N-CSRS 1 filing906.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-215


Fidelity Hastings Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

June 30



Date of reporting period:

December 31, 2017


Item 1.

Reports to Stockholders





Fidelity® Fund



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Apple, Inc. 5.4 
Microsoft Corp. 4.5 
JPMorgan Chase & Co. 4.1 
Alphabet, Inc. Class A 3.9 
Bank of America Corp. 3.5 
Facebook, Inc. Class A 3.0 
Amazon.com, Inc. 3.0 
UnitedHealth Group, Inc. 2.5 
Citigroup, Inc. 2.5 
Amgen, Inc. 2.3 
 34.7 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 28.9 
Health Care 19.1 
Financials 17.8 
Consumer Discretionary 9.6 
Industrials 8.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2017 * 
   Stocks 98.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.0% 


 * Foreign investments - 2.8%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 9.6%   
Auto Components - 0.6%   
Aptiv PLC 322,000 $27,315 
Hotels, Restaurants & Leisure - 1.9%   
Domino's Pizza, Inc. 102,000 19,274 
Vail Resorts, Inc. 47,975 10,193 
Wyndham Worldwide Corp. 509,900 59,082 
  88,549 
Internet & Direct Marketing Retail - 4.0%   
Amazon.com, Inc. (a) 116,395 136,120 
Priceline Group, Inc. (a) 27,300 47,440 
  183,560 
Media - 0.9%   
Comcast Corp. Class A 1,100,000 44,055 
Specialty Retail - 2.2%   
Home Depot, Inc. 389,000 73,727 
Lowe's Companies, Inc. 287,618 26,731 
  100,458 
TOTAL CONSUMER DISCRETIONARY  443,937 
CONSUMER STAPLES - 6.7%   
Beverages - 1.2%   
PepsiCo, Inc. 475,054 56,968 
Food & Staples Retailing - 2.6%   
Costco Wholesale Corp. 243,285 45,280 
Wal-Mart Stores, Inc. 770,000 76,038 
  121,318 
Personal Products - 1.2%   
Estee Lauder Companies, Inc. Class A 192,300 24,468 
Unilever NV (Certificaten Van Aandelen) (Bearer) 500,000 28,152 
  52,620 
Tobacco - 1.7%   
British American Tobacco PLC:   
(United Kingdom) 60,000 4,065 
sponsored ADR 131,500 8,809 
Philip Morris International, Inc. 597,400 63,115 
  75,989 
TOTAL CONSUMER STAPLES  306,895 
ENERGY - 2.7%   
Oil, Gas & Consumable Fuels - 2.7%   
ConocoPhillips Co. 748,100 41,063 
Kinder Morgan, Inc. 64,200 1,160 
Phillips 66 Co. 233,000 23,568 
Teekay LNG Partners LP 1,000,001 20,150 
Valero Energy Corp. 417,000 38,326 
  124,267 
FINANCIALS - 17.8%   
Banks - 12.2%   
Bank of America Corp. 5,420,000 159,998 
Citigroup, Inc. 1,555,000 115,708 
JPMorgan Chase & Co. 1,748,900 187,027 
SunTrust Banks, Inc. 1,241,300 80,176 
Wells Fargo & Co. 330,000 20,021 
  562,930 
Capital Markets - 1.8%   
Goldman Sachs Group, Inc. 14,800 3,770 
MSCI, Inc. 250,000 31,635 
S&P Global, Inc. 291,200 49,329 
  84,734 
Insurance - 3.8%   
AFLAC, Inc. 840,037 73,738 
Allstate Corp. 660,000 69,109 
Marsh & McLennan Companies, Inc. 375,000 30,521 
  173,368 
TOTAL FINANCIALS  821,032 
HEALTH CARE - 19.1%   
Biotechnology - 5.9%   
AbbVie, Inc. 765,000 73,983 
Amgen, Inc. 601,000 104,514 
Celgene Corp. (a) 373,044 38,931 
Gilead Sciences, Inc. 689,000 49,360 
Vertex Pharmaceuticals, Inc. (a) 28,000 4,196 
  270,984 
Health Care Equipment & Supplies - 3.6%   
Baxter International, Inc. 495,000 31,997 
Becton, Dickinson & Co. 235,438 50,398 
Boston Scientific Corp. (a) 1,110,221 27,522 
Danaher Corp. 590,000 54,764 
  164,681 
Health Care Providers & Services - 6.4%   
Cigna Corp. 401,000 81,439 
Henry Schein, Inc. (a) 65,000 4,542 
Humana, Inc. 244,800 60,728 
McKesson Corp. 201,608 31,441 
UnitedHealth Group, Inc. 534,100 117,748 
  295,898 
Life Sciences Tools & Services - 1.4%   
Agilent Technologies, Inc. 627,000 41,990 
Waters Corp. (a) 120,571 23,293 
  65,283 
Pharmaceuticals - 1.8%   
Johnson & Johnson 597,300 83,455 
TOTAL HEALTH CARE  880,301 
INDUSTRIALS - 8.0%   
Aerospace & Defense - 4.7%   
Huntington Ingalls Industries, Inc. 236,943 55,847 
Northrop Grumman Corp. 225,000 69,055 
Raytheon Co. 500,000 93,925 
  218,827 
Airlines - 0.2%   
Southwest Airlines Co. 110,000 7,200 
Building Products - 0.9%   
A.O. Smith Corp. 119,401 7,317 
Masco Corp. 750,000 32,955 
  40,272 
Electrical Equipment - 0.7%   
Fortive Corp. 451,600 32,673 
Industrial Conglomerates - 1.4%   
3M Co. 278,000 65,433 
Machinery - 0.1%   
Caterpillar, Inc. 18,100 2,852 
TOTAL INDUSTRIALS  367,257 
INFORMATION TECHNOLOGY - 28.9%   
Electronic Equipment & Components - 1.6%   
Amphenol Corp. Class A 826,000 72,523 
Internet Software & Services - 7.7%   
Akamai Technologies, Inc. (a) 110,094 7,161 
Alphabet, Inc.:   
Class A (a) 172,500 181,712 
Class C (a) 26,027 27,235 
Facebook, Inc. Class A (a) 779,800 137,604 
  353,712 
IT Services - 2.7%   
MasterCard, Inc. Class A 368,000 55,700 
Visa, Inc. Class A 630,000 71,833 
  127,533 
Semiconductors & Semiconductor Equipment - 3.8%   
Applied Materials, Inc. 828,000 42,327 
Broadcom Ltd. 71,100 18,266 
KLA-Tencor Corp. 163,080 17,135 
Lam Research Corp. 151,738 27,930 
Qualcomm, Inc. 140,000 8,963 
Texas Instruments, Inc. 575,000 60,053 
  174,674 
Software - 7.7%   
Adobe Systems, Inc. (a) 290,000 50,820 
Check Point Software Technologies Ltd. (a) 276,000 28,599 
Citrix Systems, Inc. (a) 370,000 32,560 
Electronic Arts, Inc. (a) 360,000 37,822 
Microsoft Corp. 2,385,000 204,013 
  353,814 
Technology Hardware, Storage & Peripherals - 5.4%   
Apple, Inc. 1,476,701 249,902 
TOTAL INFORMATION TECHNOLOGY  1,332,158 
MATERIALS - 2.5%   
Chemicals - 2.5%   
DowDuPont, Inc. 661,701 47,126 
Monsanto Co. 380,000 44,376 
The Chemours Co. LLC 500,000 25,030 
  116,532 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
American Tower Corp. 244,100 34,826 
Equinix, Inc. 17,700 8,022 
  42,848 
TELECOMMUNICATION SERVICES - 0.6%   
Wireless Telecommunication Services - 0.6%   
T-Mobile U.S., Inc. (a) 450,000 28,580 
UTILITIES - 1.2%   
Electric Utilities - 1.2%   
NextEra Energy, Inc. 334,611 52,263 
TOTAL COMMON STOCKS   
(Cost $3,037,400)  4,516,070 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 1.36% (b)   
(Cost $107,610) 107,588,624 107,610 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $3,145,010)  4,623,680 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (13,621) 
NET ASSETS - 100%  $4,610,059 

Legend

 (a) Non-income producing

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


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $631 
Fidelity Securities Lending Cash Central Fund 5 
Total $636 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $443,937 $443,937 $-- $-- 
Consumer Staples 306,895 278,743 28,152 -- 
Energy 124,267 124,267 -- -- 
Financials 821,032 821,032 -- -- 
Health Care 880,301 880,301 -- -- 
Industrials 367,257 367,257 -- -- 
Information Technology 1,332,158 1,332,158 -- -- 
Materials 116,532 116,532 -- -- 
Real Estate 42,848 42,848 -- -- 
Telecommunication Services 28,580 28,580 -- -- 
Utilities 52,263 52,263 -- -- 
Money Market Funds 107,610 107,610 -- -- 
Total Investments in Securities: $4,623,680 $4,595,528 $28,152 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $3,037,400) 		$4,516,070  
Fidelity Central Funds (cost $107,610) 107,610  
Total Investment in Securities (cost $3,145,010)  $4,623,680 
Receivable for investments sold  11,425 
Receivable for fund shares sold  845 
Dividends receivable  2,775 
Distributions receivable from Fidelity Central Funds  108 
Prepaid expenses  8 
Other receivables  203 
Total assets  4,639,044 
Liabilities   
Payable to custodian bank $415  
Payable for investments purchased 8,425  
Payable for fund shares redeemed 18,030  
Accrued management fee 1,284  
Other affiliated payables 591  
Other payables and accrued expenses 240  
Total liabilities  28,985 
Net Assets  $4,610,059 
Net Assets consist of:   
Paid in capital  $3,079,424 
Distributions in excess of net investment income  (2,826) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  54,802 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,478,659 
Net Assets  $4,610,059 
Fidelity Fund:   
Net Asset Value, offering price and redemption price per share ($4,155,673 ÷ 91,869 shares)  $45.23 
Class K:   
Net Asset Value, offering price and redemption price per share ($454,386 ÷ 10,050 shares)  $45.21 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $32,939 
Interest  12 
Income from Fidelity Central Funds  636 
Total income  33,587 
Expenses   
Management fee $7,581  
Transfer agent fees 2,983  
Accounting and security lending fees 532  
Custodian fees and expenses 38  
Independent trustees' fees and expenses 9  
Appreciation in deferred trustee compensation account 1  
Registration fees 23  
Audit 41  
Legal 11  
Miscellaneous 14  
Total expenses before reductions 11,233  
Expense reductions (55) 11,178 
Net investment income (loss)  22,409 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 144,724  
Foreign currency transactions 5  
Futures contracts 3,143  
Total net realized gain (loss)  147,872 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 403,053  
Assets and liabilities in foreign currencies 9  
Futures contracts 389  
Total change in net unrealized appreciation (depreciation)  403,451 
Net gain (loss)  551,323 
Net increase (decrease) in net assets resulting from operations  $573,732 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $22,409 $46,426 
Net realized gain (loss) 147,872 514,093 
Change in net unrealized appreciation (depreciation) 403,451 31,250 
Net increase (decrease) in net assets resulting from operations 573,732 591,769 
Distributions to shareholders from net investment income (45,244) (45,768) 
Distributions to shareholders from net realized gain (472,239) (254,005) 
Total distributions (517,483) (299,773) 
Share transactions - net increase (decrease) 107,174 (302,961) 
Total increase (decrease) in net assets 163,423 (10,965) 
Net Assets   
Beginning of period 4,446,636 4,457,601 
End of period $4,610,059 $4,446,636 
Other Information   
Undistributed net investment income end of period $– $20,009 
Distributions in excess of net investment income end of period $(2,826) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $44.92 $42.04 $44.69 $45.42 $39.77 $34.51 
Income from Investment Operations       
Net investment income (loss)A .22 .44 .38 .34 .35 .44 
Net realized and unrealized gain (loss) 5.34 5.33 (.73) 3.91 8.61 5.31 
Total from investment operations 5.56 5.77 (.35) 4.25 8.96 5.75 
Distributions from net investment income (.45) (.44) (.31) (.30) (.32) (.49) 
Distributions from net realized gain (4.80) (2.45) (1.99) (4.68) (2.98) – 
Total distributions (5.25) (2.89) (2.30) (4.98) (3.31)B (.49) 
Net asset value, end of period $45.23 $44.92 $42.04 $44.69 $45.42 $39.77 
Total ReturnC,D 13.43% 14.34% (.83)% 10.52% 23.70% 16.85% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .50%G .52% .52% .52% .53% .56% 
Expenses net of fee waivers, if any .50%G .52% .52% .52% .53% .56% 
Expenses net of all reductions .50%G .51% .52% .52% .53% .55% 
Net investment income (loss) .97%G 1.04% .91% .79% .82% 1.18% 
Supplemental Data       
Net assets, end of period (in millions) $4,156 $3,884 $3,762 $4,143 $4,811 $4,451 
Portfolio turnover rateH 28%G 82% 67% 59%I 93% 113% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $3.31 per share is comprised of distributions from net investment income of $.324 and distributions from net realized gain of $2.984 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Fund Class K

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $44.92 $42.04 $44.69 $45.42 $39.78 $34.52 
Income from Investment Operations       
Net investment income (loss)A .24 .49 .42 .39 .40 .49 
Net realized and unrealized gain (loss) 5.34 5.32 (.72) 3.91 8.60 5.31 
Total from investment operations 5.58 5.81 (.30) 4.30 9.00 5.80 
Distributions from net investment income (.49) (.48) (.36) (.35) (.38) (.54) 
Distributions from net realized gain (4.80) (2.45) (1.99) (4.68) (2.98) – 
Total distributions (5.29) (2.93) (2.35) (5.03) (3.36) (.54) 
Net asset value, end of period $45.21 $44.92 $42.04 $44.69 $45.42 $39.78 
Total ReturnB,C 13.49% 14.46% (.72)% 10.65% 23.83% 17.03% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .41%F .41% .41% .41% .41% .42% 
Expenses net of fee waivers, if any .41%F .41% .41% .41% .41% .42% 
Expenses net of all reductions .41%F .41% .41% .41% .41% .41% 
Net investment income (loss) 1.07%F 1.14% 1.02% .90% .94% 1.32% 
Supplemental Data       
Net assets, end of period (in millions) $454 $563 $696 $952 $1,119 $994 
Portfolio turnover rateG 28%F 82% 67% 59%H 93% 113% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation $1,492,945 
Gross unrealized depreciation (18,524) 
Net unrealized appreciation (depreciation) $1,474,421 
Tax cost $3,149,259 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $628,589 and $1,000,537, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .09% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .33% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Fidelity Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Fidelity Fund $2,860 .14 
Class K 123 .05 
 $2,983  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $17 for the period.

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

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $35 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $20.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended December 31, 2017 Year ended June 30, 2017 
From net investment income   
Fidelity Fund $39,636 $38,394 
Class K 5,608 7,374 
Total $45,244 $45,768 
From net realized gain   
Fidelity Fund $414,639 $216,202 
Class K 57,600 37,803 
Total $472,239 $254,005 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended December 31, 2017 Year ended June 30, 2017 Six months ended December 31, 2017 Year ended June 30, 2017 
Fidelity Fund     
Shares sold 1,047 2,301 $46,694 $98,348 
Reinvestment of distributions 9,897 5,609 419,088 234,849 
Shares redeemed (5,534) (10,936) (246,186) (466,956) 
Net increase (decrease) 5,410 (3,026) $219,596 $(133,759) 
Class K     
Shares sold 550 1,298 $24,555 $55,407 
Reinvestment of distributions 1,498 1,079 63,208 45,177 
Shares redeemed (4,527) (6,399) (200,185) (269,786) 
Net increase (decrease) (2,479) (4,022) $(112,422) $(169,202) 

12. Other.

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

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Fidelity Fund .50%    
Actual  $1,000.00 $1,134.30 $2.69 
Hypothetical-C  $1,000.00 $1,022.68 $2.55 
Class K .41%    
Actual  $1,000.00 $1,134.90 $2.21 
Hypothetical-C  $1,000.00 $1,023.14 $2.09 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Fund


The Board has discussed the fund's underperformance (based on the December 31, 2016 data presented herein) with FMR, including the fund's investment strategy, the portfolio management team, and broader trends in the market that may have impacted the fund's performance, and has engaged with FMR to consider what steps might be taken to remediate the fund's underperformance. The Board noted that the fund's performance has improved since the period shown. The Board noted that there were portfolio management changes for the fund in April 2017 and June 2017.

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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FID-SANN-0218
1.540016.120

Fidelity® Fund
Class K



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Apple, Inc. 5.4 
Microsoft Corp. 4.5 
JPMorgan Chase & Co. 4.1 
Alphabet, Inc. Class A 3.9 
Bank of America Corp. 3.5 
Facebook, Inc. Class A 3.0 
Amazon.com, Inc. 3.0 
UnitedHealth Group, Inc. 2.5 
Citigroup, Inc. 2.5 
Amgen, Inc. 2.3 
 34.7 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 28.9 
Health Care 19.1 
Financials 17.8 
Consumer Discretionary 9.6 
Industrials 8.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2017 * 
   Stocks 98.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.0% 


 * Foreign investments - 2.8%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 9.6%   
Auto Components - 0.6%   
Aptiv PLC 322,000 $27,315 
Hotels, Restaurants & Leisure - 1.9%   
Domino's Pizza, Inc. 102,000 19,274 
Vail Resorts, Inc. 47,975 10,193 
Wyndham Worldwide Corp. 509,900 59,082 
  88,549 
Internet & Direct Marketing Retail - 4.0%   
Amazon.com, Inc. (a) 116,395 136,120 
Priceline Group, Inc. (a) 27,300 47,440 
  183,560 
Media - 0.9%   
Comcast Corp. Class A 1,100,000 44,055 
Specialty Retail - 2.2%   
Home Depot, Inc. 389,000 73,727 
Lowe's Companies, Inc. 287,618 26,731 
  100,458 
TOTAL CONSUMER DISCRETIONARY  443,937 
CONSUMER STAPLES - 6.7%   
Beverages - 1.2%   
PepsiCo, Inc. 475,054 56,968 
Food & Staples Retailing - 2.6%   
Costco Wholesale Corp. 243,285 45,280 
Wal-Mart Stores, Inc. 770,000 76,038 
  121,318 
Personal Products - 1.2%   
Estee Lauder Companies, Inc. Class A 192,300 24,468 
Unilever NV (Certificaten Van Aandelen) (Bearer) 500,000 28,152 
  52,620 
Tobacco - 1.7%   
British American Tobacco PLC:   
(United Kingdom) 60,000 4,065 
sponsored ADR 131,500 8,809 
Philip Morris International, Inc. 597,400 63,115 
  75,989 
TOTAL CONSUMER STAPLES  306,895 
ENERGY - 2.7%   
Oil, Gas & Consumable Fuels - 2.7%   
ConocoPhillips Co. 748,100 41,063 
Kinder Morgan, Inc. 64,200 1,160 
Phillips 66 Co. 233,000 23,568 
Teekay LNG Partners LP 1,000,001 20,150 
Valero Energy Corp. 417,000 38,326 
  124,267 
FINANCIALS - 17.8%   
Banks - 12.2%   
Bank of America Corp. 5,420,000 159,998 
Citigroup, Inc. 1,555,000 115,708 
JPMorgan Chase & Co. 1,748,900 187,027 
SunTrust Banks, Inc. 1,241,300 80,176 
Wells Fargo & Co. 330,000 20,021 
  562,930 
Capital Markets - 1.8%   
Goldman Sachs Group, Inc. 14,800 3,770 
MSCI, Inc. 250,000 31,635 
S&P Global, Inc. 291,200 49,329 
  84,734 
Insurance - 3.8%   
AFLAC, Inc. 840,037 73,738 
Allstate Corp. 660,000 69,109 
Marsh & McLennan Companies, Inc. 375,000 30,521 
  173,368 
TOTAL FINANCIALS  821,032 
HEALTH CARE - 19.1%   
Biotechnology - 5.9%   
AbbVie, Inc. 765,000 73,983 
Amgen, Inc. 601,000 104,514 
Celgene Corp. (a) 373,044 38,931 
Gilead Sciences, Inc. 689,000 49,360 
Vertex Pharmaceuticals, Inc. (a) 28,000 4,196 
  270,984 
Health Care Equipment & Supplies - 3.6%   
Baxter International, Inc. 495,000 31,997 
Becton, Dickinson & Co. 235,438 50,398 
Boston Scientific Corp. (a) 1,110,221 27,522 
Danaher Corp. 590,000 54,764 
  164,681 
Health Care Providers & Services - 6.4%   
Cigna Corp. 401,000 81,439 
Henry Schein, Inc. (a) 65,000 4,542 
Humana, Inc. 244,800 60,728 
McKesson Corp. 201,608 31,441 
UnitedHealth Group, Inc. 534,100 117,748 
  295,898 
Life Sciences Tools & Services - 1.4%   
Agilent Technologies, Inc. 627,000 41,990 
Waters Corp. (a) 120,571 23,293 
  65,283 
Pharmaceuticals - 1.8%   
Johnson & Johnson 597,300 83,455 
TOTAL HEALTH CARE  880,301 
INDUSTRIALS - 8.0%   
Aerospace & Defense - 4.7%   
Huntington Ingalls Industries, Inc. 236,943 55,847 
Northrop Grumman Corp. 225,000 69,055 
Raytheon Co. 500,000 93,925 
  218,827 
Airlines - 0.2%   
Southwest Airlines Co. 110,000 7,200 
Building Products - 0.9%   
A.O. Smith Corp. 119,401 7,317 
Masco Corp. 750,000 32,955 
  40,272 
Electrical Equipment - 0.7%   
Fortive Corp. 451,600 32,673 
Industrial Conglomerates - 1.4%   
3M Co. 278,000 65,433 
Machinery - 0.1%   
Caterpillar, Inc. 18,100 2,852 
TOTAL INDUSTRIALS  367,257 
INFORMATION TECHNOLOGY - 28.9%   
Electronic Equipment & Components - 1.6%   
Amphenol Corp. Class A 826,000 72,523 
Internet Software & Services - 7.7%   
Akamai Technologies, Inc. (a) 110,094 7,161 
Alphabet, Inc.:   
Class A (a) 172,500 181,712 
Class C (a) 26,027 27,235 
Facebook, Inc. Class A (a) 779,800 137,604 
  353,712 
IT Services - 2.7%   
MasterCard, Inc. Class A 368,000 55,700 
Visa, Inc. Class A 630,000 71,833 
  127,533 
Semiconductors & Semiconductor Equipment - 3.8%   
Applied Materials, Inc. 828,000 42,327 
Broadcom Ltd. 71,100 18,266 
KLA-Tencor Corp. 163,080 17,135 
Lam Research Corp. 151,738 27,930 
Qualcomm, Inc. 140,000 8,963 
Texas Instruments, Inc. 575,000 60,053 
  174,674 
Software - 7.7%   
Adobe Systems, Inc. (a) 290,000 50,820 
Check Point Software Technologies Ltd. (a) 276,000 28,599 
Citrix Systems, Inc. (a) 370,000 32,560 
Electronic Arts, Inc. (a) 360,000 37,822 
Microsoft Corp. 2,385,000 204,013 
  353,814 
Technology Hardware, Storage & Peripherals - 5.4%   
Apple, Inc. 1,476,701 249,902 
TOTAL INFORMATION TECHNOLOGY  1,332,158 
MATERIALS - 2.5%   
Chemicals - 2.5%   
DowDuPont, Inc. 661,701 47,126 
Monsanto Co. 380,000 44,376 
The Chemours Co. LLC 500,000 25,030 
  116,532 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
American Tower Corp. 244,100 34,826 
Equinix, Inc. 17,700 8,022 
  42,848 
TELECOMMUNICATION SERVICES - 0.6%   
Wireless Telecommunication Services - 0.6%   
T-Mobile U.S., Inc. (a) 450,000 28,580 
UTILITIES - 1.2%   
Electric Utilities - 1.2%   
NextEra Energy, Inc. 334,611 52,263 
TOTAL COMMON STOCKS   
(Cost $3,037,400)  4,516,070 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 1.36% (b)   
(Cost $107,610) 107,588,624 107,610 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $3,145,010)  4,623,680 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (13,621) 
NET ASSETS - 100%  $4,610,059 

Legend

 (a) Non-income producing

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


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $631 
Fidelity Securities Lending Cash Central Fund 5 
Total $636 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $443,937 $443,937 $-- $-- 
Consumer Staples 306,895 278,743 28,152 -- 
Energy 124,267 124,267 -- -- 
Financials 821,032 821,032 -- -- 
Health Care 880,301 880,301 -- -- 
Industrials 367,257 367,257 -- -- 
Information Technology 1,332,158 1,332,158 -- -- 
Materials 116,532 116,532 -- -- 
Real Estate 42,848 42,848 -- -- 
Telecommunication Services 28,580 28,580 -- -- 
Utilities 52,263 52,263 -- -- 
Money Market Funds 107,610 107,610 -- -- 
Total Investments in Securities: $4,623,680 $4,595,528 $28,152 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $3,037,400) 		$4,516,070  
Fidelity Central Funds (cost $107,610) 107,610  
Total Investment in Securities (cost $3,145,010)  $4,623,680 
Receivable for investments sold  11,425 
Receivable for fund shares sold  845 
Dividends receivable  2,775 
Distributions receivable from Fidelity Central Funds  108 
Prepaid expenses  8 
Other receivables  203 
Total assets  4,639,044 
Liabilities   
Payable to custodian bank $415  
Payable for investments purchased 8,425  
Payable for fund shares redeemed 18,030  
Accrued management fee 1,284  
Other affiliated payables 591  
Other payables and accrued expenses 240  
Total liabilities  28,985 
Net Assets  $4,610,059 
Net Assets consist of:   
Paid in capital  $3,079,424 
Distributions in excess of net investment income  (2,826) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  54,802 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,478,659 
Net Assets  $4,610,059 
Fidelity Fund:   
Net Asset Value, offering price and redemption price per share ($4,155,673 ÷ 91,869 shares)  $45.23 
Class K:   
Net Asset Value, offering price and redemption price per share ($454,386 ÷ 10,050 shares)  $45.21 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $32,939 
Interest  12 
Income from Fidelity Central Funds  636 
Total income  33,587 
Expenses   
Management fee $7,581  
Transfer agent fees 2,983  
Accounting and security lending fees 532  
Custodian fees and expenses 38  
Independent trustees' fees and expenses 9  
Appreciation in deferred trustee compensation account 1  
Registration fees 23  
Audit 41  
Legal 11  
Miscellaneous 14  
Total expenses before reductions 11,233  
Expense reductions (55) 11,178 
Net investment income (loss)  22,409 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 144,724  
Foreign currency transactions 5  
Futures contracts 3,143  
Total net realized gain (loss)  147,872 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 403,053  
Assets and liabilities in foreign currencies 9  
Futures contracts 389  
Total change in net unrealized appreciation (depreciation)  403,451 
Net gain (loss)  551,323 
Net increase (decrease) in net assets resulting from operations  $573,732 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $22,409 $46,426 
Net realized gain (loss) 147,872 514,093 
Change in net unrealized appreciation (depreciation) 403,451 31,250 
Net increase (decrease) in net assets resulting from operations 573,732 591,769 
Distributions to shareholders from net investment income (45,244) (45,768) 
Distributions to shareholders from net realized gain (472,239) (254,005) 
Total distributions (517,483) (299,773) 
Share transactions - net increase (decrease) 107,174 (302,961) 
Total increase (decrease) in net assets 163,423 (10,965) 
Net Assets   
Beginning of period 4,446,636 4,457,601 
End of period $4,610,059 $4,446,636 
Other Information   
Undistributed net investment income end of period $– $20,009 
Distributions in excess of net investment income end of period $(2,826) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $44.92 $42.04 $44.69 $45.42 $39.77 $34.51 
Income from Investment Operations       
Net investment income (loss)A .22 .44 .38 .34 .35 .44 
Net realized and unrealized gain (loss) 5.34 5.33 (.73) 3.91 8.61 5.31 
Total from investment operations 5.56 5.77 (.35) 4.25 8.96 5.75 
Distributions from net investment income (.45) (.44) (.31) (.30) (.32) (.49) 
Distributions from net realized gain (4.80) (2.45) (1.99) (4.68) (2.98) – 
Total distributions (5.25) (2.89) (2.30) (4.98) (3.31)B (.49) 
Net asset value, end of period $45.23 $44.92 $42.04 $44.69 $45.42 $39.77 
Total ReturnC,D 13.43% 14.34% (.83)% 10.52% 23.70% 16.85% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .50%G .52% .52% .52% .53% .56% 
Expenses net of fee waivers, if any .50%G .52% .52% .52% .53% .56% 
Expenses net of all reductions .50%G .51% .52% .52% .53% .55% 
Net investment income (loss) .97%G 1.04% .91% .79% .82% 1.18% 
Supplemental Data       
Net assets, end of period (in millions) $4,156 $3,884 $3,762 $4,143 $4,811 $4,451 
Portfolio turnover rateH 28%G 82% 67% 59%I 93% 113% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $3.31 per share is comprised of distributions from net investment income of $.324 and distributions from net realized gain of $2.984 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Fund Class K

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $44.92 $42.04 $44.69 $45.42 $39.78 $34.52 
Income from Investment Operations       
Net investment income (loss)A .24 .49 .42 .39 .40 .49 
Net realized and unrealized gain (loss) 5.34 5.32 (.72) 3.91 8.60 5.31 
Total from investment operations 5.58 5.81 (.30) 4.30 9.00 5.80 
Distributions from net investment income (.49) (.48) (.36) (.35) (.38) (.54) 
Distributions from net realized gain (4.80) (2.45) (1.99) (4.68) (2.98) – 
Total distributions (5.29) (2.93) (2.35) (5.03) (3.36) (.54) 
Net asset value, end of period $45.21 $44.92 $42.04 $44.69 $45.42 $39.78 
Total ReturnB,C 13.49% 14.46% (.72)% 10.65% 23.83% 17.03% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .41%F .41% .41% .41% .41% .42% 
Expenses net of fee waivers, if any .41%F .41% .41% .41% .41% .42% 
Expenses net of all reductions .41%F .41% .41% .41% .41% .41% 
Net investment income (loss) 1.07%F 1.14% 1.02% .90% .94% 1.32% 
Supplemental Data       
Net assets, end of period (in millions) $454 $563 $696 $952 $1,119 $994 
Portfolio turnover rateG 28%F 82% 67% 59%H 93% 113% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation $1,492,945 
Gross unrealized depreciation (18,524) 
Net unrealized appreciation (depreciation) $1,474,421 
Tax cost $3,149,259 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $628,589 and $1,000,537, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .09% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .33% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Fidelity Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Fidelity Fund $2,860 .14 
Class K 123 .05 
 $2,983  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $17 for the period.

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

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $35 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $20.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended December 31, 2017 Year ended June 30, 2017 
From net investment income   
Fidelity Fund $39,636 $38,394 
Class K 5,608 7,374 
Total $45,244 $45,768 
From net realized gain   
Fidelity Fund $414,639 $216,202 
Class K 57,600 37,803 
Total $472,239 $254,005 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended December 31, 2017 Year ended June 30, 2017 Six months ended December 31, 2017 Year ended June 30, 2017 
Fidelity Fund     
Shares sold 1,047 2,301 $46,694 $98,348 
Reinvestment of distributions 9,897 5,609 419,088 234,849 
Shares redeemed (5,534) (10,936) (246,186) (466,956) 
Net increase (decrease) 5,410 (3,026) $219,596 $(133,759) 
Class K     
Shares sold 550 1,298 $24,555 $55,407 
Reinvestment of distributions 1,498 1,079 63,208 45,177 
Shares redeemed (4,527) (6,399) (200,185) (269,786) 
Net increase (decrease) (2,479) (4,022) $(112,422) $(169,202) 

12. Other.

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

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Fidelity Fund .50%    
Actual  $1,000.00 $1,134.30 $2.69 
Hypothetical-C  $1,000.00 $1,022.68 $2.55 
Class K .41%    
Actual  $1,000.00 $1,134.90 $2.21 
Hypothetical-C  $1,000.00 $1,023.14 $2.09 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Fund


The Board has discussed the fund's underperformance (based on the December 31, 2016 data presented herein) with FMR, including the fund's investment strategy, the portfolio management team, and broader trends in the market that may have impacted the fund's performance, and has engaged with FMR to consider what steps might be taken to remediate the fund's underperformance. The Board noted that the fund's performance has improved since the period shown. The Board noted that there were portfolio management changes for the fund in April 2017 and June 2017.

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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FID-K-SANN-0218
1.863258.109

Fidelity® Growth Discovery Fund



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Alphabet, Inc. Class A 6.6 
Microsoft Corp. 5.0 
Amazon.com, Inc. 4.7 
Home Depot, Inc. 3.1 
Charles Schwab Corp. 2.9 
Facebook, Inc. Class A 2.9 
Apple, Inc. 2.8 
Visa, Inc. Class A 2.4 
Adobe Systems, Inc. 2.2 
JPMorgan Chase & Co. 1.9 
 34.5 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 40.6 
Financials 12.0 
Consumer Discretionary 11.8 
Health Care 10.0 
Industrials 8.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 95.3% 
   Convertible Securities 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.2% 


 * Foreign investments - 11.4%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 11.8%   
Diversified Consumer Services - 0.5%   
Grand Canyon Education, Inc. (a) 104,500 $9,356 
Hotels, Restaurants & Leisure - 0.4%   
Marriott International, Inc. Class A 30,100 4,085 
Wingstop, Inc. 82,300 3,208 
  7,293 
Household Durables - 1.1%   
Gree Electric Appliances, Inc. of Zhuhai Class A 168,500 1,132 
Panasonic Corp. 1,177,300 17,181 
  18,313 
Internet & Direct Marketing Retail - 4.9%   
Amazon.com, Inc. (a) 70,100 81,980 
Priceline Group, Inc.(a) 1,800 3,128 
  85,108 
Media - 1.1%   
Charter Communications, Inc. Class A (a) 57,200 19,217 
China Literature Ltd. (a)(b) 286 3 
  19,220 
Specialty Retail - 3.1%   
Home Depot, Inc. 281,924 53,433 
Textiles, Apparel & Luxury Goods - 0.7%   
Kering SA 2,500 1,179 
LVMH Moet Hennessy - Louis Vuitton SA 36,574 10,735 
  11,914 
TOTAL CONSUMER DISCRETIONARY  204,637 
CONSUMER STAPLES - 4.3%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 37,700 8,617 
Fever-Tree Drinks PLC 40,862 1,256 
Kweichow Moutai Co. Ltd. (A Shares) 48,329 5,181 
Pernod Ricard SA ADR 133,100 4,210 
  19,264 
Food Products - 0.5%   
Danone SA 106,269 8,904 
Hostess Brands, Inc. Class A (a) 28,100 416 
  9,320 
Household Products - 0.2%   
Reckitt Benckiser Group PLC 36,000 3,359 
Personal Products - 1.8%   
Coty, Inc. Class A 343,500 6,832 
Estee Lauder Companies, Inc. Class A 96,200 12,240 
Unilever NV (NY Reg.) 223,500 12,588 
  31,660 
Tobacco - 0.7%   
British American Tobacco PLC sponsored ADR 173,500 11,623 
TOTAL CONSUMER STAPLES  75,226 
ENERGY - 2.3%   
Oil, Gas & Consumable Fuels - 2.3%   
Cheniere Energy, Inc. (a) 550,000 29,612 
Reliance Industries Ltd. 658,270 9,497 
  39,109 
FINANCIALS - 11.8%   
Banks - 5.7%   
Bank of America Corp. 673,000 19,867 
Citigroup, Inc. 191,000 14,212 
First Republic Bank 164,700 14,270 
HDFC Bank Ltd. 36,455 1,078 
HDFC Bank Ltd. sponsored ADR 33,700 3,426 
Home Bancshares, Inc. 149,200 3,469 
Huntington Bancshares, Inc. 626,300 9,119 
JPMorgan Chase & Co. 301,600 32,253 
Metro Bank PLC (a) 25,300 1,224 
  98,918 
Capital Markets - 6.1%   
CBOE Holdings, Inc. 12,348 1,538 
Charles Schwab Corp. 994,600 51,093 
CME Group, Inc. 180,045 26,296 
Goldman Sachs Group, Inc. 18,300 4,662 
JMP Group, Inc. 75,200 421 
MSCI, Inc. 77,300 9,782 
The Blackstone Group LP 383,700 12,286 
  106,078 
TOTAL FINANCIALS  204,996 
HEALTH CARE - 9.9%   
Biotechnology - 3.7%   
Amgen, Inc. 101,200 17,599 
Biogen, Inc. (a) 43,300 13,794 
Cytokinetics, Inc. (a) 90,471 737 
Insmed, Inc. (a) 343,378 10,707 
Samsung Biologics Co. Ltd. (a)(b) 1,076 374 
TESARO, Inc. (a) 59,500 4,931 
Vertex Pharmaceuticals, Inc. (a) 103,593 15,524 
  63,666 
Health Care Equipment & Supplies - 4.3%   
Becton, Dickinson & Co. 54,600 11,688 
Boston Scientific Corp. (a) 747,300 18,526 
Danaher Corp. 157,955 14,661 
Intuitive Surgical, Inc. (a) 61,900 22,590 
ResMed, Inc. 54,000 4,573 
Sartorius Stedim Biotech 27,000 1,953 
  73,991 
Health Care Providers & Services - 0.2%   
National Vision Holdings, Inc. 5,600 227 
OptiNose, Inc. 7,100 134 
UnitedHealth Group, Inc. 18,900 4,167 
  4,528 
Health Care Technology - 0.1%   
Veeva Systems, Inc. Class A (a) 28,500 1,575 
Pharmaceuticals - 1.6%   
Allergan PLC 29,200 4,777 
Astellas Pharma, Inc. 319,400 4,057 
Johnson & Johnson 117,200 16,375 
Mallinckrodt PLC (a) 117,600 2,653 
  27,862 
TOTAL HEALTH CARE  171,622 
INDUSTRIALS - 8.0%   
Aerospace & Defense - 0.4%   
Axon Enterprise, Inc. (a)(c) 78,339 2,076 
TransDigm Group, Inc. 18,427 5,060 
  7,136 
Commercial Services & Supplies - 0.6%   
Copart, Inc. (a) 143,200 6,185 
Prosegur Compania de Seguridad SA (Reg.) 445,500 3,501 
  9,686 
Electrical Equipment - 2.4%   
AMETEK, Inc. 237,100 17,183 
Fortive Corp. 257,327 18,618 
Nidec Corp. 40,100 5,627 
  41,428 
Industrial Conglomerates - 2.0%   
3M Co. 117,300 27,609 
Roper Technologies, Inc. 27,314 7,074 
  34,683 
Machinery - 1.2%   
Allison Transmission Holdings, Inc. 456,800 19,674 
Rational AG 2,000 1,289 
  20,963 
Professional Services - 1.4%   
IHS Markit Ltd. (a) 206,900 9,342 
Robert Half International, Inc. 95,600 5,310 
TransUnion Holding Co., Inc. (a) 174,700 9,602 
  24,254 
TOTAL INDUSTRIALS  138,150 
INFORMATION TECHNOLOGY - 40.2%   
Electronic Equipment & Components - 0.1%   
CDW Corp. 30,900 2,147 
Internet Software & Services - 15.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 134,700 23,226 
Alphabet, Inc. Class A (a) 108,952 114,769 
CommerceHub, Inc.:   
Series A (a) 76,970 1,693 
Series C (a) 155,840 3,209 
Facebook, Inc. Class A (a) 281,291 49,637 
GoDaddy, Inc. (a) 182,400 9,171 
NetEase, Inc. ADR 15,000 5,176 
Shopify, Inc. Class A (a) 22,500 2,275 
Stamps.com, Inc. (a) 135,571 25,487 
Tencent Holdings Ltd. 394,000 20,393 
VeriSign, Inc. (a)(c) 92,800 10,620 
Wix.com Ltd. (a) 900 52 
  265,708 
IT Services - 7.8%   
Cognizant Technology Solutions Corp. Class A 246,830 17,530 
Fidelity National Information Services, Inc. 91,700 8,628 
Global Payments, Inc. 145,300 14,565 
MasterCard, Inc. Class A 67,100 10,156 
PayPal Holdings, Inc. (a) 423,100 31,149 
Square, Inc. (a) 239,200 8,293 
Vantiv, Inc. (a) 43,130 3,172 
Visa, Inc. Class A 358,896 40,921 
  134,414 
Semiconductors & Semiconductor Equipment - 2.4%   
ASML Holding NV 40,900 7,109 
Broadcom Ltd. 31,900 8,195 
Maxim Integrated Products, Inc. 150,805 7,884 
Monolithic Power Systems, Inc. 36,818 4,137 
Qualcomm, Inc. 221,000 14,148 
  41,473 
Software - 11.8%   
Activision Blizzard, Inc. 152,287 9,643 
Adobe Systems, Inc. (a) 217,500 38,115 
Autodesk, Inc. (a) 81,700 8,565 
Blackbaud, Inc. 12,200 1,153 
Computer Modelling Group Ltd. 298,200 2,277 
Electronic Arts, Inc. (a) 63,034 6,622 
Intuit, Inc. 111,800 17,640 
Microsoft Corp. 1,018,300 87,105 
Red Hat, Inc. (a) 82,400 9,896 
Salesforce.com, Inc. (a) 231,164 23,632 
  204,648 
Technology Hardware, Storage & Peripherals - 2.8%   
Apple, Inc. 288,400 48,806 
TOTAL INFORMATION TECHNOLOGY  697,196 
MATERIALS - 3.8%   
Chemicals - 2.3%   
CF Industries Holdings, Inc. 277,900 11,822 
Sherwin-Williams Co. 24,200 9,923 
The Chemours Co. LLC 183,200 9,171 
Umicore SA 196,730 9,313 
  40,229 
Construction Materials - 1.5%   
Eagle Materials, Inc. 194,700 22,060 
Summit Materials, Inc. 143,854 4,523 
  26,583 
TOTAL MATERIALS  66,812 
REAL ESTATE - 3.0%   
Equity Real Estate Investment Trusts (REITs) - 2.2%   
American Tower Corp. 202,000 28,819 
Equinix, Inc. 10,200 4,623 
SBA Communications Corp. Class A (a) 29,500 4,819 
  38,261 
Real Estate Management & Development - 0.8%   
Realogy Holdings Corp. 505,381 13,393 
TOTAL REAL ESTATE  51,654 
TOTAL COMMON STOCKS   
(Cost $1,251,315)  1,649,402 
Preferred Stocks - 0.7%   
Convertible Preferred Stocks - 0.5%   
CONSUMER DISCRETIONARY - 0.0%   
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d)(e) 239,736 5 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
BioNTech AG Series A (d)(e)(f) 7,174 1,571 
INFORMATION TECHNOLOGY - 0.4%   
Internet Software & Services - 0.3%   
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) 162,572 5,677 
IT Services - 0.1%   
AppNexus, Inc. Series E (a)(d)(e) 48,212 951 
TOTAL INFORMATION TECHNOLOGY  6,628 
TOTAL CONVERTIBLE PREFERRED STOCKS  8,204 
Nonconvertible Preferred Stocks - 0.2%   
FINANCIALS - 0.2%   
Banks - 0.2%   
Itau Unibanco Holding SA sponsored ADR 341,400 4,438 
TOTAL PREFERRED STOCKS   
(Cost $10,868)  12,642 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund, 1.36% (g) 70,134,714 70,149 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 12,364,662 12,367 
TOTAL MONEY MARKET FUNDS   
(Cost $82,515)  82,516 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $1,344,698)  1,744,560 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (11,005) 
NET ASSETS - 100%  $1,733,555 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $377,000 or 0.0% of net assets.

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,204,000 or 0.5% of net assets.

 (e) Level 3 security

 (f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. Interest rate to be determined at settlement 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 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:

Security Acquisition Date Acquisition Cost (000s) 
AppNexus, Inc. Series E 8/1/14 $966 
BioNTech AG Series A 12/29/17 $1,571 
Blu Homes, Inc. Series A, 5.00% 6/21/13 $1,108 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $2,522 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $401 
Fidelity Securities Lending Cash Central Fund 346 
Total $747 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $204,642 $176,721 $27,916 $5 
Consumer Staples 75,226 62,963 12,263 -- 
Energy 39,109 39,109 -- -- 
Financials 209,434 208,356 1,078 -- 
Health Care 173,193 167,565 4,057 1,571 
Industrials 138,150 138,150 -- -- 
Information Technology 703,824 676,803 20,393 6,628 
Materials 66,812 66,812 -- -- 
Real Estate 51,654 51,654 -- -- 
Money Market Funds 82,516 82,516 -- -- 
Total Investments in Securities: $1,744,560 $1,670,649 $65,707 $8,204 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.6% 
Cayman Islands 2.8% 
France 1.5% 
Japan 1.5% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 4.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $11,980) — See accompanying schedule:
Unaffiliated issuers (cost $1,262,183) 		$1,662,044  
Fidelity Central Funds (cost $82,515) 82,516  
Total Investment in Securities (cost $1,344,698)  $1,744,560 
Receivable for investments sold  1,601 
Receivable for fund shares sold  4,200 
Dividends receivable  1,026 
Distributions receivable from Fidelity Central Funds  82 
Prepaid expenses  2 
Other receivables  31 
Total assets  1,751,502 
Liabilities   
Payable for investments purchased on a delayed delivery basis $1,570  
Payable for fund shares redeemed 2,991  
Accrued management fee 754  
Other affiliated payables 228  
Other payables and accrued expenses 42  
Collateral on securities loaned 12,362  
Total liabilities  17,947 
Net Assets  $1,733,555 
Net Assets consist of:   
Paid in capital  $1,289,054 
Distributions in excess of net investment income  (72) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  44,721 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  399,852 
Net Assets  $1,733,555 
Growth Discovery:   
Net Asset Value, offering price and redemption price per share ($1,350,146 ÷ 41,472 shares)  $32.56 
Class K:   
Net Asset Value, offering price and redemption price per share ($383,409 ÷ 11,772 shares)  $32.57 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $6,143 
Income from Fidelity Central Funds (including $346 from security lending)  747 
Total income  6,890 
Expenses   
Management fee   
Basic fee $4,231  
Performance adjustment (187)  
Transfer agent fees 1,052  
Accounting and security lending fees 247  
Custodian fees and expenses 34  
Independent trustees' fees and expenses 3  
Registration fees 52  
Audit 29  
Legal 5  
Miscellaneous 6  
Total expenses before reductions 5,472  
Expense reductions (20) 5,452 
Net investment income (loss)  1,438 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 88,024  
Fidelity Central Funds (1)  
Foreign currency transactions (30)  
Total net realized gain (loss)  87,993 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 80,785  
Fidelity Central Funds 4  
Assets and liabilities in foreign currencies 1  
Total change in net unrealized appreciation (depreciation)  80,790 
Net gain (loss)  168,783 
Net increase (decrease) in net assets resulting from operations  $170,221 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,438 $3,097 
Net realized gain (loss) 87,993 192,029 
Change in net unrealized appreciation (depreciation) 80,790 78,061 
Net increase (decrease) in net assets resulting from operations 170,221 273,187 
Distributions to shareholders from net investment income (2,802) (1,135) 
Distributions to shareholders from net realized gain (76,753) – 
Total distributions (79,555) (1,135) 
Share transactions - net increase (decrease) 278,997 (83,878) 
Total increase (decrease) in net assets 369,663 188,174 
Net Assets   
Beginning of period 1,363,892 1,175,718 
End of period $1,733,555 $1,363,892 
Other Information   
Undistributed net investment income end of period $– $1,292 
Distributions in excess of net investment income end of period $(72) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Growth Discovery Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $30.58 $24.47 $24.93 $23.07 $17.45 $15.09 
Income from Investment Operations       
Net investment income (loss)A .03 .06 .01 .07 .02 .07 
Net realized and unrealized gain (loss) 3.56 6.07 (.43) 1.81 5.63 2.35 
Total from investment operations 3.59 6.13 (.42) 1.88 5.65 2.42 
Distributions from net investment income (.05) (.02) (.03) (.02) (.02) (.06) 
Distributions from net realized gain (1.56) – (.01) – (.01) – 
Total distributions (1.61) (.02) (.04) (.02) (.03) (.06) 
Net asset value, end of period $32.56 $30.58 $24.47 $24.93 $23.07 $17.45 
Total ReturnB,C 11.97% 25.08% (1.68)% 8.17% 32.40% 16.09% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .72%F .66% .78% .77% .81% .88% 
Expenses net of fee waivers, if any .72%F .66% .78% .77% .81% .88% 
Expenses net of all reductions .72%F .65% .78% .77% .81% .87% 
Net investment income (loss) .16%F .24% .03% .27% .10% .42% 
Supplemental Data       
Net assets, end of period (in millions) $1,350 $1,157 $1,000 $1,078 $1,072 $767 
Portfolio turnover rateG 59%F 65% 57% 51% 70% 62% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Growth Discovery Fund Class K

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $30.61 $24.48 $24.94 $23.09 $17.45 $15.09 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .04 .10 .05 .09 
Net realized and unrealized gain (loss) 3.57 6.07 (.43) 1.82 5.63 2.36 
Total from investment operations 3.61 6.17 (.39) 1.92 5.68 2.45 
Distributions from net investment income (.09) (.04) (.06) (.07) (.04) (.09) 
Distributions from net realized gain (1.56) – (.01) – (.01) – 
Total distributions (1.65) (.04) (.07) (.07) (.04)B (.09) 
Net asset value, end of period $32.57 $30.61 $24.48 $24.94 $23.09 $17.45 
Total ReturnC,D 12.01% 25.23% (1.57)% 8.32% 32.62% 16.28% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .61%G .54% .66% .64% .68% .72% 
Expenses net of fee waivers, if any .61%G .54% .66% .64% .68% .72% 
Expenses net of all reductions .61%G .53% .65% .64% .67% .71% 
Net investment income (loss) .27%G .36% .16% .40% .24% .58% 
Supplemental Data       
Net assets, end of period (in millions) $383 $207 $176 $202 $190 $137 
Portfolio turnover rateH 59%G 65% 57% 51% 70% 62% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.04 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.006 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, partnerships, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $413,794 
Gross unrealized depreciation (14,079) 
Net unrealized appreciation (depreciation) $399,715 
Tax cost $1,344,845 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $615,618 and $443,064, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Discovery as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .52% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Discovery. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Growth Discovery $982 .16 
Class K 70 .05 
 $1,052  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $14 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $346, including in the amount of less than five hundred dollars from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $14 for the period. 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, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2017 		Year ended June 30, 2017 
From net investment income   
Growth Discovery $1,948 $880 
Class K 854 255 
Total $2,802 $1,135 
From net realized gain   
Growth Discovery $61,060 $– 
Class K 15,693 – 
Total $76,753 $– 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended December 31, 2017 Year ended June 30, 2017 Six months ended December 31, 2017 Year ended June 30, 2017 
Growth Discovery     
Shares sold 4,922 4,332 $158,758 $121,287 
Reinvestment of distributions 1,871 32 59,167 821 
Shares redeemed (3,144) (7,392) (100,980) (196,671) 
Net increase (decrease) 3,649 (3,028) $116,945 $(74,563) 
Class K     
Shares sold 5,512 1,584 $178,534 $44,201 
Reinvestment of distributions 521 10 16,547 255 
Shares redeemed (1,027) (2,017) (33,029) (53,771) 
Net increase (decrease) 5,006 (423) $162,052 $(9,315) 

11. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Growth Discovery .72%    
Actual  $1,000.00 $1,119.70 $3.85 
Hypothetical-C  $1,000.00 $1,021.58 $3.67 
Class K .61%    
Actual  $1,000.00 $1,120.10 $3.26 
Hypothetical-C  $1,000.00 $1,022.13 $3.11 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


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), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in June 2017.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth Discovery Fund


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

Based on its review, the Board concluded that the 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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Growth Discovery Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CII-SANN-0218
1.714430.119

Fidelity® Growth Discovery Fund
Class K



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Alphabet, Inc. Class A 6.6 
Microsoft Corp. 5.0 
Amazon.com, Inc. 4.7 
Home Depot, Inc. 3.1 
Charles Schwab Corp. 2.9 
Facebook, Inc. Class A 2.9 
Apple, Inc. 2.8 
Visa, Inc. Class A 2.4 
Adobe Systems, Inc. 2.2 
JPMorgan Chase & Co. 1.9 
 34.5 

Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Information Technology 40.6 
Financials 12.0 
Consumer Discretionary 11.8 
Health Care 10.0 
Industrials 8.0 

Asset Allocation (% of fund's net assets)

As of December 31, 2017* 
   Stocks 95.3% 
   Convertible Securities 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.2% 


 * Foreign investments - 11.4%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 11.8%   
Diversified Consumer Services - 0.5%   
Grand Canyon Education, Inc. (a) 104,500 $9,356 
Hotels, Restaurants & Leisure - 0.4%   
Marriott International, Inc. Class A 30,100 4,085 
Wingstop, Inc. 82,300 3,208 
  7,293 
Household Durables - 1.1%   
Gree Electric Appliances, Inc. of Zhuhai Class A 168,500 1,132 
Panasonic Corp. 1,177,300 17,181 
  18,313 
Internet & Direct Marketing Retail - 4.9%   
Amazon.com, Inc. (a) 70,100 81,980 
Priceline Group, Inc.(a) 1,800 3,128 
  85,108 
Media - 1.1%   
Charter Communications, Inc. Class A (a) 57,200 19,217 
China Literature Ltd. (a)(b) 286 3 
  19,220 
Specialty Retail - 3.1%   
Home Depot, Inc. 281,924 53,433 
Textiles, Apparel & Luxury Goods - 0.7%   
Kering SA 2,500 1,179 
LVMH Moet Hennessy - Louis Vuitton SA 36,574 10,735 
  11,914 
TOTAL CONSUMER DISCRETIONARY  204,637 
CONSUMER STAPLES - 4.3%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 37,700 8,617 
Fever-Tree Drinks PLC 40,862 1,256 
Kweichow Moutai Co. Ltd. (A Shares) 48,329 5,181 
Pernod Ricard SA ADR 133,100 4,210 
  19,264 
Food Products - 0.5%   
Danone SA 106,269 8,904 
Hostess Brands, Inc. Class A (a) 28,100 416 
  9,320 
Household Products - 0.2%   
Reckitt Benckiser Group PLC 36,000 3,359 
Personal Products - 1.8%   
Coty, Inc. Class A 343,500 6,832 
Estee Lauder Companies, Inc. Class A 96,200 12,240 
Unilever NV (NY Reg.) 223,500 12,588 
  31,660 
Tobacco - 0.7%   
British American Tobacco PLC sponsored ADR 173,500 11,623 
TOTAL CONSUMER STAPLES  75,226 
ENERGY - 2.3%   
Oil, Gas & Consumable Fuels - 2.3%   
Cheniere Energy, Inc. (a) 550,000 29,612 
Reliance Industries Ltd. 658,270 9,497 
  39,109 
FINANCIALS - 11.8%   
Banks - 5.7%   
Bank of America Corp. 673,000 19,867 
Citigroup, Inc. 191,000 14,212 
First Republic Bank 164,700 14,270 
HDFC Bank Ltd. 36,455 1,078 
HDFC Bank Ltd. sponsored ADR 33,700 3,426 
Home Bancshares, Inc. 149,200 3,469 
Huntington Bancshares, Inc. 626,300 9,119 
JPMorgan Chase & Co. 301,600 32,253 
Metro Bank PLC (a) 25,300 1,224 
  98,918 
Capital Markets - 6.1%   
CBOE Holdings, Inc. 12,348 1,538 
Charles Schwab Corp. 994,600 51,093 
CME Group, Inc. 180,045 26,296 
Goldman Sachs Group, Inc. 18,300 4,662 
JMP Group, Inc. 75,200 421 
MSCI, Inc. 77,300 9,782 
The Blackstone Group LP 383,700 12,286 
  106,078 
TOTAL FINANCIALS  204,996 
HEALTH CARE - 9.9%   
Biotechnology - 3.7%   
Amgen, Inc. 101,200 17,599 
Biogen, Inc. (a) 43,300 13,794 
Cytokinetics, Inc. (a) 90,471 737 
Insmed, Inc. (a) 343,378 10,707 
Samsung Biologics Co. Ltd. (a)(b) 1,076 374 
TESARO, Inc. (a) 59,500 4,931 
Vertex Pharmaceuticals, Inc. (a) 103,593 15,524 
  63,666 
Health Care Equipment & Supplies - 4.3%   
Becton, Dickinson & Co. 54,600 11,688 
Boston Scientific Corp. (a) 747,300 18,526 
Danaher Corp. 157,955 14,661 
Intuitive Surgical, Inc. (a) 61,900 22,590 
ResMed, Inc. 54,000 4,573 
Sartorius Stedim Biotech 27,000 1,953 
  73,991 
Health Care Providers & Services - 0.2%   
National Vision Holdings, Inc. 5,600 227 
OptiNose, Inc. 7,100 134 
UnitedHealth Group, Inc. 18,900 4,167 
  4,528 
Health Care Technology - 0.1%   
Veeva Systems, Inc. Class A (a) 28,500 1,575 
Pharmaceuticals - 1.6%   
Allergan PLC 29,200 4,777 
Astellas Pharma, Inc. 319,400 4,057 
Johnson & Johnson 117,200 16,375 
Mallinckrodt PLC (a) 117,600 2,653 
  27,862 
TOTAL HEALTH CARE  171,622 
INDUSTRIALS - 8.0%   
Aerospace & Defense - 0.4%   
Axon Enterprise, Inc. (a)(c) 78,339 2,076 
TransDigm Group, Inc. 18,427 5,060 
  7,136 
Commercial Services & Supplies - 0.6%   
Copart, Inc. (a) 143,200 6,185 
Prosegur Compania de Seguridad SA (Reg.) 445,500 3,501 
  9,686 
Electrical Equipment - 2.4%   
AMETEK, Inc. 237,100 17,183 
Fortive Corp. 257,327 18,618 
Nidec Corp. 40,100 5,627 
  41,428 
Industrial Conglomerates - 2.0%   
3M Co. 117,300 27,609 
Roper Technologies, Inc. 27,314 7,074 
  34,683 
Machinery - 1.2%   
Allison Transmission Holdings, Inc. 456,800 19,674 
Rational AG 2,000 1,289 
  20,963 
Professional Services - 1.4%   
IHS Markit Ltd. (a) 206,900 9,342 
Robert Half International, Inc. 95,600 5,310 
TransUnion Holding Co., Inc. (a) 174,700 9,602 
  24,254 
TOTAL INDUSTRIALS  138,150 
INFORMATION TECHNOLOGY - 40.2%   
Electronic Equipment & Components - 0.1%   
CDW Corp. 30,900 2,147 
Internet Software & Services - 15.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 134,700 23,226 
Alphabet, Inc. Class A (a) 108,952 114,769 
CommerceHub, Inc.:   
Series A (a) 76,970 1,693 
Series C (a) 155,840 3,209 
Facebook, Inc. Class A (a) 281,291 49,637 
GoDaddy, Inc. (a) 182,400 9,171 
NetEase, Inc. ADR 15,000 5,176 
Shopify, Inc. Class A (a) 22,500 2,275 
Stamps.com, Inc. (a) 135,571 25,487 
Tencent Holdings Ltd. 394,000 20,393 
VeriSign, Inc. (a)(c) 92,800 10,620 
Wix.com Ltd. (a) 900 52 
  265,708 
IT Services - 7.8%   
Cognizant Technology Solutions Corp. Class A 246,830 17,530 
Fidelity National Information Services, Inc. 91,700 8,628 
Global Payments, Inc. 145,300 14,565 
MasterCard, Inc. Class A 67,100 10,156 
PayPal Holdings, Inc. (a) 423,100 31,149 
Square, Inc. (a) 239,200 8,293 
Vantiv, Inc. (a) 43,130 3,172 
Visa, Inc. Class A 358,896 40,921 
  134,414 
Semiconductors & Semiconductor Equipment - 2.4%   
ASML Holding NV 40,900 7,109 
Broadcom Ltd. 31,900 8,195 
Maxim Integrated Products, Inc. 150,805 7,884 
Monolithic Power Systems, Inc. 36,818 4,137 
Qualcomm, Inc. 221,000 14,148 
  41,473 
Software - 11.8%   
Activision Blizzard, Inc. 152,287 9,643 
Adobe Systems, Inc. (a) 217,500 38,115 
Autodesk, Inc. (a) 81,700 8,565 
Blackbaud, Inc. 12,200 1,153 
Computer Modelling Group Ltd. 298,200 2,277 
Electronic Arts, Inc. (a) 63,034 6,622 
Intuit, Inc. 111,800 17,640 
Microsoft Corp. 1,018,300 87,105 
Red Hat, Inc. (a) 82,400 9,896 
Salesforce.com, Inc. (a) 231,164 23,632 
  204,648 
Technology Hardware, Storage & Peripherals - 2.8%   
Apple, Inc. 288,400 48,806 
TOTAL INFORMATION TECHNOLOGY  697,196 
MATERIALS - 3.8%   
Chemicals - 2.3%   
CF Industries Holdings, Inc. 277,900 11,822 
Sherwin-Williams Co. 24,200 9,923 
The Chemours Co. LLC 183,200 9,171 
Umicore SA 196,730 9,313 
  40,229 
Construction Materials - 1.5%   
Eagle Materials, Inc. 194,700 22,060 
Summit Materials, Inc. 143,854 4,523 
  26,583 
TOTAL MATERIALS  66,812 
REAL ESTATE - 3.0%   
Equity Real Estate Investment Trusts (REITs) - 2.2%   
American Tower Corp. 202,000 28,819 
Equinix, Inc. 10,200 4,623 
SBA Communications Corp. Class A (a) 29,500 4,819 
  38,261 
Real Estate Management & Development - 0.8%   
Realogy Holdings Corp. 505,381 13,393 
TOTAL REAL ESTATE  51,654 
TOTAL COMMON STOCKS   
(Cost $1,251,315)  1,649,402 
Preferred Stocks - 0.7%   
Convertible Preferred Stocks - 0.5%   
CONSUMER DISCRETIONARY - 0.0%   
Household Durables - 0.0%   
Blu Homes, Inc. Series A, 5.00% (a)(d)(e) 239,736 5 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
BioNTech AG Series A (d)(e)(f) 7,174 1,571 
INFORMATION TECHNOLOGY - 0.4%   
Internet Software & Services - 0.3%   
Uber Technologies, Inc. Series D, 8.00% (a)(d)(e) 162,572 5,677 
IT Services - 0.1%   
AppNexus, Inc. Series E (a)(d)(e) 48,212 951 
TOTAL INFORMATION TECHNOLOGY  6,628 
TOTAL CONVERTIBLE PREFERRED STOCKS  8,204 
Nonconvertible Preferred Stocks - 0.2%   
FINANCIALS - 0.2%   
Banks - 0.2%   
Itau Unibanco Holding SA sponsored ADR 341,400 4,438 
TOTAL PREFERRED STOCKS   
(Cost $10,868)  12,642 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund, 1.36% (g) 70,134,714 70,149 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 12,364,662 12,367 
TOTAL MONEY MARKET FUNDS   
(Cost $82,515)  82,516 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $1,344,698)  1,744,560 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (11,005) 
NET ASSETS - 100%  $1,733,555 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $377,000 or 0.0% of net assets.

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,204,000 or 0.5% of net assets.

 (e) Level 3 security

 (f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. Interest rate to be determined at settlement 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 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:

Security Acquisition Date Acquisition Cost (000s) 
AppNexus, Inc. Series E 8/1/14 $966 
BioNTech AG Series A 12/29/17 $1,571 
Blu Homes, Inc. Series A, 5.00% 6/21/13 $1,108 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $2,522 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $401 
Fidelity Securities Lending Cash Central Fund 346 
Total $747 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $204,642 $176,721 $27,916 $5 
Consumer Staples 75,226 62,963 12,263 -- 
Energy 39,109 39,109 -- -- 
Financials 209,434 208,356 1,078 -- 
Health Care 173,193 167,565 4,057 1,571 
Industrials 138,150 138,150 -- -- 
Information Technology 703,824 676,803 20,393 6,628 
Materials 66,812 66,812 -- -- 
Real Estate 51,654 51,654 -- -- 
Money Market Funds 82,516 82,516 -- -- 
Total Investments in Securities: $1,744,560 $1,670,649 $65,707 $8,204 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.6% 
Cayman Islands 2.8% 
France 1.5% 
Japan 1.5% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 4.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $11,980) — See accompanying schedule:
Unaffiliated issuers (cost $1,262,183) 		$1,662,044  
Fidelity Central Funds (cost $82,515) 82,516  
Total Investment in Securities (cost $1,344,698)  $1,744,560 
Receivable for investments sold  1,601 
Receivable for fund shares sold  4,200 
Dividends receivable  1,026 
Distributions receivable from Fidelity Central Funds  82 
Prepaid expenses  2 
Other receivables  31 
Total assets  1,751,502 
Liabilities   
Payable for investments purchased on a delayed delivery basis $1,570  
Payable for fund shares redeemed 2,991  
Accrued management fee 754  
Other affiliated payables 228  
Other payables and accrued expenses 42  
Collateral on securities loaned 12,362  
Total liabilities  17,947 
Net Assets  $1,733,555 
Net Assets consist of:   
Paid in capital  $1,289,054 
Distributions in excess of net investment income  (72) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  44,721 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  399,852 
Net Assets  $1,733,555 
Growth Discovery:   
Net Asset Value, offering price and redemption price per share ($1,350,146 ÷ 41,472 shares)  $32.56 
Class K:   
Net Asset Value, offering price and redemption price per share ($383,409 ÷ 11,772 shares)  $32.57 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $6,143 
Income from Fidelity Central Funds (including $346 from security lending)  747 
Total income  6,890 
Expenses   
Management fee   
Basic fee $4,231  
Performance adjustment (187)  
Transfer agent fees 1,052  
Accounting and security lending fees 247  
Custodian fees and expenses 34  
Independent trustees' fees and expenses 3  
Registration fees 52  
Audit 29  
Legal 5  
Miscellaneous 6  
Total expenses before reductions 5,472  
Expense reductions (20) 5,452 
Net investment income (loss)  1,438 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 88,024  
Fidelity Central Funds (1)  
Foreign currency transactions (30)  
Total net realized gain (loss)  87,993 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 80,785  
Fidelity Central Funds 4  
Assets and liabilities in foreign currencies 1  
Total change in net unrealized appreciation (depreciation)  80,790 
Net gain (loss)  168,783 
Net increase (decrease) in net assets resulting from operations  $170,221 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,438 $3,097 
Net realized gain (loss) 87,993 192,029 
Change in net unrealized appreciation (depreciation) 80,790 78,061 
Net increase (decrease) in net assets resulting from operations 170,221 273,187 
Distributions to shareholders from net investment income (2,802) (1,135) 
Distributions to shareholders from net realized gain (76,753) – 
Total distributions (79,555) (1,135) 
Share transactions - net increase (decrease) 278,997 (83,878) 
Total increase (decrease) in net assets 369,663 188,174 
Net Assets   
Beginning of period 1,363,892 1,175,718 
End of period $1,733,555 $1,363,892 
Other Information   
Undistributed net investment income end of period $– $1,292 
Distributions in excess of net investment income end of period $(72) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Growth Discovery Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $30.58 $24.47 $24.93 $23.07 $17.45 $15.09 
Income from Investment Operations       
Net investment income (loss)A .03 .06 .01 .07 .02 .07 
Net realized and unrealized gain (loss) 3.56 6.07 (.43) 1.81 5.63 2.35 
Total from investment operations 3.59 6.13 (.42) 1.88 5.65 2.42 
Distributions from net investment income (.05) (.02) (.03) (.02) (.02) (.06) 
Distributions from net realized gain (1.56) – (.01) – (.01) – 
Total distributions (1.61) (.02) (.04) (.02) (.03) (.06) 
Net asset value, end of period $32.56 $30.58 $24.47 $24.93 $23.07 $17.45 
Total ReturnB,C 11.97% 25.08% (1.68)% 8.17% 32.40% 16.09% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .72%F .66% .78% .77% .81% .88% 
Expenses net of fee waivers, if any .72%F .66% .78% .77% .81% .88% 
Expenses net of all reductions .72%F .65% .78% .77% .81% .87% 
Net investment income (loss) .16%F .24% .03% .27% .10% .42% 
Supplemental Data       
Net assets, end of period (in millions) $1,350 $1,157 $1,000 $1,078 $1,072 $767 
Portfolio turnover rateG 59%F 65% 57% 51% 70% 62% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Growth Discovery Fund Class K

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $30.61 $24.48 $24.94 $23.09 $17.45 $15.09 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .04 .10 .05 .09 
Net realized and unrealized gain (loss) 3.57 6.07 (.43) 1.82 5.63 2.36 
Total from investment operations 3.61 6.17 (.39) 1.92 5.68 2.45 
Distributions from net investment income (.09) (.04) (.06) (.07) (.04) (.09) 
Distributions from net realized gain (1.56) – (.01) – (.01) – 
Total distributions (1.65) (.04) (.07) (.07) (.04)B (.09) 
Net asset value, end of period $32.57 $30.61 $24.48 $24.94 $23.09 $17.45 
Total ReturnC,D 12.01% 25.23% (1.57)% 8.32% 32.62% 16.28% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .61%G .54% .66% .64% .68% .72% 
Expenses net of fee waivers, if any .61%G .54% .66% .64% .68% .72% 
Expenses net of all reductions .61%G .53% .65% .64% .67% .71% 
Net investment income (loss) .27%G .36% .16% .40% .24% .58% 
Supplemental Data       
Net assets, end of period (in millions) $383 $207 $176 $202 $190 $137 
Portfolio turnover rateH 59%G 65% 57% 51% 70% 62% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.04 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.006 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, partnerships, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $413,794 
Gross unrealized depreciation (14,079) 
Net unrealized appreciation (depreciation) $399,715 
Tax cost $1,344,845 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $615,618 and $443,064, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Discovery as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .52% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Discovery. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Growth Discovery $982 .16 
Class K 70 .05 
 $1,052  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $14 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $346, including in the amount of less than five hundred dollars from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $14 for the period. 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, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2017 		Year ended June 30, 2017 
From net investment income   
Growth Discovery $1,948 $880 
Class K 854 255 
Total $2,802 $1,135 
From net realized gain   
Growth Discovery $61,060 $– 
Class K 15,693 – 
Total $76,753 $– 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended December 31, 2017 Year ended June 30, 2017 Six months ended December 31, 2017 Year ended June 30, 2017 
Growth Discovery     
Shares sold 4,922 4,332 $158,758 $121,287 
Reinvestment of distributions 1,871 32 59,167 821 
Shares redeemed (3,144) (7,392) (100,980) (196,671) 
Net increase (decrease) 3,649 (3,028) $116,945 $(74,563) 
Class K     
Shares sold 5,512 1,584 $178,534 $44,201 
Reinvestment of distributions 521 10 16,547 255 
Shares redeemed (1,027) (2,017) (33,029) (53,771) 
Net increase (decrease) 5,006 (423) $162,052 $(9,315) 

11. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Growth Discovery .72%    
Actual  $1,000.00 $1,119.70 $3.85 
Hypothetical-C  $1,000.00 $1,021.58 $3.67 
Class K .61%    
Actual  $1,000.00 $1,120.10 $3.26 
Hypothetical-C  $1,000.00 $1,022.13 $3.11 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


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), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in June 2017.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth Discovery Fund


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

Based on its review, the Board concluded that the 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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Growth Discovery Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CII-K-SANN-0218
1.863274.109

Fidelity Advisor® Mega Cap Stock Fund -
Class A, Class M, Class C, Class I and Class Z



Semi-Annual Report

December 31, 2017

Class A, Class M, Class C, Class I and Class Z are classes of Fidelity® Mega Cap Stock Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Bank of America Corp.(a) 4.5 
Microsoft Corp.(a) 4.3 
JPMorgan Chase & Co.(a) 3.9 
Citigroup, Inc.(a) 3.4 
Apple, Inc.(a) 3.2 
Chevron Corp. 2.7 
Wells Fargo & Co. 2.6 
Comcast Corp. Class A 2.6 
ConocoPhillips Co. 2.4 
Johnson & Johnson(a) 2.3 
 31.9 

 (a) Security or a portion of the security is pledged as collateral for call options written.


Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Financials 21.8 
Information Technology 20.9 
Health Care 13.7 
Energy 12.9 
Consumer Staples 9.5 

Asset Allocation (% of fund's net assets)

As of December 31, 2017*,** 
   Stocks 98.7% 
   Convertible Securities 0.1% 
   Other Investments 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 8.0%

 ** Written options - (0.1)%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 6.7%   
Automobiles - 0.2%   
General Motors Co. 104,900 $4,299,851 
Media - 4.1%   
Comcast Corp. Class A 1,664,500 66,663,225 
The Walt Disney Co. 246,500 26,501,215 
Time Warner, Inc. 120,195 10,994,237 
Viacom, Inc. Class B (non-vtg.) 84,800 2,612,688 
  106,771,365 
Multiline Retail - 0.4%   
Target Corp. (a) 164,100 10,707,525 
Specialty Retail - 2.0%   
Lowe's Companies, Inc. (a) 448,100 41,646,414 
TJX Companies, Inc. 151,000 11,545,460 
  53,191,874 
TOTAL CONSUMER DISCRETIONARY  174,970,615 
CONSUMER STAPLES - 9.5%   
Beverages - 2.0%   
PepsiCo, Inc. 105,005 12,592,200 
The Coca-Cola Co. 862,100 39,553,148 
  52,145,348 
Food & Staples Retailing - 2.5%   
Costco Wholesale Corp. 21,000 3,908,520 
CVS Health Corp. 351,100 25,454,750 
Kroger Co. (a) 224,600 6,165,270 
Wal-Mart Stores, Inc. 306,100 30,227,375 
  65,755,915 
Food Products - 0.0%   
General Mills, Inc. 8,300 492,107 
Household Products - 2.4%   
Kimberly-Clark Corp. 23,800 2,871,708 
Procter & Gamble Co. (a) 533,100 48,981,228 
Reckitt Benckiser Group PLC 95,300 8,890,868 
  60,743,804 
Personal Products - 0.4%   
Estee Lauder Companies, Inc. Class A 18,400 2,341,216 
Unilever NV (NY Reg.) 135,800 7,648,256 
  9,989,472 
Tobacco - 2.2%   
Altria Group, Inc. 584,800 41,760,568 
British American Tobacco PLC sponsored ADR 241,600 16,184,784 
  57,945,352 
TOTAL CONSUMER STAPLES  247,071,998 
ENERGY - 12.6%   
Energy Equipment & Services - 0.4%   
Baker Hughes, a GE Co. Class A 241,600 7,644,224 
Schlumberger Ltd. 47,100 3,174,069 
  10,818,293 
Oil, Gas & Consumable Fuels - 12.2%   
Anadarko Petroleum Corp. 241,600 12,959,424 
Apache Corp. 419,905 17,728,389 
BP PLC sponsored ADR 157,900 6,636,537 
Chevron Corp. 561,700 70,319,223 
ConocoPhillips Co. 1,116,100 61,262,729 
Exxon Mobil Corp. 65,000 5,436,600 
Imperial Oil Ltd. 448,500 13,997,339 
Kinder Morgan, Inc. 1,197,500 21,638,825 
Phillips 66 Co. 89,400 9,042,810 
Suncor Energy, Inc. 1,333,000 48,940,294 
The Williams Companies, Inc. 1,310,300 39,951,047 
Valero Energy Corp. 104,000 9,558,640 
  317,471,857 
TOTAL ENERGY  328,290,150 
FINANCIALS - 21.8%   
Banks - 17.0%   
Bank of America Corp. (a) 3,941,000 116,338,318 
Citigroup, Inc. (a) 1,192,070 88,701,929 
JPMorgan Chase & Co. (a) 945,400 101,101,076 
PNC Financial Services Group, Inc. (a) 223,600 32,263,244 
U.S. Bancorp 708,300 37,950,714 
Wells Fargo & Co. 1,116,930 67,764,143 
  444,119,424 
Capital Markets - 4.1%   
Charles Schwab Corp. (a) 339,400 17,434,978 
Goldman Sachs Group, Inc. 41,900 10,674,444 
Morgan Stanley 575,800 30,212,226 
State Street Corp. 497,700 48,580,497 
  106,902,145 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 121,780 9,911,674 
MetLife, Inc. 151,900 7,680,064 
  17,591,738 
TOTAL FINANCIALS  568,613,307 
HEALTH CARE - 13.6%   
Biotechnology - 3.4%   
Alexion Pharmaceuticals, Inc. (b) 117,600 14,063,784 
Amgen, Inc. 241,290 41,960,331 
Biogen, Inc. (b) 39,500 12,583,515 
Gilead Sciences, Inc. 84,110 6,025,640 
Intercept Pharmaceuticals, Inc. (b) 31,200 1,822,704 
Regeneron Pharmaceuticals, Inc. (b) 17,400 6,541,704 
Vertex Pharmaceuticals, Inc. (b) 45,000 6,743,700 
  89,741,378 
Health Care Equipment & Supplies - 1.2%   
Becton, Dickinson & Co. 10,200 2,183,412 
Boston Scientific Corp. (b) 397,300 9,849,067 
Danaher Corp. 68,400 6,348,888 
Medtronic PLC 171,113 13,817,375 
  32,198,742 
Health Care Providers & Services - 3.4%   
Aetna, Inc. 18,700 3,373,293 
Anthem, Inc. 76,400 17,190,764 
Cardinal Health, Inc. 111,800 6,849,986 
Cigna Corp. 68,900 13,992,901 
Express Scripts Holding Co. (b) 62,062 4,632,308 
Humana, Inc. 28,300 7,020,381 
McKesson Corp. 131,300 20,476,235 
UnitedHealth Group, Inc. 64,100 14,131,486 
  87,667,354 
Pharmaceuticals - 5.6%   
Allergan PLC 62,400 10,207,392 
AstraZeneca PLC sponsored ADR 213,900 7,422,330 
Bayer AG 28,800 3,578,781 
Bristol-Myers Squibb Co. (a) 163,850 10,040,728 
GlaxoSmithKline PLC sponsored ADR 1,003,700 35,601,239 
Johnson & Johnson (a) 423,400 59,157,448 
Novartis AG sponsored ADR 51,000 4,281,960 
Sanofi SA 87,064 7,495,513 
Teva Pharmaceutical Industries Ltd. sponsored ADR (c) 479,300 9,082,735 
  146,868,126 
TOTAL HEALTH CARE  356,475,600 
INDUSTRIALS - 8.8%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 18,100 3,682,445 
The Boeing Co. (a) 47,400 13,978,734 
United Technologies Corp. 353,100 45,044,967 
  62,706,146 
Air Freight & Logistics - 1.6%   
FedEx Corp. 47,400 11,828,196 
United Parcel Service, Inc. Class B 253,000 30,144,950 
  41,973,146 
Industrial Conglomerates - 2.0%   
General Electric Co. 3,008,500 52,498,325 
Road & Rail - 2.8%   
CSX Corp. (a) 386,700 21,272,367 
Norfolk Southern Corp. 119,100 17,257,590 
Union Pacific Corp. 254,790 34,167,339 
  72,697,296 
TOTAL INDUSTRIALS  229,874,913 
INFORMATION TECHNOLOGY - 20.9%   
Communications Equipment - 1.8%   
Cisco Systems, Inc. (a) 1,241,800 47,560,940 
Internet Software & Services - 4.2%   
Alphabet, Inc.:   
Class A (b) 49,750 52,406,650 
Class C (b) 47,026 49,208,006 
Facebook, Inc. Class A (b) 40,100 7,076,046 
  108,690,702 
IT Services - 3.5%   
Accenture PLC Class A 37,800 5,786,802 
Cognizant Technology Solutions Corp. Class A 143,400 10,184,268 
MasterCard, Inc. Class A (a) 132,800 20,100,608 
PayPal Holdings, Inc. (b) 103,700 7,634,394 
Visa, Inc. Class A 420,000 47,888,400 
  91,594,472 
Semiconductors & Semiconductor Equipment - 2.0%   
Qualcomm, Inc. 809,700 51,836,994 
Software - 6.2%   
Adobe Systems, Inc. (b) 99,600 17,453,904 
Microsoft Corp. (a) 1,317,700 112,716,058 
Oracle Corp. 496,300 23,465,064 
Salesforce.com, Inc. (b) 19,200 1,962,816 
SAP SE sponsored ADR 51,400 5,775,304 
  161,373,146 
Technology Hardware, Storage & Peripherals - 3.2%   
Apple, Inc. (a) 500,207 84,650,031 
TOTAL INFORMATION TECHNOLOGY  545,706,285 
MATERIALS - 2.0%   
Chemicals - 2.0%   
DowDuPont, Inc. 133,367 9,498,398 
LyondellBasell Industries NV Class A 170,800 18,842,656 
Monsanto Co. 174,810 20,414,312 
PPG Industries, Inc. 20,500 2,394,810 
  51,150,176 
Metals & Mining - 0.0%   
BHP Billiton Ltd. sponsored ADR (c) 28,500 1,310,715 
TOTAL MATERIALS  52,460,891 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
American Tower Corp. 37,600 5,364,392 
Crown Castle International Corp. 7,200 799,272 
Equinix, Inc. 6,400 2,900,608 
Public Storage 14,700 3,072,300 
  12,136,572 
TELECOMMUNICATION SERVICES - 1.5%   
Diversified Telecommunication Services - 1.5%   
Verizon Communications, Inc. 760,625 40,259,881 
UTILITIES - 0.8%   
Electric Utilities - 0.8%   
Exelon Corp. 506,900 19,976,929 
TOTAL COMMON STOCKS   
(Cost $1,684,281,311)  2,575,837,141 
Convertible Preferred Stocks - 0.1%   
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Becton, Dickinson & Co. Series A 6.125%   
(Cost $2,593,525) 50,700 2,949,219 
Other - 0.3%   
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Utica Shale Drilling Program (non-operating revenue interest)(d)(e)(f)   
(Cost $9,242,241) 9,242,241 7,116,526 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 1.36% (g) 25,776,908 25,782,064 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 1,114,558 1,114,781 
TOTAL MONEY MARKET FUNDS   
(Cost $26,896,735)  26,896,845 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $1,723,013,812)  2,612,799,731 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (2,193,781) 
NET ASSETS - 100%  $2,610,605,950 

Written Options       
 Counterparty Number of Contracts Notional Amount Exercise Price Expiration Date Value 
Call Options       
Apple, Inc. Chicago Board Options Exchange 276 $4,670,748 $185.00 2/16/18 $(31,326) 
Bank of America Corp. Chicago Board Options Exchange 6,270 18,509,040 30.00 1/19/18 (260,205) 
Bristol-Myers Squibb Co. Chicago Board Options Exchange 825 5,055,600 65.00 1/19/18 (23,925) 
Charles Schwab Corp. Chicago Board Options Exchange 336 1,726,032 55.00 3/16/18 (31,080) 
Cisco Systems, Inc. Chicago Board Options Exchange 1,205 4,615,150 41.00 3/16/18 (39,765) 
Cisco Systems, Inc. Chicago Board Options Exchange 1,205 4,615,150 40.00 3/16/18 (66,878) 
Citigroup, Inc. Chicago Board Options Exchange 1,148 8,542,268 80.00 2/16/18 (54,530) 
CSX Corp. Chicago Board Options Exchange 605 3,328,105 60.00 2/16/18 (29,343) 
CSX Corp. Chicago Board Options Exchange 602 3,311,602 62.50 2/16/18 (11,438) 
Johnson & Johnson Chicago Board Options Exchange 385 5,379,220 145.00 2/16/18 (34,072) 
JPMorgan Chase & Co. Chicago Board Options Exchange 1,430 15,292,420 115.00 3/16/18 (132,990) 
Kroger Co. Chicago Board Options Exchange 223 612,135 28.00 2/16/18 (17,840) 
Kroger Co. Chicago Board Options Exchange 438 1,202,310 29.00 2/16/18 (20,805) 
Lowe's Companies, Inc. Chicago Board Options Exchange 470 4,368,180 85.00 1/19/18 (381,875) 
MasterCard, Inc. Class A Chicago Board Options Exchange 156 2,361,216 150.00 1/19/18 (49,686) 
Microsoft Corp. Chicago Board Options Exchange 605 5,175,170 90.00 2/16/18 (59,592) 
PNC Financial Services Group, Inc. Chicago Board Options Exchange 165 2,380,785 145.00 2/16/18 (61,050) 
Procter & Gamble Co. Chicago Board Options Exchange 495 4,548,060 92.50 2/16/18 (64,350) 
Target Corp. Chicago Board Options Exchange 278 1,813,950 65.00 3/16/18 (95,910) 
Target Corp. Chicago Board Options Exchange 278 1,813,950 70.00 3/16/18 (42,673) 
The Boeing Co. Chicago Board Options Exchange 221 6,517,511 300.00 3/16/18 (209,950) 
TOTAL WRITTEN OPTIONS      $(1,719,283) 

Legend

 (a) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $105,838,602.

 (b) Non-income producing

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

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,116,526 or 0.3% of net assets.

 (f) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $9,242,241 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $54,631 
Fidelity Securities Lending Cash Central Fund 14,384 
Total $69,015 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $174,970,615 $174,970,615 $-- $-- 
Consumer Staples 247,071,998 238,181,130 8,890,868 -- 
Energy 328,290,150 328,290,150 -- -- 
Financials 568,613,307 568,613,307 -- -- 
Health Care 359,424,819 345,401,306 14,023,513 -- 
Industrials 229,874,913 229,874,913 -- -- 
Information Technology 545,706,285 545,706,285 -- -- 
Materials 52,460,891 52,460,891 -- -- 
Real Estate 12,136,572 12,136,572 -- -- 
Telecommunication Services 40,259,881 40,259,881 -- -- 
Utilities 19,976,929 19,976,929 -- -- 
Other 7,116,526 -- -- 7,116,526 
Money Market Funds 26,896,845 26,896,845 -- -- 
Total Investments in Securities: $2,612,799,731 $2,582,768,824 $22,914,381 $7,116,526 
Derivative Instruments:     
Liabilities     
Written Options $(1,719,283) $(1,719,283) $-- $-- 
Total Liabilities $(1,719,283) $(1,719,283) $-- $-- 
Total Derivative Instruments: $(1,719,283) $(1,719,283) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Written Options(a) $0 $(1,719,283) 
Total Equity Risk 0 (1,719,283) 
Total Value of Derivatives $0 $(1,719,283) 

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


See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,080,510) — See accompanying schedule:
Unaffiliated issuers (cost $1,696,117,077) 		$2,585,902,886  
Fidelity Central Funds (cost $26,896,735) 26,896,845  
Total Investment in Securities (cost $1,723,013,812)  $2,612,799,731 
Cash  1,596 
Restricted cash  66,071 
Receivable for investments sold  3,912,316 
Receivable for fund shares sold  1,815,144 
Dividends receivable  2,641,445 
Distributions receivable from Fidelity Central Funds  28,590 
Prepaid expenses  3,805 
Other receivables  9,729 
Total assets  2,621,278,427 
Liabilities   
Payable for investments purchased $4,556,378  
Payable for fund shares redeemed 1,818,217  
Accrued management fee 951,190  
Distribution and service plan fees payable 53,792  
Written options, at value (premium received $1,793,967) 1,719,283  
Other affiliated payables 427,826  
Other payables and accrued expenses 29,891  
Collateral on securities loaned 1,115,900  
Total liabilities  10,672,477 
Net Assets  $2,610,605,950 
Net Assets consist of:   
Paid in capital  $1,712,554,520 
Distributions in excess of net investment income  (1,951,165) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  10,147,555 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  889,855,040 
Net Assets  $2,610,605,950 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($63,413,173 ÷ 3,671,250 shares)  $17.27 
Maximum offering price per share (100/94.25 of $17.27)  $18.32 
Class M:   
Net Asset Value and redemption price per share ($28,811,300 ÷ 1,668,311 shares)  $17.27 
Maximum offering price per share (100/96.50 of $17.27)  $17.90 
Class C:   
Net Asset Value and offering price per share ($34,798,787 ÷ 2,043,436 shares)(a)  $17.03 
Mega Cap Stock:   
Net Asset Value, offering price and redemption price per share ($1,980,685,119 ÷ 113,623,692 shares)  $17.43 
Class I:   
Net Asset Value, offering price and redemption price per share ($154,088,690 ÷ 8,833,967 shares)  $17.44 
Class Z:   
Net Asset Value, offering price and redemption price per share ($348,808,881 ÷ 20,094,715 shares)  $17.36 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $23,783,351 
Income from Fidelity Central Funds  69,015 
Total income  23,852,366 
Expenses   
Management fee $5,058,682  
Transfer agent fees 2,050,063  
Distribution and service plan fees 315,848  
Accounting and security lending fees 343,091  
Custodian fees and expenses 16,577  
Independent trustees' fees and expenses 4,419  
Registration fees 57,581  
Audit 27,840  
Legal 6,366  
Interest 8,240  
Miscellaneous 8,489  
Total expenses before reductions 7,897,196  
Expense reductions (28,033) 7,869,163 
Net investment income (loss)  15,983,203 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 81,679,632  
Fidelity Central Funds (1,212)  
Foreign currency transactions 11,532  
Written options 1,391,075  
Total net realized gain (loss)  83,081,027 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 128,912,917  
Fidelity Central Funds 110  
Assets and liabilities in foreign currencies (2,085)  
Written options 1,071,744  
Total change in net unrealized appreciation (depreciation)  129,982,686 
Net gain (loss)  213,063,713 
Net increase (decrease) in net assets resulting from operations  $229,046,916 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $15,983,203 $49,096,205 
Net realized gain (loss) 83,081,027 340,272,578 
Change in net unrealized appreciation (depreciation) 129,982,686 237,023,573 
Net increase (decrease) in net assets resulting from operations 229,046,916 626,392,356 
Distributions to shareholders from net investment income (35,334,498) (52,216,198) 
Distributions to shareholders from net realized gain (308,588,501) (17,291,428) 
Total distributions (343,922,999) (69,507,626) 
Share transactions - net increase (decrease) 517,097,289 (1,685,570,408) 
Total increase (decrease) in net assets 402,221,206 (1,128,685,678) 
Net Assets   
Beginning of period 2,208,384,744 3,337,070,422 
End of period $2,610,605,950 $2,208,384,744 
Other Information   
Undistributed net investment income end of period $– $17,400,130 
Distributions in excess of net investment income end of period $(1,951,165) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Mega Cap Stock Fund Class A

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.42 $15.56 $16.56 $16.32 $13.51 $11.05 
Income from Investment Operations       
Net investment income (loss)A .10 .22 .23 .18 .18 .17 
Net realized and unrealized gain (loss) 1.55 2.94 (.65) .71 3.00 2.43 
Total from investment operations 1.65 3.16 (.42) .89 3.18 2.60 
Distributions from net investment income (.24) (.22) (.18) (.17) (.16) (.14) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.80) (.30)B (.58) (.65)C (.37) (.14) 
Net asset value, end of period $17.27 $18.42 $15.56 $16.56 $16.32 $13.51 
Total ReturnD,E,F 10.16% 20.49% (2.56)% 5.69% 23.88% 23.78% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .94%I .94% .95% 1.05% .96% .98% 
Expenses net of fee waivers, if any .94%I .94% .95% 1.05% .96% .98% 
Expenses net of all reductions .93%I .94% .95% 1.05% .96% .98% 
Net investment income (loss) 1.16%I 1.30% 1.46% 1.10% 1.19% 1.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $63,413 $60,362 $68,801 $117,385 $77,335 $20,336 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.30 per share is comprised of distributions from net investment income of $.218 and distributions from net realized gain of $.085 per share.

 C Total distributions of $.65 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.474 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class M

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.39 $15.54 $16.57 $16.31 $13.51 $11.05 
Income from Investment Operations       
Net investment income (loss)A .08 .18 .19 .16 .14 .14 
Net realized and unrealized gain (loss) 1.55 2.93 (.65) .70 3.00 2.43 
Total from investment operations 1.63 3.11 (.46) .86 3.14 2.57 
Distributions from net investment income (.19) (.18) (.16) (.13) (.13) (.11) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.75) (.26)B (.57)C (.60) (.34) (.11) 
Net asset value, end of period $17.27 $18.39 $15.54 $16.57 $16.31 $13.51 
Total ReturnD,E,F 10.07% 20.17% (2.83)% 5.53% 23.54% 23.44% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.19%I 1.20% 1.21% 1.21% 1.22% 1.26% 
Expenses net of fee waivers, if any 1.19%I 1.20% 1.21% 1.20% 1.22% 1.26% 
Expenses net of all reductions 1.19%I 1.20% 1.20% 1.20% 1.22% 1.26% 
Net investment income (loss) .90%I 1.04% 1.21% .95% .92% 1.09% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,811 $28,248 $26,145 $23,231 $15,728 $8,377 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.26 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.085 per share.

 C Total distributions of $.57 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.404 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class C

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.13 $15.32 $16.35 $16.12 $13.38 $10.93 
Income from Investment Operations       
Net investment income (loss)A .03 .09 .11 .07 .06 .07 
Net realized and unrealized gain (loss) 1.54 2.90 (.64) .71 2.97 2.42 
Total from investment operations 1.57 2.99 (.53) .78 3.03 2.49 
Distributions from net investment income (.11) (.09) (.09) (.08) (.08) (.04) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.67) (.18) (.50)B (.55) (.29) (.04) 
Net asset value, end of period $17.03 $18.13 $15.32 $16.35 $16.12 $13.38 
Total ReturnC,D,E 9.81% 19.59% (3.32)% 5.05% 22.90% 22.83% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.69%H 1.69% 1.70% 1.70% 1.71% 1.75% 
Expenses net of fee waivers, if any 1.69%H 1.69% 1.70% 1.70% 1.71% 1.75% 
Expenses net of all reductions 1.68%H 1.69% 1.69% 1.70% 1.71% 1.75% 
Net investment income (loss) .41%H .55% .72% .45% .43% .59% 
Supplemental Data       
Net assets, end of period (000 omitted) $34,799 $34,205 $31,605 $34,790 $16,600 $7,938 
Portfolio turnover rateI 33%H 25% 25% 22%J 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.50 per share is comprised of distributions from net investment income of $.091 and distributions from net realized gain of $.404 per share.

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

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

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.58 $15.68 $16.72 $16.44 $13.60 $11.11 
Income from Investment Operations       
Net investment income (loss)A .12 .27 .27 .24 .22 .20 
Net realized and unrealized gain (loss) 1.57 2.97 (.66) .72 3.02 2.46 
Total from investment operations 1.69 3.24 (.39) .96 3.24 2.66 
Distributions from net investment income (.27) (.26) (.25) (.21) (.19) (.17) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.84)B (.34)C (.65) (.68) (.40) (.17) 
Net asset value, end of period $17.43 $18.58 $15.68 $16.72 $16.44 $13.60 
Total ReturnD,E 10.29% 20.87% (2.36)% 6.13% 24.18% 24.17% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .69%H .68% .69% .67% .68% .70% 
Expenses net of fee waivers, if any .69%H .68% .69% .67% .68% .70% 
Expenses net of all reductions .69%H .68% .68% .67% .68% .70% 
Net investment income (loss) 1.41%H 1.56% 1.73% 1.48% 1.47% 1.64% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,980,685 $1,613,374 $3,059,691 $3,300,700 $2,860,197 $2,214,592 
Portfolio turnover rateI 33%H 25% 25% 22%J 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.84 per share is comprised of distributions from net investment income of $.274 and distributions from net realized gain of $2.562 per share.

 C Total distributions of $.34 per share is comprised of distributions from net investment income of $.258 and distributions from net realized gain of $.085 per share.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class I

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.60 $15.70 $16.73 $16.39 $13.55 $11.08 
Income from Investment Operations       
Net investment income (loss)A .12 .27 .27 .24 .22 .20 
Net realized and unrealized gain (loss) 1.57 2.97 (.65) .72 3.02 2.44 
Total from investment operations 1.69 3.24 (.38) .96 3.24 2.64 
Distributions from net investment income (.29) (.26) (.24) (.15) (.18) (.17) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.85) (.34)B (.65)C (.62) (.40)D (.17) 
Net asset value, end of period $17.44 $18.60 $15.70 $16.73 $16.39 $13.55 
Total ReturnE,F 10.30% 20.84% (2.31)% 6.11% 24.23% 24.06% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .67%I .67% .68% .69% .71% .74% 
Expenses net of fee waivers, if any .67%I .67% .68% .68% .71% .74% 
Expenses net of all reductions .67%I .67% .68% .68% .71% .74% 
Net investment income (loss) 1.43%I 1.57% 1.73% 1.47% 1.43% 1.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $154,089 $153,622 $148,414 $186,637 $674,416 $312,814 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.34 per share is comprised of distributions from net investment income of $.257 and distributions from net realized gain of $.085 per share.

 C Total distributions of $.65 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.404 per share.

 D Total distributions of $.40 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.213 per share.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class Z

 Six months ended (Unaudited) December 31, Years ended June 30,    
 2017 2017 2016 2015 2014 A 
Selected Per–Share Data      
Net asset value, beginning of period $18.53 $15.65 $16.69 $16.40 $14.31 
Income from Investment Operations      
Net investment income (loss)B .14 .31 .29 .27 .21 
Net realized and unrealized gain (loss) 1.57 2.94 (.66) .72 2.20 
Total from investment operations 1.71 3.25 (.37) .99 2.41 
Distributions from net investment income (.31) (.28) (.27) (.23) (.10) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) 
Total distributions (2.88)C (.37) (.67) (.70) (.32)D 
Net asset value, end of period $17.36 $18.53 $15.65 $16.69 $16.40 
Total ReturnE,F 10.45% 20.96% (2.21)% 6.33% 17.06% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .53%I .53% .54% .54% .54%I 
Expenses net of fee waivers, if any .53%I .53% .54% .54% .54%I 
Expenses net of all reductions .53%I .53% .53% .54% .54%I 
Net investment income (loss) 1.56%I 1.71% 1.88% 1.61% 1.59%I 
Supplemental Data      
Net assets, end of period (000 omitted) $348,809 $318,575 $2,414 $2,449 $117 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 

 A For the period August 13, 2013 (commencement of sale of shares) to June 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $2.88 per share is comprised of distributions from net investment income of $.313 and distributions from net realized gain of $2.562 per share.

 D Total distributions of $.32 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.213 per share.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017

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 (formerly Class T), Class C, Mega Cap Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $933,703,021 
Gross unrealized depreciation (48,432,078) 
Net unrealized appreciation (depreciation) $885,270,943 
Tax cost $1,727,603,472 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $7,182,597 in this Subsidiary, representing .28% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including 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.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options" and are representative of volume of activity during the period.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $556,253,939 and $383,033,900, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .44% of the Fund's average net assets.

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

 Distribution
Fee 		Service
Fee 		Total Fees Retained
by FDC 
Class A -% .25% $75,949 $1,593 
Class M .25% .25% 70,314 – 
Class C .75% .25% 169,585 17,559 
   $315,848 $19,152 

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 $14,310 
Class M 1,196 
Class C(a) 1,231 
 $16,737 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $61,331 .20 
Class M 28,899 .21 
Class C 34,103 .20 
Mega Cap Stock 1,708,730 .20 
Class I 140,010 .18 
Class Z 76,990 .05 
 $2,050,063  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,818 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $22,106,300 1.34% $8,240 

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5,369.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,422 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $14,384. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $11,924 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,109.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2017 		Year ended
June 30, 2017 
From net investment income   
Class A $796,861 $899,180 
Class M 298,321 291,257 
Class C 202,655 185,391 
Mega Cap Stock 25,922,901 48,569,058 
Class I 2,395,397 2,230,910 
Class Z 5,718,363 40,402 
Total $35,334,498 $52,216,198 
From net realized gain   
Class A $8,449,639 $344,305 
Class M 3,919,912 137,941 
Class C 4,788,475 163,362 
Mega Cap Stock 224,982,402 15,922,546 
Class I 21,104,231 711,666 
Class Z 45,343,842 11,608 
Total $308,588,501 $17,291,428 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
December 31, 2017 		Year ended
June 30, 2017 		Six months ended
December 31, 2017 		Year ended
June 30, 2017 
Class A     
Shares sold 457,115 1,038,892 $7,842,205 $18,074,597 
Reinvestment of distributions 559,889 70,692 9,203,300 1,204,625 
Shares redeemed (623,215) (2,254,920) (10,608,382) (39,387,612) 
Net increase (decrease) 393,789 (1,145,336) $6,437,123 $(20,108,390) 
Class M     
Shares sold 82,612 351,517 $1,414,717 $6,011,579 
Reinvestment of distributions 255,533 24,971 4,196,936 425,997 
Shares redeemed (205,717) (523,179) (3,527,475) (8,962,447) 
Net increase (decrease) 132,428 (146,691) $2,084,178 $(2,524,871) 
Class C     
Shares sold 76,730 321,807 $1,309,665 $5,527,295 
Reinvestment of distributions 306,537 20,217 4,962,564 342,413 
Shares redeemed (226,146) (518,468) (3,860,472) (8,770,183) 
Net increase (decrease) 157,121 (176,444) $2,411,757 $(2,900,475) 
Mega Cap Stock     
Shares sold 25,384,106 37,223,324 $440,309,968 $643,884,050 
Reinvestment of distributions 14,397,240 3,517,132 239,269,689 60,338,870 
Shares redeemed (13,010,193) (148,979,826) (230,669,282) (2,654,363,774) 
Net increase (decrease) 26,771,153 (108,239,370) $448,910,375 $(1,950,140,854) 
Class I     
Shares sold 813,082 1,883,800 $14,221,125 $33,590,247 
Reinvestment of distributions 1,407,682 170,239 23,366,927 2,921,152 
Shares redeemed (1,647,939) (3,246,889) (28,724,789) (56,705,836) 
Net increase (decrease) 572,825 (1,192,850) $8,863,263 $(20,194,437) 
Class Z     
Shares sold 1,806,669 17,352,586 $30,550,010 $316,033,855 
Reinvestment of distributions 1,742,762 3,045 28,819,243 52,010 
Shares redeemed (643,678) (320,945) (10,978,660) (5,787,246) 
Net increase (decrease) 2,905,753 17,034,686 $48,390,593 $310,298,619 

12. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Class A .94%    
Actual  $1,000.00 $1,101.60 $4.98 
Hypothetical-C  $1,000.00 $1,020.47 $4.79 
Class M 1.19%    
Actual  $1,000.00 $1,100.70 $6.30 
Hypothetical-C  $1,000.00 $1,019.21 $6.06 
Class C 1.69%    
Actual  $1,000.00 $1,098.10 $8.94 
Hypothetical-C  $1,000.00 $1,016.69 $8.59 
Mega Cap Stock .69%    
Actual  $1,000.00 $1,102.90 $3.66 
Hypothetical-C  $1,000.00 $1,021.73 $3.52 
Class I .67%    
Actual  $1,000.00 $1,103.00 $3.55 
Hypothetical-C  $1,000.00 $1,021.83 $3.41 
Class Z .53%    
Actual  $1,000.00 $1,104.50 $2.81 
Hypothetical-C  $1,000.00 $1,022.53 $2.70 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


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), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Mega Cap Stock Fund


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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Mega Cap Stock Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class C, Class I, Class Z, and the retail class ranked below the competitive median for 2016 and the total expense ratio of Class M (formerly Class T) ranked equal to the competitive median for 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

AGII-SANN-0218
1.855230.110

Fidelity® Mega Cap Stock Fund



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Bank of America Corp.(a) 4.5 
Microsoft Corp.(a) 4.3 
JPMorgan Chase & Co.(a) 3.9 
Citigroup, Inc.(a) 3.4 
Apple, Inc.(a) 3.2 
Chevron Corp. 2.7 
Wells Fargo & Co. 2.6 
Comcast Corp. Class A 2.6 
ConocoPhillips Co. 2.4 
Johnson & Johnson(a) 2.3 
 31.9 

 (a) Security or a portion of the security is pledged as collateral for call options written.


Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Financials 21.8 
Information Technology 20.9 
Health Care 13.7 
Energy 12.9 
Consumer Staples 9.5 

Asset Allocation (% of fund's net assets)

As of December 31, 2017*,** 
   Stocks 98.7% 
   Convertible Securities 0.1% 
   Other Investments 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 8.0%

 ** Written options - (0.1)%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 6.7%   
Automobiles - 0.2%   
General Motors Co. 104,900 $4,299,851 
Media - 4.1%   
Comcast Corp. Class A 1,664,500 66,663,225 
The Walt Disney Co. 246,500 26,501,215 
Time Warner, Inc. 120,195 10,994,237 
Viacom, Inc. Class B (non-vtg.) 84,800 2,612,688 
  106,771,365 
Multiline Retail - 0.4%   
Target Corp. (a) 164,100 10,707,525 
Specialty Retail - 2.0%   
Lowe's Companies, Inc. (a) 448,100 41,646,414 
TJX Companies, Inc. 151,000 11,545,460 
  53,191,874 
TOTAL CONSUMER DISCRETIONARY  174,970,615 
CONSUMER STAPLES - 9.5%   
Beverages - 2.0%   
PepsiCo, Inc. 105,005 12,592,200 
The Coca-Cola Co. 862,100 39,553,148 
  52,145,348 
Food & Staples Retailing - 2.5%   
Costco Wholesale Corp. 21,000 3,908,520 
CVS Health Corp. 351,100 25,454,750 
Kroger Co. (a) 224,600 6,165,270 
Wal-Mart Stores, Inc. 306,100 30,227,375 
  65,755,915 
Food Products - 0.0%   
General Mills, Inc. 8,300 492,107 
Household Products - 2.4%   
Kimberly-Clark Corp. 23,800 2,871,708 
Procter & Gamble Co. (a) 533,100 48,981,228 
Reckitt Benckiser Group PLC 95,300 8,890,868 
  60,743,804 
Personal Products - 0.4%   
Estee Lauder Companies, Inc. Class A 18,400 2,341,216 
Unilever NV (NY Reg.) 135,800 7,648,256 
  9,989,472 
Tobacco - 2.2%   
Altria Group, Inc. 584,800 41,760,568 
British American Tobacco PLC sponsored ADR 241,600 16,184,784 
  57,945,352 
TOTAL CONSUMER STAPLES  247,071,998 
ENERGY - 12.6%   
Energy Equipment & Services - 0.4%   
Baker Hughes, a GE Co. Class A 241,600 7,644,224 
Schlumberger Ltd. 47,100 3,174,069 
  10,818,293 
Oil, Gas & Consumable Fuels - 12.2%   
Anadarko Petroleum Corp. 241,600 12,959,424 
Apache Corp. 419,905 17,728,389 
BP PLC sponsored ADR 157,900 6,636,537 
Chevron Corp. 561,700 70,319,223 
ConocoPhillips Co. 1,116,100 61,262,729 
Exxon Mobil Corp. 65,000 5,436,600 
Imperial Oil Ltd. 448,500 13,997,339 
Kinder Morgan, Inc. 1,197,500 21,638,825 
Phillips 66 Co. 89,400 9,042,810 
Suncor Energy, Inc. 1,333,000 48,940,294 
The Williams Companies, Inc. 1,310,300 39,951,047 
Valero Energy Corp. 104,000 9,558,640 
  317,471,857 
TOTAL ENERGY  328,290,150 
FINANCIALS - 21.8%   
Banks - 17.0%   
Bank of America Corp. (a) 3,941,000 116,338,318 
Citigroup, Inc. (a) 1,192,070 88,701,929 
JPMorgan Chase & Co. (a) 945,400 101,101,076 
PNC Financial Services Group, Inc. (a) 223,600 32,263,244 
U.S. Bancorp 708,300 37,950,714 
Wells Fargo & Co. 1,116,930 67,764,143 
  444,119,424 
Capital Markets - 4.1%   
Charles Schwab Corp. (a) 339,400 17,434,978 
Goldman Sachs Group, Inc. 41,900 10,674,444 
Morgan Stanley 575,800 30,212,226 
State Street Corp. 497,700 48,580,497 
  106,902,145 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 121,780 9,911,674 
MetLife, Inc. 151,900 7,680,064 
  17,591,738 
TOTAL FINANCIALS  568,613,307 
HEALTH CARE - 13.6%   
Biotechnology - 3.4%   
Alexion Pharmaceuticals, Inc. (b) 117,600 14,063,784 
Amgen, Inc. 241,290 41,960,331 
Biogen, Inc. (b) 39,500 12,583,515 
Gilead Sciences, Inc. 84,110 6,025,640 
Intercept Pharmaceuticals, Inc. (b) 31,200 1,822,704 
Regeneron Pharmaceuticals, Inc. (b) 17,400 6,541,704 
Vertex Pharmaceuticals, Inc. (b) 45,000 6,743,700 
  89,741,378 
Health Care Equipment & Supplies - 1.2%   
Becton, Dickinson & Co. 10,200 2,183,412 
Boston Scientific Corp. (b) 397,300 9,849,067 
Danaher Corp. 68,400 6,348,888 
Medtronic PLC 171,113 13,817,375 
  32,198,742 
Health Care Providers & Services - 3.4%   
Aetna, Inc. 18,700 3,373,293 
Anthem, Inc. 76,400 17,190,764 
Cardinal Health, Inc. 111,800 6,849,986 
Cigna Corp. 68,900 13,992,901 
Express Scripts Holding Co. (b) 62,062 4,632,308 
Humana, Inc. 28,300 7,020,381 
McKesson Corp. 131,300 20,476,235 
UnitedHealth Group, Inc. 64,100 14,131,486 
  87,667,354 
Pharmaceuticals - 5.6%   
Allergan PLC 62,400 10,207,392 
AstraZeneca PLC sponsored ADR 213,900 7,422,330 
Bayer AG 28,800 3,578,781 
Bristol-Myers Squibb Co. (a) 163,850 10,040,728 
GlaxoSmithKline PLC sponsored ADR 1,003,700 35,601,239 
Johnson & Johnson (a) 423,400 59,157,448 
Novartis AG sponsored ADR 51,000 4,281,960 
Sanofi SA 87,064 7,495,513 
Teva Pharmaceutical Industries Ltd. sponsored ADR (c) 479,300 9,082,735 
  146,868,126 
TOTAL HEALTH CARE  356,475,600 
INDUSTRIALS - 8.8%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 18,100 3,682,445 
The Boeing Co. (a) 47,400 13,978,734 
United Technologies Corp. 353,100 45,044,967 
  62,706,146 
Air Freight & Logistics - 1.6%   
FedEx Corp. 47,400 11,828,196 
United Parcel Service, Inc. Class B 253,000 30,144,950 
  41,973,146 
Industrial Conglomerates - 2.0%   
General Electric Co. 3,008,500 52,498,325 
Road & Rail - 2.8%   
CSX Corp. (a) 386,700 21,272,367 
Norfolk Southern Corp. 119,100 17,257,590 
Union Pacific Corp. 254,790 34,167,339 
  72,697,296 
TOTAL INDUSTRIALS  229,874,913 
INFORMATION TECHNOLOGY - 20.9%   
Communications Equipment - 1.8%   
Cisco Systems, Inc. (a) 1,241,800 47,560,940 
Internet Software & Services - 4.2%   
Alphabet, Inc.:   
Class A (b) 49,750 52,406,650 
Class C (b) 47,026 49,208,006 
Facebook, Inc. Class A (b) 40,100 7,076,046 
  108,690,702 
IT Services - 3.5%   
Accenture PLC Class A 37,800 5,786,802 
Cognizant Technology Solutions Corp. Class A 143,400 10,184,268 
MasterCard, Inc. Class A (a) 132,800 20,100,608 
PayPal Holdings, Inc. (b) 103,700 7,634,394 
Visa, Inc. Class A 420,000 47,888,400 
  91,594,472 
Semiconductors & Semiconductor Equipment - 2.0%   
Qualcomm, Inc. 809,700 51,836,994 
Software - 6.2%   
Adobe Systems, Inc. (b) 99,600 17,453,904 
Microsoft Corp. (a) 1,317,700 112,716,058 
Oracle Corp. 496,300 23,465,064 
Salesforce.com, Inc. (b) 19,200 1,962,816 
SAP SE sponsored ADR 51,400 5,775,304 
  161,373,146 
Technology Hardware, Storage & Peripherals - 3.2%   
Apple, Inc. (a) 500,207 84,650,031 
TOTAL INFORMATION TECHNOLOGY  545,706,285 
MATERIALS - 2.0%   
Chemicals - 2.0%   
DowDuPont, Inc. 133,367 9,498,398 
LyondellBasell Industries NV Class A 170,800 18,842,656 
Monsanto Co. 174,810 20,414,312 
PPG Industries, Inc. 20,500 2,394,810 
  51,150,176 
Metals & Mining - 0.0%   
BHP Billiton Ltd. sponsored ADR (c) 28,500 1,310,715 
TOTAL MATERIALS  52,460,891 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
American Tower Corp. 37,600 5,364,392 
Crown Castle International Corp. 7,200 799,272 
Equinix, Inc. 6,400 2,900,608 
Public Storage 14,700 3,072,300 
  12,136,572 
TELECOMMUNICATION SERVICES - 1.5%   
Diversified Telecommunication Services - 1.5%   
Verizon Communications, Inc. 760,625 40,259,881 
UTILITIES - 0.8%   
Electric Utilities - 0.8%   
Exelon Corp. 506,900 19,976,929 
TOTAL COMMON STOCKS   
(Cost $1,684,281,311)  2,575,837,141 
Convertible Preferred Stocks - 0.1%   
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Becton, Dickinson & Co. Series A 6.125%   
(Cost $2,593,525) 50,700 2,949,219 
Other - 0.3%   
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Utica Shale Drilling Program (non-operating revenue interest)(d)(e)(f)   
(Cost $9,242,241) 9,242,241 7,116,526 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 1.36% (g) 25,776,908 25,782,064 
Fidelity Securities Lending Cash Central Fund 1.36% (g)(h) 1,114,558 1,114,781 
TOTAL MONEY MARKET FUNDS   
(Cost $26,896,735)  26,896,845 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $1,723,013,812)  2,612,799,731 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (2,193,781) 
NET ASSETS - 100%  $2,610,605,950 

Written Options       
 Counterparty Number of Contracts Notional Amount Exercise Price Expiration Date Value 
Call Options       
Apple, Inc. Chicago Board Options Exchange 276 $4,670,748 $185.00 2/16/18 $(31,326) 
Bank of America Corp. Chicago Board Options Exchange 6,270 18,509,040 30.00 1/19/18 (260,205) 
Bristol-Myers Squibb Co. Chicago Board Options Exchange 825 5,055,600 65.00 1/19/18 (23,925) 
Charles Schwab Corp. Chicago Board Options Exchange 336 1,726,032 55.00 3/16/18 (31,080) 
Cisco Systems, Inc. Chicago Board Options Exchange 1,205 4,615,150 41.00 3/16/18 (39,765) 
Cisco Systems, Inc. Chicago Board Options Exchange 1,205 4,615,150 40.00 3/16/18 (66,878) 
Citigroup, Inc. Chicago Board Options Exchange 1,148 8,542,268 80.00 2/16/18 (54,530) 
CSX Corp. Chicago Board Options Exchange 605 3,328,105 60.00 2/16/18 (29,343) 
CSX Corp. Chicago Board Options Exchange 602 3,311,602 62.50 2/16/18 (11,438) 
Johnson & Johnson Chicago Board Options Exchange 385 5,379,220 145.00 2/16/18 (34,072) 
JPMorgan Chase & Co. Chicago Board Options Exchange 1,430 15,292,420 115.00 3/16/18 (132,990) 
Kroger Co. Chicago Board Options Exchange 223 612,135 28.00 2/16/18 (17,840) 
Kroger Co. Chicago Board Options Exchange 438 1,202,310 29.00 2/16/18 (20,805) 
Lowe's Companies, Inc. Chicago Board Options Exchange 470 4,368,180 85.00 1/19/18 (381,875) 
MasterCard, Inc. Class A Chicago Board Options Exchange 156 2,361,216 150.00 1/19/18 (49,686) 
Microsoft Corp. Chicago Board Options Exchange 605 5,175,170 90.00 2/16/18 (59,592) 
PNC Financial Services Group, Inc. Chicago Board Options Exchange 165 2,380,785 145.00 2/16/18 (61,050) 
Procter & Gamble Co. Chicago Board Options Exchange 495 4,548,060 92.50 2/16/18 (64,350) 
Target Corp. Chicago Board Options Exchange 278 1,813,950 65.00 3/16/18 (95,910) 
Target Corp. Chicago Board Options Exchange 278 1,813,950 70.00 3/16/18 (42,673) 
The Boeing Co. Chicago Board Options Exchange 221 6,517,511 300.00 3/16/18 (209,950) 
TOTAL WRITTEN OPTIONS      $(1,719,283) 

Legend

 (a) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $105,838,602.

 (b) Non-income producing

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

 (d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,116,526 or 0.3% of net assets.

 (f) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $9,242,241 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $54,631 
Fidelity Securities Lending Cash Central Fund 14,384 
Total $69,015 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $174,970,615 $174,970,615 $-- $-- 
Consumer Staples 247,071,998 238,181,130 8,890,868 -- 
Energy 328,290,150 328,290,150 -- -- 
Financials 568,613,307 568,613,307 -- -- 
Health Care 359,424,819 345,401,306 14,023,513 -- 
Industrials 229,874,913 229,874,913 -- -- 
Information Technology 545,706,285 545,706,285 -- -- 
Materials 52,460,891 52,460,891 -- -- 
Real Estate 12,136,572 12,136,572 -- -- 
Telecommunication Services 40,259,881 40,259,881 -- -- 
Utilities 19,976,929 19,976,929 -- -- 
Other 7,116,526 -- -- 7,116,526 
Money Market Funds 26,896,845 26,896,845 -- -- 
Total Investments in Securities: $2,612,799,731 $2,582,768,824 $22,914,381 $7,116,526 
Derivative Instruments:     
Liabilities     
Written Options $(1,719,283) $(1,719,283) $-- $-- 
Total Liabilities $(1,719,283) $(1,719,283) $-- $-- 
Total Derivative Instruments: $(1,719,283) $(1,719,283) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Written Options(a) $0 $(1,719,283) 
Total Equity Risk 0 (1,719,283) 
Total Value of Derivatives $0 $(1,719,283) 

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


See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,080,510) — See accompanying schedule:
Unaffiliated issuers (cost $1,696,117,077) 		$2,585,902,886  
Fidelity Central Funds (cost $26,896,735) 26,896,845  
Total Investment in Securities (cost $1,723,013,812)  $2,612,799,731 
Cash  1,596 
Restricted cash  66,071 
Receivable for investments sold  3,912,316 
Receivable for fund shares sold  1,815,144 
Dividends receivable  2,641,445 
Distributions receivable from Fidelity Central Funds  28,590 
Prepaid expenses  3,805 
Other receivables  9,729 
Total assets  2,621,278,427 
Liabilities   
Payable for investments purchased $4,556,378  
Payable for fund shares redeemed 1,818,217  
Accrued management fee 951,190  
Distribution and service plan fees payable 53,792  
Written options, at value (premium received $1,793,967) 1,719,283  
Other affiliated payables 427,826  
Other payables and accrued expenses 29,891  
Collateral on securities loaned 1,115,900  
Total liabilities  10,672,477 
Net Assets  $2,610,605,950 
Net Assets consist of:   
Paid in capital  $1,712,554,520 
Distributions in excess of net investment income  (1,951,165) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  10,147,555 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  889,855,040 
Net Assets  $2,610,605,950 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($63,413,173 ÷ 3,671,250 shares)  $17.27 
Maximum offering price per share (100/94.25 of $17.27)  $18.32 
Class M:   
Net Asset Value and redemption price per share ($28,811,300 ÷ 1,668,311 shares)  $17.27 
Maximum offering price per share (100/96.50 of $17.27)  $17.90 
Class C:   
Net Asset Value and offering price per share ($34,798,787 ÷ 2,043,436 shares)(a)  $17.03 
Mega Cap Stock:   
Net Asset Value, offering price and redemption price per share ($1,980,685,119 ÷ 113,623,692 shares)  $17.43 
Class I:   
Net Asset Value, offering price and redemption price per share ($154,088,690 ÷ 8,833,967 shares)  $17.44 
Class Z:   
Net Asset Value, offering price and redemption price per share ($348,808,881 ÷ 20,094,715 shares)  $17.36 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $23,783,351 
Income from Fidelity Central Funds  69,015 
Total income  23,852,366 
Expenses   
Management fee $5,058,682  
Transfer agent fees 2,050,063  
Distribution and service plan fees 315,848  
Accounting and security lending fees 343,091  
Custodian fees and expenses 16,577  
Independent trustees' fees and expenses 4,419  
Registration fees 57,581  
Audit 27,840  
Legal 6,366  
Interest 8,240  
Miscellaneous 8,489  
Total expenses before reductions 7,897,196  
Expense reductions (28,033) 7,869,163 
Net investment income (loss)  15,983,203 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 81,679,632  
Fidelity Central Funds (1,212)  
Foreign currency transactions 11,532  
Written options 1,391,075  
Total net realized gain (loss)  83,081,027 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 128,912,917  
Fidelity Central Funds 110  
Assets and liabilities in foreign currencies (2,085)  
Written options 1,071,744  
Total change in net unrealized appreciation (depreciation)  129,982,686 
Net gain (loss)  213,063,713 
Net increase (decrease) in net assets resulting from operations  $229,046,916 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $15,983,203 $49,096,205 
Net realized gain (loss) 83,081,027 340,272,578 
Change in net unrealized appreciation (depreciation) 129,982,686 237,023,573 
Net increase (decrease) in net assets resulting from operations 229,046,916 626,392,356 
Distributions to shareholders from net investment income (35,334,498) (52,216,198) 
Distributions to shareholders from net realized gain (308,588,501) (17,291,428) 
Total distributions (343,922,999) (69,507,626) 
Share transactions - net increase (decrease) 517,097,289 (1,685,570,408) 
Total increase (decrease) in net assets 402,221,206 (1,128,685,678) 
Net Assets   
Beginning of period 2,208,384,744 3,337,070,422 
End of period $2,610,605,950 $2,208,384,744 
Other Information   
Undistributed net investment income end of period $– $17,400,130 
Distributions in excess of net investment income end of period $(1,951,165) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Mega Cap Stock Fund Class A

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.42 $15.56 $16.56 $16.32 $13.51 $11.05 
Income from Investment Operations       
Net investment income (loss)A .10 .22 .23 .18 .18 .17 
Net realized and unrealized gain (loss) 1.55 2.94 (.65) .71 3.00 2.43 
Total from investment operations 1.65 3.16 (.42) .89 3.18 2.60 
Distributions from net investment income (.24) (.22) (.18) (.17) (.16) (.14) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.80) (.30)B (.58) (.65)C (.37) (.14) 
Net asset value, end of period $17.27 $18.42 $15.56 $16.56 $16.32 $13.51 
Total ReturnD,E,F 10.16% 20.49% (2.56)% 5.69% 23.88% 23.78% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .94%I .94% .95% 1.05% .96% .98% 
Expenses net of fee waivers, if any .94%I .94% .95% 1.05% .96% .98% 
Expenses net of all reductions .93%I .94% .95% 1.05% .96% .98% 
Net investment income (loss) 1.16%I 1.30% 1.46% 1.10% 1.19% 1.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $63,413 $60,362 $68,801 $117,385 $77,335 $20,336 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.30 per share is comprised of distributions from net investment income of $.218 and distributions from net realized gain of $.085 per share.

 C Total distributions of $.65 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.474 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class M

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.39 $15.54 $16.57 $16.31 $13.51 $11.05 
Income from Investment Operations       
Net investment income (loss)A .08 .18 .19 .16 .14 .14 
Net realized and unrealized gain (loss) 1.55 2.93 (.65) .70 3.00 2.43 
Total from investment operations 1.63 3.11 (.46) .86 3.14 2.57 
Distributions from net investment income (.19) (.18) (.16) (.13) (.13) (.11) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.75) (.26)B (.57)C (.60) (.34) (.11) 
Net asset value, end of period $17.27 $18.39 $15.54 $16.57 $16.31 $13.51 
Total ReturnD,E,F 10.07% 20.17% (2.83)% 5.53% 23.54% 23.44% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.19%I 1.20% 1.21% 1.21% 1.22% 1.26% 
Expenses net of fee waivers, if any 1.19%I 1.20% 1.21% 1.20% 1.22% 1.26% 
Expenses net of all reductions 1.19%I 1.20% 1.20% 1.20% 1.22% 1.26% 
Net investment income (loss) .90%I 1.04% 1.21% .95% .92% 1.09% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,811 $28,248 $26,145 $23,231 $15,728 $8,377 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.26 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.085 per share.

 C Total distributions of $.57 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.404 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class C

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.13 $15.32 $16.35 $16.12 $13.38 $10.93 
Income from Investment Operations       
Net investment income (loss)A .03 .09 .11 .07 .06 .07 
Net realized and unrealized gain (loss) 1.54 2.90 (.64) .71 2.97 2.42 
Total from investment operations 1.57 2.99 (.53) .78 3.03 2.49 
Distributions from net investment income (.11) (.09) (.09) (.08) (.08) (.04) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.67) (.18) (.50)B (.55) (.29) (.04) 
Net asset value, end of period $17.03 $18.13 $15.32 $16.35 $16.12 $13.38 
Total ReturnC,D,E 9.81% 19.59% (3.32)% 5.05% 22.90% 22.83% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.69%H 1.69% 1.70% 1.70% 1.71% 1.75% 
Expenses net of fee waivers, if any 1.69%H 1.69% 1.70% 1.70% 1.71% 1.75% 
Expenses net of all reductions 1.68%H 1.69% 1.69% 1.70% 1.71% 1.75% 
Net investment income (loss) .41%H .55% .72% .45% .43% .59% 
Supplemental Data       
Net assets, end of period (000 omitted) $34,799 $34,205 $31,605 $34,790 $16,600 $7,938 
Portfolio turnover rateI 33%H 25% 25% 22%J 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.50 per share is comprised of distributions from net investment income of $.091 and distributions from net realized gain of $.404 per share.

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

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

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.58 $15.68 $16.72 $16.44 $13.60 $11.11 
Income from Investment Operations       
Net investment income (loss)A .12 .27 .27 .24 .22 .20 
Net realized and unrealized gain (loss) 1.57 2.97 (.66) .72 3.02 2.46 
Total from investment operations 1.69 3.24 (.39) .96 3.24 2.66 
Distributions from net investment income (.27) (.26) (.25) (.21) (.19) (.17) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.84)B (.34)C (.65) (.68) (.40) (.17) 
Net asset value, end of period $17.43 $18.58 $15.68 $16.72 $16.44 $13.60 
Total ReturnD,E 10.29% 20.87% (2.36)% 6.13% 24.18% 24.17% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .69%H .68% .69% .67% .68% .70% 
Expenses net of fee waivers, if any .69%H .68% .69% .67% .68% .70% 
Expenses net of all reductions .69%H .68% .68% .67% .68% .70% 
Net investment income (loss) 1.41%H 1.56% 1.73% 1.48% 1.47% 1.64% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,980,685 $1,613,374 $3,059,691 $3,300,700 $2,860,197 $2,214,592 
Portfolio turnover rateI 33%H 25% 25% 22%J 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.84 per share is comprised of distributions from net investment income of $.274 and distributions from net realized gain of $2.562 per share.

 C Total distributions of $.34 per share is comprised of distributions from net investment income of $.258 and distributions from net realized gain of $.085 per share.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class I

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.60 $15.70 $16.73 $16.39 $13.55 $11.08 
Income from Investment Operations       
Net investment income (loss)A .12 .27 .27 .24 .22 .20 
Net realized and unrealized gain (loss) 1.57 2.97 (.65) .72 3.02 2.44 
Total from investment operations 1.69 3.24 (.38) .96 3.24 2.64 
Distributions from net investment income (.29) (.26) (.24) (.15) (.18) (.17) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) – 
Total distributions (2.85) (.34)B (.65)C (.62) (.40)D (.17) 
Net asset value, end of period $17.44 $18.60 $15.70 $16.73 $16.39 $13.55 
Total ReturnE,F 10.30% 20.84% (2.31)% 6.11% 24.23% 24.06% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .67%I .67% .68% .69% .71% .74% 
Expenses net of fee waivers, if any .67%I .67% .68% .68% .71% .74% 
Expenses net of all reductions .67%I .67% .68% .68% .71% .74% 
Net investment income (loss) 1.43%I 1.57% 1.73% 1.47% 1.43% 1.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $154,089 $153,622 $148,414 $186,637 $674,416 $312,814 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 29% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.34 per share is comprised of distributions from net investment income of $.257 and distributions from net realized gain of $.085 per share.

 C Total distributions of $.65 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.404 per share.

 D Total distributions of $.40 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.213 per share.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Fidelity Mega Cap Stock Fund Class Z

 Six months ended (Unaudited) December 31, Years ended June 30,    
 2017 2017 2016 2015 2014 A 
Selected Per–Share Data      
Net asset value, beginning of period $18.53 $15.65 $16.69 $16.40 $14.31 
Income from Investment Operations      
Net investment income (loss)B .14 .31 .29 .27 .21 
Net realized and unrealized gain (loss) 1.57 2.94 (.66) .72 2.20 
Total from investment operations 1.71 3.25 (.37) .99 2.41 
Distributions from net investment income (.31) (.28) (.27) (.23) (.10) 
Distributions from net realized gain (2.56) (.09) (.40) (.47) (.21) 
Total distributions (2.88)C (.37) (.67) (.70) (.32)D 
Net asset value, end of period $17.36 $18.53 $15.65 $16.69 $16.40 
Total ReturnE,F 10.45% 20.96% (2.21)% 6.33% 17.06% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .53%I .53% .54% .54% .54%I 
Expenses net of fee waivers, if any .53%I .53% .54% .54% .54%I 
Expenses net of all reductions .53%I .53% .53% .54% .54%I 
Net investment income (loss) 1.56%I 1.71% 1.88% 1.61% 1.59%I 
Supplemental Data      
Net assets, end of period (000 omitted) $348,809 $318,575 $2,414 $2,449 $117 
Portfolio turnover rateJ 33%I 25% 25% 22%K 28% 

 A For the period August 13, 2013 (commencement of sale of shares) to June 30, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $2.88 per share is comprised of distributions from net investment income of $.313 and distributions from net realized gain of $2.562 per share.

 D Total distributions of $.32 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.213 per share.

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

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

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017

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 (formerly Class T), Class C, Mega Cap Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $933,703,021 
Gross unrealized depreciation (48,432,078) 
Net unrealized appreciation (depreciation) $885,270,943 
Tax cost $1,727,603,472 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $7,182,597 in this Subsidiary, representing .28% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including 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.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options" and are representative of volume of activity during the period.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $556,253,939 and $383,033,900, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .44% of the Fund's average net assets.

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

 Distribution
Fee 		Service
Fee 		Total Fees Retained
by FDC 
Class A -% .25% $75,949 $1,593 
Class M .25% .25% 70,314 – 
Class C .75% .25% 169,585 17,559 
   $315,848 $19,152 

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 $14,310 
Class M 1,196 
Class C(a) 1,231 
 $16,737 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $61,331 .20 
Class M 28,899 .21 
Class C 34,103 .20 
Mega Cap Stock 1,708,730 .20 
Class I 140,010 .18 
Class Z 76,990 .05 
 $2,050,063  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,818 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $22,106,300 1.34% $8,240 

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

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5,369.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,422 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $14,384. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $11,924 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,109.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2017 		Year ended
June 30, 2017 
From net investment income   
Class A $796,861 $899,180 
Class M 298,321 291,257 
Class C 202,655 185,391 
Mega Cap Stock 25,922,901 48,569,058 
Class I 2,395,397 2,230,910 
Class Z 5,718,363 40,402 
Total $35,334,498 $52,216,198 
From net realized gain   
Class A $8,449,639 $344,305 
Class M 3,919,912 137,941 
Class C 4,788,475 163,362 
Mega Cap Stock 224,982,402 15,922,546 
Class I 21,104,231 711,666 
Class Z 45,343,842 11,608 
Total $308,588,501 $17,291,428 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
December 31, 2017 		Year ended
June 30, 2017 		Six months ended
December 31, 2017 		Year ended
June 30, 2017 
Class A     
Shares sold 457,115 1,038,892 $7,842,205 $18,074,597 
Reinvestment of distributions 559,889 70,692 9,203,300 1,204,625 
Shares redeemed (623,215) (2,254,920) (10,608,382) (39,387,612) 
Net increase (decrease) 393,789 (1,145,336) $6,437,123 $(20,108,390) 
Class M     
Shares sold 82,612 351,517 $1,414,717 $6,011,579 
Reinvestment of distributions 255,533 24,971 4,196,936 425,997 
Shares redeemed (205,717) (523,179) (3,527,475) (8,962,447) 
Net increase (decrease) 132,428 (146,691) $2,084,178 $(2,524,871) 
Class C     
Shares sold 76,730 321,807 $1,309,665 $5,527,295 
Reinvestment of distributions 306,537 20,217 4,962,564 342,413 
Shares redeemed (226,146) (518,468) (3,860,472) (8,770,183) 
Net increase (decrease) 157,121 (176,444) $2,411,757 $(2,900,475) 
Mega Cap Stock     
Shares sold 25,384,106 37,223,324 $440,309,968 $643,884,050 
Reinvestment of distributions 14,397,240 3,517,132 239,269,689 60,338,870 
Shares redeemed (13,010,193) (148,979,826) (230,669,282) (2,654,363,774) 
Net increase (decrease) 26,771,153 (108,239,370) $448,910,375 $(1,950,140,854) 
Class I     
Shares sold 813,082 1,883,800 $14,221,125 $33,590,247 
Reinvestment of distributions 1,407,682 170,239 23,366,927 2,921,152 
Shares redeemed (1,647,939) (3,246,889) (28,724,789) (56,705,836) 
Net increase (decrease) 572,825 (1,192,850) $8,863,263 $(20,194,437) 
Class Z     
Shares sold 1,806,669 17,352,586 $30,550,010 $316,033,855 
Reinvestment of distributions 1,742,762 3,045 28,819,243 52,010 
Shares redeemed (643,678) (320,945) (10,978,660) (5,787,246) 
Net increase (decrease) 2,905,753 17,034,686 $48,390,593 $310,298,619 

12. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Class A .94%    
Actual  $1,000.00 $1,101.60 $4.98 
Hypothetical-C  $1,000.00 $1,020.47 $4.79 
Class M 1.19%    
Actual  $1,000.00 $1,100.70 $6.30 
Hypothetical-C  $1,000.00 $1,019.21 $6.06 
Class C 1.69%    
Actual  $1,000.00 $1,098.10 $8.94 
Hypothetical-C  $1,000.00 $1,016.69 $8.59 
Mega Cap Stock .69%    
Actual  $1,000.00 $1,102.90 $3.66 
Hypothetical-C  $1,000.00 $1,021.73 $3.52 
Class I .67%    
Actual  $1,000.00 $1,103.00 $3.55 
Hypothetical-C  $1,000.00 $1,021.83 $3.41 
Class Z .53%    
Actual  $1,000.00 $1,104.50 $2.81 
Hypothetical-C  $1,000.00 $1,022.53 $2.70 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


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), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 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 to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board 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 or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. 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 considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Mega Cap Stock Fund


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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Mega Cap Stock Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

The Board noted that, in 2014, the Board and the boards of other Fidelity funds formed the ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class C, Class I, Class Z, and the retail class ranked below the competitive median for 2016 and the total expense ratio of Class M (formerly Class T) ranked equal to the competitive median for 2016.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically (most recently in 2013) reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

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 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.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically (most recently in 2013) analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

GII-SANN-0218
1.714809.121

Fidelity® Series Growth & Income Fund



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Bank of America Corp.(a) 3.6 
Microsoft Corp.(a) 3.6 
Citigroup, Inc.(a) 3.0 
JPMorgan Chase & Co.(a) 3.0 
Comcast Corp. Class A 2.2 
Apple, Inc.(a) 2.2 
Wells Fargo & Co. 2.1 
ConocoPhillips Co. 1.9 
Chevron Corp. 1.9 
State Street Corp. 1.9 
 25.4 

 (a) Security or a portion of the security is pledged as collateral for call options written.


Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Financials 22.8 
Information Technology 16.4 
Energy 13.1 
Health Care 12.4 
Industrials 11.9 

Asset Allocation (% of fund's net assets)

As of December 31, 2017 *,** 
   Stocks 98.8% 
   Convertible Securities 0.4% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 10.5%

 ** Written options - (0.1)%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.7%   
Auto Components - 0.2%   
Gentex Corp. 1,053,100 $22,062,445 
Hotels, Restaurants & Leisure - 0.4%   
Cedar Fair LP (depositary unit) 57,800 3,756,422 
DineEquity, Inc. 187,502 9,511,976 
Dunkin' Brands Group, Inc. 506,100 32,628,267 
Marriott International, Inc. Class A 38,700 5,252,751 
  51,149,416 
Media - 3.8%   
Comcast Corp. Class A 7,410,600 296,794,530 
Interpublic Group of Companies, Inc. 2,787,300 56,191,968 
Omnicom Group, Inc. 342,700 24,958,841 
The Walt Disney Co. 627,300 67,441,023 
Time Warner, Inc. 491,700 44,975,799 
Viacom, Inc. Class B (non-vtg.) 329,600 10,154,976 
  500,517,137 
Multiline Retail - 0.6%   
Dollar General Corp. 287,700 26,758,977 
Macy's, Inc. 477,700 12,033,263 
Target Corp. (a) 674,875 44,035,594 
  82,827,834 
Specialty Retail - 2.7%   
L Brands, Inc. (a) 1,335,200 80,405,744 
Lowe's Companies, Inc. (a) 1,664,900 154,735,806 
Ross Stores, Inc. 418,900 33,616,725 
TJX Companies, Inc. 900,000 68,814,000 
Williams-Sonoma, Inc. (b) 422,400 21,838,080 
  359,410,355 
TOTAL CONSUMER DISCRETIONARY  1,015,967,187 
CONSUMER STAPLES - 9.6%   
Beverages - 2.0%   
Coca-Cola European Partners PLC 164,900 6,571,265 
Dr. Pepper Snapple Group, Inc. 237,800 23,080,868 
Molson Coors Brewing Co. Class B 796,100 65,335,927 
The Coca-Cola Co. 3,616,218 165,912,082 
  260,900,142 
Food & Staples Retailing - 2.3%   
CVS Health Corp. 1,747,520 126,695,200 
Kroger Co. (a) 2,209,100 60,639,795 
Wal-Mart Stores, Inc. 1,218,200 120,297,250 
  307,632,245 
Food Products - 0.8%   
Campbell Soup Co. 506,500 24,367,715 
Kellogg Co. 447,900 30,448,242 
Snyders-Lance, Inc. 187,600 9,395,008 
The J.M. Smucker Co. 366,900 45,583,656 
  109,794,621 
Household Products - 2.0%   
Kimberly-Clark Corp. 304,300 36,716,838 
Procter & Gamble Co. (a) 1,906,700 175,187,596 
Reckitt Benckiser Group PLC 491,100 45,816,425 
  257,720,859 
Personal Products - 0.4%   
Coty, Inc. Class A 260,500 5,181,345 
Unilever NV (NY Reg.) 844,500 47,562,240 
  52,743,585 
Tobacco - 2.1%   
Altria Group, Inc. 2,738,900 195,584,849 
British American Tobacco PLC sponsored ADR 1,307,500 87,589,425 
  283,174,274 
TOTAL CONSUMER STAPLES  1,271,965,726 
ENERGY - 12.9%   
Energy Equipment & Services - 0.9%   
Baker Hughes, a GE Co. Class A 1,536,100 48,602,204 
Nabors Industries Ltd. 1,430,100 9,767,583 
National Oilwell Varco, Inc. 1,004,700 36,189,294 
Oceaneering International, Inc. 1,191,630 25,191,058 
Schlumberger Ltd. 41,100 2,769,729 
  122,519,868 
Oil, Gas & Consumable Fuels - 12.0%   
Anadarko Petroleum Corp. 487,900 26,170,956 
Apache Corp. 2,055,641 86,789,163 
BP PLC sponsored ADR 254,600 10,700,838 
Cabot Oil & Gas Corp. 2,026,100 57,946,460 
Cenovus Energy, Inc. 9,931,500 90,702,959 
Cenovus Energy, Inc. 67,300 614,449 
Chevron Corp. 1,978,835 247,730,354 
ConocoPhillips Co. 4,699,580 257,959,946 
Golar LNG Ltd. 1,067,172 31,812,397 
Imperial Oil Ltd. 2,089,500 65,211,683 
Kinder Morgan, Inc. 5,005,600 90,451,192 
Legacy Reserves LP (c) 1,718,900 2,767,429 
Phillips 66 Co. 234,605 23,730,296 
Suncor Energy, Inc. 6,586,400 241,815,720 
Teekay LNG Partners LP 692,700 13,957,905 
The Williams Companies, Inc. 6,462,357 197,037,265 
Valero Energy Corp. 445,100 40,909,141 
Williams Partners LP 2,744,091 106,415,849 
  1,592,724,002 
TOTAL ENERGY  1,715,243,870 
FINANCIALS - 22.8%   
Banks - 15.4%   
Bank of America Corp. (a) 16,253,005 479,788,709 
Citigroup, Inc. (a) 5,296,178 394,088,605 
Cullen/Frost Bankers, Inc. 29,000 2,744,850 
JPMorgan Chase & Co. (a) 3,678,349 393,362,642 
M&T Bank Corp. 40,590 6,940,484 
PNC Financial Services Group, Inc. (a) 821,024 118,465,553 
Regions Financial Corp. (a) 3,646,300 63,008,064 
SunTrust Banks, Inc. 2,741,840 177,095,446 
U.S. Bancorp 2,387,439 127,918,982 
Wells Fargo & Co. 4,638,199 281,399,533 
  2,044,812,868 
Capital Markets - 6.5%   
Apollo Global Management LLC Class A 1,081,900 36,211,193 
Charles Schwab Corp. (a) 1,488,681 76,473,543 
KKR & Co. LP 3,855,711 81,201,274 
Morgan Stanley 2,039,500 107,012,565 
Northern Trust Corp. (a) 1,501,351 149,969,951 
Oaktree Capital Group LLC Class A 372,500 15,682,250 
S&P Global, Inc. 334,300 56,630,420 
State Street Corp. 2,501,701 244,191,035 
TD Ameritrade Holding Corp. 97,300 4,974,949 
The Blackstone Group LP 2,739,400 87,715,588 
  860,062,768 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 531,107 43,226,799 
MetLife, Inc. 912,400 46,130,944 
  89,357,743 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 1,178,064 24,279,899 
TOTAL FINANCIALS  3,018,513,278 
HEALTH CARE - 12.1%   
Biotechnology - 2.5%   
Alexion Pharmaceuticals, Inc. (c) 490,700 58,682,813 
Amgen, Inc. 1,139,219 198,110,184 
Biogen, Inc. (c) 101,500 32,334,855 
Gilead Sciences, Inc. 80,320 5,754,125 
Intercept Pharmaceuticals, Inc. (c) 184,646 10,787,019 
Shire PLC sponsored ADR 159,600 24,757,152 
  330,426,148 
Health Care Equipment & Supplies - 1.4%   
Becton, Dickinson & Co. 33,700 7,213,822 
Boston Scientific Corp. (c) 938,600 23,267,894 
ConvaTec Group PLC (d) 934,200 2,591,992 
Danaher Corp. 637,800 59,200,596 
Fisher & Paykel Healthcare Corp. 695,247 7,070,554 
Medtronic PLC 392,036 31,656,907 
ResMed, Inc. 191,800 16,243,542 
Steris PLC 107,000 9,359,290 
Zimmer Biomet Holdings, Inc. 283,100 34,161,677 
  190,766,274 
Health Care Providers & Services - 3.7%   
Aetna, Inc. 91,300 16,469,607 
AmerisourceBergen Corp. 509,500 46,782,290 
Anthem, Inc. 331,500 74,590,815 
Cardinal Health, Inc. 1,370,900 83,995,043 
Cigna Corp. 362,100 73,538,889 
Fresenius Medical Care AG & Co. KGaA sponsored ADR 311,900 16,390,345 
Humana, Inc. 115,200 28,577,664 
McKesson Corp. 527,847 82,317,740 
Patterson Companies, Inc. 544,138 19,659,706 
UnitedHealth Group, Inc. 226,300 49,890,098 
  492,212,197 
Pharmaceuticals - 4.5%   
Allergan PLC 169,500 27,726,810 
AstraZeneca PLC sponsored ADR 1,056,800 36,670,960 
Bayer AG 227,200 28,232,608 
Bristol-Myers Squibb Co. (a) 208,500 12,776,880 
Eisai Co. Ltd. 24,700 1,406,481 
GlaxoSmithKline PLC sponsored ADR 5,275,000 187,104,250 
Innoviva, Inc. (c) 421,900 5,986,761 
Johnson & Johnson (a) 1,380,470 192,879,268 
Novartis AG sponsored ADR 76,230 6,400,271 
Sanofi SA 404,724 34,843,493 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 3,094,184 58,634,787 
  592,662,569 
TOTAL HEALTH CARE  1,606,067,188 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 2.2%   
General Dynamics Corp. 164,800 33,528,560 
Meggitt PLC 374,173 2,436,025 
Rolls-Royce Holdings PLC 2,192,800 25,076,357 
The Boeing Co. (a) 107,141 31,596,952 
United Technologies Corp. 1,516,700 193,485,419 
  286,123,313 
Air Freight & Logistics - 1.7%   
C.H. Robinson Worldwide, Inc. (a) 752,400 67,031,316 
Expeditors International of Washington, Inc. 526,000 34,026,940 
United Parcel Service, Inc. Class B 1,071,445 127,662,672 
  228,720,928 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 140,800 7,111,808 
Ritchie Brothers Auctioneers, Inc. (b) 418,100 12,519,717 
  19,631,525 
Construction & Engineering - 0.1%   
Fluor Corp. 262,600 13,563,290 
Electrical Equipment - 0.7%   
Acuity Brands, Inc. 247,700 43,595,200 
Hubbell, Inc. Class B 342,103 46,300,220 
  89,895,420 
Industrial Conglomerates - 1.7%   
General Electric Co. 12,962,656 226,198,347 
Machinery - 1.1%   
Donaldson Co., Inc. 247,700 12,124,915 
Flowserve Corp. 1,441,300 60,721,969 
Snap-On, Inc. 214,300 37,352,490 
Wabtec Corp.(b) 393,800 32,067,134 
Zardoya Otis SA 209,000 2,287,010 
  144,553,518 
Professional Services - 0.4%   
Intertrust NV (d) 639,700 11,996,713 
Nielsen Holdings PLC 1,029,700 37,481,080 
  49,477,793 
Road & Rail - 2.9%   
CSX Corp. (a) 1,950,108 107,275,441 
J.B. Hunt Transport Services, Inc. (a) 975,493 112,162,185 
Norfolk Southern Corp. 454,334 65,832,997 
Union Pacific Corp. 751,400 100,762,740 
  386,033,363 
Trading Companies & Distributors - 0.9%   
Brenntag AG 46,800 2,963,193 
Bunzl PLC 215,400 6,025,838 
Fastenal Co. 715,100 39,108,819 
Howden Joinery Group PLC 394,000 2,483,185 
MSC Industrial Direct Co., Inc. Class A 224,900 21,738,834 
Watsco, Inc. 291,409 49,551,186 
  121,871,055 
TOTAL INDUSTRIALS  1,566,068,552 
INFORMATION TECHNOLOGY - 16.4%   
Communications Equipment - 1.4%   
Cisco Systems, Inc. (a) 5,037,333 192,929,854 
Electronic Equipment & Components - 0.1%   
Avnet, Inc. 231,900 9,187,878 
Philips Lighting NV (d) 196,000 7,196,220 
  16,384,098 
Internet Software & Services - 2.8%   
Alphabet, Inc.:   
Class A (c) 179,609 189,200,121 
Class C (c) 168,365 176,177,136 
  365,377,257 
IT Services - 3.1%   
Accenture PLC Class A 169,300 25,918,137 
Cognizant Technology Solutions Corp. Class A 35,800 2,542,516 
MasterCard, Inc. Class A (a) 419,100 63,434,976 
Paychex, Inc. (a) 1,903,541 129,593,071 
Unisys Corp. (b)(c) 1,758,617 14,332,729 
Visa, Inc. Class A 1,527,800 174,199,756 
  410,021,185 
Semiconductors & Semiconductor Equipment - 2.0%   
Maxim Integrated Products, Inc. 246,700 12,897,476 
Qualcomm, Inc. 3,746,700 239,863,734 
United Microelectronics Corp. sponsored ADR 2,553,700 6,103,343 
Xilinx, Inc. 106,800 7,200,456 
  266,065,009 
Software - 4.8%   
Micro Focus International PLC 996,572 33,947,512 
Microsoft Corp. (a) 5,583,017 477,571,274 
Oracle Corp. 1,693,669 80,076,670 
SAP SE sponsored ADR 378,700 42,550,732 
  634,146,188 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. (a) 1,735,960 293,776,511 
TOTAL INFORMATION TECHNOLOGY  2,178,700,102 
MATERIALS - 2.1%   
Chemicals - 1.9%   
CF Industries Holdings, Inc. (a) 998,400 42,471,936 
LyondellBasell Industries NV Class A 752,200 82,982,704 
Monsanto Co. 259,021 30,248,472 
Potash Corp. of Saskatchewan, Inc. 3,219,600 66,031,255 
PPG Industries, Inc. 43,100 5,034,942 
The Scotts Miracle-Gro Co. Class A 194,900 20,852,351 
  247,621,660 
Containers & Packaging - 0.1%   
WestRock Co. 309,100 19,538,211 
Metals & Mining - 0.1%   
BHP Billiton Ltd. sponsored ADR (b) 63,300 2,911,167 
Reliance Steel & Aluminum Co. 132,200 11,341,438 
  14,252,605 
TOTAL MATERIALS  281,412,476 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Tower Corp. 147,100 20,986,757 
CoreSite Realty Corp. 248,400 28,292,760 
Equinix, Inc. 44,900 20,349,578 
Omega Healthcare Investors, Inc. (b) 270,300 7,444,062 
Public Storage 147,100 30,743,900 
Sabra Health Care REIT, Inc. 471,200 8,844,424 
Spirit Realty Capital, Inc. 1,289,600 11,064,768 
  127,726,249 
TELECOMMUNICATION SERVICES - 1.3%   
Diversified Telecommunication Services - 1.3%   
Verizon Communications, Inc. 3,206,823 169,737,141 
UTILITIES - 1.1%   
Electric Utilities - 1.0%   
Exelon Corp. 3,023,400 119,152,194 
PPL Corp. 605,600 18,743,320 
Southern Co. 77,900 3,746,211 
  141,641,725 
Multi-Utilities - 0.1%   
Public Service Enterprise Group, Inc. 233,300 12,014,950 
TOTAL UTILITIES  153,656,675 
TOTAL COMMON STOCKS   
(Cost $10,322,301,991)  13,105,058,444 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Becton, Dickinson & Co. Series A 6.125% 350,100 20,365,317 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. 2.25% 202,999 10,769,097 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Dynegy, Inc. 7.00% 85,300 6,725,905 
TOTAL CONVERTIBLE PREFERRED STOCKS  37,860,319 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC (C Shares) 466,209,900 629,453 
TOTAL PREFERRED STOCKS   
(Cost $41,424,558)  38,489,772 
 Principal Amount(e) Value 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19
(Cost $11,711,431)(d) 		EUR10,600,000 14,422,804 
 Shares Value 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (f)(g)(h)   
(Cost $25,755,177) 25,755,177 19,831,486 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund, 1.36% (i) 129,227,321 129,253,166 
Fidelity Securities Lending Cash Central Fund 1.36% (i)(j) 73,707,822 73,722,564 
TOTAL MONEY MARKET FUNDS   
(Cost $202,968,408)  202,975,730 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $10,604,161,565)  13,380,778,236 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (118,692,628) 
NET ASSETS - 100%  $13,262,085,608 

Written Options       
 Counterparty Number of Contracts Notional Amount Exercise Price Expiration Date Value 
Call Options       
Apple, Inc. Chicago Board Options Exchange 985 $16,669,155 $185.00 2/16/18 $(111,798) 
Bank of America Corp. Chicago Board Options Exchange 26,960 79,585,920 30.00 1/19/18 (1,118,840) 
Bristol-Myers Squibb Co. Chicago Board Options Exchange 1,696 10,393,088 65.00 1/19/18 (49,184) 
C.H. Robinson Worldwide, Inc. Chicago Board Options Exchange 1,147 10,218,623 92.50 2/16/18 (209,327) 
CF Industries Holdings, Inc. Chicago Board Options Exchange 982 4,177,428 40.00 2/16/18 (355,975) 
Charles Schwab Corp. Chicago Board Options Exchange 1,455 7,474,335 55.00 3/16/18 (134,587) 
Cisco Systems, Inc. Chicago Board Options Exchange 5,048 19,333,840 41.00 3/16/18 (166,584) 
Cisco Systems, Inc. Chicago Board Options Exchange 5,048 19,333,840 40.00 3/16/18 (280,164) 
Citigroup, Inc. Chicago Board Options Exchange 5,257 39,117,337 80.00 2/16/18 (249,707) 
CSX Corp. Chicago Board Options Exchange 3,390 18,648,390 60.00 2/16/18 (164,415) 
CSX Corp. Chicago Board Options Exchange 3,395 18,675,895 62.50 2/16/18 (64,505) 
J.B. Hunt Transport Services, Inc. Chicago Board Options Exchange 979 11,256,542 120.00 2/16/18 (166,430) 
Johnson & Johnson Chicago Board Options Exchange 1,423 19,882,156 145.00 2/16/18 (125,936) 
JPMorgan Chase & Co. Chicago Board Options Exchange 5,954 63,672,076 115.00 3/16/18 (553,722) 
Kroger Co. Chicago Board Options Exchange 2,399 6,585,255 28.00 2/16/18 (191,920) 
Kroger Co. Chicago Board Options Exchange 4,450 12,215,250 29.00 2/16/18 (211,375) 
L Brands, Inc. Chicago Board Options Exchange 1,372 8,262,184 65.00 2/16/18 (222,950) 
Lowe's Companies, Inc. Chicago Board Options Exchange 1,958 18,197,652 85.00 1/19/18 (1,590,875) 
MasterCard, Inc. Class A Chicago Board Options Exchange 765 11,579,040 150.00 1/19/18 (243,653) 
Microsoft Corp. Chicago Board Options Exchange 2,841 24,301,914 90.00 2/16/18 (279,839) 
Northern Trust Corp. Chicago Board Options Exchange 1,461 14,593,929 110.00 4/20/18 (164,362) 
Paychex, Inc. Chicago Board Options Exchange 2,144 14,596,352 70.00 1/19/18 (64,320) 
PNC Financial Services Group, Inc. Chicago Board Options Exchange 767 11,067,043 145.00 2/16/18 (283,790) 
Procter & Gamble Co. Chicago Board Options Exchange 2,019 18,550,572 92.50 2/16/18 (262,470) 
Regions Financial Corp. Chicago Board Options Exchange 3,613 6,243,264 18.00 2/16/18 (133,681) 
Target Corp. Chicago Board Options Exchange 1,365 8,906,625 65.00 3/16/18 (470,925) 
Target Corp. Chicago Board Options Exchange 1,298 8,469,450 70.00 3/16/18 (199,243) 
The Boeing Co. Chicago Board Options Exchange 547 16,131,577 300.00 3/16/18 (519,650) 
TOTAL WRITTEN OPTIONS      $(8,590,227) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

 (a) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $518,138,732.

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

 (c) Non-income producing

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,207,729 or 0.3% of net assets.

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

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,831,486 or 0.2% of net assets.

 (h) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $25,755,177 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $538,355 
Fidelity Securities Lending Cash Central Fund 145,989 
Total $684,344 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,015,967,187 $1,015,967,187 $-- $-- 
Consumer Staples 1,271,965,726 1,226,149,301 45,816,425 -- 
Energy 1,715,243,870 1,715,243,870 -- -- 
Financials 3,018,513,278 3,018,513,278 -- -- 
Health Care 1,626,432,505 1,542,991,087 83,441,418 -- 
Industrials 1,577,467,102 1,566,698,005 10,769,097 -- 
Information Technology 2,178,700,102 2,178,700,102 -- -- 
Materials 281,412,476 281,412,476 -- -- 
Real Estate 127,726,249 127,726,249 -- -- 
Telecommunication Services 169,737,141 169,737,141 -- -- 
Utilities 160,382,580 153,656,675 6,725,905 -- 
Corporate Bonds 14,422,804 -- 14,422,804 -- 
Other 19,831,486 -- -- 19,831,486 
Money Market Funds 202,975,730 202,975,730 -- -- 
Total Investments in Securities: $13,380,778,236 $13,199,771,101 $161,175,649 $19,831,486 
Derivative Instruments:     
Liabilities     
Written Options $(8,590,227) $(8,590,227) $-- $-- 
Total Liabilities $(8,590,227) $(8,590,227) $-- $-- 
Total Derivative Instruments: $(8,590,227) $(8,590,227) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Written Options(a) $0 $(8,590,227) 
Total Equity Risk 0 (8,590,227) 
Total Value of Derivatives $0 $(8,590,227) 

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


Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.5% 
Canada 3.6% 
United Kingdom 3.1% 
Netherlands 1.2% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $71,607,244) — See accompanying schedule:
Unaffiliated issuers (cost $10,401,193,157) 		$13,177,802,506  
Fidelity Central Funds (cost $202,968,408) 202,975,730  
Total Investment in Securities (cost $10,604,161,565)  $13,380,778,236 
Restricted cash  180,225 
Foreign currency held at value (cost $335,791)  335,791 
Receivable for investments sold  15,363,586 
Receivable for fund shares sold  86,418 
Dividends receivable  15,141,643 
Interest receivable  360,800 
Distributions receivable from Fidelity Central Funds  149,644 
Other receivables  186,183 
Total assets  13,412,582,526 
Liabilities   
Payable to custodian bank $1,068  
Payable for investments purchased 27,362,330  
Payable for fund shares redeemed 40,733,192  
Written options, at value (premium received $8,729,235) 8,590,227  
Other payables and accrued expenses 38,006  
Collateral on securities loaned 73,772,095  
Total liabilities  150,496,918 
Net Assets  $13,262,085,608 
Net Assets consist of:   
Paid in capital  $10,436,974,108 
Distributions in excess of net investment income  (36,950,509) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  85,303,887 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  2,776,758,122 
Net Assets  $13,262,085,608 
Series Growth and Income:   
Net Asset Value, offering price and redemption price per share ($13,262,085,608 ÷ 842,094,752 shares)  $15.75 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $150,937,177 
Interest  364,081 
Income from Fidelity Central Funds  684,344 
Total income  151,985,602 
Expenses   
Custodian fees and expenses $103,895  
Independent trustees' fees and expenses 24,914  
Interest 8,774  
Miscellaneous 17,231  
Total expenses before reductions 154,814  
Expense reductions (41,195) 113,619 
Net investment income (loss)  151,871,983 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 269,397,210  
Fidelity Central Funds (738)  
Foreign currency transactions 123,951  
Written options 9,748,957  
Total net realized gain (loss)  279,269,380 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 889,259,001  
Fidelity Central Funds 7,121  
Assets and liabilities in foreign currencies 4,928  
Written options 3,342,696  
Total change in net unrealized appreciation (depreciation)  892,613,746 
Net gain (loss)  1,171,883,126 
Net increase (decrease) in net assets resulting from operations  $1,323,755,109 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $151,871,983 $180,595,637 
Net realized gain (loss) 279,269,380 344,658,166 
Change in net unrealized appreciation (depreciation) 892,613,746 1,255,957,577 
Net increase (decrease) in net assets resulting from operations 1,323,755,109 1,781,211,380 
Distributions to shareholders from net investment income (228,787,282) (133,641,340) 
Distributions to shareholders from net realized gain (448,205,547) (12,492,488) 
Total distributions (676,992,829) (146,133,828) 
Share transactions - net increase (decrease) 125,789,825 2,137,278,446 
Total increase (decrease) in net assets 772,552,105 3,772,355,998 
Net Assets   
Beginning of period 12,489,533,503 8,717,177,505 
End of period $13,262,085,608 $12,489,533,503 
Other Information   
Undistributed net investment income end of period $– $39,964,790 
Distributions in excess of net investment income end of period $(36,950,509) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Growth & Income Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 A 
Selected Per–Share Data       
Net asset value, beginning of period $15.00 $12.57 $13.67 $13.58 $11.53 $10.00 
Income from Investment Operations       
Net investment income (loss)B .18 .26 .24 .25 .24 .09 
Net realized and unrealized gain (loss) 1.38 2.38 (.59) .43 2.29 1.45 
Total from investment operations 1.56 2.64 (.35) .68 2.53 1.54 
Distributions from net investment income (.27) (.19) (.26) (.24) (.21) (.01) 
Distributions from net realized gain (.54) (.02) (.49) (.36) (.27) – 
Total distributions (.81) (.21) (.75) (.59)C (.48) (.01) 
Net asset value, end of period $15.75 $15.00 $12.57 $13.67 $13.58 $11.53 
Total ReturnD,E 10.75% 21.15% (2.56)% 5.21% 22.40% 15.41% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I .56% .63% .63% .66% .78%H 
Expenses net of fee waivers, if any - %H,I .56% .63% .63% .66% .78%H 
Expenses net of all reductions - %H,I .56% .63% .63% .66% .77%H 
Net investment income (loss) 2.36%H 1.83% 1.89% 1.82% 1.87% 1.42%H 
Supplemental Data       
Net assets, end of period (000 omitted) $13,262,086 $4,904,453 $3,411,837 $3,849,841 $3,910,455 $1,000,854 
Portfolio turnover rateJ 40%H 54%K 36% 40% 53%K 80%H 

 A For the period December 6, 2012 (commencement of operations) to June 30, 2013.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.59 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.359 per share.

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

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

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount represents less than .005%.

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017

1. Organization.

Fidelity Series Growth & Income Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which FMR or an affiliate serves as an investment manager. 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. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Growth and Income.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

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 December 31, 2017, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, certain conversion ratio adjustments, equity-debt classifications and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $3,228,353,425 
Gross unrealized depreciation (504,494,017) 
Net unrealized appreciation (depreciation) $2,723,859,408 
Tax cost $10,648,328,602 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $20,011,711 in this Subsidiary, representing .15% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including 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.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,488,417,247 and $2,807,142,632, respectively.

6. Fees and Other Transactions with Affiliates.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $59,903 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $107,577,500 1.47% $8,774 

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

Prior Fiscal Year Exchanges In-Kind. During the prior period, certain affiliated entities (Investing Funds) completed exchanges in-kind with the Fund. The Investing Funds delivered investments and cash valued at $3,024,754,769 in exchange for 201,755,383 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $16,991 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $101,178. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $145,989, including $14,059 from securities loaned to FCM.

9. Expense Reductions.

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $41,195.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2017 		Year ended June 30, 2017 
From net investment income   
Series Growth and Income $200,634,656 $48,856,189 
Class F 28,152,626 84,785,151 
Total $228,787,282 $133,641,340 
From net realized gain   
Series Growth and Income $266,448,987 $4,884,467 
Class F 181,756,560 7,608,021 
Total $448,205,547 $12,492,488 

11. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended December 31, 2017 Year ended June 30, 2017 Six months ended December 31, 2017 Year ended June 30, 2017 
Series Growth and Income     
Shares sold 564,373,754 97,037,852(a) $8,244,317,481 $1,440,536,935(a) 
Reinvestment of distributions 30,707,720 3,953,948 467,083,643 53,740,656 
Shares redeemed (79,897,355) (45,528,048) (1,220,812,477) (639,527,031) 
Net increase (decrease) 515,184,119 55,463,752 $7,490,588,647 $854,750,560 
Class F     
Shares sold 10,170,158 167,724,008(a) $153,318,165 $2,478,334,345(a) 
Reinvestment of distributions 14,338,215 6,778,501 209,909,186 92,393,172 
Shares redeemed (529,257,587) (91,118,116) (7,728,026,173) (1,288,199,631) 
Net increase (decrease) (504,749,214) 83,384,393 $(7,364,798,822) $1,282,527,886 

 (a) Amount includes in-kind exchanges (see the Exchanges In-Kind note for additional details).


12. Other.

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

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Series Growth and Income - %C    
Actual  $1,000.00 $1,107.50 $- 
Hypothetical-D  $1,000.00 $1,025.21 $- 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D 5% return per year before expenses


Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Growth & Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered that the Advisory Contracts currently in place had become effective on June 1, 2017 in connection with shareholders of certain other Fidelity funds that invest in the fund (referred to herein as Freedom Funds) voting to approve new management contracts for the Freedom Funds. The Board noted the Advisory Contracts implemented a new fee structure pursuant to which the fund does not pay a management fee to FMR. The Board also approved certain amendments to the sub-advisory agreements for the fund to ensure consistency in the sub-advisory fees paid under the new fee structure compared to the sub-advisory fees paid under the prior fee structure. The Board noted that the amendments will not result in any changes to the nature, extent, and quality of services provided to the fund.

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.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Administrative Services.  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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as 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 managed by Fidelity and ultimately to enhance the performance of those investment companies.

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. The Board also 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, brokerage expenses, and extraordinary expenses (such as litigation expenses).

The Board further considered that, effective June 1, 2017, FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.014% through August 31, 2020.

Based on its review, the Board considered that the fund does not pay a management fee and 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 level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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 or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions, economies of scale cannot be realized by the fund.

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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MHT-SANN-0218
1.951032.105

Fidelity Advisor® Series Growth & Income Fund



Semi-Annual Report

December 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

 % of fund's net assets 
Bank of America Corp.(a) 3.6 
Microsoft Corp.(a) 3.6 
Citigroup, Inc.(a) 3.0 
JPMorgan Chase & Co.(a) 3.0 
Comcast Corp. Class A 2.2 
Apple, Inc.(a) 2.2 
Wells Fargo & Co. 2.1 
ConocoPhillips Co. 1.9 
Chevron Corp. 1.9 
State Street Corp. 1.9 
 25.4 

 (a) Security or a portion of the security is pledged as collateral for call options written.


Top Five Market Sectors as of December 31, 2017

 % of fund's net assets 
Financials 22.8 
Information Technology 16.4 
Energy 13.1 
Health Care 12.4 
Industrials 11.9 

Asset Allocation (% of fund's net assets)

As of December 31, 2017*,** 
   Stocks 98.9% 
   Convertible Securities 0.4% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.5% 


 * Foreign investments - 10.6%

 ** Written options - (0.1)%


Investments December 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 7.7%   
Auto Components - 0.2%   
Gentex Corp. 137,900 $2,889,005 
Hotels, Restaurants & Leisure - 0.4%   
Cedar Fair LP (depositary unit) 7,600 493,924 
DineEquity, Inc. 27,200 1,379,856 
Dunkin' Brands Group, Inc. 66,400 4,280,808 
Marriott International, Inc. Class A 5,100 692,223 
  6,846,811 
Media - 3.8%   
Comcast Corp. Class A 971,480 38,907,774 
Interpublic Group of Companies, Inc. 366,000 7,378,560 
Omnicom Group, Inc. 45,000 3,277,350 
The Walt Disney Co. 82,300 8,848,073 
Time Warner, Inc. 64,500 5,899,815 
Viacom, Inc. Class B (non-vtg.) 43,300 1,334,073 
  65,645,645 
Multiline Retail - 0.6%   
Dollar General Corp. 37,700 3,506,477 
Macy's, Inc. 63,800 1,607,122 
Target Corp. (a) 88,563 5,778,736 
  10,892,335 
Specialty Retail - 2.7%   
L Brands, Inc. (a) 175,200 10,550,544 
Lowe's Companies, Inc. (a) 218,677 20,323,840 
Ross Stores, Inc. 55,000 4,413,750 
TJX Companies, Inc. 118,200 9,037,572 
Williams-Sonoma, Inc. (b) 55,500 2,869,350 
  47,195,056 
TOTAL CONSUMER DISCRETIONARY  133,468,852 
CONSUMER STAPLES - 9.6%   
Beverages - 2.0%   
Coca-Cola European Partners PLC 21,600 860,760 
Dr. Pepper Snapple Group, Inc. 31,200 3,028,272 
Molson Coors Brewing Co. Class B 104,500 8,576,315 
The Coca-Cola Co. 474,298 21,760,792 
  34,226,139 
Food & Staples Retailing - 2.3%   
CVS Health Corp. 229,190 16,616,275 
Kroger Co. (a) 289,800 7,955,010 
Wal-Mart Stores, Inc. 159,600 15,760,500 
  40,331,785 
Food Products - 0.8%   
Campbell Soup Co. 66,500 3,199,315 
Kellogg Co. 58,800 3,997,224 
Snyders-Lance, Inc. 24,300 1,216,944 
The J.M. Smucker Co. 48,100 5,975,944 
  14,389,427 
Household Products - 2.0%   
Kimberly-Clark Corp. 40,000 4,826,400 
Procter & Gamble Co. (a) 250,087 22,977,994 
Reckitt Benckiser Group PLC 64,500 6,017,429 
  33,821,823 
Personal Products - 0.4%   
Coty, Inc. Class A 34,200 680,238 
Unilever NV (NY Reg.) 110,800 6,240,256 
  6,920,494 
Tobacco - 2.1%   
Altria Group, Inc. 359,700 25,686,177 
British American Tobacco PLC sponsored ADR 171,700 11,502,183 
  37,188,360 
TOTAL CONSUMER STAPLES  166,878,028 
ENERGY - 12.9%   
Energy Equipment & Services - 0.9%   
Baker Hughes, a GE Co. Class A 201,400 6,372,296 
Nabors Industries Ltd. 188,000 1,284,040 
National Oilwell Varco, Inc. 131,900 4,751,038 
Oceaneering International, Inc. 157,000 3,318,980 
Schlumberger Ltd. 5,400 363,906 
  16,090,260 
Oil, Gas & Consumable Fuels - 12.0%   
Anadarko Petroleum Corp. 64,000 3,432,960 
Apache Corp. 269,447 11,376,052 
BP PLC sponsored ADR 33,400 1,403,802 
Cabot Oil & Gas Corp. 265,900 7,604,740 
Cenovus Energy, Inc. 1,289,200 11,774,078 
Cenovus Energy, Inc. 8,800 80,344 
Chevron Corp. 259,688 32,510,341 
ConocoPhillips Co. 617,200 33,878,108 
Golar LNG Ltd. 140,400 4,185,324 
Imperial Oil Ltd. 274,200 8,557,570 
Kinder Morgan, Inc. 656,700 11,866,569 
Legacy Reserves LP (c) 226,800 365,148 
Phillips 66 Co. 30,800 3,115,420 
Suncor Energy, Inc. 859,590 31,559,331 
Teekay LNG Partners LP 87,600 1,765,140 
The Williams Companies, Inc. 847,674 25,845,580 
Valero Energy Corp. 58,400 5,367,544 
Williams Partners LP 360,780 13,991,048 
  208,679,099 
TOTAL ENERGY  224,769,359 
FINANCIALS - 22.8%   
Banks - 15.4%   
Bank of America Corp. (a) 2,130,537 62,893,448 
Citigroup, Inc. (a) 694,036 51,643,219 
Cullen/Frost Bankers, Inc. 3,900 369,135 
JPMorgan Chase & Co. (a) 481,988 51,543,797 
M&T Bank Corp. 5,100 872,049 
PNC Financial Services Group, Inc. (a) 107,644 15,531,953 
Regions Financial Corp. (a) 478,500 8,268,480 
SunTrust Banks, Inc. 359,850 23,242,712 
U.S. Bancorp 313,271 16,785,060 
Wells Fargo & Co. 607,900 36,881,293 
  268,031,146 
Capital Markets - 6.5%   
Apollo Global Management LLC Class A 142,100 4,756,087 
Charles Schwab Corp. (a) 195,354 10,035,335 
KKR & Co. LP 500,178 10,533,749 
Morgan Stanley 267,580 14,039,923 
Northern Trust Corp. (a) 197,010 19,679,329 
Oaktree Capital Group LLC Class A 49,300 2,075,530 
S&P Global, Inc. 43,900 7,436,660 
State Street Corp. 328,374 32,052,586 
TD Ameritrade Holding Corp. 12,900 659,577 
The Blackstone Group LP 355,300 11,376,706 
  112,645,482 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 69,719 5,674,429 
MetLife, Inc. 119,600 6,046,976 
  11,721,405 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 155,252 3,199,744 
TOTAL FINANCIALS  395,597,777 
HEALTH CARE - 12.1%   
Biotechnology - 2.5%   
Alexion Pharmaceuticals, Inc. (c) 64,400 7,701,596 
Amgen, Inc. 149,465 25,991,964 
Biogen, Inc. (c) 13,400 4,268,838 
Gilead Sciences, Inc. 10,500 752,220 
Intercept Pharmaceuticals, Inc. (c) 24,000 1,402,080 
Shire PLC sponsored ADR 20,900 3,242,008 
  43,358,706 
Health Care Equipment & Supplies - 1.4%   
Becton, Dickinson & Co. 4,300 920,458 
Boston Scientific Corp. (c) 123,200 3,054,128 
ConvaTec Group PLC (d) 123,400 342,380 
Danaher Corp. 83,700 7,769,034 
Fisher & Paykel Healthcare Corp. 91,949 935,107 
Medtronic PLC 51,368 4,147,966 
ResMed, Inc. 25,200 2,134,188 
Steris PLC 13,800 1,207,086 
Zimmer Biomet Holdings, Inc. 37,100 4,476,857 
  24,987,204 
Health Care Providers & Services - 3.7%   
Aetna, Inc. 12,000 2,164,680 
AmerisourceBergen Corp. 66,700 6,124,394 
Anthem, Inc. 43,500 9,787,935 
Cardinal Health, Inc. 179,500 10,997,965 
Cigna Corp. 47,500 9,646,775 
Fresenius Medical Care AG & Co. KGaA sponsored ADR 40,900 2,149,295 
Humana, Inc. 15,100 3,745,857 
McKesson Corp. 69,230 10,796,419 
Patterson Companies, Inc. (b) 71,372 2,578,670 
UnitedHealth Group, Inc. 29,700 6,547,662 
  64,539,652 
Pharmaceuticals - 4.5%   
Allergan PLC 22,200 3,631,476 
AstraZeneca PLC sponsored ADR 138,700 4,812,890 
Bayer AG 29,800 3,703,045 
Bristol-Myers Squibb Co. (a) 27,300 1,672,944 
Eisai Co. Ltd. 3,200 182,216 
GlaxoSmithKline PLC sponsored ADR 685,740 24,323,198 
Innoviva, Inc. (c) 55,800 791,802 
Johnson & Johnson (a) 181,174 25,313,631 
Novartis AG sponsored ADR 10,032 842,287 
Sanofi SA 53,116 4,572,862 
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) 406,049 7,694,629 
  77,540,980 
TOTAL HEALTH CARE  210,426,542 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 2.2%   
General Dynamics Corp. 21,600 4,394,520 
Meggitt PLC 49,473 322,090 
Rolls-Royce Holdings PLC 287,800 3,291,215 
The Boeing Co. (a) 14,179 4,181,529 
United Technologies Corp. 199,020 25,388,981 
  37,578,335 
Air Freight & Logistics - 1.7%   
C.H. Robinson Worldwide, Inc. (a) 98,700 8,793,183 
Expeditors International of Washington, Inc. 69,100 4,470,079 
United Parcel Service, Inc. Class B 140,660 16,759,639 
  30,022,901 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 18,500 934,435 
Ritchie Brothers Auctioneers, Inc. (b) 54,900 1,643,943 
  2,578,378 
Construction & Engineering - 0.1%   
Fluor Corp. 35,100 1,812,915 
Electrical Equipment - 0.7%   
Acuity Brands, Inc. 32,500 5,720,000 
Hubbell, Inc. Class B 44,937 6,081,774 
  11,801,774 
Industrial Conglomerates - 1.7%   
General Electric Co. 1,701,266 29,687,092 
Machinery - 1.1%   
Donaldson Co., Inc. 32,500 1,590,875 
Flowserve Corp. 189,100 7,966,783 
Snap-On, Inc. 28,100 4,897,830 
Wabtec Corp. 51,700 4,209,931 
Zardoya Otis SA 27,500 300,922 
  18,966,341 
Professional Services - 0.4%   
Intertrust NV (d) 84,000 1,575,307 
Nielsen Holdings PLC 135,100 4,917,640 
  6,492,947 
Road & Rail - 2.9%   
CSX Corp. (a) 256,712 14,121,727 
J.B. Hunt Transport Services, Inc. (a) 128,165 14,736,412 
Norfolk Southern Corp. 59,580 8,633,142 
Union Pacific Corp. 98,400 13,195,440 
  50,686,721 
Trading Companies & Distributors - 0.9%   
Brenntag AG 6,100 386,228 
Bunzl PLC 28,300 791,696 
Fastenal Co. 93,900 5,135,391 
Howden Joinery Group PLC 52,100 328,360 
MSC Industrial Direct Co., Inc. Class A 29,400 2,841,804 
Watsco, Inc. 38,220 6,498,929 
  15,982,408 
TOTAL INDUSTRIALS  205,609,812 
INFORMATION TECHNOLOGY - 16.4%   
Communications Equipment - 1.4%   
Cisco Systems, Inc. (a) 661,540 25,336,982 
Electronic Equipment& Components - 0.1%   
Avnet, Inc. 29,600 1,172,752 
Philips Lighting NV (d) 24,700 906,871 
  2,079,623 
Internet Software & Services - 2.8%   
Alphabet, Inc.:   
Class A (c) 23,559 24,817,051 
Class C (c) 22,134 23,161,018 
  47,978,069 
IT Services - 3.1%   
Accenture PLC Class A 22,200 3,398,598 
Cognizant Technology Solutions Corp. Class A 4,700 333,794 
MasterCard, Inc. Class A (a) 55,050 8,332,368 
Paychex, Inc. (a) 249,514 16,986,913 
Unisys Corp. (b)(c) 222,000 1,809,300 
Visa, Inc. Class A 200,480 22,858,730 
  53,719,703 
Semiconductors & Semiconductor Equipment - 2.0%   
Maxim Integrated Products, Inc. 32,800 1,714,784 
Qualcomm, Inc. 492,010 31,498,480 
United Microelectronics Corp. sponsored ADR 335,600 802,084 
Xilinx, Inc. 14,000 943,880 
  34,959,228 
Software - 4.8%   
Micro Focus International PLC 130,768 4,454,518 
Microsoft Corp. (a) 732,208 62,633,072 
Oracle Corp. 222,313 10,510,959 
SAP SE sponsored ADR 49,800 5,595,528 
  83,194,077 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. (a) 228,006 38,585,455 
TOTAL INFORMATION TECHNOLOGY  285,853,137 
MATERIALS - 2.1%   
Chemicals - 1.9%   
CF Industries Holdings, Inc. (a) 130,400 5,547,216 
LyondellBasell Industries NV Class A 98,700 10,888,584 
Monsanto Co. 34,014 3,972,155 
Potash Corp. of Saskatchewan, Inc. 427,710 8,771,968 
PPG Industries, Inc. 5,700 665,874 
The Scotts Miracle-Gro Co. Class A 25,600 2,738,944 
  32,584,741 
Containers & Packaging - 0.1%   
WestRock Co. 40,600 2,566,326 
Metals & Mining - 0.1%   
BHP Billiton Ltd. sponsored ADR (b) 8,300 381,717 
Reliance Steel & Aluminum Co. 17,400 1,492,746 
  1,874,463 
TOTAL MATERIALS  37,025,530 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Tower Corp. 19,300 2,753,531 
CoreSite Realty Corp. 32,600 3,713,140 
Equinix, Inc. 5,900 2,673,998 
Omega Healthcare Investors, Inc. 34,400 947,376 
Public Storage 19,300 4,033,700 
Sabra Health Care REIT, Inc. 61,800 1,159,986 
Spirit Realty Capital, Inc. 169,200 1,451,736 
  16,733,467 
TELECOMMUNICATION SERVICES - 1.3%   
Diversified Telecommunication Services - 1.3%   
Verizon Communications, Inc. 420,559 22,260,188 
UTILITIES - 1.2%   
Electric Utilities - 1.1%   
Exelon Corp. 396,800 15,637,888 
PPL Corp. 79,500 2,460,525 
Southern Co. 10,300 495,327 
  18,593,740 
Multi-Utilities - 0.1%   
Public Service Enterprise Group, Inc. 30,100 1,550,150 
TOTAL UTILITIES  20,143,890 
TOTAL COMMON STOCKS   
(Cost $1,364,740,830)  1,718,766,582 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Becton, Dickinson & Co. Series A 6.125% 45,900 2,670,003 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. 2.25% 26,600 1,411,130 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Dynegy, Inc. 7.00% 10,600 835,810 
TOTAL CONVERTIBLE PREFERRED STOCKS  4,916,943 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC (C Shares) 59,039,470 79,712 
TOTAL PREFERRED STOCKS   
(Cost $5,409,603)  4,996,655 
 Principal Amount(e) Value 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19(d)   
(Cost $1,566,118) EUR 1,400,000 1,904,899 
 Shares Value 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumables - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (f)(g)(h)   
(Cost $3,197,358) 3,197,358 2,461,966 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund, 1.36% (i) 18,781,679 18,785,436 
Fidelity Securities Lending Cash Central Fund 1.36% (i)(j) 14,876,127 14,879,102 
TOTAL MONEY MARKET FUNDS   
(Cost $33,663,051)  33,664,538 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $1,408,576,960)  1,761,794,640 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (24,047,929) 
NET ASSETS - 100%  $1,737,746,711 

Written Options       
 Counterparty Number of Contracts Notional Amount Exercise Price Expiration Date Value 
Call Options       
Apple, Inc. Chicago Board Options Exchange 129 $2,183,067 $185.00 2/16/18 $(14,642) 
Bank of America Corp. Chicago Board Options Exchange 3,529 10,417,608 30.00 1/19/18 (146,454) 
Bristol-Myers Squibb Co. Chicago Board Options Exchange 222 1,360,416 65.00 1/19/18 (6,438) 
C.H. Robinson Worldwide, Inc. Chicago Board Options Exchange 150 1,336,350 92.50 2/16/18 (27,375) 
CF Industries Holdings, Inc. Chicago Board Options Exchange 131 557,274 40.00 2/16/18 (47,488) 
Charles Schwab Corp. Chicago Board Options Exchange 191 981,167 55.00 3/16/18 (17,668) 
Cisco Systems, Inc. Chicago Board Options Exchange 660 2,527,800 41.00 3/16/18 (21,780) 
Cisco Systems, Inc. Chicago Board Options Exchange 660 2,527,800 40.00 3/16/18 (36,630) 
Citigroup, Inc. Chicago Board Options Exchange 689 5,126,849 80.00 2/16/18 (32,728) 
CSX Corp. Chicago Board Options Exchange 443 2,436,943 60.00 2/16/18 (21,486) 
CSX Corp. Chicago Board Options Exchange 441 2,425,941 62.50 2/16/18 (8,379) 
J.B. Hunt Transport Services, Inc. Chicago Board Options Exchange 128 1,471,744 120.00 2/16/18 (21,760) 
Johnson & Johnson Chicago Board Options Exchange 185 2,584,820 145.00 2/16/18 (16,373) 
JPMorgan Chase & Co. Chicago Board Options Exchange 779 8,330,626 115.00 3/16/18 (72,447) 
Kroger Co. Chicago Board Options Exchange 315 864,675 28.00 2/16/18 (25,200) 
Kroger Co. Chicago Board Options Exchange 582 1,597,590 29.00 2/16/18 (27,645) 
L Brands, Inc. Chicago Board Options Exchange 179 1,077,938 65.00 2/16/18 (29,088) 
Lowe's Companies, Inc. Chicago Board Options Exchange 257 2,388,558 85.00 1/19/18 (208,813) 
MasterCard, Inc. Class A Chicago Board Options Exchange 100 1,513,600 150.00 1/19/18 (31,850) 
Microsoft Corp. Chicago Board Options Exchange 372 3,182,088 90.00 2/16/18 (36,642) 
Northern Trust Corp. Chicago Board Options Exchange 192 1,917,888 110.00 4/20/18 (21,600) 
Paychex, Inc. Chicago Board Options Exchange 284 1,933,472 70.00 1/19/18 (8,520) 
PNC Financial Services Group, Inc. Chicago Board Options Exchange 100 1,442,900 145.00 2/16/18 (37,000) 
Procter & Gamble Co. Chicago Board Options Exchange 265 2,434,820 92.50 2/16/18 (34,450) 
Regions Financial Corp. Chicago Board Options Exchange 474 819,072 18.00 2/16/18 (17,538) 
Target Corp. Chicago Board Options Exchange 179 1,167,975 65.00 3/16/18 (61,751) 
Target Corp. Chicago Board Options Exchange 170 1,109,250 70.00 3/16/18 (26,095) 
The Boeing Co. Chicago Board Options Exchange 71 2,093,861 300.00 3/16/18 (67,450) 
TOTAL WRITTEN OPTIONS      $(1,125,290) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

 (a) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $67,812,092.

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

 (c) Non-income producing

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,729,457 or 0.3% of net assets.

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

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,461,966 or 0.2% of net assets.

 (h) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 10/5/17 $3,197,358 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $67,914 
Fidelity Securities Lending Cash Central Fund 41,923 
Total $109,837 

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

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $133,468,852 $133,468,852 $-- $-- 
Consumer Staples 166,878,028 160,860,599 6,017,429 -- 
Energy 224,769,359 224,769,359 -- -- 
Financials 395,597,777 395,597,777 -- -- 
Health Care 213,096,545 202,150,635 10,945,910 -- 
Industrials 207,100,654 205,689,524 1,411,130 -- 
Information Technology 285,853,137 285,853,137 -- -- 
Materials 37,025,530 37,025,530 -- -- 
Real Estate 16,733,467 16,733,467 -- -- 
Telecommunication Services 22,260,188 22,260,188 -- -- 
Utilities 20,979,700 20,143,890 835,810 -- 
Corporate Bonds 1,904,899 -- 1,904,899 -- 
Other 2,461,966 -- -- 2,461,966 
Money Market Funds 33,664,538 33,664,538 -- -- 
Total Investments in Securities: $1,761,794,640 $1,738,217,496 $21,115,178 $2,461,966 
Derivative Instruments:     
Liabilities     
Written Options $(1,125,290) $(1,125,290) $-- $-- 
Total Liabilities $(1,125,290) $(1,125,290) $-- $-- 
Total Derivative Instruments: $(1,125,290) $(1,125,290) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Written Options(a) $0 $(1,125,290) 
Total Equity Risk 0 (1,125,290) 
Total Value of Derivatives $0 $(1,125,290) 

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


Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.4% 
Canada 3.6% 
United Kingdom 3.1% 
Netherlands 1.2% 
Others (Individually Less Than 1%) 2.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  December 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,417,860) — See accompanying schedule:
Unaffiliated issuers (cost $1,374,913,909) 		$1,728,130,102  
Fidelity Central Funds (cost $33,663,051) 33,664,538  
Total Investment in Securities (cost $1,408,576,960)  $1,761,794,640 
Cash  5,778 
Restricted cash  23,183 
Foreign currency held at value (cost $43,589)  43,589 
Receivable for investments sold  1,863,948 
Receivable for fund shares sold  7,200 
Dividends receivable  2,005,642 
Interest receivable  46,679 
Distributions receivable from Fidelity Central Funds  17,961 
Other receivables  22,351 
Total assets  1,765,830,971 
Liabilities   
Payable for investments purchased $3,150,265  
Payable for fund shares redeemed 8,912,180  
Written options, at value (premium received $1,142,625) 1,125,290  
Other payables and accrued expenses 17,469  
Collateral on securities loaned 14,879,056  
Total liabilities  28,084,260 
Net Assets  $1,737,746,711 
Net Assets consist of:   
Paid in capital  $1,379,332,945 
Distributions in excess of net investment income  (4,593,041) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  9,771,683 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  353,235,124 
Net Assets, for 111,904,352 shares outstanding  $1,737,746,711 
Net Asset Value, offering price and redemption price per share ($1,737,746,711 ÷ 111,904,352 shares)  $15.53 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended December 31, 2017 (Unaudited) 
Investment Income   
Dividends  $19,954,905 
Interest  47,032 
Income from Fidelity Central Funds  109,837 
Total income  20,111,774 
Expenses   
Custodian fees and expenses $37,461  
Independent trustees' fees and expenses 3,272  
Interest 1,528  
Miscellaneous 2,494  
Total expenses before reductions 44,755  
Expense reductions (29,030) 15,725 
Net investment income (loss)  20,096,049 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 32,665,216  
Fidelity Central Funds (826)  
Foreign currency transactions 15,639  
Written options 1,254,250  
Total net realized gain (loss)  33,934,279 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 119,511,723  
Fidelity Central Funds 1,426  
Assets and liabilities in foreign currencies 1,468  
Written options 405,217  
Total change in net unrealized appreciation (depreciation)  119,919,834 
Net gain (loss)  153,854,113 
Net increase (decrease) in net assets resulting from operations  $173,950,162 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended December 31, 2017 (Unaudited) Year ended June 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $20,096,049 $21,238,765 
Net realized gain (loss) 33,934,279 51,187,058 
Change in net unrealized appreciation (depreciation) 119,919,834 148,998,150 
Net increase (decrease) in net assets resulting from operations 173,950,162 221,423,973 
Distributions to shareholders from net investment income (29,722,506) (16,048,453) 
Distributions to shareholders from net realized gain (63,783,542) (3,590,086) 
Total distributions (93,506,048) (19,638,539) 
Share transactions   
Proceeds from sales of shares 81,230,448 616,483,504 
Reinvestment of distributions 93,506,048 19,638,538 
Cost of shares redeemed (163,503,801) (289,554,483) 
Net increase (decrease) in net assets resulting from share transactions 11,232,695 346,567,559 
Total increase (decrease) in net assets 91,676,809 548,352,993 
Net Assets   
Beginning of period 1,646,069,902 1,097,716,909 
End of period $1,737,746,711 $1,646,069,902 
Other Information   
Undistributed net investment income end of period $– $5,033,416 
Distributions in excess of net investment income end of period $(4,593,041) $– 
Shares   
Sold 5,421,654 42,126,779 
Issued in reinvestment of distributions 6,333,492 1,475,031 
Redeemed (10,820,652) (20,778,520) 
Net increase (decrease) 934,494 22,823,290 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Series Growth & Income Fund

 Six months ended (Unaudited) December 31, Years ended June 30,     
 2017 2017 2016 2015 2014 2013 A 
Selected Per–Share Data       
Net asset value, beginning of period $14.83 $12.45 $13.71 $13.73 $11.57 $10.00 
Income from Investment Operations       
Net investment income (loss)B .18 .25 .23 .25 .23 .08 
Net realized and unrealized gain (loss) 1.36 2.36 (.60) .45 2.33 1.50 
Total from investment operations 1.54 2.61 (.37) .70 2.56 1.58 
Distributions from net investment income (.27) (.19) (.25) (.23) (.15) (.01) 
Distributions from net realized gain (.57) (.04) (.64) (.49) (.25) – 
Total distributions (.84) (.23) (.89) (.72) (.40) (.01) 
Net asset value, end of period $15.53 $14.83 $12.45 $13.71 $13.73 $11.57 
Total ReturnC,D 10.76% 21.18% (2.75)% 5.29% 22.48% 15.80% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .01%G .59% .67% .67% .69% .84%G 
Expenses net of fee waivers, if any - %G,H .59% .67% .67% .69% .84%G 
Expenses net of all reductions - %G,H .59% .67% .67% .69% .83%G 
Net investment income (loss) 2.37%G 1.80% 1.86% 1.80% 1.83% 1.33%G 
Supplemental Data       
Net assets, end of period (000 omitted) $1,737,747 $1,646,070 $1,097,717 $1,274,776 $1,357,854 $169,956 
Portfolio turnover rateI 39%G 58%J 33% 38% 60%J 50%G 

 A For the period December 6, 2012 (commencement of operations) to June 30, 2013.

 B Calculated based on average shares outstanding during the period.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Annualized

 H Amount represents less than .005%.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2017

1. Organization.

Fidelity Advisor Series Growth & Income Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

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 December 31, 2017 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, future transactions, market discount, partnerships, passive foreign investment companies (PFIC), certain conversion ratio adjustments, equity-debt classifications and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $411,646,074 
Gross unrealized depreciation (63,530,318) 
Net unrealized appreciation (depreciation) $348,115,756 
Tax cost $1,413,696,219 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $2,485,149 in this Subsidiary, representing .14% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including 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.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options" and are representative of volume of activity during the period.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $317,783,047 and $372,087,673, respectively.

6. Fees and Other Transactions with Affiliates.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $7,297 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,792,400 1.41% $1,528 

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

Prior Fiscal Year Exchanges In-Kind. During the prior period, certain affiliated entities (Investing Funds) completed exchanges in-kind with the Fund. The Investing Funds delivered investments and cash valued at $504,085,301 in exchange for 34,036,820 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,195 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $312,732. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $41,923, including $1,217 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $23,769 for the period. 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, these credits reduced the Fund's custody expenses by $76.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $5,185.

10. Other.

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

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2017 		Ending
Account Value
December 31, 2017 		Expenses Paid
During Period-B
July 1, 2017
to December 31, 2017 
Actual - % $1,000.00 $1,107.60 $- 
Hypothetical-C  $1,000.00 $1,025.21 $- 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses


Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Series Growth & Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered that the Advisory Contracts currently in place had become effective on June 1, 2017 in connection with shareholders of certain other Fidelity funds that invest in the fund (referred to herein as Freedom Funds) voting to approve new management contracts for the Freedom Funds. The Board noted the Advisory Contracts implemented a new fee structure pursuant to which the fund does not pay a management fee to FMR. The Board also approved certain amendments to the sub-advisory agreements for the fund to ensure consistency in the sub-advisory fees paid under the new fee structure compared to the sub-advisory fees paid under the prior fee structure. The Board noted that the amendments will not result in any changes to the nature, extent, and quality of services provided to the fund.

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.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Administrative Services.  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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as 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 managed by Fidelity and ultimately to enhance the performance of those investment companies.

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. The Board also 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, brokerage expenses, and extraordinary expenses (such as litigation expenses).

The Board further considered that, effective June 1, 2017, FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.014% through August 31, 2020.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's 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 also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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 or an affiliate bears all expenses of the fund, with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions, economies of scale cannot be realized by the fund.

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: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results, including the impact of market trends on actively managed funds; (iii) the use of performance fees and the calculation of performance adjustments, including the impact of underperformance and fund outflows on performance adjustments; (iv) metrics for evaluating index fund performance; (v) Fidelity's group fee structure, including the group fee breakpoint schedules; (vi) the terms of Fidelity's contractual and voluntary expense cap arrangements with the funds; (vii) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (viii) the expense structures for different funds and classes; (ix) Fidelity's arrangements with affiliated sub-advisers on behalf of the funds; (x) information regarding other accounts managed by Fidelity, including institutional accounts and collective investment trusts; (xi) recent changes to the fee structure for certain funds of funds; and (xii) the impact of the Department of Labor's new fiduciary rule on the funds' comparative expense information.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

AMHTI-SANN-0218
1.950944.105

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Hastings Street Trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Hastings Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Hastings Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

February 22, 2018


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

February 22, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

February 22, 2018