain (loss) | 24809381<br>| 12770741<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 18903198 | 3774661<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 43476237<br>| 16389825<br>|
| Distributions to shareholders | (5145232)<br>| (5577008)<br>|
| Share transactions - net increase (decrease) | 8915369<br>| 28207614<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 47246374<br>| 39020431<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 175033358 | 136012927<br>|
| &nbsp;&nbsp;End of period | $222279732 | $175033358 |

---

**Financial Highlights** 

**Fidelity Advisor® Founders Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.60 | $19.61 | $15.07 | $15.71 | $18.71 | $11.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.06)  | (.04)  | .07  | - C,D | (.14)  |
| Net realized and unrealized gain (loss)  | 5.36  | 2.79  | 4.58  | (.38)  | (1.88)  | 7.00  |
| Total from investment operations  | 5.31  | 2.73  | 4.54  | (.31)  | (1.88)  | 6.86  |
| Distributions from net investment income  | -  | -  | -  | (.07)  | (.02)  | -  |
| Distributions from net realized gain  | (.64)  | (.74)  | -  | (.26)  | (1.11)  | -  |
| Total distributions  | (.64)  | (.74)  | -  | (.33)  | (1.12) E | -  |
| Net asset value, end of period  | $26.27 | $21.60 | $19.61 | $15.07 | $15.71 | $18.71 |
| **Total Return** F,G,H | 24.95% <br>| 13.61%  | 30.13%  | (1.90)%  | (10.74)%  | 57.89%  |
| **Ratios to Average Net Assets** A,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.08% K | 1.07%  | 1.06%  | 1.24%  | 1.17%  | 1.25%  |
| Expenses net of fee waivers, if any  | 1.08% K<br>| 1.07%  | 1.05%  | 1.15%  | 1.15%  | 1.25%  |
| Expenses net of all reductions, if any  | 1.08% K | 1.07%  | 1.05%  | 1.15%  | 1.15%  | 1.24%  |
| Net investment income (loss)  | (.42)% K | (.28)%  | (.21)%  | .49%  | -% D,L | (.83)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $38165 | $28600 | $22456 | $13884 | $11013 | $11606 |
| Portfolio turnover rate M | 68% K,N<br>| 41%  | 31%  | 51%  | 47%  | 57%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.19)%.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not include the effect of the sales charges.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount represents less than .005%.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Founders Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.35 | $19.43 | $14.97 | $15.62 | $18.62 | $11.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.08)  | (.11)  | (.08)  | .03  | (.04) C | (.17)  |
| Net realized and unrealized gain (loss)  | 5.30  | 2.77  | 4.54  | (.38)  | (1.87)  | 6.97  |
| Total from investment operations  | 5.22  | 2.66  | 4.46  | (.35)  | (1.91)  | 6.80  |
| Distributions from net investment income  | -  | -  | -  | (.04)  | -  | -  |
| Distributions from net realized gain  | (.64)  | (.74)  | -  | (.26)  | (1.09)  | -  |
| Total distributions  | (.64)  | (.74)  | -  | (.30)  | (1.09)  | -  |
| Net asset value, end of period  | $25.93 | $21.35 | $19.43 | $14.97 | $15.62 | $18.62 |
| **Total Return** D,E,F | 24.82% <br>| 13.37%  | 29.79%  | (2.20)%  | (10.93)%  | 57.53%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.33% I | 1.31%  | 1.29%  | 1.44%  | 1.39%  | 1.46%  |
| Expenses net of fee waivers, if any  | 1.33% I<br>| 1.31%  | 1.28%  | 1.40%  | 1.38%  | 1.46%  |
| Expenses net of all reductions, if any  | 1.33% I | 1.31%  | 1.28%  | 1.40%  | 1.38%  | 1.45%  |
| Net investment income (loss)  | (.67)% I | (.52)%  | (.44)%  | .24%  | (.24)% C | (1.04)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16579 | $12629 | $14328 | $8354 | $8562 | $7357 |
| Portfolio turnover rate J | 68% I,K<br>| 41%  | 31%  | 51%  | 47%  | 57%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.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*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Founders Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.81 | $19.05 | $14.76 | $15.43 | $18.41 | $11.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.14)  | (.22)  | (.17)  | (.04)  | (.14) C | (.26)  |
| Net realized and unrealized gain (loss)  | 5.16  | 2.72  | 4.46  | (.37)  | (1.84)  | 6.92  |
| Total from investment operations  | 5.02  | 2.50  | 4.29  | (.41)  | (1.98)  | 6.66  |
| Distributions from net realized gain  | (.64)  | (.74)  | -  | (.26)  | (1.00)  | -  |
| Total distributions  | (.64)  | (.74)  | -  | (.26)  | (1.00)  | -  |
| Net asset value, end of period  | $25.19 | $20.81 | $19.05 | $14.76 | $15.43 | $18.41 |
| **Total Return** D,E,F | 24.50% <br>| 12.79%  | 29.07%  | (2.67)%  | (11.40)%  | 56.68%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.83% I | 1.82%  | 1.83%  | 2.01%  | 1.99%  | 2.04%  |
| Expenses net of fee waivers, if any  | 1.83% I<br>| 1.82%  | 1.83%  | 1.90%  | 1.91%  | 2.00%  |
| Expenses net of all reductions, if any  | 1.83% I | 1.82%  | 1.82%  | 1.90%  | 1.91%  | 1.99%  |
| Net investment income (loss)  | (1.17)% I | (1.03)%  | (.98)%  | (.26)%  | (.76)% C | (1.58)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3643 | $2854 | $3085 | $1613 | $1717 | $2035 |
| Portfolio turnover rate J | 68% I,K<br>| 41%  | 31%  | 51%  | 47%  | 57%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95)%.*

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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Founders Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.84 | $19.75 | $15.16 | $15.79 | $18.80 | $11.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | - C | .01  | .11  | .05 D | (.09)  |
| Net realized and unrealized gain (loss)  | 5.42  | 2.83  | 4.60  | (.39)  | (1.89)  | 7.01  |
| Total from investment operations  | 5.40  | 2.83  | 4.61  | (.28)  | (1.84)  | 6.92  |
| Distributions from net investment income  | -  | -  | (.02)  | (.09)  | (.04)  | -  |
| Distributions from net realized gain  | (.64)  | (.74)  | -  | (.26)  | (1.13)  | -  |
| Total distributions  | (.64)  | (.74)  | (.02)  | (.35)  | (1.17)  | -  |
| Net asset value, end of period  | $26.60 | $21.84 | $19.75 | $15.16 | $15.79 | $18.80 |
| **Total Return** E,F | 25.09% <br>| 14.02%  | 30.42%  | (1.69)%  | (10.48)%  | 58.25%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .79% I | .77%  | .80%  | .98%  | .90%  | .97%  |
| Expenses net of fee waivers, if any  | .79% I<br>| .77%  | .79%  | .90%  | .90%  | .97%  |
| Expenses net of all reductions, if any  | .79% I | .77%  | .79%  | .90%  | .90%  | .97%  |
| Net investment income (loss)  | (.12)% I | .02%  | .06%  | .74%  | .25% D | (.56)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $147627 | $117850 | $84557 | $62601 | $69885 | $96052 |
| Portfolio turnover rate J | 68% I,K<br>| 41%  | 31%  | 51%  | 47%  | 57%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .06%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Founders Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.84 | $19.75 | $15.16 | $15.79 | $18.81 | $11.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .01  | .02  | .11  | .06 C | (.08)  |
| Net realized and unrealized gain (loss)  | 5.41  | 2.82  | 4.60  | (.39)  | (1.89)  | 7.01  |
| Total from investment operations  | 5.40  | 2.83  | 4.62  | (.28)  | (1.83)  | 6.93  |
| Distributions from net investment income  | -  | -  | (.03)  | (.10)  | (.05)  | -  |
| Distributions from net realized gain  | (.64)  | (.74)  | -  | (.26)  | (1.14)  | -  |
| Total distributions  | (.64)  | (.74)  | (.03)  | (.35) D | (1.19)  | -  |
| Net asset value, end of period  | $26.60 | $21.84 | $19.75 | $15.16 | $15.79 | $18.81 |
| **Total Return** E,F | 25.09% <br>| 14.02%  | 30.48%  | (1.64)%  | (10.45)%  | 58.33%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .77% I | .75%  | .74%  | .88%  | .85%  | .93%  |
| Expenses net of fee waivers, if any  | .77% I<br>| .75%  | .73%  | .88%  | .85%  | .93%  |
| Expenses net of all reductions, if any  | .77% I | .75%  | .73%  | .88%  | .85%  | .92%  |
| Net investment income (loss)  | (.11)% I | .04%  | .12%  | .76%  | .30% C | (.51)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7419 | $6208 | $4792 | $2899 | $1263 | $1449 |
| Portfolio turnover rate J | 68% I,K<br>| 41%  | 31%  | 51%  | 47%  | 57%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Founders Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.95 | $19.83 | $15.21 | $15.83 | $18.86 | $11.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | .03  | .04  | .13  | .07 D | (.07)  |
| Net realized and unrealized gain (loss)  | 5.44  | 2.83  | 4.62  | (.39)  | (1.89)  | 7.03  |
| Total from investment operations  | 5.44  | 2.86  | 4.66  | (.26)  | (1.82)  | 6.96  |
| Distributions from net investment income  | -  | -  | (.04)  | (.10)  | (.06)  | -  |
| Distributions from net realized gain  | (.64)  | (.74)  | -  | (.26)  | (1.15)  | -  |
| Total distributions  | (.64)  | (.74)  | (.04)  | (.36)  | (1.21)  | -  |
| Net asset value, end of period  | $26.75 | $21.95 | $19.83 | $15.21 | $15.83 | $18.86 |
| **Total Return** E,F | 25.15% <br>| 14.11%  | 30.66%  | (1.55)%  | (10.37)%  | 58.49%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .68% I | .66%  | .63%  | .78%  | .76%  | .83%  |
| Expenses net of fee waivers, if any  | .68% I<br>| .66%  | .63%  | .75%  | .75%  | .83%  |
| Expenses net of all reductions, if any  | .68% I | .66%  | .63%  | .75%  | .75%  | .82%  |
| Net investment income (loss)  | (.02)% I | .13%  | .22%  | .89%  | .40% D | (.41)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8847 | $6892 | $6795 | $4165 | $18186 | $21966 |
| Portfolio turnover rate J | 68% I,K<br>| 41%  | 31%  | 51%  | 47%  | 57%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Founders Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Founders Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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 short-term capital gain dividends, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC),capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $67401833 |
| **Gross unrealized depreciation** | <u>(4513340)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$62888493</u> |
| **Tax cost** | <u>$159506167</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Founders Fund** | 117952779 | 69015352 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Founders Fund** | 1667288 | - | 22424394 | 22424394 | 44233124 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Fidelity Founders Fund** | .72 |
| **Class I** | .65 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Fidelity Founders Fund** | .66 |
| **Class I** | .65 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Founders Fund** | Russell 3000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Founders Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .06%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 43712 | 2064 |
| **Class M** | .25% | .25% | 37942 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16968</u> | <u>4011</u> |
|  |  |  | <u>98622</u> | <u>6075</u> |

---

**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** | 9571 |
| **Class M** | 2810 |
| **Class C**A | <u>2</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12383</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Founders Fund** | 1172 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Founders Fund** | 5872161 | 6545061 | 592822 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Founders Fund** | 117 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Founders Fund** | 305 | 8 | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $102.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **October 31, 2025** | **Year ended**<br> **April 30, 2025** |
| **Fidelity Founders Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $867118 | $883447 |
| Class M | 380074 | 518849 |
| Class C | 88963 | 112181 |
| Fidelity Founders Fund | 3426316 | 3641890 |
| Class I | 182427 | 182993 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>200334</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>237648</u> |
| Total  | <u>$5145232</u> | <u>$5577008</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** | **Six months ended** <br> **October 31, 2025**  | **Year ended**<br> **April 30, 2025** |
| **Fidelity Founders Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 182431 | 338276 | $4451751 | $7573309 |
| Reinvestment of distributions | 37176 | 37460 | 864716 | 880691 |
| Shares redeemed | <u>(90735)</u> | <u>(197095)</u> | <u>(2215813)</u> | <u>(4339772)</u> |
| Net increase (decrease) | <u>128872</u> | <u>178641</u> | <u>$3100654</u> | <u>$4114228</u> |
| **Class M** |  |  |  |  |
| Shares sold | 62381 | 133428 | $1517153 | $2941891 |
| Reinvestment of distributions | 16314 | 21430 | 374898 | 498682 |
| Shares redeemed | <u>(30704)</u> | <u>(300638)</u> | <u>(734862)</u> | <u>(6486249)</u> |
| Net increase (decrease) | <u>47991</u> | <u>(145780)</u> | <u>$1157189</u> | <u>$(3045676)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 11668 | 43765 | $277950 | $972749 |
| Reinvestment of distributions | 3979 | 4938 | 88963 | 112181 |
| Shares redeemed | <u>(8166)</u> | <u>(73466)</u> | <u>(197938)</u> | <u>(1580466)</u> |
| Net increase (decrease) | <u>7481</u> | <u>(24763)</u> | <u>$168975</u> | <u>$(495536)</u> |
| **Fidelity Founders Fund** |  |  |  |  |
| Shares sold | 2587672 | 2494272 | $67896535 | $58023745 |
| Reinvestment of distributions | 134182 | 141129 | 3157314 | 3351822 |
| Shares redeemed | <u>(2569479)</u> | <u>(1518670)</u> | <u>(66813590)</u> | <u>(34052548)</u> |
| Net increase (decrease) | <u>152375</u> | <u>1116731</u> | <u>$4240259</u> | <u>$27323019</u> |
| **Class I** |  |  |  |  |
| Shares sold | 20338 | 113204 | $503607 | $2597868 |
| Reinvestment of distributions | 7611 | 7659 | 179089 | 181903 |
| Shares redeemed | <u>(33398)</u> | <u>(79162)</u> | <u>(849461)</u> | <u>(1851405)</u> |
| Net increase (decrease) | <u>(5449)</u> | <u>41701</u> | <u>$(166765)</u> | <u>$928366</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 17636 | 20903 | $454907 | $478964 |
| Reinvestment of distributions | 8177 | 9631 | 193398 | 229802 |
| Shares redeemed | <u>(9176)</u> | <u>(59142)</u> | <u>(233248)</u> | <u>(1325553)</u> |
| Net increase (decrease) | <u>16637</u> | <u>(28608)</u> | <u>$415057</u> | <u>$(616787)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Founders Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, 0.75%, and 0.90% through August 31, 2026.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119052_4.jpg)<br>

1.9892519.106 RFFF-SANN-1225

**Fidelity® Series Small Cap Core Fund**

**Semi-Annual Report**

**October 31, 2025**

![](img119061_1.jpg)

![](img119061_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SCC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Small Cap Core Fund](#Sub_Sec_Fund_6956_SCC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6956_SCC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCC-SANN)** |

---

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.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Small Cap Core Fund**

**Schedule of Investments October 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Diversified Consumer Services - 0.9% |  |  |
| OneSpaWorld Holdings Ltd  | 569448 | 13251055 |
| BRAZIL - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| StoneCo Ltd Class A (a) | 329600 | 6265696 |
| BURKINA FASO - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| IAMGOLD Corp (United States) (a) | 436300 | 5052354 |
| CAMEROON - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Golar LNG Ltd (b) | 132585 | 5442614 |
| CANADA - 1.8%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Xenon Pharmaceuticals Inc (a) | 143016 | 5995231 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| D-Wave Quantum Inc (a)(b) | 166500 | 6170490 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Triple Flag Precious Metals Corp (United States)  | 191600 | 5318816 |
| Utilities - 0.7% |  |  |
| Gas Utilities - 0.7% |  |  |
| Brookfield Infrastructure Corp (United States)  | 217029 | 9833584 |
| TOTAL CANADA |  | 27318121 |
| ISRAEL - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Nova Ltd (a) | 31889 | 10990225 |
| Software - 0.4% |  |  |
| Cellebrite DI Ltd (a) | 335289 | 5720030 |
| TOTAL ISRAEL |  | 16710255 |
| JAPAN - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Allegro MicroSystems Inc (a) | 209211 | 6259593 |
| NORWAY - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Seadrill Ltd (a)(b) | 182900 | 5772324 |
| PUERTO RICO - 0.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Liberty Latin America Ltd Class C (a) | 489727 | 3873740 |
| Financials - 0.5% |  |  |
| Banks - 0.2% |  |  |
| Popular Inc  | 26959 | 3005120 |
| Financial Services - 0.3% |  |  |
| EVERTEC Inc  | 180200 | 5130294 |
| TOTAL FINANCIALS |  | 8135414 |
| TOTAL PUERTO RICO |  | 12009154 |
| TAIWAN - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Silicon Motion Technology Corp ADR  | 63406 | 6220763 |
| THAILAND - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Fabrinet (a) | 41700 | 18371769 |
| UNITED STATES - 90.1%  |  |  |
| Communication Services - 2.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cogent Communications Holdings Inc  | 52100 | 2149125 |
| Entertainment - 1.1% |  |  |
| Cinemark Holdings Inc  | 281300 | 7597913 |
| IMAX Corp (a) | 263191 | 8551076 |
|  |  | 16148989 |
| Media - 1.0% |  |  |
| EchoStar Corp Class A (a) | 150500 | 11267935 |
| Magnite Inc (a) | 220900 | 3949692 |
|  |  | 15217627 |
| TOTAL COMMUNICATION SERVICES |  | 33515741 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 1.7% |  |  |
| LCI Industries  | 54958 | 5687603 |
| Modine Manufacturing Co (a) | 79500 | 12180196 |
| Patrick Industries Inc  | 74260 | 7750516 |
|  |  | 25618315 |
| Diversified Consumer Services - 1.8% |  |  |
| Grand Canyon Education Inc (a) | 49574 | 9334784 |
| Laureate Education Inc (a) | 643498 | 18680747 |
|  |  | 28015531 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Dutch Bros Inc Class A (a) | 87400 | 4854196 |
| Noodles & Co Class A (a) | 17284 | 11266 |
| Red Rock Resorts Inc Class A  | 128720 | 6862063 |
|  |  | 11727525 |
| Household Durables - 1.7% |  |  |
| Cavco Industries Inc (a) | 21762 | 11529508 |
| Champion Homes Inc (a) | 104600 | 7136858 |
| Meritage Homes Corp  | 100300 | 6776268 |
|  |  | 25442634 |
| Leisure Products - 0.7% |  |  |
| Brunswick Corp/DE  | 82320 | 5442175 |
| Latham Group Inc (a) | 752100 | 5452725 |
|  |  | 10894900 |
| Specialty Retail - 2.1% |  |  |
| Academy Sports & Outdoors Inc  | 117377 | 5621185 |
| Boot Barn Holdings Inc (a) | 38723 | 7343817 |
| Camping World Holdings Inc Class A  | 295732 | 3891833 |
| Murphy USA Inc  | 17361 | 6218710 |
| Signet Jewelers Ltd (b) | 90400 | 8936040 |
|  |  | 32011585 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Steven Madden Ltd (b) | 262800 | 8911547 |
| TOTAL CONSUMER DISCRETIONARY |  | 142622037 |
| Consumer Staples - 1.9% |  |  |
| Beverages - 0.6% |  |  |
| Boston Beer Co Inc/The Class A (a) | 18006 | 3727062 |
| Vita Coco Co Inc/The (a) | 139300 | 5736374 |
|  |  | 9463436 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Grocery Outlet Holding Corp (a) | 316100 | 4302121 |
| Food Products - 0.8% |  |  |
| Darling Ingredients Inc (a) | 147600 | 4730580 |
| Simply Good Foods Co/The (a) | 203886 | 3990049 |
| TreeHouse Foods Inc (a) | 153445 | 2792699 |
|  |  | 11513328 |
| Household Products - 0.2% |  |  |
| Energizer Holdings Inc  | 180020 | 4181865 |
| TOTAL CONSUMER STAPLES |  | 29460750 |
| Energy - 4.2% |  |  |
| Energy Equipment & Services - 2.4% |  |  |
| Cactus Inc Class A  | 201948 | 8920043 |
| Expro Group Holdings NV (a) | 111400 | 1512812 |
| Flowco Holdings Inc Class A  | 382000 | 6188400 |
| Kodiak Gas Services Inc  | 134100 | 4945608 |
| Solaris Energy Infrastructure Inc Class A (b) | 277400 | 14766002 |
|  |  | 36332865 |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Chord Energy Corp  | 98211 | 8909702 |
| Gulfport Energy Corp (a) | 44900 | 8351849 |
| Northern Oil & Gas Inc (b) | 135053 | 2988723 |
| Uranium Energy Corp (a)(b) | 554855 | 8394956 |
|  |  | 28645230 |
| TOTAL ENERGY |  | 64978095 |
| Financials - 15.9% |  |  |
| Banks - 9.7% |  |  |
| Ameris Bancorp  | 82000 | 5872840 |
| BOK Financial Corp  | 57266 | 5988878 |
| Byline Bancorp Inc  | 198247 | 5301125 |
| Camden National Corp  | 153980 | 5874337 |
| Community Financial System Inc (b) | 130700 | 7251236 |
| Connectone Bancorp Inc  | 205227 | 4937762 |
| CVB Financial Corp  | 339800 | 6242126 |
| Eastern Bankshares Inc  | 623777 | 10934811 |
| First Bancorp/Southern Pines NC (b) | 169100 | 8208114 |
| First Foundation Inc (a)(b) | 520810 | 2833206 |
| First Hawaiian Inc  | 292800 | 7182384 |
| First Interstate BancSystem Inc Class A  | 338507 | 10578344 |
| First Northwest Bancorp  | 118801 | 1077525 |
| FNB Corp/PA  | 553906 | 8707402 |
| Hancock Whitney Corp  | 136200 | 7778382 |
| Independent Bank Corp/MI  | 200965 | 6073162 |
| United Community Banks Inc/GA  | 256589 | 7492399 |
| Univest Financial Corp  | 28315 | 831328 |
| Webster Financial Corp  | 200767 | 11451750 |
| Western Alliance Bancorp  | 129098 | 9985730 |
| Wintrust Financial Corp  | 108919 | 14161649 |
|  |  | 148764490 |
| Capital Markets - 3.5% |  |  |
| P10 Inc Class A (b) | 619483 | 6293946 |
| Perella Weinberg Partners Class A  | 651707 | 12173887 |
| Piper Sandler Cos  | 27375 | 8739743 |
| PJT Partners Inc Class A (b) | 56891 | 9165709 |
| StepStone Group Inc Class A  | 170070 | 10353862 |
| WisdomTree Inc (b) | 559500 | 6691620 |
|  |  | 53418767 |
| Consumer Finance - 0.8% |  |  |
| FirstCash Holdings Inc  | 79450 | 12592825 |
| Financial Services - 0.9% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 260500 | 7218455 |
| Walker & Dunlop Inc  | 73376 | 5864210 |
|  |  | 13082665 |
| Insurance - 1.0% |  |  |
| Baldwin Insurance Group Inc/The Class A (a) | 155848 | 3444241 |
| Selective Insurance Group Inc  | 89885 | 6771936 |
| TWFG Inc Class A (a)(b) | 192950 | 4700262 |
|  |  | 14916439 |
| TOTAL FINANCIALS |  | 242775186 |
| Health Care - 15.5% |  |  |
| Biotechnology - 8.0% |  |  |
| Alkermes PLC (a) | 190600 | 5851420 |
| Annexon Inc (a)(b) | 1089200 | 3441872 |
| Arcellx Inc (a) | 65653 | 5925183 |
| Avidity Biosciences Inc (a) | 76300 | 5329555 |
| Bicara Therapeutics Inc (a)(b) | 206100 | 3349125 |
| Blueprint Medicines Corp rights (a)(c) | 35641 | 0 |
| Celldex Therapeutics Inc (a)(b) | 178728 | 4777399 |
| Cytokinetics Inc (a) | 122751 | 7805737 |
| CytomX Therapeutics Inc (a) | 828400 | 2957388 |
| Day One Biopharmaceuticals Inc (a) | 499300 | 3714792 |
| Denali Therapeutics Inc (a) | 288500 | 4696780 |
| Janux Therapeutics Inc (a) | 112000 | 3215520 |
| Kymera Therapeutics Inc (a) | 25500 | 1576920 |
| Legend Biotech Corp ADR (a) | 93200 | 3019680 |
| Madrigal Pharmaceuticals Inc (a)(b) | 16982 | 7113760 |
| Monte Rosa Therapeutics Inc (a) | 373300 | 4796905 |
| Perspective Therapeutics Inc (a)(b) | 491620 | 1342123 |
| PTC Therapeutics Inc (a) | 100400 | 6858324 |
| Rhythm Pharmaceuticals Inc (a) | 54400 | 6188544 |
| Stoke Therapeutics Inc (a) | 131600 | 3953264 |
| Travere Therapeutics Inc (a) | 179200 | 6300672 |
| Ultragenyx Pharmaceutical Inc (a) | 105100 | 3636460 |
| Vaxcyte Inc (a) | 150566 | 6817628 |
| Vericel Corp (a) | 118600 | 4158116 |
| Viking Therapeutics Inc (a)(b) | 113600 | 4325888 |
| Vir Biotechnology Inc (a) | 573900 | 3420444 |
| Viridian Therapeutics Inc (a) | 179132 | 4232889 |
| Zenas Biopharma Inc (a) | 112500 | 3515625 |
|  |  | 122322013 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| ICU Medical Inc (a) | 54100 | 6496869 |
| iRhythm Technologies Inc (a) | 57298 | 10731916 |
| Masimo Corp (a) | 48794 | 6862876 |
| Merit Medical Systems Inc (a) | 105576 | 9242123 |
| TransMedics Group Inc (a) | 38900 | 5116906 |
| ViewRay Inc (a) | 34227 | 0 |
|  |  | 38450690 |
| Health Care Providers & Services - 2.5% |  |  |
| Ensign Group Inc/The  | 71449 | 12867965 |
| LifeStance Health Group Inc (a) | 888065 | 4351519 |
| Option Care Health Inc (a) | 340500 | 8863215 |
| Progyny Inc (a) | 308400 | 5770164 |
| Surgery Partners Inc (a)(b) | 304369 | 6674812 |
|  |  | 38527675 |
| Health Care Technology - 0.1% |  |  |
| Waystar Holding Corp (a) | 39400 | 1412490 |
| Life Sciences Tools & Services - 0.8% |  |  |
| BioLife Solutions Inc (a) | 122600 | 3416862 |
| Charles River Laboratories International Inc (a) | 28700 | 5168009 |
| Repligen Corp (a) | 24100 | 3592346 |
|  |  | 12177217 |
| Pharmaceuticals - 1.6% |  |  |
| Axsome Therapeutics Inc (a) | 51002 | 6884760 |
| Crinetics Pharmaceuticals Inc (a) | 126045 | 5482958 |
| Elanco Animal Health Inc (a) | 196500 | 4352475 |
| Jazz Pharmaceuticals PLC (a) | 25900 | 3564875 |
| Structure Therapeutics Inc ADR (a)(b) | 132400 | 4411568 |
|  |  | 24696636 |
| TOTAL HEALTH CARE |  | 237586721 |
| Industrials - 18.0% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| Cadre Holdings Inc (b) | 156160 | 6630554 |
| Carpenter Technology Corp  | 32576 | 10290758 |
| Karman Holdings Inc (a) | 100000 | 8424000 |
| Kratos Defense & Security Solutions Inc (a) | 138468 | 12545201 |
| V2X Inc (a) | 106878 | 6101664 |
| VSE Corp  | 50645 | 9150539 |
|  |  | 53142716 |
| Building Products - 1.4% |  |  |
| AZZ Inc  | 70755 | 7064887 |
| Tecnoglass Inc  | 117512 | 7007240 |
| UFP Industries Inc  | 82524 | 7602936 |
|  |  | 21675063 |
| Commercial Services & Supplies - 2.0% |  |  |
| ACV Auctions Inc Class A (a) | 371283 | 3367537 |
| Brady Corp Class A  | 117873 | 8947739 |
| BrightView Holdings Inc (a) | 411700 | 5072144 |
| Brink's Co/The  | 121791 | 13538288 |
|  |  | 30925708 |
| Construction & Engineering - 4.6% |  |  |
| Bowman Consulting Group Ltd (a) | 157138 | 6802504 |
| Construction Partners Inc Class A (a) | 121653 | 13911021 |
| Fluor Corp (a) | 138700 | 6764399 |
| IES Holdings Inc (a) | 38821 | 15213173 |
| Legence Corp Class A  | 117000 | 4840290 |
| Limbach Holdings Inc (a)(b) | 72700 | 6868696 |
| Sterling Infrastructure Inc (a) | 42168 | 15935288 |
|  |  | 70335371 |
| Electrical Equipment - 1.6% |  |  |
| Eos Energy Enterprises Inc (a)(b) | 257000 | 4119710 |
| Fluence Energy Inc Class A (a)(b) | 109000 | 2289000 |
| NEXTracker Inc Class A (a) | 180768 | 18297337 |
|  |  | 24706047 |
| Machinery - 2.1% |  |  |
| Atmus Filtration Technologies Inc  | 175000 | 7959000 |
| Gates Industrial Corp PLC (a) | 330500 | 7297440 |
| REV Group Inc  | 270800 | 13883916 |
| Wabash National Corp  | 346700 | 2780534 |
|  |  | 31920890 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (a) | 96600 | 4031118 |
| Professional Services - 1.3% |  |  |
| CRA International Inc  | 51350 | 9781662 |
| ExlService Holdings Inc (a) | 240200 | 9391820 |
|  |  | 19173482 |
| Trading Companies & Distributors - 1.2% |  |  |
| Herc Holdings Inc (b) | 98700 | 14020335 |
| Xometry Inc Class A (a)(b) | 91021 | 4431812 |
|  |  | 18452147 |
| TOTAL INDUSTRIALS |  | 274362542 |
| Information Technology - 13.8% |  |  |
| Communications Equipment - 1.3% |  |  |
| Ciena Corp (a) | 41445 | 7871234 |
| Lumentum Holdings Inc (a) | 61241 | 12343736 |
|  |  | 20214970 |
| Electronic Equipment, Instruments & Components - 5.1% |  |  |
| Advanced Energy Industries Inc  | 60276 | 12219753 |
| Bel Fuse Inc Class A (b) | 15785 | 2158283 |
| Bel Fuse Inc Class B  | 34500 | 5312655 |
| Belden Inc  | 84303 | 10272321 |
| Crane NXT Co  | 102684 | 6494763 |
| Mirion Technologies Inc Class A (a) | 266600 | 7830042 |
| OSI Systems Inc (a) | 30200 | 8409492 |
| Sanmina Corp (a) | 93200 | 12773061 |
| TTM Technologies Inc (a) | 178300 | 11981760 |
|  |  | 77452130 |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| Cirrus Logic Inc (a) | 66454 | 8815123 |
| Credo Technology Group Holding Ltd (a) | 48500 | 9099571 |
| Diodes Inc (a) | 152626 | 8144123 |
| MACOM Technology Solutions Holdings Inc (a) | 45733 | 6774429 |
| Onto Innovation Inc (a) | 49439 | 6672287 |
| Rigetti Computing Inc Class A (a)(b) | 172000 | 7614440 |
|  |  | 47119973 |
| Software - 3.9% |  |  |
| Agilysys Inc (a) | 75150 | 9428319 |
| Bitdeer Technologies Group Class A (a) | 244500 | 5427900 |
| Commvault Systems Inc (a) | 54700 | 7615334 |
| nCino Inc (a)(b) | 190200 | 5074536 |
| PAR Technology Corp (a)(b) | 120100 | 4244334 |
| Riot Platforms Inc (a) | 331000 | 6547180 |
| Terawulf Inc (a)(b) | 441000 | 6835500 |
| Varonis Systems Inc (a) | 201152 | 7086585 |
| Workiva Inc Class A (a) | 88816 | 7550248 |
|  |  | 59809936 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| IonQ Inc (a)(b) | 117900 | 7354602 |
| TOTAL INFORMATION TECHNOLOGY |  | 211951611 |
| Materials - 2.1% |  |  |
| Chemicals - 0.4% |  |  |
| Element Solutions Inc  | 229479 | 6131679 |
| Construction Materials - 0.4% |  |  |
| Eagle Materials Inc  | 29873 | 6342635 |
| Containers & Packaging - 0.3% |  |  |
| Graphic Packaging Holding CO  | 282510 | 4517335 |
| Metals & Mining - 0.5% |  |  |
| Constellium SE (a) | 208401 | 3278148 |
| Warrior Met Coal Inc  | 68450 | 4643648 |
|  |  | 7921796 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 83200 | 7247552 |
| TOTAL MATERIALS |  | 32160997 |
| Real Estate - 5.6% |  |  |
| Diversified REITs - 0.1% |  |  |
| Armada Hoffler Properties Inc Class A  | 401139 | 2623449 |
| Health Care REITs - 1.0% |  |  |
| CareTrust REIT Inc  | 197300 | 6836445 |
| Sabra Health Care REIT Inc  | 442300 | 7881786 |
|  |  | 14718231 |
| Office REITs - 1.0% |  |  |
| Douglas Emmett Inc  | 443507 | 5738981 |
| Kilroy Realty Corp  | 165300 | 6983925 |
| Postal Realty Trust Inc Class A  | 194318 | 2877849 |
|  |  | 15600755 |
| Real Estate Management & Development - 1.5% |  |  |
| Compass Inc Class A (a) | 817100 | 6299841 |
| Cushman & Wakefield PLC (a) | 879591 | 13809579 |
| Landbridge Co LLC Class A (b) | 48642 | 2878147 |
|  |  | 22987567 |
| Retail REITs - 1.4% |  |  |
| Curbline Properties Corp  | 249424 | 5751717 |
| Tanger Inc  | 235100 | 7654856 |
| Urban Edge Properties  | 402077 | 7731941 |
|  |  | 21138514 |
| Specialized REITs - 0.6% |  |  |
| Four Corners Property Trust Inc  | 139457 | 3296763 |
| Outfront Media Inc  | 317744 | 5620892 |
|  |  | 8917655 |
| TOTAL REAL ESTATE |  | 85986171 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 0.8% |  |  |
| IDACORP Inc  | 43073 | 5557278 |
| TXNM Energy Inc  | 106600 | 6054880 |
|  |  | 11612158 |
| Gas Utilities - 0.5% |  |  |
| New Jersey Resources Corp  | 112713 | 4993186 |
| Southwest Gas Holdings Inc  | 33300 | 2647350 |
|  |  | 7640536 |
| Water Utilities - 0.3% |  |  |
| WaterBridge Infrastructure LLC Class A  | 209900 | 5037600 |
| TOTAL UTILITIES |  | 24290294 |
| TOTAL UNITED STATES |  | 1379690145 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,261,733,852) |  | <br> **1502363843** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.18 | 27710590 | 27716132 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.18 | 81514796 | 81522947 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $109,239,079) |  |  | **109239079** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.2%**<br> (Cost $1,370,972,931)<br>| <br>**1611602922** |
| **NET OTHER ASSETS (LIABILITIES) - (5.2)%**  | **(80072138)** |
| **NET ASSETS - 100.0%** | **1531530784** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Level 3 security.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(e) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 32862794 | 141264148 | 146411195 | 473339 | 384 | 1 | 27716132 | 27710590 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 70860393 | 319843235 | 309180681 | 93917 | - | - | 81522947 | 81514796 | 0.3% |
| Total | 103723187 | 461107383 | 455591876 | 567256 | 384 | 1 | 109239079 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 37389481 | 37389481 | - | - |
| Consumer Discretionary | 155873092 | 155873092 | - | - |
| Consumer Staples | 29460750 | 29460750 | - | - |
| Energy | 76193033 | 76193033 | - | - |
| Financials | 257176296 | 257176296 | - | - |
| Health Care | 243581952 | 243581952 | - | - |
| Industrials | 274362542 | 274362542 | - | - |
| Information Technology | 265684481 | 265684481 | - | - |
| Materials | 42532167 | 42532167 | - | - |
| Real Estate | 85986171 | 85986171 | - | - |
| Utilities | 34123878 | 34123878 | - | - |
|  **Money Market Funds** | 109239079 | 109239079 | - | - |
| **Total Investments in Securities:** | 1611602922 | 1611602922 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** | <br> **As of October 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $103,197,960) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,261,733,852) | $1502363843 |  |
| Fidelity Central Funds (cost $109,239,079) | 109239079 |  |
| Total Investment in Securities (cost $1,370,972,931) |  | $1611602922 |
| Receivable for investments sold |  | 2197529 |
| Receivable for fund shares sold |  | 549185 |
| Dividends receivable |  | 176635 |
| Distributions receivable from Fidelity Central Funds |  | 108633 |
| Receivable from investment adviser for expense reductions |  | 3239 |
| **Total assets** |  | 1614638143 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $986015 |  |
| Payable for fund shares redeemed | 589356 |  |
| Other payables and accrued expenses | 9040 |  |
| Collateral on securities loaned | 81522948 |  |
| **Total liabilities** |  | 83107359 |
| **Net Assets**  |  | $1531530784 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1334884094 |
| Total accumulated earnings (loss) |  | 196646690 |
| **Net Assets** |  | $1531530784 |
| **Net Asset Value**, offering price and redemption price per share ($1,531,530,784 ÷ 114,721,961 shares) |  | $13.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** | **Six months ended October 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7890571 |
| Interest  |  | 4146 |
| Income from Fidelity Central Funds (including $93,917 from security lending)  |  | 567256 |
| **Total income** |  | 8461973 |
| **Expenses** |  |  |
| Custodian fees and expenses | $41557 |  |
| Independent trustees' fees and expenses | 2534 |  |
| Total expenses before reductions | 44091 |  |
| Expense reductions | (21809) |  |
| Total expenses after reductions |  | 22282 |
| **Net Investment income (loss)** |  | 8439691 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 14722142 |  |
| Fidelity Central Funds | 384 |  |
| Total net realized gain (loss) |  | 14722526 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 321425946 |  |
| Fidelity Central Funds  | 1 |  |
| Total change in net unrealized appreciation (depreciation) |  | 321425947 |
| **Net gain (loss)** |  | 336148473 |
| **Net increase (decrease) in net assets resulting from operations** |  | $344588164 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **April 30, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8439691 | $12673627 |
| &nbsp;&nbsp;Net realized gain (loss) | 14722526<br>| (65473001)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 321425947 | (76378468)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 344588164<br>| (129177842)<br>|
| Distributions to shareholders | -<br>| (15287650)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 73085781 | 1130889247 |
| Reinvestment of distributions | -<br>| 15287420<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (167158852) | (194910114) |
| **Net increase (decrease) in net assets resulting from share transactions** | (94073071)<br>| 951266553<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 250515093<br>| 806801061<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1281015691 | 474214630<br>|
| &nbsp;&nbsp;End of period | $1531530784 | $1281015691 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6295635 | 93746144 |
| Issued in reinvestment of distributions | -<br>| 1205910<br>|
| &nbsp;&nbsp;Redeemed | (13447414) | (15935042) |
| &nbsp;&nbsp;Net increase (decrease) | (7151779) | 79017012 |

---

**Financial Highlights** 

**Fidelity® Series Small Cap Core Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **October 31, 2025**<br> **(Unaudited)**  | **Years ended April 30, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.51 | $11.07 | $9.80 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .07  | .14  | .14  | .05  |
| Net realized and unrealized gain (loss)  | 2.77  | (.51)  | 1.30  | (.22)  |
| Total from investment operations  | 2.84  | (.37)  | 1.44  | (.17)  |
| Distributions from net investment income  | -  | (.18)  | (.12)  | (.03)  |
| Distributions from net realized gain  | -  | (.01)  | (.05)  | -  |
| Total distributions  | -  | (.19)  | (.17)  | (.03)  |
| Net asset value, end of period  | $13.35 | $10.51 | $11.07 | $9.80 |
| **Total Return** D,E | 27.02% <br>| (3.64)%  | 14.81%  | (1.67)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |
| Expenses before reductions  | .01% H | -% I | .02%  | .20% H |
| Expenses net of fee waivers, if any  | -% H,I<br>| -% I | -% I | -% H,I |
| Expenses net of all reductions, if any  | -% H,I | -% I | -% I | -% H,I |
| Net investment income (loss)  | 1.15% H | 1.15%  | 1.30%  | 1.12% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1531531 | $1281016 | $474215 | $29790 |
| Portfolio turnover rate J | 73% H<br>| 42%  | 90%  | 12% K |

---

A*For the period November 4, 2022 (commencement of operations) through April 30, 2023.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Calculated based on average shares outstanding during the period.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount represents less than .005%.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Small Cap Core Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to passive foreign investment companies (PFIC), certain corporate actions 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** | $326712518 |
| **Gross unrealized depreciation** | <u>(89364861)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$237347657</u> |
| **Tax cost** | <u>$1374255265</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(56606376) |
| Long-term | <u>(7172582)</u> |
| **Total capital loss carryforward** | <u>$(63778958)</u> |

---

The Fund elected to defer to its next fiscal year approximately $247,785 of ordinary losses recognized during the period January 1, 2025 to April 30, 2025.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Small Cap Core Fund** | 520589671 | 612916733 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Core Fund** | 6100 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Small Cap Core Fund** | 44997846 | 46898123 | 36533 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Core Fund** | 14973 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Small Cap Core Fund** | 9958 | 1682 | 21567 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Core Fund** | 23150316 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $19,543.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,266.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Series Small Cap Core Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. 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.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img119061_4.jpg)<br>

1.9906192.102 SCC-SANN-1225

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(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.](ex99.htm)

(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.](ex99.906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Concord Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>