# EDGAR Filing Document

**Accession Number:** 0000035348
**File Stem:** 0000035348-25-000088
**Filing Date:** 2025-8
**Character Count:** 529486
**Document Hash:** d46d14c29ec31a79a8d578e5e3b664f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035348-25-000088.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000035348-25-000088

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY HASTINGS STREET TRUST
- **CENTRAL INDEX KEY:** 0000035348

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00215
- **FILM NUMBER:** 251244954

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FUND INC
- **DATE OF NAME CHANGE:** 19851205

## Series and Classes Contracts Data

### Fidelity Growth Discovery Fund (Series ID: S000007019)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000019191 | Fidelity Growth Discovery Fund | FDSVX           |
| C000064239 | Class K                        | FGDKX           |

### Fidelity Fund (Series ID: S000007021)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019193 | Fidelity Fund | FFIDX           |
| C000064240 | Class K       | FFDKX           |

### Fidelity Mega Cap Stock Fund (Series ID: S000007022)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000019194 | Fidelity Mega Cap Stock Fund                  | FGRTX           |
| C000059099 | Fidelity Advisor Mega Cap Stock Fund: Class A | FGTAX           |
| C000059101 | Fidelity Advisor Mega Cap Stock Fund: Class C | FGRCX           |
| C000059102 | Fidelity Advisor Mega Cap Stock Fund: Class M | FTGRX           |
| C000059103 | Fidelity Advisor Mega Cap Stock Fund: Class I | FTRIX           |
| C000130146 | Fidelity Advisor Mega Cap Stock Fund: Class Z | FZALX           |

### Fidelity Series Large Cap Stock Fund (Series ID: S000039214)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000120647 | Fidelity Series Large Cap Stock Fund | FGLGX           |

?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>811-00215</u>

<u>Fidelity Hastings Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 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;June 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Series Large Cap Stock Fund<br> **Fidelity® Series Large Cap Stock Fund : FGLGX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Large Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and information technology also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+204%). The stock was among our biggest holdings. The second-largest relative contributor was an overweight in GE Aerospace (+63%). The stock was among the fund's biggest holdings. An overweight in Wells Fargo (+38%) also contributed. The stock was one of our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in communication services, primarily within the media & entertainment industry. Also hurting our result were an overweight in energy and an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The largest individual relative detractor was an overweight in Exxon Mobil (-3%). The stock was among the fund's largest holdings. A second notable relative detractor this period was avoiding Tesla, a benchmark component that gained about 61%. Not owning Netflix, a benchmark component that gained roughly 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Large Cap Stock Fund<br>| $10000 | $9744<br>| $11805<br>| $13144<br>| $13911<br>| $13934<br>| $20769<br>| $18808<br>| $23140<br>| $29644<br>| $36288<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110567_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Large Cap Stock Fund | 22.41% | 21.10% | 13.76% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $21619889139<br>|
| Number of Holdings | 172<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.8 |
| Industrials | 19.7 |
| Financials | 17.0 |
| Health Care | 10.0 |
| Communication Services | 10.0 |
| Energy | 8.1 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.9 |
| Materials | 1.8 |
| Utilities | 1.2 |
| Real Estate | 0.7 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2457_20250630_AA.jpg) <br>|

---

Common Stocks - 99.4&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) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 2.1 |
| Zambia | 1.4 |
| Germany | 1.1 |
| Netherlands | 0.9 |
| Belgium | 0.8 |
| United Kingdom | 0.7 |
| France | 0.6 |
| Taiwan | 0.6 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2457_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&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 - 1.4&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;Germany - 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 - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.7&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;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;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** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 7.1<br>|
| NVIDIA Corp | 6.9<br>|
| Wells Fargo & Co | 6.4<br>|
| GE Aerospace | 5.8<br>|
| GE Vernova Inc | 4.4<br>|
| Exxon Mobil Corp | 4.1<br>|
| Boeing Co | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Bank of America Corp | 2.9<br>|
| Broadcom Inc | 2.3<br>|
|  | 47.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2457_20250630_2.jpg)<br>| ![](img110567_3.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> 1.9913361.101 2457-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Mega Cap Stock Fund<br> **Fidelity® Mega Cap Stock Fund : FGRTX** <br>|

---

This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mega Cap Stock Fund  | $64  | 0.58% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picking in energy also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in GE Vernova (+203%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in GE Aerospace (+63%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+38%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the index was an overweight in energy. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result was an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-3%). The company was one of our largest holdings. A second notable relative detractor this period was avoiding Tesla, an index component that gained roughly 61%. Not owning Netflix, an index component that gained approximately 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mega Cap Stock Fund<br>| $10000 | $9764<br>| $11802<br>| $13085<br>| $14043<br>| $14336<br>| $21499<br>| $19136<br>| $23816<br>| $30589<br>| $36714<br>|
| Russell Top 200® Index<br>| $10000 | $10397<br>| $12336<br>| $14238<br>| $15788<br>| $17556<br>| $24720<br>| $21888<br>| $26457<br>| $33712<br>| $39033<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110575_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Mega Cap Stock Fund | 20.02% | 20.69% | 13.89% |
| Russell Top 200® Index | 15.78%<br>| 17.33%<br>| 14.59% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4246447367<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $19394563<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 16.0 |
| Financials | 14.7 |
| Communication Services | 10.4 |
| Energy | 8.0 |
| Health Care | 7.4 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.8 |
| Materials | 1.1 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img361_20250630_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Canada | 1.5 |
| Zambia | 1.0 |
| Taiwan | 1.0 |
| Germany | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| France | 0.7 |
| Denmark | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img361_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Zambia - 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; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Germany - 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;United Kingdom - 0.8&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;France - 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;Denmark - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.7<br>|
| NVIDIA Corp | 7.6<br>|
| Wells Fargo & Co | 5.6<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 4.2<br>|
| GE Vernova Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Exxon Mobil Corp | 3.9<br>|
| Bank of America Corp | 3.2<br>|
| Apple Inc | 3.1<br>|
|  | 48.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img361_20250630_2.jpg)<br>| ![](img110575_3.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> 1.9913359.101 361-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mega Cap Stock Fund<br> **Fidelity Advisor® Mega Cap Stock Fund Class Z : FZALX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $52  | 0.47% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picking in energy also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in GE Vernova (+203%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in GE Aerospace (+63%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+38%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the index was an overweight in energy. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result was an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-3%). The company was one of our largest holdings. A second notable relative detractor this period was avoiding Tesla, an index component that gained roughly 61%. Not owning Netflix, an index component that gained approximately 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9779<br>| $11829<br>| $13140<br>| $14122<br>| $14430<br>| $21664<br>| $19298<br>| $24049<br>| $30924<br>| $37152<br>|
| Russell Top 200® Index<br>| $10000 | $10397<br>| $12336<br>| $14238<br>| $15788<br>| $17556<br>| $24720<br>| $21888<br>| $26457<br>| $33712<br>| $39033<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110576_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class Z | 20.14% | 20.82% | 14.02% |
| Russell Top 200® Index | 15.78%<br>| 17.33%<br>| 14.59% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4246447367<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $19394563<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 16.0 |
| Financials | 14.7 |
| Communication Services | 10.4 |
| Energy | 8.0 |
| Health Care | 7.4 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.8 |
| Materials | 1.1 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img361_20250630_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Canada | 1.5 |
| Zambia | 1.0 |
| Taiwan | 1.0 |
| Germany | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| France | 0.7 |
| Denmark | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img361_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Zambia - 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; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Germany - 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;United Kingdom - 0.8&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;France - 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;Denmark - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.7<br>|
| NVIDIA Corp | 7.6<br>|
| Wells Fargo & Co | 5.6<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 4.2<br>|
| GE Vernova Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Exxon Mobil Corp | 3.9<br>|
| Bank of America Corp | 3.2<br>|
| Apple Inc | 3.1<br>|
|  | 48.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img361_20250630_2.jpg)<br>| ![](img110576_3.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> 1.9913358.101 2537-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Mega Cap Stock Fund<br> **Fidelity Advisor® Mega Cap Stock Fund Class M : FTGRX** <br>|

---

This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $122  | 1.11% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picking in energy also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in GE Vernova (+203%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in GE Aerospace (+63%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+38%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the index was an overweight in energy. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result was an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-3%). The company was one of our largest holdings. A second notable relative detractor this period was avoiding Tesla, an index component that gained roughly 61%. Not owning Netflix, an index component that gained approximately 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9377<br>| $11269<br>| $12432<br>| $13277<br>| $13475<br>| $20103<br>| $17802<br>| $22033<br>| $28159<br>| $33606<br>|
| Russell Top 200® Index<br>| $10000 | $10397<br>| $12336<br>| $14238<br>| $15788<br>| $17556<br>| $24720<br>| $21888<br>| $26457<br>| $33712<br>| $39033<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110577_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 15.17% | 19.20%<br>| 12.89% |
| Class M (without 3.50% sales charge) | 19.34% | 20.05% | 13.29% |
| Russell Top 200® Index | 15.78%<br>| 17.33%<br>| 14.59% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4246447367<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $19394563<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 16.0 |
| Financials | 14.7 |
| Communication Services | 10.4 |
| Energy | 8.0 |
| Health Care | 7.4 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.8 |
| Materials | 1.1 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img361_20250630_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Canada | 1.5 |
| Zambia | 1.0 |
| Taiwan | 1.0 |
| Germany | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| France | 0.7 |
| Denmark | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img361_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Zambia - 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; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Germany - 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;United Kingdom - 0.8&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;France - 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;Denmark - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.7<br>|
| NVIDIA Corp | 7.6<br>|
| Wells Fargo & Co | 5.6<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 4.2<br>|
| GE Vernova Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Exxon Mobil Corp | 3.9<br>|
| Bank of America Corp | 3.2<br>|
| Apple Inc | 3.1<br>|
|  | 48.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img361_20250630_2.jpg)<br>| ![](img110577_3.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> 1.9913356.101 2037-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Mega Cap Stock Fund<br> **Fidelity Advisor® Mega Cap Stock Fund Class I : FTRIX** <br>|

---

This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $65  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picking in energy also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in GE Vernova (+203%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in GE Aerospace (+63%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+38%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the index was an overweight in energy. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result was an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-3%). The company was one of our largest holdings. A second notable relative detractor this period was avoiding Tesla, an index component that gained roughly 61%. Not owning Netflix, an index component that gained approximately 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9769<br>| $11805<br>| $13088<br>| $14048<br>| $14335<br>| $21498<br>| $19132<br>| $23806<br>| $30578<br>| $36692<br>|
| Russell Top 200® Index<br>| $10000 | $10397<br>| $12336<br>| $14238<br>| $15788<br>| $17556<br>| $24720<br>| $21888<br>| $26457<br>| $33712<br>| $39033<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110578_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 20.00% | 20.68% | 13.88% |
| Russell Top 200® Index | 15.78%<br>| 17.33%<br>| 14.59% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4246447367<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $19394563<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 16.0 |
| Financials | 14.7 |
| Communication Services | 10.4 |
| Energy | 8.0 |
| Health Care | 7.4 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.8 |
| Materials | 1.1 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img361_20250630_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Canada | 1.5 |
| Zambia | 1.0 |
| Taiwan | 1.0 |
| Germany | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| France | 0.7 |
| Denmark | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img361_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Zambia - 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; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Germany - 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;United Kingdom - 0.8&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;France - 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;Denmark - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.7<br>|
| NVIDIA Corp | 7.6<br>|
| Wells Fargo & Co | 5.6<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 4.2<br>|
| GE Vernova Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Exxon Mobil Corp | 3.9<br>|
| Bank of America Corp | 3.2<br>|
| Apple Inc | 3.1<br>|
|  | 48.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img361_20250630_2.jpg)<br>| ![](img110578_3.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> 1.9913357.101 2038-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Mega Cap Stock Fund<br> **Fidelity Advisor® Mega Cap Stock Fund Class C : FGRCX** <br>|

---

This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $179  | 1.64% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picking in energy also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in GE Vernova (+203%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in GE Aerospace (+63%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+38%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the index was an overweight in energy. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result was an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-3%). The company was one of our largest holdings. A second notable relative detractor this period was avoiding Tesla, an index component that gained roughly 61%. Not owning Netflix, an index component that gained approximately 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9668<br>| $11563<br>| $12696<br>| $13488<br>| $13630<br>| $20214<br>| $17808<br>| $21925<br>| $28092<br>| $33606<br>|
| Russell Top 200® Index<br>| $10000 | $10397<br>| $12336<br>| $14238<br>| $15788<br>| $17556<br>| $24720<br>| $21888<br>| $26457<br>| $33712<br>| $39033<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110579_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 17.75% | 19.42%<br>| 12.89% |
| Class C | 18.75% | 19.42% | 12.89% |
| Russell Top 200® Index | 15.78%<br>| 17.33%<br>| 14.59% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4246447367<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $19394563<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 16.0 |
| Financials | 14.7 |
| Communication Services | 10.4 |
| Energy | 8.0 |
| Health Care | 7.4 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.8 |
| Materials | 1.1 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img361_20250630_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Canada | 1.5 |
| Zambia | 1.0 |
| Taiwan | 1.0 |
| Germany | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| France | 0.7 |
| Denmark | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img361_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Zambia - 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; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Germany - 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;United Kingdom - 0.8&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;France - 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;Denmark - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.7<br>|
| NVIDIA Corp | 7.6<br>|
| Wells Fargo & Co | 5.6<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 4.2<br>|
| GE Vernova Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Exxon Mobil Corp | 3.9<br>|
| Bank of America Corp | 3.2<br>|
| Apple Inc | 3.1<br>|
|  | 48.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img361_20250630_2.jpg)<br>| ![](img110579_3.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> 1.9913355.101 2036-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Mega Cap Stock Fund<br> **Fidelity Advisor® Mega Cap Stock Fund Class A : FGTAX** <br>|

---

This annual shareholder report contains information about Fidelity® Mega Cap Stock Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $95  | 0.86% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Top 200 Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picking in energy also boosted the fund's relative performance. Also bolstering our relative result were stock picking and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in GE Vernova (+203%). The company was among our biggest holdings at period end. A second notable relative contributor was an overweight in GE Aerospace (+63%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+38%). The company was among our largest holdings.

• In contrast, the biggest detractor from performance versus the index was an overweight in energy. Security selection in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also hurting our result was an underweight in consumer discretionary, primarily within the automobiles & components industry.

• The biggest individual relative detractor was an overweight in Exxon Mobil (-3%). The company was one of our largest holdings. A second notable relative detractor this period was avoiding Tesla, an index component that gained roughly 61%. Not owning Netflix, an index component that gained approximately 98%, was another notable relative detractor.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9184<br>| $11066<br>| $12240<br>| $13095<br>| $13328<br>| $19940<br>| $17697<br>| $21962<br>| $28140<br>| $33663<br>|
| Russell Top 200® Index<br>| $10000 | $10397<br>| $12336<br>| $14238<br>| $15788<br>| $17556<br>| $24720<br>| $21888<br>| $26457<br>| $33712<br>| $39033<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110580_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 12.75% | 18.94%<br>| 12.91% |
| Class A (without 5.75% sales charge) | 19.63% | 20.36% | 13.58% |
| Russell Top 200® Index | 15.78%<br>| 17.33%<br>| 14.59% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4246447367<br>|
| Number of Holdings | 104<br>|
| Total Advisory Fee | $19394563<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 16.0 |
| Financials | 14.7 |
| Communication Services | 10.4 |
| Energy | 8.0 |
| Health Care | 7.4 |
| Consumer Staples | 4.2 |
| Consumer Discretionary | 2.8 |
| Materials | 1.1 |
| Utilities | 0.9 |
| Real Estate | 0.6 |

---

Common Stocks 92.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img361_20250630_AA.jpg) <br>|

---

Common Stocks - 92.8&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) - 7.2 <br>

---

| | |
|:---|:---|
| United States | 93.1 |
| Canada | 1.5 |
| Zambia | 1.0 |
| Taiwan | 1.0 |
| Germany | 0.9 |
| United Kingdom | 0.8 |
| Netherlands | 0.7 |
| France | 0.7 |
| Denmark | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img361_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Zambia - 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; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Germany - 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;United Kingdom - 0.8&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;France - 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;Denmark - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.7<br>|
| NVIDIA Corp | 7.6<br>|
| Wells Fargo & Co | 5.6<br>|
| GE Aerospace | 4.8<br>|
| Boeing Co | 4.2<br>|
| GE Vernova Inc | 4.2<br>|
| Meta Platforms Inc Class A | 3.9<br>|
| Exxon Mobil Corp | 3.9<br>|
| Bank of America Corp | 3.2<br>|
| Apple Inc | 3.1<br>|
|  | 48.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img361_20250630_2.jpg)<br>| ![](img110580_3.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> 1.9913354.101 2034-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Discovery Fund<br> **Fidelity® Growth Discovery Fund : FDSVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Discovery Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Discovery Fund  | $66  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, especially an overweight in health care, where an overweight in pharmaceuticals, biotechnology & life sciences hurt most. Also hurting our result were stock picks and underweights in information technology, primarily within the software & services industry, and consumer discretionary.

• The biggest individual relative detractor was an underweight in Broadcom (+74%). The second-largest relative detractor was an underweight in Netflix (+98%). Broadcom and Netflix were not held at period end. Not owning Tesla, a benchmark component that gained approximately 61%, was another notable relative detractor.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection and an overweight in industrials, primarily within the capital goods industry, also boosted relative performance. Also bolstering our relative result was security selection in energy.

• The top individual relative contributor was an overweight in GE Vernova (+210%). The second-largest relative contributor was an underweight in Apple (-2%). This period we decreased our position in Apple. The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Boston Scientific (+39%). The stock was one of the fund's largest holdings this period.

• Notable changes in positioning include higher allocations to the consumer discretionary and financials sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Growth Discovery Fund<br>| $10000 | $9832<br>| $12298<br>| $15119<br>| $16681<br>| $20907<br>| $29919<br>| $24802<br>| $30125<br>| $40938<br>| $45950<br>|
| Russell 3000® Growth Index<br>| $10000 | $10188<br>| $12299<br>| $15063<br>| $16660<br>| $20316<br>| $29048<br>| $23304<br>| $29503<br>| $39008<br>| $45595<br>|
| Russell 3000® Index<br>| $10000 | $10214<br>| $12104<br>| $13893<br>| $15141<br>| $16130<br>| $23253<br>| $20029<br>| $23825<br>| $29335<br>| $33822<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110581_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Growth Discovery Fund | 12.24% | 17.06% | 16.47% |
| Russell 3000® Growth Index | 16.89%<br>| 17.55%<br>| 16.38% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 12.96% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6313475413<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $36654505<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.3 |
| Consumer Discretionary | 18.7 |
| Health Care | 13.5 |
| Communication Services | 10.2 |
| Financials | 10.0 |
| Industrials | 9.0 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img339_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 88.9 |
| Taiwan | 2.6 |
| China | 2.0 |
| Brazil | 1.6 |
| Canada | 1.3 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.6 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img339_20250630_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;Taiwan - 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;China - 2.0&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;  |
| &nbsp;&nbsp;Brazil - 1.6&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;Canada - 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;Israel - 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; |
| &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;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.9<br>|
| Amazon.com Inc | 10.9<br>|
| Microsoft Corp | 6.1<br>|
| Alphabet Inc Class A | 4.7<br>|
| Apple Inc | 4.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.5<br>|
| Mastercard Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Meta Platforms Inc Class A | 2.4<br>|
| Visa Inc Class A | 2.3<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img339_20250630_2.jpg)<br>| ![](img110581_3.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> 1.9913353.101 339-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Discovery Fund<br> **Fidelity® Growth Discovery Fund Class K : FGDKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Discovery Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $58  | 0.54% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, especially an overweight in health care, where an overweight in pharmaceuticals, biotechnology & life sciences hurt most. Also hurting our result were stock picks and underweights in information technology, primarily within the software & services industry, and consumer discretionary.

• The biggest individual relative detractor was an underweight in Broadcom (+74%). The second-largest relative detractor was an underweight in Netflix (+98%). Broadcom and Netflix were not held at period end. Not owning Tesla, a benchmark component that gained approximately 61%, was another notable relative detractor.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection and an overweight in industrials, primarily within the capital goods industry, also boosted relative performance. Also bolstering our relative result was security selection in energy.

• The top individual relative contributor was an overweight in GE Vernova (+210%). The second-largest relative contributor was an underweight in Apple (-2%). This period we decreased our position in Apple. The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Boston Scientific (+39%). The stock was one of the fund's largest holdings this period.

• Notable changes in positioning include higher allocations to the consumer discretionary and financials sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9843<br>| $12327<br>| $15169<br>| $16757<br>| $21023<br>| $30115<br>| $24983<br>| $30380<br>| $41316<br>| $46408<br>|
| Russell 3000® Growth Index<br>| $10000 | $10188<br>| $12299<br>| $15063<br>| $16660<br>| $20316<br>| $29048<br>| $23304<br>| $29503<br>| $39008<br>| $45595<br>|
| Russell 3000® Index<br>| $10000 | $10214<br>| $12104<br>| $13893<br>| $15141<br>| $16130<br>| $23253<br>| $20029<br>| $23825<br>| $29335<br>| $33822<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110582_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 12.32% | 17.16% | 16.59% |
| Russell 3000® Growth Index | 16.89%<br>| 17.55%<br>| 16.38% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 12.96% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6313475413<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $36654505<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.3 |
| Consumer Discretionary | 18.7 |
| Health Care | 13.5 |
| Communication Services | 10.2 |
| Financials | 10.0 |
| Industrials | 9.0 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img339_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 88.9 |
| Taiwan | 2.6 |
| China | 2.0 |
| Brazil | 1.6 |
| Canada | 1.3 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.6 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img339_20250630_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;Taiwan - 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;China - 2.0&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;  |
| &nbsp;&nbsp;Brazil - 1.6&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;Canada - 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;Israel - 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; |
| &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;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.9<br>|
| Amazon.com Inc | 10.9<br>|
| Microsoft Corp | 6.1<br>|
| Alphabet Inc Class A | 4.7<br>|
| Apple Inc | 4.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.5<br>|
| Mastercard Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Meta Platforms Inc Class A | 2.4<br>|
| Visa Inc Class A | 2.3<br>|
|  | 49.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img339_20250630_2.jpg)<br>| ![](img110582_3.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> 1.9913352.101 2091-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Fund<br> **Fidelity® Fund : FFIDX** <br>|

---

This annual shareholder report contains information about Fidelity® Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Fund  | $45  | 0.42% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially within information technology. Stock picks in consumer discretionary also hampered the fund's result. Also hurting were stock picking and an underweight in financials, primarily within the financial services industry.

• The biggest individual relative detractor was an overweight in Alphabet (-3%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+74%). This period we significantly decreased our position in the stock. An overweight in Regeneron Pharmaceuticals (-50%) also hurt. This period we reduced our stake in Regeneron Pharmaceuticals.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. An overweight in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also bolstering our relative result were security selection and an overweight in industrials, primarily within the capital goods industry.

• The top individual relative contributor was an overweight in Netflix (+96%). This was a position we established this period. The stock was one of our largest holdings. The second-largest relative contributor was an overweight in Meta Platforms (+47%). The company was another of the fund's biggest holdings. An overweight in Vistra (+124%) also helped.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to information technology.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Fund<br>| $10000 | $9917<br>| $11339<br>| $13324<br>| $14427<br>| $17386<br>| $23809<br>| $20095<br>| $24327<br>| $32329<br>| $36134<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110583_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Fund | 11.77% | 15.76% | 13.71% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8482134315<br>|
| Number of Holdings | 132<br>|
| Total Advisory Fee | $34133657<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.1 |
| Communication Services | 18.0 |
| Industrials | 12.3 |
| Consumer Discretionary | 12.1 |
| Health Care | 10.7 |
| Financials | 9.9 |
| Energy | 2.7 |
| Materials | 2.7 |
| Utilities | 2.0 |
| Consumer Staples | 1.0 |
| Real Estate | 0.4 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 1.8 |
| Netherlands | 1.4 |
| Canada | 1.1 |
| Italy | 0.9 |
| Japan | 0.8 |
| United Kingdom | 0.8 |
| India | 0.8 |
| China | 0.7 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;Italy - 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;Japan - 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;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 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;China - 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;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** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 8.5<br>|
| Microsoft Corp | 8.0<br>|
| Alphabet Inc Class A | 7.6<br>|
| Meta Platforms Inc Class A | 6.6<br>|
| Amazon.com Inc | 5.7<br>|
| Apple Inc | 3.9<br>|
| Netflix Inc | 3.0<br>|
| Eli Lilly & Co | 2.6<br>|
| Wells Fargo & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 50.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3_20250630_2.jpg)<br>| ![](img110583_3.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> 1.9913350.101 3-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Fund<br> **Fidelity® Fund Class K : FFDKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Fund for the period July 1, 2024 to June 30, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $36  | 0.34% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially within information technology. Stock picks in consumer discretionary also hampered the fund's result. Also hurting were stock picking and an underweight in financials, primarily within the financial services industry.

• The biggest individual relative detractor was an overweight in Alphabet (-3%). The company was among the fund's biggest holdings. A second notable relative detractor was an underweight in Broadcom (+74%). This period we significantly decreased our position in the stock. An overweight in Regeneron Pharmaceuticals (-50%) also hurt. This period we reduced our stake in Regeneron Pharmaceuticals.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in utilities. An overweight in communication services, primarily within the media & entertainment industry, also boosted relative performance. Also bolstering our relative result were security selection and an overweight in industrials, primarily within the capital goods industry.

• The top individual relative contributor was an overweight in Netflix (+96%). This was a position we established this period. The stock was one of our largest holdings. The second-largest relative contributor was an overweight in Meta Platforms (+47%). The company was another of the fund's biggest holdings. An overweight in Vistra (+124%) also helped.

• Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to information technology.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

June 30, 2015 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9928<br>| $11363<br>| $13367<br>| $14486<br>| $17470<br>| $23947<br>| $20226<br>| $24509<br>| $32597<br>| $36461<br>|
| S&P 500® Index<br>| $10000 | $10399<br>| $12260<br>| $14023<br>| $15483<br>| $16645<br>| $23436<br>| $20948<br>| $25053<br>| $31204<br>| $35936<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110584_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 11.85% | 15.85% | 13.81% |
| S&P 500® Index | 15.16%<br>| 16.64%<br>| 13.65% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8482134315<br>|
| Number of Holdings | 132<br>|
| Total Advisory Fee | $34133657<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.1 |
| Communication Services | 18.0 |
| Industrials | 12.3 |
| Consumer Discretionary | 12.1 |
| Health Care | 10.7 |
| Financials | 9.9 |
| Energy | 2.7 |
| Materials | 2.7 |
| Utilities | 2.0 |
| Consumer Staples | 1.0 |
| Real Estate | 0.4 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 90.8 |
| Taiwan | 1.8 |
| Netherlands | 1.4 |
| Canada | 1.1 |
| Italy | 0.9 |
| Japan | 0.8 |
| United Kingdom | 0.8 |
| India | 0.8 |
| China | 0.7 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;Italy - 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;Japan - 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;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 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;China - 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;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** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 8.5<br>|
| Microsoft Corp | 8.0<br>|
| Alphabet Inc Class A | 7.6<br>|
| Meta Platforms Inc Class A | 6.6<br>|
| Amazon.com Inc | 5.7<br>|
| Apple Inc | 3.9<br>|
| Netflix Inc | 3.0<br>|
| Eli Lilly & Co | 2.6<br>|
| Wells Fargo & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 50.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3_20250630_2.jpg)<br>| ![](img110584_3.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> 1.9913349.101 2088-TSRA-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, June 30, 2025, Fidelity Hastings Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Fund, Fidelity Growth Discovery Fund, Fidelity Mega Cap Stock Fund and Fidelity Series Large Cap Stock Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>June 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Fund | &nbsp;&nbsp;$64200  | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$22100  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Growth Discovery Fund | &nbsp;&nbsp;$41200  | &nbsp;&nbsp;$3600  | &nbsp;&nbsp;$11700  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Mega Cap Stock Fund | &nbsp;&nbsp;$46900  | &nbsp;&nbsp;$4200  | &nbsp;&nbsp;$9300  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;Fidelity Series Large Cap Stock Fund | &nbsp;&nbsp;$43900  | &nbsp;&nbsp;$4000  | &nbsp;&nbsp;$9600  | &nbsp;&nbsp;$1300  |

---

**<u>June 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Fund | &nbsp;&nbsp;$49100  | &nbsp;&nbsp;$4400  | &nbsp;&nbsp;$11400  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Growth Discovery Fund | &nbsp;&nbsp;$36700  | &nbsp;&nbsp;$3500  | &nbsp;&nbsp;$8800  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Mega Cap Stock Fund | &nbsp;&nbsp;$44200  | &nbsp;&nbsp;$4100  | &nbsp;&nbsp;$9000  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;Fidelity Series Large Cap Stock Fund | &nbsp;&nbsp;$41800  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$9300  | &nbsp;&nbsp;$1300  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>June 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>June 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9680100  | &nbsp;&nbsp;$9437800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>June 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>June 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14712100  | &nbsp;&nbsp;$15068200  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<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® Series Large Cap Stock Fund**

**Annual Report**

**June 30, 2025**

![](img110328_1.jpg)

![](img110328_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MHT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Large Cap Stock Fund](#Sub_Sec_Fund_2457_MHT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2457_MHT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MHT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MHT-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MHT-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MHT-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MHT-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MHT-ANN)** |

---

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 (Annual Report)**

**Fidelity® Series Large Cap Stock Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 901600 | 177307531 |
| CANADA - 2.1%  |  |  |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Athabasca Oil Corp (c) | 7757600 | 32129880 |
| Imperial Oil Ltd (b) | 3731200 | 296413597 |
| MEG Energy Corp  | 3165753 | 59816284 |
|  |  | 388359761 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc Class B (c) | 725700 | 63225297 |
| TOTAL CANADA |  | 451585058 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Class B ADR (b) | 682400 | 47099248 |
| FRANCE - 0.6%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 395700 | 39433313 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Airbus SE  | 474900 | 99349436 |
| TOTAL FRANCE |  | 138782749 |
| GERMANY - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Software - 1.1% |  |  |
| SAP SE ADR  | 792246 | 240922009 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV (b) | 2535400 | 17053340 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 36800 | 2122256 |
| TOTAL ITALY |  | 19175596 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 153400 | 11371702 |
| NETHERLANDS - 0.9%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Universal Music Group NV  | 2806081 | 91030843 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (c) | 24200 | 13339524 |
| Merus NV (c) | 303300 | 15953580 |
|  |  | 29293104 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 42900 | 34379631 |
| BE Semiconductor Industries NV  | 269912 | 40394638 |
|  |  | 74774269 |
| TOTAL NETHERLANDS |  | 195098216 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (e)(f) | 915000 | 35628487 |
| SWITZERLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 108835 | 15774182 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 570000 | 129099300 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 5020800 | 6115784 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR  | 443100 | 44682204 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 375100 | 17753483 |
| TOTAL CONSUMER STAPLES |  | 62435687 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 219700 | 12433309 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Rolls-Royce Holdings PLC  | 5391900 | 71456952 |
| TOTAL UNITED KINGDOM |  | 152441732 |
| UNITED STATES - 90.5%  |  |  |
| Communication Services - 9.3% |  |  |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 837993 | 103919512 |
| Interactive Media & Services - 7.7% |  |  |
| Alphabet Inc Class A  | 2642625 | 465709804 |
| Alphabet Inc Class C  | 2258760 | 400681436 |
| Meta Platforms Inc Class A  | 1036900 | 765325521 |
| Snap Inc Class A (c) | 3492770 | 30352171 |
|  |  | 1662068932 |
| Media - 1.2% |  |  |
| Comcast Corp Class A  | 7011242 | 250231227 |
| TOTAL COMMUNICATION SERVICES |  | 2016219671 |
| Consumer Discretionary - 2.9% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (b)(c) | 247000 | 3393780 |
| Broadline Retail - 0.5% |  |  |
| Amazon.com Inc (c) | 511800 | 112283802 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Booking Holdings Inc  | 19437 | 112525458 |
| Marriott International Inc/MD Class A1  | 150400 | 41090784 |
| Starbucks Corp  | 593400 | 54373242 |
|  |  | 207989484 |
| Household Durables - 0.6% |  |  |
| Somnigroup International Inc  | 1492300 | 101551015 |
| Whirlpool Corp (b) | 268463 | 27227517 |
|  |  | 128778532 |
| Specialty Retail - 0.7% |  |  |
| Lowe's Cos Inc  | 606907 | 134654456 |
| RH (c) | 71500 | 13514215 |
|  |  | 148168671 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (c) | 19900 | 4727842 |
| NIKE Inc Class B  | 313700 | 22285248 |
|  |  | 27013090 |
| TOTAL CONSUMER DISCRETIONARY |  | 627627359 |
| Consumer Staples - 3.7% |  |  |
| Beverages - 1.6% |  |  |
| Brown-Forman Corp Class B  | 884086 | 23790754 |
| Coca-Cola Co/The  | 2236595 | 158239097 |
| Keurig Dr Pepper Inc  | 3873700 | 128064522 |
| Monster Beverage Corp (c) | 198400 | 12427776 |
|  |  | 322522149 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Performance Food Group Co (c) | 340000 | 29739800 |
| Sysco Corp  | 762700 | 57766898 |
| Target Corp  | 702600 | 69311490 |
| US Foods Holding Corp (c) | 416600 | 32082366 |
| Walmart Inc  | 289300 | 28287754 |
|  |  | 217188308 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 84577 | 4385317 |
| Personal Care Products - 0.7% |  |  |
| Estee Lauder Cos Inc/The Class A  | 527800 | 42646240 |
| Kenvue Inc  | 5279311 | 110495979 |
|  |  | 153142219 |
| Tobacco - 0.4% |  |  |
| Philip Morris International Inc  | 530100 | 96547113 |
| TOTAL CONSUMER STAPLES |  | 793785106 |
| Energy - 6.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tidewater Inc (b)(c) | 300800 | 13875904 |
| Oil, Gas & Consumable Fuels - 6.3% |  |  |
| ConocoPhillips  | 303800 | 27263012 |
| Exxon Mobil Corp  | 8014801 | 863995548 |
| Shell PLC ADR  | 6567700 | 462431757 |
|  |  | 1353690317 |
| TOTAL ENERGY |  | 1367566221 |
| Financials - 16.9% |  |  |
| Banks - 11.5% |  |  |
| Bank of America Corp  | 12770394 | 604295044 |
| JPMorgan Chase & Co  | 178271 | 51682546 |
| M&T Bank Corp  | 483420 | 93778646 |
| PNC Financial Services Group Inc/The  | 1097521 | 204599865 |
| Truist Financial Corp  | 726200 | 31219337 |
| US Bancorp  | 3053719 | 138180785 |
| Wells Fargo & Co  | 17007189 | 1362615983 |
|  |  | 2486372206 |
| Capital Markets - 2.3% |  |  |
| Charles Schwab Corp/The  | 437200 | 39890128 |
| KKR & Co Inc Class A  | 1492751 | 198580666 |
| Moody's Corp  | 31500 | 15800085 |
| Morgan Stanley  | 254924 | 35908595 |
| MSCI Inc  | 3400 | 1960916 |
| Northern Trust Corp  | 1432351 | 181607783 |
| Raymond James Financial Inc  | 106903 | 16395713 |
|  |  | 490143886 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 116400 | 16513668 |
| Corpay Inc (c) | 69600 | 23094672 |
| Global Payments Inc  | 156300 | 12510251 |
| Mastercard Inc Class A  | 147489 | 82879969 |
| PayPal Holdings Inc (c) | 373900 | 27788248 |
| Visa Inc Class A  | 1092693 | 387960650 |
|  |  | 550747458 |
| Insurance - 0.6% |  |  |
| Arthur J Gallagher & Co  | 127500 | 40815300 |
| Brown & Brown Inc  | 520200 | 57674574 |
| Chubb Ltd  | 89997 | 26073930 |
|  |  | 124563804 |
| TOTAL FINANCIALS |  | 3651827354 |
| Health Care - 8.8% |  |  |
| Biotechnology - 0.7% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 158850 | 51799397 |
| Exact Sciences Corp (c) | 1196600 | 63587324 |
| Gilead Sciences Inc  | 140800 | 15610496 |
| Vaxcyte Inc (c) | 432100 | 14047571 |
|  |  | 145044788 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Abbott Laboratories  | 157200 | 21380772 |
| Becton Dickinson & Co  | 144706 | 24925609 |
| Boston Scientific Corp (c) | 2441195 | 262208755 |
| Masimo Corp (c) | 95300 | 16031366 |
| Solventum Corp (c) | 223718 | 16966773 |
|  |  | 341513275 |
| Health Care Providers & Services - 3.4% |  |  |
| Cardinal Health Inc  | 619658 | 104102544 |
| Cigna Group/The  | 503511 | 166450666 |
| Humana Inc  | 351200 | 85861376 |
| McKesson Corp  | 188721 | 138290974 |
| UnitedHealth Group Inc  | 770881 | 240491746 |
|  |  | 735197306 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Bruker Corp  | 358800 | 14782559 |
| Danaher Corp  | 312200 | 61671988 |
| Thermo Fisher Scientific Inc  | 56800 | 23030128 |
|  |  | 99484675 |
| Pharmaceuticals - 2.7% |  |  |
| Bristol-Myers Squibb Co  | 1006960 | 46612178 |
| Eli Lilly & Co  | 143200 | 111628696 |
| GSK PLC ADR  | 3811128 | 146347316 |
| Haleon PLC ADR  | 13973136 | 144901420 |
| Johnson & Johnson  | 586877 | 89645462 |
| Merck & Co Inc  | 482400 | 38186784 |
|  |  | 577321856 |
| TOTAL HEALTH CARE |  | 1898561900 |
| Industrials - 18.6% |  |  |
| Aerospace & Defense - 11.2% |  |  |
| Boeing Co (c) | 4175306 | 874851866 |
| GE Aerospace (d) | 4843406 | 1246644271 |
| General Dynamics Corp  | 203360 | 59311978 |
| Howmet Aerospace Inc  | 150800 | 28068404 |
| Huntington Ingalls Industries Inc  | 254350 | 61415351 |
| RTX Corp  | 79700 | 11637794 |
| Spirit AeroSystems Holdings Inc Class A (c) | 3230648 | 123249221 |
| StandardAero Inc  | 9600 | 303840 |
|  |  | 2405482725 |
| Air Freight & Logistics - 0.8% |  |  |
| United Parcel Service Inc Class B  | 1791156 | 180799287 |
| Building Products - 0.0% |  |  |
| A O Smith Corp  | 134600 | 8825722 |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 501800 | 25330444 |
| Veralto Corp  | 101866 | 10283373 |
|  |  | 35613817 |
| Construction & Engineering - 0.1% |  |  |
| Centuri Holdings Inc (c) | 488800 | 10968672 |
| EMCOR Group Inc  | 20300 | 10858267 |
|  |  | 21826939 |
| Electrical Equipment - 5.3% |  |  |
| Emerson Electric Co  | 84000 | 11199720 |
| GE Vernova Inc (d) | 1816226 | 961055988 |
| Hubbell Inc  | 96914 | 39580647 |
| Vertiv Holdings Co Class A  | 952896 | 122361375 |
|  |  | 1134197730 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 1030115 | 45561986 |
| Machinery - 0.8% |  |  |
| Allison Transmission Holdings Inc  | 258300 | 24535917 |
| Cummins Inc  | 91900 | 30097250 |
| Deere & Co  | 69400 | 35289206 |
| Donaldson Co Inc  | 258900 | 17954715 |
| Nordson Corp  | 73300 | 15713321 |
| Otis Worldwide Corp  | 238884 | 23654294 |
| Stanley Black & Decker Inc  | 120500 | 8163875 |
| Toro Co/The  | 56700 | 4007555 |
| Westinghouse Air Brake Technologies Corp  | 114185 | 23904630 |
|  |  | 183320763 |
| Trading Companies & Distributors - 0.0% |  |  |
| Watsco Inc  | 24100 | 10643042 |
| TOTAL INDUSTRIALS |  | 4026272011 |
| Information Technology - 21.7% |  |  |
| IT Services - 0.0% |  |  |
| EPAM Systems Inc (c) | 37000 | 6542340 |
| Semiconductors & Semiconductor Equipment - 11.3% |  |  |
| Applied Materials Inc  | 307802 | 56349312 |
| Broadcom Inc  | 1801800 | 496666170 |
| First Solar Inc (c) | 328300 | 54346782 |
| Lam Research Corp  | 664000 | 64633760 |
| Marvell Technology Inc  | 2110385 | 163343799 |
| Micron Technology Inc  | 822400 | 101360800 |
| NVIDIA Corp  | 9468600 | 1495944115 |
| Teradyne Inc  | 113800 | 10232896 |
|  |  | 2442877634 |
| Software - 8.2% |  |  |
| Adobe Inc (c) | 325200 | 125813376 |
| Autodesk Inc (c) | 211728 | 65544637 |
| Intuit Inc  | 63900 | 50329557 |
| Microsoft Corp  | 3080505 | 1532273993 |
|  |  | 1773961563 |
| Technology Hardware, Storage & Peripherals - 2.2% |  |  |
| Apple Inc  | 2308714 | 473678851 |
| TOTAL INFORMATION TECHNOLOGY |  | 4697060388 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Air Products and Chemicals Inc  | 120700 | 34044642 |
| Mosaic Co/The  | 1207300 | 44042304 |
| Sherwin-Williams Co/The  | 5800 | 1991488 |
|  |  | 80078434 |
| Real Estate - 0.7% |  |  |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 254600 | 14275422 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 159100 | 20124559 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 275781 | 60953117 |
| Crown Castle Inc  | 556700 | 57189791 |
| Equinix Inc  | 4422 | 3517568 |
|  |  | 121660476 |
| TOTAL REAL ESTATE |  | 156060457 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 1.0% |  |  |
| Duke Energy Corp  | 71400 | 8425200 |
| Edison International  | 154200 | 7956720 |
| Entergy Corp  | 221400 | 18402768 |
| PG&E Corp  | 491300 | 6848722 |
| Southern Co/The  | 1896800 | 174183144 |
|  |  | 215816554 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 122200 | 23683582 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 186900 | 14161413 |
| TOTAL UTILITIES |  | 253661549 |
| TOTAL UNITED STATES |  | 19568720450 |
| ZAMBIA - 1.4%  |  |  |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| First Quantum Minerals Ltd (c) | 16993300 | 301867396 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,790,923,955) |  | <br> **21484873656** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/17/2025  | 4.25 | 3494000 | 3487571 |
| US Treasury Bills 0% 8/21/2025  | 4.28 | 2000000 | 1987765 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $5,475,454) |  |  | **5475336** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.0%** | &nbsp;&nbsp;**Money Market Funds - 3.0%** | &nbsp;&nbsp;**Money Market Funds - 3.0%** | &nbsp;&nbsp;**Money Market Funds - 3.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.32 | 528970312 | 529076106 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.32 | 126466660 | 126479306 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $655,555,412) |  |  | **655555412** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.4%**<br> (Cost $11,451,954,821)<br>| <br>**22145904404** |
| **NET OTHER ASSETS (LIABILITIES) - (2.4)%**  | **(526015265)** |
| **NET ASSETS - 100.0%** | **21619889139** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |  |  |
| GE Aerospace | Chicago Board Options Exchange | 2438 | 62751682 | 280.00 | 08/15/25 | (1292140) |
| GE Aerospace | Chicago Board Options Exchange | 2668 | 68671652 | 270.00 | 07/18/25 | (421544) |
| GE Aerospace | Chicago Board Options Exchange | 5333 | 137266087 | 260.00 | 07/18/25 | (2519843) |
| GE Vernova Inc | Chicago Board Options Exchange | 2811 | 148744065 | 550.00 | 07/18/25 | (2642340) |
|  |  |  |  |  |  | (6875867) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(6875867)** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(c) Non-income producing

(d) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $417,433,486.

(e) 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 $35,628,487 or 0.2% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,628,487 or 0.2% of net assets.

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(i) 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 | 285088259 | 3495492626 | 3251504779 | 18551754 | - | - | 529076106 | 528970312 | 1.0% |
| Fidelity Securities Lending Cash Central Fund | 33071211 | 1340763593 | 1247355498 | 269372 | - | - | 126479306 | 126466660 | 0.4% |
| Total | 318159470 | 4836256219 | 4498860277 | 18821126 | - | - | 655555412 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 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 | 2142879001 | 2016219671 | 126659330 | - |
| Consumer Discretionary | 633743143 | 633743143 | - | - |
| Consumer Staples | 912707446 | 912707446 | - | - |
| Energy | 1755925982 | 1755925982 | - | - |
| Financials | 3664260663 | 3651827354 | 12433309 | - |
| Health Care | 2168035965 | 2168035965 | - | - |
| Industrials | 4262425952 | 4091619564 | 170806388 | - |
| Information Technology | 5153227668 | 5141855966 | 11371702 | - |
| Materials | 381945830 | 381945830 | - | - |
| Real Estate | 156060457 | 156060457 | - | - |
| Utilities | 253661549 | 253661549 | - | - |
|  **U.S. Treasury Obligations** | 5475336 | - | 5475336 | - |
|  **Money Market Funds** | 655555412 | 655555412 | - | - |
| **Total Investments in Securities:** | 22145904404 | 21819158339 | 326746065 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (6875867) | (6875867) | - | - |
| Total Liabilities | (6875867) | (6875867) | - | - |
| **Total Derivative Instruments:** | (6875867) | (6875867) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 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)  | 0 | (6875867) |
| **Total Equity Risk**  | 0 | (6875867) |
| **Total Value of Derivatives** | 0 | (6875867) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $123,745,815) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,796,399,409) | $21490348992 |  |
| Fidelity Central Funds (cost $655,555,412) | 655555412 |  |
| Total Investment in Securities (cost $11,451,954,821) |  | $22145904404 |
| Cash |  | 1418195 |
| Foreign currency held at value (cost $138) |  | 141 |
| Receivable for investments sold |  | 121899753 |
| Receivable for fund shares sold |  | 190273 |
| Dividends receivable |  | 17961280 |
| Distributions receivable from Fidelity Central Funds |  | 1000490 |
| Other receivables |  | 342397 |
| **Total assets** |  | 22288716933 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $535077878 |  |
| Accrued management fee | 38013 |  |
| Written options, at value (premium received $8,419,118) | 6875867 |  |
| Other payables and accrued expenses | 373540 |  |
| Collateral on securities loaned | 126462496 |  |
| **Total liabilities** |  | 668827794 |
| **Net Assets**  |  | $21619889139 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9781304639 |
| Total accumulated earnings (loss) |  | 11838584500 |
| **Net Assets** |  | $21619889139 |
| **Net Asset Value**, offering price and redemption price per share ($21,619,889,139 ÷ 834,981,729 shares) |  | $25.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $283799838 |
| Interest  |  | 953659 |
| Income from Fidelity Central Funds (including $269,372 from security lending)  |  | 18821126 |
| **Total income** |  | 303574623 |
| **Expenses** |  |  |
| Custodian fees and expenses | $605321 |  |
| Independent trustees' fees and expenses | 79935 |  |
| Total expenses before reductions | 685256 |  |
| Expense reductions | (29350) |  |
| Total expenses after reductions |  | 655906 |
| **Net Investment income (loss)** |  | 302918717 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1568458787 |  |
| Foreign currency transactions | (330468) |  |
| Written options | (5240225) |  |
| Total net realized gain (loss) |  | 1562888094 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2290022304 |  |
| Assets and liabilities in foreign currencies | 407796 |  |
| Written options | 9232 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2290439332 |
| **Net gain (loss)** |  | 3853327426 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4156246143 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $302918717 | $281668748 |
| &nbsp;&nbsp;Net realized gain (loss) | 1562888094<br>| 1229757623<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2290439332 | 2662218857<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4156246143<br>| 4173645228<br>|
| Distributions to shareholders | (1506107434)<br>| (821641569)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3650707884 | 2385418960 |
| Reinvestment of distributions | 1506107434<br>| 821641569<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4850928137) | (3042544475) |
| **Net increase (decrease) in net assets resulting from share transactions** | 305887181<br>| 164516054<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2956025890<br>| 3516519713<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 18663863249 | 15147343536<br>|
| &nbsp;&nbsp;End of period | $21619889139 | $18663863249 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 157593314 | 119339539 |
| Issued in reinvestment of distributions | 68243065<br>| 43534511<br>|
| &nbsp;&nbsp;Redeemed | (204590685) | (150486608) |
| &nbsp;&nbsp;Net increase (decrease) | 21245694 | 12387442 |

---

**Financial Highlights** 

**Fidelity® Series Large Cap Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.94 | $18.90 | $16.37 | $19.80 | $14.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .35  | .34  | .34  | .34  |
| Net realized and unrealized gain (loss)  | 4.43  | 4.72  | 3.27  | (2.02)  | 6.27  |
| Total from investment operations  | 4.78  | 5.07  | 3.61  | (1.68)  | 6.61  |
| Distributions from net investment income  | (.36)  | (.36)  | (.33)  | (.47)  | (.37)  |
| Distributions from net realized gain  | (1.47)  | (.68)  | (.76)  | (1.28)  | (.52)  |
| Total distributions  | (1.83)  | (1.03) C | (1.08) C | (1.75)  | (.88) C |
| Net asset value, end of period  | $25.89 | $22.94 | $18.90 | $16.37 | $19.80 |
| **Total Return** D | 22.41% <br>| 28.11%  | 23.03%  | (9.44)%  | 49.05%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.52%  | 1.73%  | 1.98%  | 1.84%  | 2.04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21619889 | $18663863 | $15147344 | $12798487 | $14792790 |
| Portfolio turnover rate H | 17% <br>| 18%  | 12%  | 17%  | 15%  |

---

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

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

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

G*Amount represents less than .005%.*

H*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**

For the period ended June 30, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 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. 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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Series Large Cap Stock Fund** | $342397 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, and losses deferred due to wash sales and options transactions.

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**  | $10972821479 |
| **Gross unrealized depreciation**  | <u>(340909290)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$10631912189</u> |
| **Tax Cost**  | <u>$11507116348</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$154798784</u> |
| **Undistributed long-term capital gain**  | <u>$1051847706</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$10631938011</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Ordinary Income** | $337397209 | $284242652 |
| **Long-term Capital Gains**  | <u>1168710225</u> | <u>537398917</u> |
| **Total**  | <u>$1506107434</u> | <u>$821641569</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 Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series Large Cap Stock Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | (219792) | - |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5240225)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9232</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5460017)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9232</u> |
| **Interest Rate Risk** |  |  |
| **Totals** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(5460017)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9232</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period unless an average notional amount is presented.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Large Cap Stock Fund** | 3403162059 | 4133369711 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Large Cap Stock Fund** | 51582 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Large Cap Stock Fund** | 325409757 | 167679513 | 63733496 |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Large Cap Stock Fund** | 29279 | - | - |

---

**9. 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 October 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 $8,739.

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 $20,611.

**10. Other.**

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

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Series Large Cap Stock Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Large Cap Stock Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2025, $1,481,484,331, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $21,338,702 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 78% and 62% of the dividends distributed in August and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 89.69% and 70.23% of the dividends distributed in August and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 2.04% and 1.60% of the dividends distributed in August and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 28001365920.38 | 97.84 |
| Withheld  | 617054076.69 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 27971499925.56 | 97.74 |
| Withheld  | 646920071.51 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 27969572242.17 | 97.73 |
| Withheld  | 648847754.89 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 27969020972.17 | 97.73 |
| Withheld  | 649399024.90 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 27968347738.20 | 97.73 |
| Withheld  | 650072258.87 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 27989732087.37 | 97.80 |
| Withheld  | 628687909.70 | 2.20 |
| TOTAL  | 28618419997.07 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 27998934667.72 | 97.84 |
| Withheld  | 619485329.35 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 28003822853.71 | 97.85 |
| Withheld  | 614597143.36 | 2.15 |
| TOTAL  | 28618419997.07 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 27972777601.40 | 97.74 |
| Withheld  | 645642395.66 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 27996202442.16 | 97.83 |
| Withheld  | 622217554.91 | 2.17 |
| TOTAL  | 28618419997.07 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 27951653339.99 | 97.67 |
| Withheld  | 666766657.08 | 2.33 |
| TOTAL  | 28618419997.07 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 27974319919.30 | 97.75 |
| Withheld  | 644100077.77 | 2.25 |
| TOTAL  | 28618419997.07 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 27955275377.95 | 97.68 |
| Withheld  | 663144619.12 | 2.32 |
| TOTAL  | 28618419997.07 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series Large Cap Stock Fund**

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 considering whether to renew the Advisory Contracts for the fund, 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 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>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 October 31, 2027.

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.

![](img110328_4.jpg)<br>

1.951035.112 MHT-ANN-0825

**Fidelity® Mega Cap Stock Fund**

**Annual Report**

**June 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img110331_1.jpg)

![](img110331_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mega Cap Stock Fund](#Sub_Sec_Fund_361_GII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements361_GII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GII-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GII-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GII-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GII-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GII-ANN)** |

---

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 (Annual Report)**

**Fidelity® Mega Cap Stock Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 92.8%** | &nbsp;&nbsp;**Common Stocks - 92.8%** | &nbsp;&nbsp;**Common Stocks - 92.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.5%  |  |  |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Imperial Oil Ltd (b) | 785505 | 62402005 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR (b) | 272810 | 18829346 |
| FRANCE - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Airbus SE  | 133000 | 27823700 |
| GERMANY - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| SAP SE ADR  | 123600 | 37586760 |
| NETHERLANDS - 0.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Universal Music Group NV  | 466399 | 15130245 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 17436 | 13973036 |
| TOTAL NETHERLANDS |  | 29103281 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 184400 | 41764756 |
| UNITED KINGDOM - 0.8%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.5% |  |  |
| Diageo PLC  | 827862 | 20875457 |
| Tobacco - 0.3% |  |  |
| British American Tobacco PLC ADR  | 267900 | 12679707 |
| TOTAL UNITED KINGDOM |  | 33555164 |
| UNITED STATES - 85.9%  |  |  |
| Communication Services - 10.0% |  |  |
| Entertainment - 0.5% |  |  |
| Walt Disney Co/The  | 174899 | 21689225 |
| Interactive Media & Services - 8.7% |  |  |
| Alphabet Inc Class A  | 603700 | 106390051 |
| Alphabet Inc Class C  | 521900 | 92579841 |
| Meta Platforms Inc Class A  | 226800 | 167398812 |
|  |  | 366368704 |
| Media - 0.8% |  |  |
| Comcast Corp Class A  | 989997 | 35332993 |
| TOTAL COMMUNICATION SERVICES |  | 423390922 |
| Consumer Discretionary - 2.8% |  |  |
| Broadline Retail - 1.1% |  |  |
| Amazon.com Inc (d) | 208000 | 45633120 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Booking Holdings Inc  | 4548 | 26329464 |
| Marriott International Inc/MD Class A1  | 19000 | 5190990 |
| Starbucks Corp  | 141400 | 12956482 |
|  |  | 44476936 |
| Specialty Retail - 0.5% |  |  |
| Lowe's Cos Inc  | 89811 | 19926367 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Lululemon Athletica Inc (d) | 7200 | 1710575 |
| NIKE Inc Class B  | 129000 | 9164160 |
|  |  | 10874735 |
| TOTAL CONSUMER DISCRETIONARY |  | 120911158 |
| Consumer Staples - 3.4% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 374100 | 26467575 |
| Keurig Dr Pepper Inc  | 564400 | 18659064 |
| Monster Beverage Corp (d) | 46900 | 2937816 |
| PepsiCo Inc  | 9600 | 1267584 |
|  |  | 49332039 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Target Corp  | 171910 | 16958922 |
| Walmart Inc  | 136100 | 13307858 |
|  |  | 30266780 |
| Food Products - 0.0% |  |  |
| Mondelez International Inc  | 25900 | 1746696 |
| Household Products - 0.0% |  |  |
| Procter & Gamble Co/The  | 12610 | 2009025 |
| Personal Care Products - 0.8% |  |  |
| Estee Lauder Cos Inc/The Class A  | 162900 | 13162320 |
| Kenvue Inc  | 982957 | 20573290 |
|  |  | 33735610 |
| Tobacco - 0.7% |  |  |
| Philip Morris International Inc  | 155200 | 28266576 |
| TOTAL CONSUMER STAPLES |  | 145356726 |
| Energy - 6.5% |  |  |
| Oil, Gas & Consumable Fuels - 6.5% |  |  |
| ConocoPhillips  | 98200 | 8812468 |
| Exxon Mobil Corp  | 1515009 | 163317971 |
| Shell PLC ADR  | 1471013 | 103574025 |
|  |  | 275704464 |
| Financials - 14.7% |  |  |
| Banks - 11.5% |  |  |
| Bank of America Corp  | 2846974 | 134718810 |
| JPMorgan Chase & Co  | 185030 | 53642047 |
| PNC Financial Services Group Inc/The  | 156831 | 29236435 |
| Truist Financial Corp  | 265600 | 11418144 |
| US Bancorp  | 469512 | 21245418 |
| Wells Fargo & Co  | 2957176 | 236928942 |
|  |  | 487189796 |
| Capital Markets - 0.6% |  |  |
| Charles Schwab Corp/The  | 165200 | 15072848 |
| CME Group Inc Class A  | 9200 | 2535704 |
| KKR & Co Inc Class A  | 62614 | 8329540 |
|  |  | 25938092 |
| Consumer Finance - 0.1% |  |  |
| American Express Co  | 13500 | 4306230 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 70400 | 9987648 |
| Fiserv Inc (d) | 26600 | 4586106 |
| Mastercard Inc Class A  | 38052 | 21382941 |
| PayPal Holdings Inc (d) | 60000 | 4459200 |
| Visa Inc Class A  | 188888 | 67064684 |
|  |  | 107480579 |
| TOTAL FINANCIALS |  | 624914697 |
| Health Care - 7.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Gilead Sciences Inc  | 19700 | 2184139 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Abbott Laboratories  | 110500 | 15029105 |
| Boston Scientific Corp (d) | 402217 | 43202128 |
|  |  | 58231233 |
| Health Care Providers & Services - 2.1% |  |  |
| Cigna Group/The  | 59962 | 19822238 |
| Humana Inc  | 52900 | 12932992 |
| UnitedHealth Group Inc  | 178803 | 55781172 |
|  |  | 88536402 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Danaher Corp  | 133110 | 26294549 |
| Thermo Fisher Scientific Inc  | 21800 | 8839028 |
|  |  | 35133577 |
| Pharmaceuticals - 2.7% |  |  |
| Bristol-Myers Squibb Co  | 110299 | 5105741 |
| Eli Lilly & Co  | 33000 | 25724490 |
| GSK PLC ADR  | 859966 | 33022694 |
| Haleon PLC ADR  | 1983733 | 20571311 |
| Johnson & Johnson  | 101314 | 15475714 |
| Merck & Co Inc  | 196500 | 15554940 |
|  |  | 115454890 |
| TOTAL HEALTH CARE |  | 299540241 |
| Industrials - 15.3% |  |  |
| Aerospace & Defense - 9.4% |  |  |
| Boeing Co (d) | 858580 | 179898267 |
| GE Aerospace (c) | 785984 | 202304422 |
| RTX Corp  | 39500 | 5767790 |
| Spirit AeroSystems Holdings Inc Class A (d) | 325534 | 12419122 |
|  |  | 400389601 |
| Air Freight & Logistics - 1.0% |  |  |
| United Parcel Service Inc Class B  | 404379 | 40818016 |
| Electrical Equipment - 4.3% |  |  |
| Emerson Electric Co  | 47700 | 6359841 |
| GE Vernova Inc (c) | 331478 | 175401584 |
|  |  | 181761425 |
| Industrial Conglomerates - 0.0% |  |  |
| Honeywell International Inc  | 8600 | 2002768 |
| Machinery - 0.6% |  |  |
| Caterpillar Inc  | 41100 | 15955431 |
| Deere & Co  | 17080 | 8685009 |
|  |  | 24640440 |
| TOTAL INDUSTRIALS |  | 649612250 |
| Information Technology - 24.5% |  |  |
| IT Services - 0.0% |  |  |
| Kyndryl Holdings Inc (d) | 220 | 9231 |
| Semiconductors & Semiconductor Equipment - 12.3% |  |  |
| Applied Materials Inc  | 130674 | 23922489 |
| Broadcom Inc  | 390105 | 107532443 |
| Lam Research Corp  | 206000 | 20052040 |
| Marvell Technology Inc  | 232365 | 17985051 |
| Micron Technology Inc  | 235200 | 28988400 |
| NVIDIA Corp  | 2037650 | 321928325 |
|  |  | 520408748 |
| Software - 9.1% |  |  |
| Adobe Inc (d) | 83810 | 32424413 |
| Autodesk Inc (d) | 27600 | 8544132 |
| Intuit Inc  | 8900 | 7009907 |
| Microsoft Corp  | 657676 | 327134619 |
| Oracle Corp  | 29400 | 6427722 |
| Salesforce Inc  | 17300 | 4717537 |
|  |  | 386258330 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Apple Inc  | 644422 | 132216062 |
| TOTAL INFORMATION TECHNOLOGY |  | 1038892371 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Air Products and Chemicals Inc  | 16100 | 4541166 |
| Linde PLC  | 6700 | 3143506 |
|  |  | 7684672 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 22800 | 2396736 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 75510 | 16689220 |
| Crown Castle Inc  | 60500 | 6215165 |
|  |  | 22904385 |
| TOTAL REAL ESTATE |  | 25301121 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.8% |  |  |
| Duke Energy Corp  | 15200 | 1793600 |
| NextEra Energy Inc  | 37900 | 2631018 |
| Southern Co/The  | 306800 | 28173444 |
|  |  | 32598062 |
| Multi-Utilities - 0.1% |  |  |
| Sempra  | 56200 | 4258274 |
| TOTAL UTILITIES |  | 36856336 |
| TOTAL UNITED STATES |  | 3648164958 |
| ZAMBIA - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| First Quantum Minerals Ltd (d) | 2414815 | 42896548 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,287,894,397) |  | <br> **3942126518** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/3/2025 <br>(Cost $799,813)<br>| 4.24 | 800000 | **799813** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.8%** | &nbsp;&nbsp;**Money Market Funds - 7.8%** | &nbsp;&nbsp;**Money Market Funds - 7.8%** | &nbsp;&nbsp;**Money Market Funds - 7.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 281623649 | 281679974 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 48862674 | 48867560 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $330,547,534) |  |  | **330547534** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $2,619,241,744)<br>| <br>**4273473865** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(27026498)** |
| **NET ASSETS - 100.0%** | **4246447367** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |  |  |
| GE Aerospace | Chicago Board Options Exchange | 400 | 10295600 | 270.00 | 07/18/25 | (63200) |
| GE Aerospace | Chicago Board Options Exchange | 400 | 10295600 | 260.00 | 07/18/25 | (189000) |
| GE Vernova Inc | Chicago Board Options Exchange | 200 | 10583000 | 550.00 | 07/18/25 | (188000) |
|  |  |  |  |  |  | (440200) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(440200)** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(c) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $31,174,200.

(d) Non-income producing

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**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 | 186553102 | 711697638 | 616570766 | 9200222 | - | - | 281679974 | 281623649 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 2072600 | 203188878 | 156393918 | 44522 | - | - | 48867560 | 48862674 | 0.2% |
| Total | 188625702 | 914886516 | 772964684 | 9244744 | - | - | 330547534 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 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 | 438521167 | 423390922 | 15130245 | - |
| Consumer Discretionary | 120911158 | 120911158 | - | - |
| Consumer Staples | 178911890 | 158036433 | 20875457 | - |
| Energy | 338106469 | 338106469 | - | - |
| Financials | 624914697 | 624914697 | - | - |
| Health Care | 318369587 | 318369587 | - | - |
| Industrials | 677435950 | 649612250 | 27823700 | - |
| Information Technology | 1132216923 | 1132216923 | - | - |
| Materials | 50581220 | 50581220 | - | - |
| Real Estate | 25301121 | 25301121 | - | - |
| Utilities | 36856336 | 36856336 | - | - |
|  **U.S. Treasury Obligations** | 799813 | - | 799813 | - |
|  **Money Market Funds** | 330547534 | 330547534 | - | - |
| **Total Investments in Securities:** | 4273473865 | 4208844650 | 64629215 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (440200) | (440200) | - | - |
| Total Liabilities | (440200) | (440200) | - | - |
| **Total Derivative Instruments:** | (440200) | (440200) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 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)  | 0 | (440200) |
| **Total Equity Risk**  | 0 | (440200) |
| **Total Value of Derivatives** | 0 | (440200) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $47,008,156) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,288,694,210) | $3942926331 |  |
| Fidelity Central Funds (cost $330,547,534) | 330547534 |  |
| Total Investment in Securities (cost $2,619,241,744) |  | $4273473865 |
| Receivable for investments sold |  | 416826 |
| Receivable for fund shares sold |  | 35295542 |
| Dividends receivable |  | 3055379 |
| Distributions receivable from Fidelity Central Funds |  | 953022 |
| Other receivables |  | 5573 |
| **Total assets** |  | 4313200207 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $11786813 |  |
| Payable for fund shares redeemed | 3620184 |  |
| Accrued management fee | 1858478 |  |
| Distribution and service plan fees payable | 109331 |  |
| Written options, at value (premium received $576,409) | 440200 |  |
| Other payables and accrued expenses | 70274 |  |
| Collateral on securities loaned | 48867560 |  |
| **Total liabilities** |  | 66752840 |
| **Net Assets**  |  | $4246447367 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2480395925 |
| Total accumulated earnings (loss) |  | 1766051442 |
| **Net Assets** |  | $4246447367 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($271,641,898 ÷ 9,635,053 shares)(a) |  | $28.19 |
| Maximum offering price per share (100/94.25 of $28.19) |  | $29.91 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($41,899,751 ÷ 1,486,375 shares)(a) |  | $28.19 |
| Maximum offering price per share (100/96.50 of $28.19) |  | $29.21 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($47,842,884 ÷ 1,746,142 shares)(a) |  | $27.40 |
| **Mega Cap Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,534,998,698 ÷ 88,184,849 shares) |  | $28.75 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($531,234,748 ÷ 18,458,772 shares) |  | $28.78 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($818,829,388 ÷ 28,669,722 shares) |  | $28.56 |
| *(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** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $48805108 |
| Interest  |  | 918237 |
| Income from Fidelity Central Funds (including $44,522 from security lending)  |  | 9244744 |
| **Total income** |  | 58968089 |
| **Expenses** |  |  |
| Management fee | $19394563 |  |
| Distribution and service plan fees | 1158659 |  |
| Custodian fees and expenses | 57506 |  |
| Independent trustees' fees and expenses | 13673 |  |
| Registration fees | 259574 |  |
| Audit fees | 63759 |  |
| Legal | 6163 |  |
| Miscellaneous | 19609 |  |
| Total expenses before reductions | 20973506 |  |
| Expense reductions | (5674) |  |
| Total expenses after reductions |  | 20967832 |
| **Net Investment income (loss)** |  | 38000257 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 133859941 |  |
| Foreign currency transactions | (44262) |  |
| Written options | 2131021 |  |
| Total net realized gain (loss) |  | 135946700 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 498482272 |  |
| Assets and liabilities in foreign currencies | 33990 |  |
| Written options | (19646) |  |
| Total change in net unrealized appreciation (depreciation) |  | 498496616 |
| **Net gain (loss)** |  | 634443316 |
| **Net increase (decrease) in net assets resulting from operations** |  | $672443573 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $38000257 | $28452979 |
| &nbsp;&nbsp;Net realized gain (loss) | 135946700<br>| 56541030<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 498496616 | 518501215<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 672443573<br>| 603495224<br>|
| Distributions to shareholders | (89177833)<br>| (42621700)<br>|
| Share transactions - net increase (decrease) | 604795252<br>| 781376392<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1188060992<br>| 1342249916<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3058386375 | 1716136459<br>|
| &nbsp;&nbsp;End of period | $4246447367 | $3058386375 |

---

**Financial Highlights** 

**Fidelity Advisor® Mega Cap Stock Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.18 | $19.23 | $16.14 | $19.05 | $13.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .21  | .17  | .14  | .15  |
| Net realized and unrealized gain (loss)  | 4.42  | 5.12  | 3.61  | (2.17)  | 6.31  |
| Total from investment operations  | 4.63  | 5.33  | 3.78  | (2.03)  | 6.46  |
| Distributions from net investment income  | (.20)  | (.17)  | (.18)  | (.29)  | (.24)  |
| Distributions from net realized gain  | (.42)  | (.21)  | (.51)  | (.59)  | (1.00)  |
| Total distributions  | (.62)  | (.38)  | (.69)  | (.88)  | (1.24)  |
| Net asset value, end of period  | $28.19 | $24.18 | $19.23 | $16.14 | $19.05 |
| **Total Return** C,D | 19.63% <br>| 28.13%  | 24.10%  | (11.25)% E | 49.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .86%  | .88%  | .90%  | .90%  | .91%  |
| Expenses net of fee waivers, if any  | .86% <br>| .88%  | .90%  | .89%  | .91%  |
| Expenses net of all reductions, if any  | .86%  | .88%  | .90%  | .89%  | .91%  |
| Net investment income (loss)  | .83%  | 1.01%  | .99%  | .78%  | .95%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $271642 | $208007 | $133252 | $88064 | $87302 |
| Portfolio turnover rate H | 15% <br>| 9%  | 18%  | 13%  | 43%  |

---

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

D*Total returns do not include the effect of the sales charges.*

E*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.29)%.*

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

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

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

**Fidelity Advisor® Mega Cap Stock Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.17 | $19.22 | $16.13 | $19.03 | $13.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .16  | .13  | .10  | .11  |
| Net realized and unrealized gain (loss)  | 4.43  | 5.12  | 3.61  | (2.17)  | 6.31  |
| Total from investment operations  | 4.58  | 5.28  | 3.74  | (2.07)  | 6.42  |
| Distributions from net investment income  | (.14)  | (.12)  | (.13)  | (.24)  | (.20)  |
| Distributions from net realized gain  | (.42)  | (.21)  | (.51)  | (.59)  | (1.00)  |
| Total distributions  | (.56)  | (.33)  | (.65) C | (.83)  | (1.21) C |
| Net asset value, end of period  | $28.19 | $24.17 | $19.22 | $16.13 | $19.03 |
| **Total Return** D,E | 19.34% <br>| 27.81%  | 23.76%  | (11.45)% F | 49.19%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.11%  | 1.12%  | 1.16%  | 1.15%  | 1.17%  |
| Expenses net of fee waivers, if any  | 1.11% <br>| 1.11%  | 1.16%  | 1.15%  | 1.17%  |
| Expenses net of all reductions, if any  | 1.11%  | 1.11%  | 1.16%  | 1.15%  | 1.16%  |
| Net investment income (loss)  | .58%  | .78%  | .73%  | .52%  | .69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41900 | $36231 | $30973 | $25617 | $28266 |
| Portfolio turnover rate I | 15% <br>| 9%  | 18%  | 13%  | 43%  |

---

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

E*Total returns do not include the effect of the sales charges.*

F*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.49)%.*

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*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.*

**Fidelity Advisor® Mega Cap Stock Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.53 | $18.74 | $15.74 | $18.58 | $13.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | .05  | .03  | - C | .03  |
| Net realized and unrealized gain (loss)  | 4.32  | 4.99  | 3.53  | (2.12)  | 6.15  |
| Total from investment operations  | 4.33  | 5.04  | 3.56  | (2.12)  | 6.18  |
| Distributions from net investment income  | (.04)  | (.04)  | (.04)  | (.15)  | (.13)  |
| Distributions from net realized gain  | (.42)  | (.21)  | (.51)  | (.58)  | (1.00)  |
| Total distributions  | (.46)  | (.25)  | (.56) D | (.72) D | (1.13)  |
| Net asset value, end of period  | $27.40 | $23.53 | $18.74 | $15.74 | $18.58 |
| **Total Return** E,F | 18.75% <br>| 27.12%  | 23.12%  | (11.90)% G | 48.31%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.64%  | 1.66%  | 1.69%  | 1.67%  | 1.69%  |
| Expenses net of fee waivers, if any  | 1.64% <br>| 1.65%  | 1.68%  | 1.67%  | 1.69%  |
| Expenses net of all reductions, if any  | 1.63%  | 1.65%  | 1.68%  | 1.67%  | 1.69%  |
| Net investment income (loss)  | .06%  | .24%  | .21%  | -% J | .17%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $47843 | $34772 | $23061 | $20255 | $27727 |
| Portfolio turnover rate K | 15% <br>| 9%  | 18%  | 13%  | 43%  |

---

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 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*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.94)%.*

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

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

J*Amount represents less than .005%.*

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.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.63 | $19.58 | $16.42 | $19.36 | $14.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .28  | .22  | .20  | .20  |
| Net realized and unrealized gain (loss)  | 4.52  | 5.20  | 3.68  | (2.21)  | 6.40  |
| Total from investment operations  | 4.81  | 5.48  | 3.90  | (2.01)  | 6.60  |
| Distributions from net investment income  | (.27)  | (.22)  | (.23)  | (.34)  | (.28)  |
| Distributions from net realized gain  | (.42)  | (.21)  | (.51)  | (.59)  | (1.00)  |
| Total distributions  | (.69)  | (.43)  | (.74)  | (.93)  | (1.28)  |
| Net asset value, end of period  | $28.75 | $24.63 | $19.58 | $16.42 | $19.36 |
| **Total Return** C | 20.02% <br>| 28.44%  | 24.46%  | (10.99)% D | 49.96%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .58%  | .61%  | .63%  | .61%  | .63%  |
| Expenses net of fee waivers, if any  | .58% <br>| .60%  | .62%  | .61%  | .63%  |
| Expenses net of all reductions, if any  | .58%  | .60%  | .62%  | .61%  | .63%  |
| Net investment income (loss)  | 1.11%  | 1.29%  | 1.27%  | 1.06%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2534999 | $1973946 | $1203802 | $927217 | $1166988 |
| Portfolio turnover rate G | 15% <br>| 9%  | 18%  | 13%  | 43%  |

---

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

D*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.03)%.*

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

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

G*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.*

**Fidelity Advisor® Mega Cap Stock Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.66 | $19.61 | $16.45 | $19.39 | $14.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .27  | .22  | .19  | .20  |
| Net realized and unrealized gain (loss)  | 4.53  | 5.22  | 3.68  | (2.21)  | 6.42  |
| Total from investment operations  | 4.81  | 5.49  | 3.90  | (2.02)  | 6.62  |
| Distributions from net investment income  | (.27)  | (.23)  | (.23)  | (.34)  | (.29)  |
| Distributions from net realized gain  | (.42)  | (.21)  | (.51)  | (.59)  | (1.00)  |
| Total distributions  | (.69)  | (.44)  | (.74)  | (.92) C | (1.30) C |
| Net asset value, end of period  | $28.78 | $24.66 | $19.61 | $16.45 | $19.39 |
| **Total Return** D | 20.00% <br>| 28.45%  | 24.43%  | (11.00)% E | 49.97%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .59%  | .63%  | .63%  | .65%  | .65%  |
| Expenses net of fee waivers, if any  | .59% <br>| .62%  | .62%  | .64%  | .65%  |
| Expenses net of all reductions, if any  | .59%  | .62%  | .62%  | .64%  | .64%  |
| Net investment income (loss)  | 1.10%  | 1.27%  | 1.26%  | 1.03%  | 1.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $531235 | $382995 | $132416 | $52884 | $39876 |
| Portfolio turnover rate H | 15% <br>| 9%  | 18%  | 13%  | 43%  |

---

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

E*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (11.04)%.*

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

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

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

**Fidelity Advisor® Mega Cap Stock Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.48 | $19.46 | $16.32 | $19.25 | $13.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .30  | .24  | .22  | .22  |
| Net realized and unrealized gain (loss)  | 4.49  | 5.17  | 3.66  | (2.20)  | 6.36  |
| Total from investment operations  | 4.80  | 5.47  | 3.90  | (1.98)  | 6.58  |
| Distributions from net investment income  | (.30)  | (.24)  | (.25)  | (.36)  | (.30)  |
| Distributions from net realized gain  | (.42)  | (.21)  | (.51)  | (.59)  | (1.00)  |
| Total distributions  | (.72)  | (.45)  | (.76)  | (.95)  | (1.30)  |
| Net asset value, end of period  | $28.56 | $24.48 | $19.46 | $16.32 | $19.25 |
| **Total Return** C | 20.14% <br>| 28.59%  | 24.62%  | (10.92)% D | 50.14%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .47%  | .52%  | .52%  | .51%  | .52%  |
| Expenses net of fee waivers, if any  | .47% <br>| .51%  | .52%  | .51%  | .52%  |
| Expenses net of all reductions, if any  | .47%  | .51%  | .52%  | .51%  | .52%  |
| Net investment income (loss)  | 1.22%  | 1.38%  | 1.37%  | 1.16%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $818829 | $422435 | $192632 | $222146 | $313854 |
| Portfolio turnover rate G | 15% <br>| 9%  | 18%  | 13%  | 43%  |

---

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

D*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (10.96)%.*

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

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

G*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**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Mega Cap Stock Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Mega Cap Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 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. 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.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, certain corporate actions, losses deferred due to wash sales and options transactions.

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**  | $1719563987 |
| **Gross unrealized depreciation**  | <u>(74577609)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1644986378</u> |
| **Tax Cost**  | <u>$2628047287</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$19513511</u> |
| **Undistributed long-term capital gain**  | <u>$101586361</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1644951569</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Ordinary Income**  | $40014802 | $21144621 |
| **Long-term Capital Gains** | <u>49163031</u> | <u>21477079</u> |
| **Total**  | <u>$89177833</u> | <u>$42621700</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Mega Cap Stock Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | (54948) | - |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2131021</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(19646)</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2076073</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(19646)</u> |
| **Totals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2076073</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(19646)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period unless an average notional amount is presented.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mega Cap Stock Fund** | 975596948 | 493696246 |

---

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

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

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .60 |
| **Class M** | .60 |
| **Class C** | .62 |
| **Mega Cap Stock** | .57 |
| **Class I** | .58 |
| **Class Z** | .46 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .60 |
| **Class M** | .60 |
| **Class C** | .62 |
| **Mega Cap Stock** | .57 |
| **Class I** | .58 |
| **Class Z** | .46 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 574862 | 35190 |
| **Class M** | .25% | .25% | 190280 | - |
| **Class C** | .75% | .25% | <u>393517</u> | <u>116012</u> |
|  |  |  | <u>1158659</u> | <u>151202</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** | 150292 |
| **Class M** | 4527 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>472</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>155291</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 Mega Cap Stock Fund** | 8710 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mega Cap Stock Fund** | 89708263 | 20272064 | 3739854 |

---

**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 Mega Cap Stock Fund** | 4780 |

---

**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 Mega Cap Stock Fund** | 4909 | - | - |

---

**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 $5,674.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Fidelity Mega Cap Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $5497190 | $2880657 |
| Class M | 831613 | 523154 |
| Class C | 716276 | 330364 |
| Mega Cap Stock | 56920560 | 29385506 |
| Class I | 10394212 | 4587110 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>14817982</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4914909</u> |
| Total  | <u>$89177833</u> | <u>$42621700</u> |

---

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** |
| **Fidelity Mega Cap Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 2257768 | 2587179 | $57316050 | $54276718 |
| Reinvestment of distributions | 226275 | 141517 | 5446810 | 2864554 |
| Shares redeemed | <u>(1452835)</u> | <u>(1054694)</u> | <u>(36329356)</u> | <u>(22201323)</u> |
| Net increase (decrease) | <u>1031208</u> | <u>1674002</u> | <u>$26433504</u> | <u>$34939949</u> |
| **Class M** |  |  |  |  |
| Shares sold | 274899 | 174545 | $7029016 | $3699988 |
| Reinvestment of distributions | 34505 | 25773 | 830344 | 522636 |
| Shares redeemed | <u>(322309)</u> | <u>(312705)</u> | <u>(8260393)</u> | <u>(6645422)</u> |
| Net increase (decrease) | <u>(12905)</u> | <u>(112387)</u> | <u>$(401033)</u> | <u>$(2422798)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 613877 | 608294 | $15117464 | $12377132 |
| Reinvestment of distributions | 30558 | 16553 | 714530 | 329385 |
| Shares redeemed | <u>(375984)</u> | <u>(377756)</u> | <u>(9195448)</u> | <u>(7660004)</u> |
| Net increase (decrease) | <u>268451</u> | <u>247091</u> | <u>$6636546</u> | <u>$5046513</u> |
| **Mega Cap Stock** |  |  |  |  |
| Shares sold | 28871381 | 31449352 | $746504089 | $674293692 |
| Reinvestment of distributions | 2114955 | 1300230 | 51888381 | 26741328 |
| Shares redeemed | <u>(22938304)</u> | <u>(14101698)</u> | <u>(585929361)</u> | <u>(301970898)</u> |
| Net increase (decrease) | <u>8048032</u> | <u>18647884</u> | <u>$212463109</u> | <u>$399064122</u> |
| **Class I** |  |  |  |  |
| Shares sold | 10205393 | 13309313 | $264428691 | $287136361 |
| Reinvestment of distributions | 414797 | 206340 | 10192705 | 4255654 |
| Shares redeemed | <u>(7691002)</u> | <u>(4738963)</u> | <u>(195541442)</u> | <u>(103276376)</u> |
| Net increase (decrease) | <u>2929188</u> | <u>8776690</u> | <u>$79079954</u> | <u>$188115639</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 21046412 | 9232769 | $516960294 | $196402260 |
| Reinvestment of distributions | 278046 | 41335 | 6781731 | 845995 |
| Shares redeemed | <u>(9908650)</u> | <u>(1917253)</u> | <u>(243158853)</u> | <u>(40615288)</u> |
| Net increase (decrease) | <u>11415808</u> | <u>7356851</u> | <u>$280583172</u> | <u>$156632967</u> |

---

**12. Other.**

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

**13. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Mega Cap Stock Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Mega Cap Stock Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2025, $124,371,510, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in December, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $6,704,551 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 100%, and 97%; Class M designates 100%, and 100%; Class C designates 100%, and 100%; Mega Cap Stock designates 100%, and 79%; Class I designates 100%, and 80%; and Class Z designates 100%, and 73%; of the dividends distributed in August and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 100%, and 100%; Class M designates 100%, and 100%; Class C designates 100%, and 100%; Mega Cap Stock designates 100%, and 93.69%; Class I designates 100%, and 94.21%; and Class Z designates 99.94%, and 86.52%; of the dividends distributed in August and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 0%, and 0%; Class M designates 0%, and 0%; Class C designates 0%, and 0%; Mega Cap Stock designates 0%, and 1.66%; Class I designates 0%, and 1.67%; and Class Z designates 0.02%, and 1.53%; of the dividends distributed in August and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 28001365920.38 | 97.84 |
| Withheld  | 617054076.69 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 27971499925.56 | 97.74 |
| Withheld  | 646920071.51 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 27969572242.17 | 97.73 |
| Withheld  | 648847754.89 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 27969020972.17 | 97.73 |
| Withheld  | 649399024.90 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 27968347738.20 | 97.73 |
| Withheld  | 650072258.87 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 27989732087.37 | 97.80 |
| Withheld  | 628687909.70 | 2.20 |
| TOTAL  | 28618419997.07 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 27998934667.72 | 97.84 |
| Withheld  | 619485329.35 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 28003822853.71 | 97.85 |
| Withheld  | 614597143.36 | 2.15 |
| TOTAL  | 28618419997.07 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 27972777601.40 | 97.74 |
| Withheld  | 645642395.66 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 27996202442.16 | 97.83 |
| Withheld  | 622217554.91 | 2.17 |
| TOTAL  | 28618419997.07 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 27951653339.99 | 97.67 |
| Withheld  | 666766657.08 | 2.33 |
| TOTAL  | 28618419997.07 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 27974319919.30 | 97.75 |
| Withheld  | 644100077.77 | 2.25 |
| TOTAL  | 28618419997.07 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 27955275377.95 | 97.68 |
| Withheld  | 663144619.12 | 2.32 |
| TOTAL  | 28618419997.07 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Mega Cap Stock Fund** 

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 index that has characteristics relevant to the fund's investment strategies (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 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.

<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) 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 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. 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.

Based on its review, the Board concluded that the management fee of each class of the fund 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.

![](img110331_4.jpg)<br>

1.723705.126 GII-ANN-0825

**Fidelity® Growth Discovery Fund**

**Annual Report**

**June 30, 2025**

![](img110332_1.jpg)

![](img110332_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_CII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Discovery Fund](#Sub_Sec_Fund_339_CII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements339_CII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_CII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_CII-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CII-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CII-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CII-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CII-ANN)** |

---

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 (Annual Report)**

**Fidelity® Growth Discovery Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Galapagos NV ADR (b)(c) | 229554 | 6425216 |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 171000 | 33628647 |
| TOTAL BELGIUM |  | 40053863 |
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| MercadoLibre Inc (b) | 31141 | 81391052 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Vale SA ADR  | 1967800 | 19107338 |
| TOTAL BRAZIL |  | 100498390 |
| CANADA - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| IT Services - 1.3% |  |  |
| Shopify Inc Class A (United States) (b)(c) | 684800 | 78991680 |
| CHINA - 2.0%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 1.1% |  |  |
| Tencent Holdings Ltd  | 1095400 | 70582772 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.9% |  |  |
| BYD Co Ltd H Shares  | 3670116 | 57143828 |
| TOTAL CHINA |  | 127726600 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Chemometec A/S  | 84960 | 7840397 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b) | 234683 | 24986699 |
| ISRAEL - 1.0%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd (b)(d) | 993684 | 10 |
| Gamida Cell Ltd warrants 4/21/2028 (b)(c)(d) | 182600 | 2 |
|  |  | 12 |
| Pharmaceuticals - 0.4% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 1630673 | 27330079 |
| TOTAL HEALTH CARE |  | 27330091 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Wix.com Ltd (b)(c) | 211200 | 33466752 |
| TOTAL ISRAEL |  | 60796843 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Chugai Pharmaceutical Co Ltd  | 478793 | 25001529 |
| NETHERLANDS - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| BE Semiconductor Industries NV  | 235363 | 35224085 |
| TAIWAN - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| eMemory Technology Inc  | 73757 | 5957306 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 708501 | 160468391 |
| TOTAL TAIWAN |  | 166425697 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 66715 | 14853683 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Immunocore Holdings PLC ADR (b) | 94567 | 2967512 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| RELX PLC ADR  | 355371 | 19310861 |
| TOTAL UNITED KINGDOM |  | 37132056 |
| UNITED STATES - 87.7%  |  |  |
| Communication Services - 9.1% |  |  |
| Entertainment - 2.0% |  |  |
| Live Nation Entertainment Inc (b)(c) | 331834 | 50199848 |
| ROBLOX Corp Class A (b) | 749500 | 78847400 |
|  |  | 129047248 |
| Interactive Media & Services - 7.1% |  |  |
| Alphabet Inc Class A  | 1654668 | 291602142 |
| Epic Games Inc (b)(d)(e) | 2244 | 1651337 |
| Meta Platforms Inc Class A  | 205836 | 151925493 |
|  |  | 445178972 |
| TOTAL COMMUNICATION SERVICES |  | 574226220 |
| Consumer Discretionary - 16.3% |  |  |
| Broadline Retail - 11.0% |  |  |
| Amazon.com Inc (b) | 3123712 | 685311177 |
| Savers Value Village Inc (b)(c) | 645502 | 6584120 |
|  |  | 691895297 |
| Diversified Consumer Services - 0.2% |  |  |
| Duolingo Inc Class A (b) | 30511 | 12510120 |
| Hotels, Restaurants & Leisure - 2.7% |  |  |
| Airbnb Inc Class A (b) | 444877 | 58875022 |
| Booking Holdings Inc  | 11300 | 65418412 |
| Carnival Corp (b) | 535500 | 15058260 |
| Kura Sushi USA Inc Class A (b)(c) | 118541 | 10204009 |
| Starbucks Corp  | 257300 | 23576399 |
|  |  | 173132102 |
| Household Durables - 0.5% |  |  |
| Blu Homes Inc (b)(d)(e) | 3320224 | 1029 |
| DR Horton Inc  | 105000 | 13536600 |
| TopBuild Corp (b) | 56759 | 18375159 |
|  |  | 31912788 |
| Specialty Retail - 1.9% |  |  |
| Floor & Decor Holdings Inc Class A (b) | 137302 | 10429460 |
| Lowe's Cos Inc  | 501907 | 111358106 |
|  |  | 121787566 |
| TOTAL CONSUMER DISCRETIONARY |  | 1031237873 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The  | 391800 | 27719850 |
| Constellation Brands Inc Class A  | 228700 | 37204916 |
|  |  | 64924766 |
| Personal Care Products - 1.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 916400 | 74045120 |
| TOTAL CONSUMER STAPLES |  | 138969886 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Cheniere Energy Inc  | 236679 | 57636070 |
| Range Resources Corp  | 817302 | 33239672 |
|  |  | 90875742 |
| Financials - 10.0% |  |  |
| Banks - 0.4% |  |  |
| Huntington Bancshares Inc/OH  | 764900 | 12819724 |
| M&T Bank Corp  | 63200 | 12260167 |
|  |  | 25079891 |
| Capital Markets - 1.7% |  |  |
| Evercore Inc Class A  | 72000 | 19441440 |
| Intercontinental Exchange Inc  | 369451 | 67783175 |
| Morgan Stanley  | 120600 | 16987716 |
|  |  | 104212331 |
| Consumer Finance - 1.0% |  |  |
| Capital One Financial Corp  | 293246 | 62391019 |
| Financial Services - 5.9% |  |  |
| Mastercard Inc Class A  | 276744 | 155513524 |
| Rocket Cos Inc Class A (c) | 1256246 | 17813568 |
| Toast Inc Class A (b) | 1203967 | 53323698 |
| Visa Inc Class A  | 417112 | 148095616 |
|  |  | 374746406 |
| Insurance - 1.0% |  |  |
| Arthur J Gallagher & Co  | 194746 | 62342090 |
| TOTAL FINANCIALS |  | 628771737 |
| Health Care - 11.7% |  |  |
| Biotechnology - 3.6% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(d) | 678800 | 6788 |
| Adamas Pharmaceuticals Inc rights (b)(d) | 678800 | 7 |
| Alnylam Pharmaceuticals Inc (b) | 221049 | 72081868 |
| Arcellx Inc (b) | 28491 | 1876132 |
| Beam Therapeutics Inc (b)(c) | 460762 | 7837562 |
| Biogen Inc (b) | 127300 | 15987607 |
| Blueprint Medicines Corp (b) | 20114 | 2578213 |
| Cytokinetics Inc (b) | 111099 | 3670711 |
| Exact Sciences Corp (b) | 907119 | 48204304 |
| Gilead Sciences Inc  | 483782 | 53636910 |
| Hookipa Pharma Inc (b) | 45078 | 56573 |
| Janux Therapeutics Inc (b) | 65827 | 1520604 |
| Krystal Biotech Inc (b) | 17152 | 2357714 |
| Legend Biotech Corp ADR (b) | 180400 | 6402396 |
| Moderna Inc (b) | 212647 | 5866931 |
| Seres Therapeutics Inc (b)(c) | 7980 | 88658 |
| Synlogic Inc (b) | 29260 | 37160 |
| Vor BioPharma Inc (b)(c) | 244770 | 396527 |
| XOMA Royalty Corp (b) | 145367 | 3663248 |
|  |  | 226269913 |
| Health Care Equipment & Supplies - 3.3% |  |  |
| Align Technology Inc (b) | 161313 | 30541390 |
| Boston Scientific Corp (b) | 1337378 | 143647772 |
| Ceribell Inc  | 59300 | 1110689 |
| Glaukos Corp (b) | 129341 | 13359632 |
| Penumbra Inc (b) | 65392 | 16781549 |
| Pulmonx Corp (b) | 101816 | 263703 |
| RxSight Inc (b) | 27759 | 360867 |
|  |  | 206065602 |
| Health Care Providers & Services - 0.8% |  |  |
| HealthEquity Inc (b) | 472483 | 49497319 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (b) | 75700 | 21800086 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (b) | 274716 | 3181211 |
| Bio-Techne Corp  | 40015 | 2058772 |
| Codexis Inc (b)(c) | 578974 | 1412697 |
| MaxCyte Inc (United States) (b)(c) | 304335 | 663450 |
|  |  | 7316130 |
| Pharmaceuticals - 3.6% |  |  |
| Aclaris Therapeutics Inc (b) | 88595 | 125804 |
| Eli Lilly & Co  | 195856 | 152675628 |
| Royalty Pharma PLC Class A  | 2037000 | 73393110 |
| Zevra Therapeutics Inc (b)(c) | 358870 | 3161645 |
|  |  | 229356187 |
| TOTAL HEALTH CARE |  | 740305237 |
| Industrials - 8.5% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| GE Aerospace  | 348477 | 89694495 |
| Loar Holdings Inc (b) | 5267 | 453857 |
|  |  | 90148352 |
| Building Products - 0.0% |  |  |
| Simpson Manufacturing Co Inc  | 16199 | 2515867 |
| Electrical Equipment - 1.3% |  |  |
| GE Vernova Inc  | 157507 | 83344829 |
| Ground Transportation - 0.6% |  |  |
| Uber Technologies Inc (b) | 438890 | 40948437 |
| Machinery - 2.4% |  |  |
| Deere & Co  | 160579 | 81652816 |
| Ingersoll Rand Inc (c) | 344793 | 28679882 |
| Westinghouse Air Brake Technologies Corp  | 161161 | 33739055 |
|  |  | 144071753 |
| Professional Services - 2.2% |  |  |
| Equifax Inc  | 385107 | 99885203 |
| KBR Inc  | 193555 | 9279026 |
| UL Solutions Inc Class A (c) | 372166 | 27116015 |
|  |  | 136280244 |
| Trading Companies & Distributors - 0.6% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 169718 | 37087775 |
| TOTAL INDUSTRIALS |  | 534397257 |
| Information Technology - 26.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Flex Ltd (b) | 560882 | 27999229 |
| Jabil Inc  | 149459 | 32597008 |
|  |  | 60596237 |
| IT Services - 0.0% |  |  |
| Gartner Inc (b) | 12200 | 4931484 |
| Semiconductors & Semiconductor Equipment - 12.2% |  |  |
| Astera Labs Inc (b) | 9640 | 871649 |
| NVIDIA Corp  | 4736994 | 748397683 |
| SiTime Corp (b) | 97590 | 20794477 |
|  |  | 770063809 |
| Software - 8.8% |  |  |
| Appfolio Inc Class A (b) | 12700 | 2924556 |
| Asapp Inc warrants 8/28/2028 (b)(d)(e) | 1014955 | 1014955 |
| Circle Internet Group Inc Class A (c) | 10000 | 1812900 |
| CyberArk Software Ltd (b) | 29700 | 12084336 |
| Docusign Inc (b) | 253500 | 19745115 |
| HubSpot Inc (b) | 80057 | 44562128 |
| Microsoft Corp  | 763100 | 379573571 |
| Monday.com Ltd (b) | 117200 | 36857056 |
| Nutanix Inc Class A (b) | 155807 | 11909887 |
| OpenAI Global LLC rights (b)(d)(e) | 3433000 | 5046510 |
| Palo Alto Networks Inc (b) | 94500 | 19338480 |
| SailPoint Inc  | 34800 | 795528 |
| Zeta Global Holdings Corp Class A (b)(c) | 606206 | 9390131 |
| Zscaler Inc (b) | 27600 | 8664744 |
|  |  | 553719897 |
| Technology Hardware, Storage & Peripherals - 4.0% |  |  |
| Apple Inc  | 1225244 | 251383311 |
| TOTAL INFORMATION TECHNOLOGY |  | 1640694738 |
| Materials - 1.7% |  |  |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 11529 | 2330126 |
| Martin Marietta Materials Inc  | 47545 | 26100303 |
|  |  | 28430429 |
| Containers & Packaging - 0.5% |  |  |
| International Paper Co  | 726866 | 34039135 |
| Metals & Mining - 0.7% |  |  |
| Carpenter Technology Corp  | 155400 | 42949452 |
| TOTAL MATERIALS |  | 105419016 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Zillow Group Inc Class A (b) | 139900 | 9581751 |
| Zillow Group Inc Class C (b) | 591060 | 41403753 |
|  |  | 50985504 |
| TOTAL UNITED STATES |  | 5535883210 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,116,292,525) |  | <br> **6240561049** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (d)(e)(f)<br>(Cost $809,600)<br>| 809600 | **793732** |

---

---

| | | |
|:---|:---|:---|
| &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 Inc Series A (b)(d)(e) | 423 | 547332 |
| Canva Inc Series A2 (b)(d)(e) | 77 | 99633 |
| TOTAL AUSTRALIA |  | 646965 |
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(d)(e) | 30000 | 384300 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(d)(e) | 75700 | 149128 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (d)(e) | 114642 | 4686565 |
| Anduril Industries Inc Series G (d)(e) | 7400 | 302512 |
|  |  | 4989077 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (d)(e) | 204100 | 7461896 |
| Software - 0.0% |  |  |
| Asapp Inc Series C (b)(d)(e) | 250763 | 398713 |
| Asapp Inc Series D (b)(d)(e) | 1768998 | 2335078 |
|  |  | 2733791 |
| TOTAL INFORMATION TECHNOLOGY |  | 10195687 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(d)(e) | 50974 | 641253 |
| Illuminated Holdings Inc Series C3 (b)(d)(e) | 63718 | 801573 |
| Illuminated Holdings Inc Series C4 (b)(d)(e) | 18303 | 230252 |
| Illuminated Holdings Inc Series C5 (b)(d)(e) | 36887 | 464038 |
|  |  | 2137116 |
| TOTAL UNITED STATES |  | 17855308 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $22,370,552) |  | <br> **18502273** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (d)(e)(f)<br>(Cost $1,098,800)<br>| 1098800 | **1310539** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 63609506 | 63622227 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 186594656 | 186613316 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $250,235,543) |  |  | **250235543** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.1%**<br> (Cost $4,390,807,020)<br>| <br>**6511403136** |
| **NET OTHER ASSETS (LIABILITIES) - (3.1)%**  | **(197927723)** |
| **NET ASSETS - 100.0%** | **6313475413** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

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

(d) Level 3 security

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $28,320,375 or 0.4% of net assets.

(f) Security is perpetual in nature with no stated maturity date.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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>|
| Akeana Series C | 1/23/24 | 382824 |
| Anduril Industries Inc Series F | 8/07/24 | 2491927 |
| Anduril Industries Inc Series G | 4/17/25 | 302533 |
| Asapp Inc Series C | 4/30/21 | 1654309 |
| Asapp Inc Series D | 8/29/23 | 6830986 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 1 |
| Blu Homes Inc | 5/21/20 | 5743 |
| Canva Inc Series A | 9/22/23 | 451198 |
| Canva Inc Series A2 | 9/22/23 | 82133 |
| ElevateBio LLC Series C | 3/09/21 | 317562 |
| Epic Games Inc | 3/29/21 | 1985940 |
| Illuminated Holdings Inc 15% | 6/14/23 | 809600 |
| Illuminated Holdings Inc 15% | 9/27/23 | 1098800 |
| Illuminated Holdings Inc Series C2 | 7/07/20 | 1274350 |
| Illuminated Holdings Inc Series C3 | 7/07/20 | 1911540 |
| Illuminated Holdings Inc Series C4 | 1/08/21 | 658908 |
| Illuminated Holdings Inc Series C5 | 6/16/21 | 1593518 |
| OpenAI Global LLC rights | 9/30/24 | 3433000 |
| X.Ai Holdings Corp Series C | 11/22/24 | 4418765 |

---

**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 | 40419537 | 2136679549 | 2113476859 | 3454752 | - | - | 63622227 | 63609506 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 54951080 | 833895273 | 702233037 | 478932 | - | - | 186613316 | 186594656 | 0.6% |
| Total | 95370617 | 2970574822 | 2815709896 | 3933684 | - | - | 250235543 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 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 | 644808992 | 572574883 | 70582772 | 1651337 |
| Consumer Discretionary | 1184626436 | 1127481579 | 57143828 | 1029 |
| Consumer Staples | 138969886 | 138969886 | - | - |
| Energy | 90875742 | 90875742 | - | - |
| Financials | 628771737 | 628771737 | - | - |
| Health Care | 868485328 | 843476992 | 25001529 | 6807 |
| Industrials | 553708118 | 553708118 | - | - |
| Information Technology | 1954802952 | 1948741487 | - | 6061465 |
| Materials | 124526354 | 124526354 | - | - |
| Real Estate | 50985504 | 50985504 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 793732 | - | - | 793732 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 384300 | - | - | 384300 |
| Health Care | 149128 | - | - | 149128 |
| Industrials | 4989077 | - | - | 4989077 |
| Information Technology | 10842652 | - | - | 10842652 |
| Materials | 2137116 | - | - | 2137116 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 1310539 | - | - | 1310539 |
|  **Money Market Funds** | 250235543 | 250235543 | - | - |
| **Total Investments in Securities:** | 6511403136 | 6330347825 | 152728129 | 28327182 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $184,574,979) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,140,571,477) | $6261167593 |  |
| Fidelity Central Funds (cost $250,235,543) | 250235543 |  |
| Total Investment in Securities (cost $4,390,807,020) |  | $6511403136 |
| Foreign currency held at value (cost $196,937) |  | 203157 |
| Receivable for investments sold |  | 12948956 |
| Receivable for fund shares sold |  | 4338983 |
| Dividends receivable |  | 2317329 |
| Interest receivable |  | 173986 |
| Distributions receivable from Fidelity Central Funds |  | 422628 |
| Other receivables |  | 16308 |
| **Total assets** |  | 6531824483 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $23276621 |  |
| Payable for fund shares redeemed | 5984505 |  |
| Accrued management fee | 2427876 |  |
| Other payables and accrued expenses | 52558 |  |
| Collateral on securities loaned | 186607510 |  |
| **Total liabilities** |  | 218349070 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $6313475413 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4102922117 |
| Total accumulated earnings (loss) |  | 2210553296 |
| **Net Assets** |  | $6313475413 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Growth Discovery :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,621,911,806 ÷ 85,861,340 shares) |  | $65.48 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($691,563,607 ÷ 10,531,888 shares) |  | $65.66 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $33037167 |
| Interest  |  | 140564 |
| Income from Fidelity Central Funds (including $478,932 from security lending)  |  | 3933684 |
| **Total income** |  | 37111415 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $37205743 |  |
| Performance adjustment | (551238) |  |
| Custodian fees and expenses | 87764 |  |
| Independent trustees' fees and expenses | 24691 |  |
| Registration fees | 146850 |  |
| Audit fees | 76634 |  |
| Legal | 9533 |  |
| Interest | 60969 |  |
| Miscellaneous | 22611 |  |
| Total expenses before reductions | 37083557 |  |
| Expense reductions | (4490) |  |
| Total expenses after reductions |  | 37079067 |
| **Net Investment income (loss)** |  | 32348 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $3,260,792)  | 407224758 |  |
| Redemptions in-kind | 268261597 |  |
| Foreign currency transactions | (123762) |  |
| Futures contracts | 839867 |  |
| Total net realized gain (loss) |  | 676202460 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,990,306)  | (3406677) |  |
| Assets and liabilities in foreign currencies | 17329 |  |
| Total change in net unrealized appreciation (depreciation) |  | (3389348) |
| **Net gain (loss)** |  | 672813112 |
| **Net increase (decrease) in net assets resulting from operations** |  | $672845460 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $32348 | $(3047864) |
| &nbsp;&nbsp;Net realized gain (loss) | 676202460<br>| 536684973<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (3389348) | 898813501<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 672845460<br>| 1432450610<br>|
| Distributions to shareholders | (728368940)<br>| (95882678)<br>|
| Share transactions - net increase (decrease) | 479939387<br>| 1099134051<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 424415907<br>| 2435701983<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5889059506 | 3453357523<br>|
| &nbsp;&nbsp;End of period | $6313475413 | $5889059506 |

---

**Financial Highlights** 

**Fidelity® Growth Discovery Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $66.33 | $50.18 | $42.65 | $58.70 | $45.22 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | (.04)  | .18  | (.07)  | (.07)  |
| Net realized and unrealized gain (loss)  | 7.05  | 17.56  | 8.84  | (8.48)  | 18.53  |
| Total from investment operations  | 7.05  | 17.52  | 9.02  | (8.55)  | 18.46  |
| Distributions from net investment income  | -  | (.03)  | (.01)  | (.13)  | (.01)  |
| Distributions from net realized gain  | (7.90)  | (1.35)  | (1.48)  | (7.37)  | (4.98)  |
| Total distributions  | (7.90)  | (1.37) D | (1.49)  | (7.50)  | (4.98) D |
| Net asset value, end of period  | $65.48 | $66.33 | $50.18 | $42.65 | $58.70 |
| **Total Return** E | 12.24% <br>| 35.89%  | 21.46%  | (17.10)%  | 43.10%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .62%  | .69%  | .83%  | .77%  | .79%  |
| Expenses net of fee waivers, if any  | .62% <br>| .69%  | .83%  | .77%  | .79%  |
| Expenses net of all reductions, if any  | .62%  | .69%  | .83%  | .77%  | .78%  |
| Net investment income (loss)  | (.01)%  | (.08)%  | .40%  | (.14)%  | (.12)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5621912 | $5286394 | $3073034 | $2338597 | $2944158 |
| Portfolio turnover rate H | 60% I<br>| 41% I | 53%  | 45%  | 51%  |

---

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

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

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

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

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

**Fidelity® Growth Discovery Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $66.47 | $50.29 | $42.71 | $58.78 | $45.27 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .01  | .22  | (.02)  | (.02)  |
| Net realized and unrealized gain (loss)  | 7.07  | 17.59  | 8.87  | (8.50)  | 18.56  |
| Total from investment operations  | 7.11  | 17.60  | 9.09  | (8.52)  | 18.54  |
| Distributions from net investment income  | -  | (.08)  | (.03)  | (.16)  | (.03)  |
| Distributions from net realized gain  | (7.92)  | (1.35)  | (1.48)  | (7.40)  | (5.00)  |
| Total distributions  | (7.92)  | (1.42) C | (1.51)  | (7.55) C | (5.03)  |
| Net asset value, end of period  | $65.66 | $66.47 | $50.29 | $42.71 | $58.78 |
| **Total Return** D | 12.32% <br>| 36.00%  | 21.61%  | (17.04)%  | 43.25%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .54%  | .59%  | .73%  | .68%  | .69%  |
| Expenses net of fee waivers, if any  | .54% <br>| .59%  | .72%  | .68%  | .69%  |
| Expenses net of all reductions, if any  | .54%  | .59%  | .72%  | .68%  | .69%  |
| Net investment income (loss)  | .07%  | .02%  | .50%  | (.05)%  | (.03)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $691564 | $602666 | $380324 | $429818 | $430141 |
| Portfolio turnover rate G | 60% H<br>| 41% H | 53%  | 45%  | 51%  |

---

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

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

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

G*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.*

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

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Growth Discovery Fund (the Fund) is a non-diversified fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Discovery and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **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% |

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*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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 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. 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.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

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| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2254144410 |
| **Gross unrealized depreciation**  | <u>(154727191)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2099417219</u> |
| **Tax Cost**  | <u>$4411985917</u> |

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The tax-based components of distributable earnings as of period end were as follows:

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| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$12384955</u> |
| **Undistributed long-term capital gain**  | <u>$98752463</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2099415879</u> |

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The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Ordinary Income** | $5120258 | $2457551 |
| **Long-term Capital Gains** | <u>723248682</u> | <u>93425127</u> |
| **Total** | <u>$728368940</u> | <u>$95882678</u> |

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**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.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Growth Discovery Fund** | Anduril Industries, Inc. Class B | 32706 | - |

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**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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. |

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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 Growth Discovery Fund** | 3659919738 | 3587323102 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Discovery Fund** | 5541301 | 268261597 | 344296738 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Discovery Fund** | 204067 | 7417170 | 12237905 |

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**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.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Growth Discovery** | .66 |
| **Class K** | .56 |

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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:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Growth Discovery** | .62 |
| **Class K** | .55 |

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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.

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| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Growth Discovery Fund** | Russell 3000 Growth Index |

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For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Growth Discovery. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.01)%.

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

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Discovery Fund** | 28975 |

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**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Growth Discovery Fund** | Borrower | 14709767 | 4.97% | 60969 |

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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 Growth Discovery Fund** | 206056991 | 256858764 | 45618814 |

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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 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 Growth Discovery Fund** | 8742 |

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**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 Growth Discovery Fund** | 53265 | 8889 | - |

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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. During the period, custodian credits reduced the Fund's expenses by $4,490.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended** <br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Fidelity Growth Discovery Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Growth Discovery | $656325543 | $85126880 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; <u>72043397</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>10755798</u> |
| Total  | <u>$728368940</u> | <u>$95882678</u> |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** |
| **Fidelity Growth Discovery Fund** |  |  |  |  |
| **Growth Discovery** |  |  |  |  |
| Shares sold | 25370863 | 28393446 | $1578561607 | $1581710008 |
| Reinvestment of distributions | 10154732 | 1573477 | 601890192 | 77138671 |
| Shares redeemed | <u>(29364939)</u> | <u>(11501146)</u> | <u>(1791187382)</u> | <u>(644722055)</u> |
| Net increase (decrease) | <u>6160656</u> | <u>18465777</u> | <u>$389264417</u> | <u>$1014126624</u> |
| **Class K** |  |  |  |  |
| Shares sold | 3855430 | 2808486 | $238997686 | $158826008 |
| Reinvestment of distributions | 1214747 | 218802 | 72043397 | 10755797 |
| Shares redeemed | <u>(3604447)</u> | <u>(1523705)</u> | <u>(220366113)</u> | <u>(84574378)</u> |
| Net increase (decrease) | <u>1465730</u> | <u>1503583</u> | <u>$90674970</u> | <u>$85007427</u> |

---

**12. Other.**

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

**13. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Growth Discovery Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Discovery Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 13, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2025, $410,767,237, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Growth Discovery, and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Growth Discovery, and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 28001365920.38 | 97.84 |
| Withheld  | 617054076.69 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 27971499925.56 | 97.74 |
| Withheld  | 646920071.51 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 27969572242.17 | 97.73 |
| Withheld  | 648847754.89 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 27969020972.17 | 97.73 |
| Withheld  | 649399024.90 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 27968347738.20 | 97.73 |
| Withheld  | 650072258.87 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 27989732087.37 | 97.80 |
| Withheld  | 628687909.70 | 2.20 |
| TOTAL  | 28618419997.07 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 27998934667.72 | 97.84 |
| Withheld  | 619485329.35 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 28003822853.71 | 97.85 |
| Withheld  | 614597143.36 | 2.15 |
| TOTAL  | 28618419997.07 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 27972777601.40 | 97.74 |
| Withheld  | 645642395.66 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 27996202442.16 | 97.83 |
| Withheld  | 622217554.91 | 2.17 |
| TOTAL  | 28618419997.07 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 27951653339.99 | 97.67 |
| Withheld  | 666766657.08 | 2.33 |
| TOTAL  | 28618419997.07 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 27974319919.30 | 97.75 |
| Withheld  | 644100077.77 | 2.25 |
| TOTAL  | 28618419997.07 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 27955275377.95 | 97.68 |
| Withheld  | 663144619.12 | 2.32 |
| TOTAL  | 28618419997.07 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Growth Discovery Fund**

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 index that has characteristics relevant to the fund's investment strategies (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. 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 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 above 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 considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below the total peer group competitive median.

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.

![](img110332_4.jpg)<br>

1.705796.127 CII-ANN-0825

**Fidelity® Fund**

**Annual Report**

**June 30, 2025**

![](img110333_1.jpg)

![](img110333_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FID-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Fund](#Sub_Sec_Fund_3_FID-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3_FID-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FID-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FID-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FID-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FID-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FID-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FID-ANN)** |

---

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 (Annual Report)**

**Fidelity® Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 175600 | 34533277 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Wheaton Precious Metals Corp  | 490300 | 44091895 |
| CANADA - 1.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alimentation Couche-Tard Inc  | 194500 | 9668225 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Cameco Corp (United States)  | 483100 | 35860513 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Xenon Pharmaceuticals Inc (a) | 78900 | 2469570 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Constellation Software Inc/Canada  | 2300 | 8433530 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Franco-Nevada Corp  | 234500 | 38499846 |
| TOTAL CANADA |  | 94931684 |
| CHINA - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 2442000 | 38022021 |
| Broadline Retail - 0.3% |  |  |
| PDD Holdings Inc Class A ADR (a) | 228700 | 23935742 |
| TOTAL CHINA |  | 61957763 |
| INDIA - 0.8%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (a) | 2777500 | 8560987 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd  | 465200 | 8145614 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| HDFC Bank Ltd ADR  | 604500 | 46347015 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (a) | 446100 | 1992615 |
| TOTAL INDIA |  | 65046231 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Brunello Cucinelli SpA  | 513200 | 62386870 |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Ryanair Holdings PLC ADR  | 273100 | 15749677 |
| TOTAL ITALY |  | 78136547 |
| JAPAN - 0.8%  |  |  |
| Industrials - 0.6% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 1786600 | 51926375 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 71300 | 5285543 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Shin-Etsu Chemical Co Ltd  | 296600 | 9794320 |
| TOTAL JAPAN |  | 67006238 |
| NETHERLANDS - 1.4%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Argenx SE ADR (a) | 75200 | 41451744 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Wolters Kluwer NV  | 76400 | 12774844 |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| ASM International NV  | 13800 | 8833353 |
| ASML Holding NV  | 25600 | 20514223 |
| BE Semiconductor Industries NV  | 7426 | 1111364 |
| NXP Semiconductors NV  | 156977 | 34297905 |
|  |  | 64756845 |
| TOTAL NETHERLANDS |  | 118983433 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 670100 | 151770949 |
| UNITED KINGDOM - 0.8%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Hiscox Ltd  | 997500 | 17183691 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Astrazeneca PLC  | 244000 | 33957277 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| RELX PLC  | 275600 | 14936880 |
| TOTAL UNITED KINGDOM |  | 66077848 |
| UNITED STATES - 89.7%  |  |  |
| Communication Services - 18.0% |  |  |
| Entertainment - 3.5% |  |  |
| Netflix Inc (a) | 187200 | 250685136 |
| Spotify Technology SA (a) | 61800 | 47421612 |
|  |  | 298106748 |
| Interactive Media & Services - 14.2% |  |  |
| Alphabet Inc Class A  | 3624370 | 638722725 |
| Meta Platforms Inc Class A  | 757601 | 559177722 |
|  |  | 1197900447 |
| Media - 0.2% |  |  |
| Charter Communications Inc Class A (a) | 38100 | 15575661 |
| Magnite Inc (a) | 209600 | 5055552 |
|  |  | 20631213 |
| Wireless Telecommunication Services - 0.1% |  |  |
| T-Mobile US Inc  | 39400 | 9387444 |
| TOTAL COMMUNICATION SERVICES |  | 1526025852 |
| Consumer Discretionary - 10.6% |  |  |
| Broadline Retail - 5.7% |  |  |
| Amazon.com Inc (a) | 2194430 | 481435998 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Chipotle Mexican Grill Inc (a) | 809300 | 45442195 |
| DraftKings Inc Class A (a) | 644400 | 27638316 |
| Hilton Worldwide Holdings Inc  | 344400 | 91727496 |
| Viking Holdings Ltd (a)(b) | 181300 | 9661477 |
|  |  | 174469484 |
| Household Durables - 0.8% |  |  |
| DR Horton Inc  | 190800 | 24597936 |
| PulteGroup Inc  | 265700 | 28020722 |
| Somnigroup International Inc  | 209363 | 14247152 |
|  |  | 66865810 |
| Specialty Retail - 2.0% |  |  |
| Lowe's Cos Inc  | 149200 | 33103004 |
| O'Reilly Automotive Inc (a) | 495000 | 44614350 |
| TJX Cos Inc/The  | 639600 | 78984204 |
| Warby Parker Inc Class A (a) | 738000 | 16184340 |
|  |  | 172885898 |
| TOTAL CONSUMER DISCRETIONARY |  | 895657190 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.9% |  |  |
| Coca-Cola Co/The  | 1258000 | 89003500 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Antero Resources Corp (a) | 599200 | 24135776 |
| Centrus Energy Corp Class A (a)(b) | 107700 | 19728486 |
| Cheniere Energy Inc  | 243800 | 59370176 |
| Exxon Mobil Corp  | 751700 | 81033260 |
|  |  | 184267698 |
| Financials - 9.1% |  |  |
| Banks - 3.2% |  |  |
| Bank of America Corp  | 1642800 | 77737296 |
| Wells Fargo & Co  | 2449800 | 196277976 |
|  |  | 274015272 |
| Capital Markets - 0.4% |  |  |
| Blue Owl Capital Inc Class A  | 1270300 | 24402463 |
| Charles Schwab Corp/The  | 103200 | 9415968 |
|  |  | 33818431 |
| Financial Services - 3.4% |  |  |
| Apollo Global Management Inc  | 321800 | 45653766 |
| Fiserv Inc (a) | 361200 | 62274492 |
| Mastercard Inc Class A  | 233600 | 131269184 |
| Toast Inc Class A (a) | 944900 | 41849621 |
|  |  | 281047063 |
| Insurance - 2.1% |  |  |
| Arthur J Gallagher & Co  | 278200 | 89057384 |
| Chubb Ltd  | 316500 | 91696380 |
|  |  | 180753764 |
| TOTAL FINANCIALS |  | 769634530 |
| Health Care - 9.4% |  |  |
| Biotechnology - 1.7% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 193000 | 62935370 |
| Celldex Therapeutics Inc (a) | 89000 | 1811150 |
| Cytokinetics Inc (a) | 46700 | 1542968 |
| Gilead Sciences Inc  | 438600 | 48627582 |
| Insmed Inc (a) | 78700 | 7920368 |
| Legend Biotech Corp ADR (a) | 246548 | 8749989 |
| Regeneron Pharmaceuticals Inc  | 23400 | 12285000 |
| Soleno Therapeutics Inc (a) | 48500 | 4063330 |
|  |  | 147935757 |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Artivion Inc (a) | 293700 | 9134070 |
| Boston Scientific Corp (a) | 1371300 | 147291333 |
| TransMedics Group Inc (a)(b) | 646000 | 86570460 |
|  |  | 242995863 |
| Health Care Providers & Services - 0.5% |  |  |
| Tenet Healthcare Corp (a) | 66900 | 11774400 |
| UnitedHealth Group Inc  | 85300 | 26611041 |
|  |  | 38385441 |
| Health Care Technology - 0.8% |  |  |
| Doximity Inc Class A (a) | 1102572 | 67631766 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 129000 | 25482660 |
| Thermo Fisher Scientific Inc  | 134700 | 54615462 |
|  |  | 80098122 |
| Pharmaceuticals - 2.6% |  |  |
| Eli Lilly & Co  | 279200 | 217644776 |
| TOTAL HEALTH CARE |  | 794691725 |
| Industrials - 11.2% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| ATI Inc (a) | 62500 | 5396250 |
| Boeing Co (a) | 270500 | 56677865 |
| BWX Technologies Inc  | 124300 | 17906658 |
| Howmet Aerospace Inc  | 466800 | 86885484 |
| Karman Holdings Inc (b) | 17400 | 876438 |
| StandardAero Inc  | 41800 | 1322970 |
| TransDigm Group Inc  | 56200 | 85459968 |
|  |  | 254525633 |
| Building Products - 2.0% |  |  |
| AZEK Co Inc/The Class A (a) | 657900 | 35756865 |
| Builders FirstSource Inc (a) | 254100 | 29650929 |
| Tecnoglass Inc  | 466300 | 36072968 |
| Trane Technologies PLC  | 153700 | 67229917 |
|  |  | 168710679 |
| Construction & Engineering - 1.3% |  |  |
| Bowman Consulting Group Ltd (a) | 72334 | 2079603 |
| EMCOR Group Inc  | 66280 | 35452509 |
| Quanta Services Inc  | 192854 | 72914240 |
|  |  | 110446352 |
| Electrical Equipment - 1.8% |  |  |
| Eaton Corp PLC  | 158900 | 56725711 |
| GE Vernova Inc  | 159700 | 84505255 |
| Vertiv Holdings Co Class A  | 85300 | 10953373 |
|  |  | 152184339 |
| Machinery - 2.1% |  |  |
| Chart Industries Inc (a) | 183700 | 30246205 |
| Deere & Co  | 32600 | 16576774 |
| Parker-Hannifin Corp  | 152100 | 106237287 |
| Westinghouse Air Brake Technologies Corp  | 123900 | 25938465 |
|  |  | 178998731 |
| Passenger Airlines - 0.1% |  |  |
| Alaska Air Group Inc (a) | 93500 | 4626380 |
| Professional Services - 0.4% |  |  |
| KBR Inc  | 722400 | 34631856 |
| Trading Companies & Distributors - 0.5% |  |  |
| FTAI Aviation Ltd  | 56900 | 6545776 |
| WW Grainger Inc  | 36300 | 37760712 |
|  |  | 44306488 |
| TOTAL INDUSTRIALS |  | 948430458 |
| Information Technology - 24.3% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ciena Corp (a) | 10500 | 853965 |
| IT Services - 0.2% |  |  |
| Gartner Inc (a) | 43800 | 17704836 |
| Semiconductors & Semiconductor Equipment - 11.0% |  |  |
| Aehr Test Systems (a)(b) | 100000 | 1293000 |
| Astera Labs Inc (a) | 92400 | 8354808 |
| Broadcom Inc  | 110100 | 30349065 |
| Lam Research Corp  | 432000 | 42050880 |
| Marvell Technology Inc  | 797800 | 61749720 |
| Micron Technology Inc  | 538200 | 66333150 |
| NVIDIA Corp  | 4569700 | 721966903 |
|  |  | 932097526 |
| Software - 9.2% |  |  |
| Agilysys Inc (a) | 39200 | 4493888 |
| Cadence Design Systems Inc (a) | 237600 | 73216440 |
| Circle Internet Group Inc Class A (b) | 13300 | 2411157 |
| Microsoft Corp  | 1369240 | 681073669 |
| OpenAI Global LLC rights (a)(c)(d) | 2486039 | 3654477 |
| SailPoint Inc (b) | 44800 | 1024128 |
| ServiceTitan Inc Class A (a)(b) | 3900 | 418002 |
| Weave Communications Inc (a) | 1550800 | 12902656 |
|  |  | 779194417 |
| Technology Hardware, Storage & Peripherals - 3.9% |  |  |
| Apple Inc  | 1603800 | 329051646 |
| TOTAL INFORMATION TECHNOLOGY |  | 2058902390 |
| Materials - 1.6% |  |  |
| Chemicals - 0.8% |  |  |
| Corteva Inc  | 692700 | 51626931 |
| Sherwin-Williams Co/The  | 39200 | 13459712 |
|  |  | 65086643 |
| Construction Materials - 0.2% |  |  |
| Martin Marietta Materials Inc  | 33500 | 18390160 |
| Metals & Mining - 0.6% |  |  |
| Freeport-McMoRan Inc  | 1156900 | 50151615 |
| TOTAL MATERIALS |  | 133628418 |
| Real Estate - 0.4% |  |  |
| Health Care REITs - 0.4% |  |  |
| Welltower Inc  | 254200 | 39078166 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 236900 | 76461844 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| Vistra Corp  | 469900 | 91071319 |
| TOTAL UTILITIES |  | 167533163 |
| TOTAL UNITED STATES |  | 7606853090 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,616,354,889) |  | <br> **8389388955** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series G (c)(d)<br>(Cost $711,361)<br>| 17400 | **711312** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 95216205 | 95235248 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 80324237 | 80332269 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $175,567,285) |  |  | **175567517** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $4,792,633,535)<br>| <br>**8565667784** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(83533469)** |
| **NET ASSETS - 100.0%** | **8482134315** |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,365,789 or 0.1% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anduril Industries Inc Series G | 4/17/25 | 711361 |
| OpenAI Global LLC rights | 9/30/24 | 2486039 |

---

**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 | 76967088 | 3937876640 | 3919608481 | 6001924 | 1596 | (1595) | 95235248 | 95216205 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 9384149 | 326097994 | 255149874 | 33810 | - | - | 80332269 | 80324237 | 0.3% |
| Total | 86351237 | 4263974634 | 4174758355 | 6035734 | 1596 | (1595) | 175567517 |  |  |

---

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

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

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

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 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 | 1526025852 | 1526025852 | - | - |
| Consumer Discretionary | 1028562810 | 990540789 | 38022021 | - |
| Consumer Staples | 98671725 | 98671725 | - | - |
| Energy | 228273825 | 228273825 | - | - |
| Financials | 833165236 | 833165236 | - | - |
| Health Care | 907103593 | 873146316 | 33957277 | - |
| Industrials | 1045810849 | 978947594 | 66863255 | - |
| Information Technology | 2289149257 | 2259695014 | 25799766 | 3654477 |
| Materials | 226014479 | 216220159 | 9794320 | - |
| Real Estate | 39078166 | 39078166 | - | - |
| Utilities | 167533163 | 167533163 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 711312 | - | - | 711312 |
|  **Money Market Funds** | 175567517 | 175567517 | - | - |
| **Total Investments in Securities:** | 8565667784 | 8386865356 | 174436639 | 4365789 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $81,285,118) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,617,066,250) | $8390100267 |  |
| Fidelity Central Funds (cost $175,567,285) | 175567517 |  |
| Total Investment in Securities (cost $4,792,633,535) |  | $8565667784 |
| Cash |  | 3395 |
| Foreign currency held at value (cost $98,245) |  | 98246 |
| Receivable for investments sold |  | 348516 |
| Receivable for fund shares sold |  | 667287 |
| Dividends receivable |  | 2892226 |
| Distributions receivable from Fidelity Central Funds |  | 593105 |
| Other receivables |  | 26592 |
| **Total assets** |  | 8570297151 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $20373 |  |
| Payable for fund shares redeemed | 4858574 |  |
| Accrued management fee | 2851262 |  |
| Other payables and accrued expenses | 100358 |  |
| Collateral on securities loaned | 80332269 |  |
| **Total liabilities** |  | 88162836 |
| **Net Assets**  |  | $8482134315 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4689560850 |
| Total accumulated earnings (loss) |  | 3792573465 |
| **Net Assets** |  | $8482134315 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Fidelity Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,184,620,918 ÷ 80,861,125 shares) |  | $101.22 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($297,513,397 ÷ 2,935,783 shares) |  | $101.34 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $55169075 |
| Interest  |  | 48474 |
| Income from Fidelity Central Funds (including $33,810 from security lending)  |  | 6035734 |
| **Total income** |  | 61253283 |
| **Expenses** |  |  |
| Management fee | $34133657 |  |
| Custodian fees and expenses | 97843 |  |
| Independent trustees' fees and expenses | 33512 |  |
| Registration fees | 77845 |  |
| Audit fees | 114058 |  |
| Legal | 14538 |  |
| Interest | 862 |  |
| Miscellaneous | 31302 |  |
| **Total expenses** |  | 34503617 |
| **Net Investment income (loss)** |  | 26749666 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 257849203 |  |
| Redemptions in-kind | 1467282026 |  |
| Fidelity Central Funds | 1596 |  |
| Foreign currency transactions | 587838 |  |
| Futures contracts | 14085204 |  |
| Total net realized gain (loss) |  | 1739805867 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (830054582) |  |
| Fidelity Central Funds  | (1595) |  |
| Assets and liabilities in foreign currencies | 4989 |  |
| Total change in net unrealized appreciation (depreciation) |  | (830051188) |
| **Net gain (loss)** |  | 909754679 |
| **Net increase (decrease) in net assets resulting from operations** |  | $936504345 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $26749666 | $38732814 |
| &nbsp;&nbsp;Net realized gain (loss) | 1739805867<br>| 952717721<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (830051188) | 1062230093<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 936504345<br>| 2053680628<br>|
| Distributions to shareholders | -<br>| (162281321)<br>|
| Share transactions - net increase (decrease) | (685113318)<br>| (23407018)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 251391027<br>| 1867992289<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8230743288 | 6362750999<br>|
| &nbsp;&nbsp;End of period | $8482134315 | $8230743288 |

---

**Financial Highlights** 

**Fidelity® Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.56 | $69.85 | $58.06 | $72.20 | $54.21 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .42  | .44  | .25  | .28  |
| Net realized and unrealized gain (loss)  | 10.36  | 22.08  | 11.74  | (10.75)  | 19.40  |
| Total from investment operations  | 10.66  | 22.50  | 12.18  | (10.50)  | 19.68  |
| Distributions from net investment income  | -  | (.49)  | (.39)  | (.21)  | (.32)  |
| Distributions from net realized gain  | -  | (1.31)  | -  | (3.44)  | (1.38)  |
| Total distributions  | -  | (1.79) C | (.39)  | (3.64) C | (1.69) C |
| Net asset value, end of period  | $101.22 | $90.56 | $69.85 | $58.06 | $72.20 |
| **Total Return** D | 11.77% <br>| 32.89%  | 21.06%  | (15.60)%  | 36.94%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .42%  | .45%  | .46%  | .45%  | .47%  |
| Expenses net of fee waivers, if any  | .42% <br>| .44%  | .46%  | .45%  | .47%  |
| Expenses net of all reductions, if any  | .42%  | .44%  | .46%  | .45%  | .46%  |
| Net investment income (loss)  | .32%  | .55%  | .71%  | .35%  | .44%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8184621 | $7905243 | $6125431 | $5467793 | $6757824 |
| Portfolio turnover rate G | 31% H<br>| 25% H | 43% H | 39%  | 34% I |

---

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

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

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

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

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

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

G*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.*

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

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.60 | $69.88 | $58.07 | $72.21 | $54.20 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .48  | .50  | .30  | .33  |
| Net realized and unrealized gain (loss)  | 10.36  | 22.09  | 11.74  | (10.74)  | 19.41  |
| Total from investment operations  | 10.74  | 22.57  | 12.24  | (10.44)  | 19.74  |
| Distributions from net investment income  | -  | (.55)  | (.43)  | (.26)  | (.35)  |
| Distributions from net realized gain  | -  | (1.31)  | -  | (3.44)  | (1.38)  |
| Total distributions  | -  | (1.85) C | (.43)  | (3.70)  | (1.73)  |
| Net asset value, end of period  | $101.34 | $90.60 | $69.88 | $58.07 | $72.21 |
| **Total Return** D | 11.85% <br>| 33.00%  | 21.18%  | (15.54)%  | 37.07%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .34%  | .37%  | .38%  | .38%  | .39%  |
| Expenses net of fee waivers, if any  | .34% <br>| .36%  | .37%  | .37%  | .39%  |
| Expenses net of all reductions, if any  | .34%  | .36%  | .37%  | .37%  | .38%  |
| Net investment income (loss)  | .40%  | .63%  | .79%  | .43%  | .52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $297513 | $325500 | $237320 | $673876 | $411377 |
| Portfolio turnover rate G | 31% H<br>| 25% H | 43% H | 39%  | 34% I |

---

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

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

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

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

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

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

G*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.*

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

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Fidelity Fund and Class K shares, each of which has equal rights as to assets and voting privileges.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's 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 June 30, 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.

**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 Fund** | $25298 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, redemptions in-kind and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $3898851147 |
| **Gross unrealized depreciation**  | <u>(126855817)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3771995330</u> |
| **Tax Cost**  | <u>$4793672454</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$20573148</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3772000319</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Ordinary Income** | $- | $44335874 |
| **Long-term Capital Gains** | <u>-</u> | <u>117945447</u> |
| **Total**  | <u>$-</u> | <u>$162281321</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 Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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. |

---

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.

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 Fund** | 4219052949 | 2504894097 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Fund** | 26276518 | 1467282026 | 2399477110 |

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

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Fund** | 15264095 | 860922840 | 1290078477 |

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

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

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Fund** | .42 |
| **Class K** | .34 |

---

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

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Fund** | .42 |
| **Class K** | .34 |

---

**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 Fund** | 41776 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Fund** | Borrower | 6761000 | 4.59% | 862 |

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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 Fund** | 471472867 | 170791490 | (3191467) |

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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 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 Fund** | 11900 |

---

**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 Fund** | 3940 | 762 | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Fidelity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Fidelity Fund | $- | $155989053 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6292268</u> |
| Total  | <u>$</u> <u>-</u> | <u>$162281321</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** |
|  | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** |
| **Fidelity Fund** |  |  |  |  |
| **Fidelity Fund** |  |  |  |  |
| Shares sold | 29228915 | 20591536 | $2644849576 | $1698668011 |
| Reinvestment of distributions | - | 1951351 | - | 140752055 |
| Shares redeemed | <u>(35662230)</u> | <u>(22941952)</u> | <u>(3270137564)</u> | <u>(1878183998)</u> |
| Net increase (decrease) | <u>(6433315)</u> | <u>(399065)</u> | <u>$(625287988)</u> | <u>$(38763932)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 346185 | 629284 | $32047616 | $49061890 |
| Reinvestment of distributions | - | 87237 | - | 6292268 |
| Shares redeemed | <u>(1003321)</u> | <u>(519871)</u> | <u>(91872946)</u> | <u>(39997244)</u> |
| Net increase (decrease) | <u>(657136)</u> | <u>196650</u> | <u>$(59825330)</u> | <u>$15356914</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Fund (one of the funds constituting Fidelity Hastings Street Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2025, $272,268,002, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 28001365920.38 | 97.84 |
| Withheld  | 617054076.69 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 27971499925.56 | 97.74 |
| Withheld  | 646920071.51 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 27969572242.17 | 97.73 |
| Withheld  | 648847754.89 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 27969020972.17 | 97.73 |
| Withheld  | 649399024.90 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 27968347738.20 | 97.73 |
| Withheld  | 650072258.87 | 2.27 |
| TOTAL  | 28618419997.07 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 27989732087.37 | 97.80 |
| Withheld  | 628687909.70 | 2.20 |
| TOTAL  | 28618419997.07 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 27998934667.72 | 97.84 |
| Withheld  | 619485329.35 | 2.16 |
| TOTAL  | 28618419997.07 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 28003822853.71 | 97.85 |
| Withheld  | 614597143.36 | 2.15 |
| TOTAL  | 28618419997.07 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 27972777601.40 | 97.74 |
| Withheld  | 645642395.66 | 2.26 |
| TOTAL  | 28618419997.07 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 27996202442.16 | 97.83 |
| Withheld  | 622217554.91 | 2.17 |
| TOTAL  | 28618419997.07 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 27951653339.99 | 97.67 |
| Withheld  | 666766657.08 | 2.33 |
| TOTAL  | 28618419997.07 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 27974319919.30 | 97.75 |
| Withheld  | 644100077.77 | 2.25 |
| TOTAL  | 28618419997.07 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 27955275377.95 | 97.68 |
| Withheld  | 663144619.12 | 2.32 |
| TOTAL  | 28618419997.07 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Fund**

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 securities market 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. 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) 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 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. 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.

Based on its review, the Board concluded that the management fee of each class of the fund 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.

![](img110333_4.jpg)<br>

1.705632.128 FID-ANN-0825

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>Purchase 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 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 trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99cert.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.](ex99906cert.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 Hastings 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; August 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; August 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; August 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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 Hastings 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:

August 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 Hastings 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:

August 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 Hastings 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: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: August 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>