0001379491-20-000545.txt : 20200224 0001379491-20-000545.hdr.sgml : 20200224 20200224110653 ACCESSION NUMBER: 0001379491-20-000545 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200224 DATE AS OF CHANGE: 20200224 EFFECTIVENESS DATE: 20200224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY HASTINGS STREET TRUST CENTRAL INDEX KEY: 0000035348 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00215 FILM NUMBER: 20642643 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND INC DATE OF NAME CHANGE: 19851205 0000035348 S000007019 Fidelity Growth Discovery Fund C000019191 Fidelity Growth Discovery Fund FDSVX C000064239 Class K FGDKX 0000035348 S000007021 Fidelity Fund C000019193 Fidelity Fund FFIDX C000064240 Class K FFDKX 0000035348 S000007022 Fidelity Mega Cap Stock Fund C000019194 Fidelity Mega Cap Stock Fund FGRTX C000059099 Fidelity Advisor Mega Cap Stock Fund: Class A FGTAX C000059101 Fidelity Advisor Mega Cap Stock Fund: Class C FGRCX C000059102 Fidelity Advisor Mega Cap Stock Fund: Class M FTGRX C000059103 Fidelity Advisor Mega Cap Stock Fund: Class I FTRIX C000130146 Fidelity Advisor Mega Cap Stock Fund: Class Z FZALX 0000035348 S000039214 Fidelity Series Large Cap Stock Fund C000120647 Fidelity Series Large Cap Stock Fund FGLGX 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   811-00215


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)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

June 30



Date of reporting period:

December 31, 2019


Item 1.

Reports to Stockholders




Fidelity® Growth Discovery Fund



Semi-Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2019

 % of fund's net assets 
Microsoft Corp. 9.1 
Alphabet, Inc. Class A 7.2 
Apple, Inc. 5.7 
Visa, Inc. Class A 3.9 
Facebook, Inc. Class A 3.9 
Adobe, Inc. 3.7 
Amazon.com, Inc. 3.7 
Qualcomm, Inc. 2.6 
American Tower Corp. 2.5 
NVIDIA Corp. 2.3 
 44.6 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 40.0 
Communication Services 13.8 
Health Care 13.1 
Consumer Discretionary 13.1 
Industrials 7.2 

Asset Allocation (% of fund's net assets)

As of December 31, 2019* 
   Stocks 98.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.1% 


 * Foreign investments - 13.0%

Schedule of Investments December 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 13.8%   
Entertainment - 1.8%   
Activision Blizzard, Inc. 433,400 $25,753 
Electronic Arts, Inc. (a) 114,334 12,292 
  38,045 
Interactive Media & Services - 12.0%   
Alphabet, Inc. Class A (a) 117,252 157,046 
Facebook, Inc. Class A (a) 411,991 84,561 
Tencent Holdings Ltd. 391,900 18,880 
  260,487 
TOTAL COMMUNICATION SERVICES  298,532 
CONSUMER DISCRETIONARY - 13.1%   
Automobiles - 0.7%   
Ferrari NV 96,400 15,958 
Diversified Consumer Services - 0.5%   
Laureate Education, Inc. Class A (a) 576,800 10,157 
Hotels, Restaurants & Leisure - 0.3%   
Chipotle Mexican Grill, Inc. (a) 7,100 5,943 
Household Durables - 0.8%   
Blu Homes, Inc. (a)(b)(c) 3,320,224 
D.R. Horton, Inc. 155,500 8,203 
NVR, Inc. (a) 2,540 9,673 
  17,882 
Internet & Direct Marketing Retail - 7.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 87,000 18,453 
Amazon.com, Inc. (a) 42,800 79,088 
Delivery Hero AG (a)(d) 28,300 2,240 
Fiverr International Ltd. (e) 14,000 329 
Pinduoduo, Inc. ADR (a) 188,300 7,122 
The Booking Holdings, Inc. (a) 22,300 45,798 
  153,030 
Specialty Retail - 2.2%   
Five Below, Inc. (a) 32,800 4,194 
National Vision Holdings, Inc. (a) 166,700 5,406 
Ross Stores, Inc. 163,300 19,011 
Ulta Beauty, Inc. (a) 73,200 18,530 
  47,141 
Textiles, Apparel & Luxury Goods - 1.5%   
Anta Sports Products Ltd. 398,000 3,563 
Canada Goose Holdings, Inc. (a)(e) 160,544 5,812 
LVMH Moet Hennessy Louis Vuitton SE 50,880 23,708 
  33,083 
TOTAL CONSUMER DISCRETIONARY  283,194 
CONSUMER STAPLES - 3.7%   
Beverages - 1.0%   
Fever-Tree Drinks PLC 351 10 
Kweichow Moutai Co. Ltd. (A Shares) 55,529 9,434 
Pernod Ricard SA 34,700 6,204 
Pernod Ricard SA ADR 146,900 5,280 
  20,928 
Food Products - 0.2%   
The Simply Good Foods Co. (a) 146,800 4,190 
Household Products - 1.7%   
Energizer Holdings, Inc. (e) 353,900 17,773 
Procter & Gamble Co. 156,300 19,522 
  37,295 
Personal Products - 0.8%   
Estee Lauder Companies, Inc. Class A 83,100 17,163 
TOTAL CONSUMER STAPLES  79,576 
ENERGY - 1.6%   
Oil, Gas & Consumable Fuels - 1.6%   
Cheniere Energy, Inc. (a) 299,100 18,266 
Reliance Industries Ltd. 778,753 16,524 
  34,790 
FINANCIALS - 2.0%   
Banks - 0.3%   
HDFC Bank Ltd. 72,910 1,301 
HDFC Bank Ltd. sponsored ADR 99,200 6,286 
Metro Bank PLC (a)(e) 25,300 69 
  7,656 
Capital Markets - 1.7%   
CME Group, Inc. 137,245 27,548 
JMP Group, Inc. 75,200 243 
MSCI, Inc. 4,100 1,059 
The Blackstone Group LP 119,700 6,696 
Tradeweb Markets, Inc. Class A 8,800 408 
XP, Inc. Class A (a)(e) 14,500 559 
  36,513 
TOTAL FINANCIALS  44,169 
HEALTH CARE - 13.1%   
Biotechnology - 3.7%   
AbbVie, Inc. 388,000 34,354 
Affimed NV (a) 200,400 549 
Aimmune Therapeutics, Inc. (a)(e) 125,000 4,184 
BioNTech AG 129,132 3,937 
BioNTech SE ADR (a)(e) 50,500 1,711 
Cytokinetics, Inc. (a) 172,671 1,832 
Gamida Cell Ltd. (a) 373,600 1,606 
Insmed, Inc. (a) 351,478 8,393 
Neurocrine Biosciences, Inc. (a) 35,500 3,816 
Rubius Therapeutics, Inc. (a) 18,700 178 
Vertex Pharmaceuticals, Inc. (a) 90,793 19,879 
  80,439 
Health Care Equipment & Supplies - 4.5%   
Boston Scientific Corp. (a) 636,800 28,796 
Danaher Corp. 119,855 18,395 
Haemonetics Corp. (a) 52,600 6,044 
Intuitive Surgical, Inc. (a) 53,300 31,508 
Penumbra, Inc. (a) 21,300 3,499 
ResMed, Inc. 59,600 9,236 
  97,478 
Health Care Providers & Services - 0.8%   
Guardant Health, Inc. (a) 13,200 1,031 
HealthEquity, Inc. (a) 83,900 6,214 
UnitedHealth Group, Inc. 37,200 10,936 
  18,181 
Health Care Technology - 0.4%   
Veeva Systems, Inc. Class A (a) 61,200 8,608 
Life Sciences Tools & Services - 1.9%   
10X Genomics, Inc. (a) 19,100 1,456 
Bio-Techne Corp. 4,200 922 
Bruker Corp. 211,100 10,760 
Codexis, Inc. (a) 158,700 2,538 
Thermo Fisher Scientific, Inc. 74,400 24,170 
  39,846 
Pharmaceuticals - 1.8%   
AstraZeneca PLC sponsored ADR 570,100 28,425 
Perrigo Co. PLC 195,800 10,115 
  38,540 
TOTAL HEALTH CARE  283,092 
INDUSTRIALS - 7.2%   
Aerospace & Defense - 0.5%   
TransDigm Group, Inc. 20,327 11,383 
Commercial Services & Supplies - 0.6%   
Copart, Inc. (a) 133,100 12,104 
Edenred SA 4,100 212 
  12,316 
Electrical Equipment - 0.1%   
Generac Holdings, Inc. (a) 25,100 2,525 
Industrial Conglomerates - 0.5%   
Roper Technologies, Inc. 29,714 10,526 
Machinery - 1.1%   
Gardner Denver Holdings, Inc. (a) 655,400 24,040 
Professional Services - 2.2%   
Equifax, Inc. 94,300 13,213 
IHS Markit Ltd. (a) 185,800 14,000 
TransUnion Holding Co., Inc. 240,700 20,606 
Upwork, Inc. (a) 4,500 48 
  47,867 
Road & Rail - 2.2%   
Knight-Swift Transportation Holdings, Inc. Class A 178,419 6,395 
Lyft, Inc. 109,500 4,711 
Rumo SA (a) 1,023,900 6,643 
Uber Technologies, Inc. 1,003,072 29,831 
  47,580 
TOTAL INDUSTRIALS  156,237 
INFORMATION TECHNOLOGY - 40.0%   
Communications Equipment - 0.1%   
ViaSat, Inc. (a) 26,500 1,940 
Electronic Equipment & Components - 0.4%   
Zebra Technologies Corp. Class A (a) 37,500 9,579 
IT Services - 8.6%   
Black Knight, Inc. (a) 332,400 21,433 
Fiserv, Inc. (a) 188,800 21,831 
MasterCard, Inc. Class A 65,800 19,647 
MongoDB, Inc. Class A (a) 8,500 1,119 
Okta, Inc. (a) 33,000 3,807 
Shopify, Inc. Class A (a) 44,500 17,693 
Square, Inc. (a) 154,800 9,684 
Verra Mobility Corp. (a) 428,300 5,992 
Visa, Inc. Class A 452,196 84,968 
  186,174 
Semiconductors & Semiconductor Equipment - 8.0%   
ASML Holding NV 67,100 19,858 
Marvell Technology Group Ltd. 148,100 3,934 
Micron Technology, Inc. (a) 219,400 11,799 
NVIDIA Corp. 211,400 49,742 
NXP Semiconductors NV 244,700 31,141 
Qualcomm, Inc. 642,400 56,679 
  173,153 
Software - 17.2%   
Adobe, Inc. (a) 245,800 81,067 
Autodesk, Inc. (a) 67,500 12,384 
Bill.Com Holdings, Inc. (a) 28,300 1,077 
Cloudflare, Inc. (a) 11,700 200 
Datadog, Inc. Class A (a) 5,100 193 
Elastic NV (a) 1,800 116 
Intuit, Inc. 82,400 21,583 
Manhattan Associates, Inc. (a) 101,800 8,119 
Microsoft Corp. 1,255,800 198,038 
Salesforce.com, Inc. (a) 247,764 40,296 
SolarWinds, Inc. (a)(e) 529,500 9,822 
  372,895 
Technology Hardware, Storage & Peripherals - 5.7%   
Apple, Inc. 419,400 123,157 
TOTAL INFORMATION TECHNOLOGY  866,898 
MATERIALS - 0.7%   
Chemicals - 0.7%   
Sherwin-Williams Co. 25,900 15,114 
REAL ESTATE - 3.5%   
Equity Real Estate Investment Trusts (REITs) - 3.5%   
American Tower Corp. 233,600 53,686 
Crown Castle International Corp. 152,900 21,735 
  75,421 
TOTAL COMMON STOCKS   
(Cost $1,363,781)  2,137,023 
Preferred Stocks - 0.2%   
Convertible Preferred Stocks - 0.0%   
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Nuvation Bio, Inc. Series A (b)(c)(f) 607,600 469 
INFORMATION TECHNOLOGY - 0.0%   
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(b)(c) 48,212 47 
TOTAL CONVERTIBLE PREFERRED STOCKS  516 
Nonconvertible Preferred Stocks - 0.2%   
FINANCIALS - 0.2%   
Banks - 0.2%   
Itau Unibanco Holding SA sponsored ADR 404,850 3,704 
TOTAL PREFERRED STOCKS   
(Cost $4,245)  4,220 
Money Market Funds - 2.9%   
Fidelity Cash Central Fund 1.58% (g) 26,145,074 26,150 
Fidelity Securities Lending Cash Central Fund 1.58% (g)(h) 36,633,206 36,637 
TOTAL MONEY MARKET FUNDS   
(Cost $62,787)  62,787 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $1,430,813)  2,204,030 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (37,943) 
NET ASSETS - 100%  $2,166,087 

Legend

 (a) Non-income producing

 (b) 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 $522,000 or 0.0% of net assets.

 (c) Level 3 security

 (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 $2,240,000 or 0.1% of net assets.

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

 (f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 (Escrow) 8/1/14 $87 
Blu Homes, Inc. 6/21/13 $1,108 
Nuvation Bio, Inc. Series A 6/17/19 $469 

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 $328 
Fidelity Securities Lending Cash Central Fund 193 
Total $521 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $298,532 $279,652 $18,880 $-- 
Consumer Discretionary 283,194 259,480 23,708 
Consumer Staples 79,576 79,576 -- -- 
Energy 34,790 34,790 -- -- 
Financials 47,873 46,572 1,301 -- 
Health Care 283,561 279,155 3,937 469 
Industrials 156,237 156,237 -- -- 
Information Technology 866,945 866,898 -- 47 
Materials 15,114 15,114 -- -- 
Real Estate 75,421 75,421 -- -- 
Money Market Funds 62,787 62,787 -- -- 
Total Investments in Securities: $2,204,030 $2,155,682 $47,826 $522 

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 87.0% 
Netherlands 3.0% 
Cayman Islands 2.2% 
France 1.7% 
United Kingdom 1.3% 
India 1.1% 
Canada 1.1% 
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

Amounts in thousands (except per-share amounts)  December 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $35,762) — See accompanying schedule:
Unaffiliated issuers (cost $1,368,026) 
$2,141,243  
Fidelity Central Funds (cost $62,787) 62,787  
Total Investment in Securities (cost $1,430,813)  $2,204,030 
Receivable for fund shares sold  2,484 
Dividends receivable  1,414 
Distributions receivable from Fidelity Central Funds  60 
Prepaid expenses  
Other receivables  31 
Total assets  2,208,022 
Liabilities   
Payable for investments purchased   
Regular delivery $105  
Delayed delivery 234  
Payable for fund shares redeemed 3,089  
Accrued management fee 1,162  
Other affiliated payables 277  
Other payables and accrued expenses 435  
Collateral on securities loaned 36,633  
Total liabilities  41,935 
Net Assets  $2,166,087 
Net Assets consist of:   
Paid in capital  $1,346,493 
Total accumulated earnings (loss)  819,594 
Net Assets  $2,166,087 
Net Asset Value and Maximum Offering Price   
Growth Discovery:   
Net Asset Value, offering price and redemption price per share ($1,849,393 ÷ 46,533 shares)  $39.74 
Class K:   
Net Asset Value, offering price and redemption price per share ($316,694 ÷ 7,964 shares)  $39.77 

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


Statement of Operations

Amounts in thousands  Six months ended December 31, 2019 (Unaudited) 
Investment Income   
Dividends  $9,091 
Income from Fidelity Central Funds (including $193 from security lending)  521 
Total income  9,612 
Expenses   
Management fee   
Basic fee $5,549  
Performance adjustment 643  
Transfer agent fees 1,356  
Accounting fees 314  
Custodian fees and expenses 22  
Independent trustees' fees and expenses  
Registration fees 35  
Audit 24  
Legal  
Interest  
Miscellaneous  
Total expenses before reductions 7,964  
Expense reductions (42)  
Total expenses after reductions  7,922 
Net investment income (loss)  1,690 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 72,101  
Foreign currency transactions (16)  
Total net realized gain (loss)  72,085 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $368) 127,369  
Assets and liabilities in foreign currencies (1)  
Total change in net unrealized appreciation (depreciation)  127,368 
Net gain (loss)  199,453 
Net increase (decrease) in net assets resulting from operations  $201,143 

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, 2019 (Unaudited) Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,690 $2,501 
Net realized gain (loss) 72,085 97,626 
Change in net unrealized appreciation (depreciation) 127,368 94,585 
Net increase (decrease) in net assets resulting from operations 201,143 194,712 
Distributions to shareholders (93,441) (83,027) 
Share transactions - net increase (decrease) (13,810) 53,922 
Total increase (decrease) in net assets 93,892 165,607 
Net Assets   
Beginning of period 2,072,195 1,906,588 
End of period $2,166,087 $2,072,195 

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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $37.74 $35.75 $30.58 $24.47 $24.93 $23.07 
Income from Investment Operations       
Net investment income (loss)A .03 .04 .07 .06 .01 .07 
Net realized and unrealized gain (loss) 3.67 3.51 6.71 6.07 (.43) 1.81 
Total from investment operations 3.70 3.55 6.78 6.13 (.42) 1.88 
Distributions from net investment income (.02) (.06) (.05) (.02) (.03) (.02) 
Distributions from net realized gain (1.68) (1.50) (1.56) – (.01) – 
Total distributions (1.70) (1.56) (1.61) (.02) (.04) (.02) 
Net asset value, end of period $39.74 $37.74 $35.75 $30.58 $24.47 $24.93 
Total ReturnB,C 10.15% 10.33% 22.94% 25.08% (1.68)% 8.17% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .79%F .77% .74% .66% .78% .77% 
Expenses net of fee waivers, if any .78%F .77% .74% .66% .78% .77% 
Expenses net of all reductions .78%F .76% .73% .65% .78% .77% 
Net investment income (loss) .15%F .11% .22% .24% .03% .27% 
Supplemental Data       
Net assets, end of period (in millions) $1,849 $1,707 $1,546 $1,157 $1,000 $1,078 
Portfolio turnover rateG 45%F 49% 45% 65% 57% 51% 

 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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $37.78 $35.78 $30.61 $24.48 $24.94 $23.09 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .11 .10 .04 .10 
Net realized and unrealized gain (loss) 3.68 3.52 6.71 6.07 (.43) 1.82 
Total from investment operations 3.73 3.60 6.82 6.17 (.39) 1.92 
Distributions from net investment income (.06) (.10) (.09) (.04) (.06) (.07) 
Distributions from net realized gain (1.68) (1.50) (1.56) – (.01) – 
Total distributions (1.74) (1.60) (1.65) (.04) (.07) (.07) 
Net asset value, end of period $39.77 $37.78 $35.78 $30.61 $24.48 $24.94 
Total ReturnB,C 10.22% 10.47% 23.05% 25.23% (1.57)% 8.32% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .68%F .66% .63% .54% .66% .64% 
Expenses net of fee waivers, if any .68%F .66% .63% .54% .66% .64% 
Expenses net of all reductions .68%F .66% .63% .53% .65% .64% 
Net investment income (loss) .25%F .22% .32% .36% .16% .40% 
Supplemental Data       
Net assets, end of period (in millions) $317 $366 $361 $207 $176 $202 
Portfolio turnover rateG 45%F 49% 45% 65% 57% 51% 

 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.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2019
(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 ranged from less than .005% to .01%.

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $788,681 
Gross unrealized depreciation (16,553) 
Net unrealized appreciation (depreciation) $772,128 
Tax cost $1,431,902 

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. 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 $462,805 and $575,764, 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 .60% 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, 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) 
Growth Discovery $1,276 .15 
Class K 80 .04 
 $1,356  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Growth Discovery Fund .03 

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

 Amount 
Fidelity Growth Discovery Fund $11 

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 fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Growth Discovery Fund Borrower $49,305 1.79% $2 

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

6. Committed Line of Credit.

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

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $19. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

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 $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 $7.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2019 
Year ended
June 30, 2019 
Distributions to shareholders   
Growth Discovery $77,138 $68,373 
Class K 16,303 14,653 
Total $93,441 $83,026 

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, 2019 Year ended June 30, 2019 Six months ended December 31, 2019 Year ended June 30, 2019 
Growth Discovery     
Shares sold 3,170 8,326 $119,989 $292,246 
Reinvestment of distributions 1,952 1,852 72,723 64,603 
Shares redeemed (3,811) (8,200) (142,541) (284,919) 
Net increase (decrease) 1,311 1,978 $50,171 $71,930 
Class K     
Shares sold 1,367 3,015 $51,905 $105,296 
Reinvestment of distributions 439 421 16,303 14,653 
Shares redeemed (3,520) (3,838) (132,189) (137,957) 
Net increase (decrease) (1,714) (402) $(63,981) $(18,008) 

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.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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, 2019 to December 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2019 
Ending
Account Value
December 31, 2019 
Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Growth Discovery .78%    
Actual  $1,000.00 $1,101.50 $4.12 
Hypothetical-C  $1,000.00 $1,021.22 $3.96 
Class K .68%    
Actual  $1,000.00 $1,102.20 $3.59 
Hypothetical-C  $1,000.00 $1,021.72 $3.46 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Growth Discovery Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

CII-SANN-0220
1.714430.121


Fidelity® Fund



Semi-Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2019

 % of fund's net assets 
Microsoft Corp. 7.9 
Apple, Inc. 6.7 
Alphabet, Inc. Class A 4.8 
Amazon.com, Inc. 3.5 
JPMorgan Chase & Co. 3.1 
Facebook, Inc. Class A 2.9 
Visa, Inc. Class A 2.8 
UnitedHealth Group, Inc. 2.4 
MasterCard, Inc. Class A 2.2 
Procter & Gamble Co. 1.9 
 38.2 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Information Technology 31.2 
Health Care 14.9 
Consumer Discretionary 13.1 
Financials 12.2 
Communication Services 10.9 

Asset Allocation (% of fund's net assets)

As of December 31, 2019 * 
   Stocks 98.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.6% 


 * Foreign investments - 2.0%

Schedule of Investments December 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 10.9%   
Entertainment - 0.7%   
Electronic Arts, Inc. (a) 30,000 $3,225 
Take-Two Interactive Software, Inc. (a) 244,500 29,934 
  33,159 
Interactive Media & Services - 8.8%   
Alphabet, Inc.:   
Class A (a) 171,000 229,036 
Class C (a) 38,000 50,807 
Facebook, Inc. Class A (a) 681,000 139,775 
TripAdvisor, Inc. 65,910 2,002 
  421,620 
Media - 1.4%   
Comcast Corp. Class A 1,500,000 67,455 
TOTAL COMMUNICATION SERVICES  522,234 
CONSUMER DISCRETIONARY - 13.1%   
Hotels, Restaurants & Leisure - 1.3%   
Starbucks Corp. 697,000 61,280 
Household Durables - 1.0%   
Lennar Corp. Class A 332,200 18,533 
NVR, Inc. (a) 7,430 28,296 
  46,829 
Internet & Direct Marketing Retail - 4.3%   
Amazon.com, Inc. (a) 90,500 167,230 
eBay, Inc. 1,000,000 36,110 
Expedia, Inc. 40,000 4,326 
  207,666 
Multiline Retail - 1.1%   
Dollar General Corp. 336,000 52,409 
Specialty Retail - 4.6%   
AutoZone, Inc. (a) 25,400 30,259 
Best Buy Co., Inc. 60,538 5,315 
Lowe's Companies, Inc. 357,300 42,790 
The Home Depot, Inc. 412,000 89,973 
TJX Companies, Inc. 590,000 36,025 
Ulta Beauty, Inc. (a) 21,500 5,443 
Urban Outfitters, Inc. (a) 320,000 8,886 
  218,691 
Textiles, Apparel & Luxury Goods - 0.8%   
NIKE, Inc. Class B 395,000 40,017 
TOTAL CONSUMER DISCRETIONARY  626,892 
CONSUMER STAPLES - 7.4%   
Beverages - 1.2%   
PepsiCo, Inc. 413,900 56,568 
Food & Staples Retailing - 2.8%   
Costco Wholesale Corp. 238,000 69,953 
Walmart, Inc. 532,000 63,223 
  133,176 
Food Products - 0.5%   
The Hershey Co. 185,160 27,215 
Household Products - 1.9%   
Procter & Gamble Co. 725,000 90,553 
Personal Products - 1.0%   
Estee Lauder Companies, Inc. Class A 239,000 49,363 
TOTAL CONSUMER STAPLES  356,875 
FINANCIALS - 12.2%   
Banks - 3.5%   
Bank of America Corp. 605,000 21,308 
JPMorgan Chase & Co. 1,055,000 147,067 
  168,375 
Capital Markets - 4.4%   
CME Group, Inc. 298,000 59,815 
Moody's Corp. 10,000 2,374 
Morgan Stanley 724,700 37,047 
MSCI, Inc. 199,100 51,404 
S&P Global, Inc. 221,000 60,344 
  210,984 
Consumer Finance - 1.3%   
American Express Co. 475,000 59,133 
Insurance - 3.0%   
AFLAC, Inc. 850,000 44,965 
Allstate Corp. 349,500 39,301 
Arch Capital Group Ltd. (a) 219,800 9,427 
Assurant, Inc. 81,957 10,743 
Primerica, Inc. 23,769 3,103 
Progressive Corp. 500,000 36,195 
  143,734 
TOTAL FINANCIALS  582,226 
HEALTH CARE - 14.9%   
Biotechnology - 2.2%   
AbbVie, Inc. 640,000 56,666 
Amgen, Inc. 210,000 50,625 
  107,291 
Health Care Equipment & Supplies - 6.1%   
Abbott Laboratories 722,480 62,755 
Baxter International, Inc. 284,000 23,748 
Becton, Dickinson & Co. 112,600 30,624 
Boston Scientific Corp. (a) 621,000 28,082 
Danaher Corp. 375,000 57,555 
Edwards Lifesciences Corp. (a) 151,000 35,227 
Intuitive Surgical, Inc. (a) 52,300 30,917 
ResMed, Inc. 155,000 24,020 
  292,928 
Health Care Providers & Services - 4.0%   
Centene Corp. (a) 482,700 30,347 
Cigna Corp. 119,100 24,355 
HCA Holdings, Inc. 130,000 19,215 
UnitedHealth Group, Inc. 393,000 115,534 
  189,451 
Life Sciences Tools & Services - 1.1%   
Mettler-Toledo International, Inc. (a) 6,800 5,394 
Thermo Fisher Scientific, Inc. 139,000 45,157 
  50,551 
Pharmaceuticals - 1.5%   
Bristol-Myers Squibb Co. 336,106 21,575 
Bristol-Myers Squibb Co. rights (a) 336,106 1,012 
Roche Holding AG (participation certificate) 80,000 26,000 
Zoetis, Inc. Class A 190,000 25,147 
  73,734 
TOTAL HEALTH CARE  713,955 
INDUSTRIALS - 4.3%   
Aerospace & Defense - 2.4%   
Harris Corp. 131,000 25,921 
Huntington Ingalls Industries, Inc. 118,350 29,692 
Northrop Grumman Corp. 92,700 31,886 
TransDigm Group, Inc. 45,000 25,200 
  112,699 
Air Freight & Logistics - 0.2%   
C.H. Robinson Worldwide, Inc. 142,300 11,128 
Commercial Services & Supplies - 0.2%   
Copart, Inc. (a) 112,000 10,185 
Electrical Equipment - 0.4%   
AMETEK, Inc. 171,515 17,107 
Industrial Conglomerates - 0.6%   
Roper Technologies, Inc. 86,943 30,798 
Machinery - 0.3%   
Dover Corp. 121,200 13,970 
Professional Services - 0.2%   
Verisk Analytics, Inc. 52,900 7,900 
TOTAL INDUSTRIALS  203,787 
INFORMATION TECHNOLOGY - 31.2%   
Communications Equipment - 1.4%   
Cisco Systems, Inc. 1,294,800 62,099 
Motorola Solutions, Inc. 34,748 5,599 
  67,698 
Electronic Equipment & Components - 1.9%   
Amphenol Corp. Class A 520,000 56,280 
CDW Corp. 78,200 11,170 
Keysight Technologies, Inc. (a) 241,400 24,775 
  92,225 
IT Services - 8.6%   
Accenture PLC Class A 238,606 50,243 
Adyen BV (a)(b) 2,400 1,968 
Booz Allen Hamilton Holding Corp. Class A 219,939 15,644 
EPAM Systems, Inc. (a) 33,000 7,001 
Fidelity National Information Services, Inc. 245,300 34,119 
FleetCor Technologies, Inc. (a) 77,900 22,413 
Global Payments, Inc. 109,000 19,899 
MasterCard, Inc. Class A 347,000 103,611 
PayPal Holdings, Inc. (a) 137,000 14,819 
VeriSign, Inc. (a) 30,500 5,877 
Visa, Inc. Class A 710,400 133,484 
  409,078 
Semiconductors & Semiconductor Equipment - 2.6%   
KLA-Tencor Corp. 176,000 31,358 
Lam Research Corp. 165,000 48,246 
Mellanox Technologies Ltd. (a) 91,600 10,734 
Micron Technology, Inc. (a) 167,200 8,992 
Qualcomm, Inc. 78,500 6,926 
Skyworks Solutions, Inc. 43,991 5,318 
Texas Instruments, Inc. 43,000 5,516 
Xilinx, Inc. 76,100 7,440 
  124,530 
Software - 10.0%   
Adobe, Inc. (a) 196,200 64,709 
Cadence Design Systems, Inc. (a) 76,800 5,327 
Fortinet, Inc. (a) 253,600 27,074 
Microsoft Corp. 2,390,000 376,901 
Salesforce.com, Inc. (a) 2,000 325 
Synopsys, Inc. (a) 24,288 3,381 
  477,717 
Technology Hardware, Storage & Peripherals - 6.7%   
Apple, Inc. 1,097,500 322,281 
TOTAL INFORMATION TECHNOLOGY  1,493,529 
MATERIALS - 0.7%   
Chemicals - 0.7%   
Sherwin-Williams Co. 54,600 31,861 
REAL ESTATE - 2.2%   
Equity Real Estate Investment Trusts (REITs) - 2.2%   
American Tower Corp. 313,000 71,934 
Equity Lifestyle Properties, Inc. 115,871 8,156 
Public Storage 7,700 1,640 
SBA Communications Corp. Class A 100,000 24,099 
  105,829 
UTILITIES - 1.5%   
Electric Utilities - 1.5%   
NextEra Energy, Inc. 292,000 70,711 
TOTAL COMMON STOCKS   
(Cost $2,715,711)  4,707,899 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund 1.58% (c)   
(Cost $83,627) 83,612,533 83,629 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $2,799,338)  4,791,528 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (6,138) 
NET ASSETS - 100%  $4,785,390 

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 $1,968,000 or 0.0% of net assets.

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

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 $751 
Fidelity Securities Lending Cash Central Fund 121 
Total $872 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $522,234 $522,234 $-- $-- 
Consumer Discretionary 626,892 626,892 -- -- 
Consumer Staples 356,875 356,875 -- -- 
Financials 582,226 582,226 -- -- 
Health Care 713,955 687,955 26,000 -- 
Industrials 203,787 203,787 -- -- 
Information Technology 1,493,529 1,493,529 -- -- 
Materials 31,861 31,861 -- -- 
Real Estate 105,829 105,829 -- -- 
Utilities 70,711 70,711 -- -- 
Money Market Funds 83,629 83,629 -- -- 
Total Investments in Securities: $4,791,528 $4,765,528 $26,000 $-- 

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, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,715,711) 
$4,707,899  
Fidelity Central Funds (cost $83,627) 83,629  
Total Investment in Securities (cost $2,799,338)  $4,791,528 
Receivable for fund shares sold  631 
Dividends receivable  4,217 
Distributions receivable from Fidelity Central Funds  102 
Prepaid expenses  
Other receivables  130 
Total assets  4,796,614 
Liabilities   
Payable to custodian bank $696  
Payable for fund shares redeemed 8,543  
Accrued management fee 1,272  
Other affiliated payables 548  
Other payables and accrued expenses 165  
Total liabilities  11,224 
Net Assets  $4,785,390 
Net Assets consist of:   
Paid in capital  $2,765,120 
Total accumulated earnings (loss)  2,020,270 
Net Assets  $4,785,390 
Net Asset Value and Maximum Offering Price   
Fidelity Fund:   
Net Asset Value, offering price and redemption price per share ($4,309,536 ÷ 84,969 shares)  $50.72 
Class K:   
Net Asset Value, offering price and redemption price per share ($475,854 ÷ 9,387 shares)  $50.69 

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


Statement of Operations

Amounts in thousands  Six months ended December 31, 2019 (Unaudited) 
Investment Income   
Dividends  $28,993 
Income from Fidelity Central Funds (including $121 from security lending)  872 
Total income  29,865 
Expenses   
Management fee $7,213  
Transfer agent fees 2,753  
Accounting fees 529  
Custodian fees and expenses 33  
Independent trustees' fees and expenses 13  
Registration fees 59  
Audit 33  
Legal  
Miscellaneous 13  
Total expenses before reductions 10,652  
Expense reductions (75)  
Total expenses after reductions  10,577 
Net investment income (loss)  19,288 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 109,754  
Total net realized gain (loss)  109,754 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 412,299  
Fidelity Central Funds  
Assets and liabilities in foreign currencies 23  
Total change in net unrealized appreciation (depreciation)  412,323 
Net gain (loss)  522,077 
Net increase (decrease) in net assets resulting from operations  $541,365 

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, 2019 (Unaudited) Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $19,288 $44,502 
Net realized gain (loss) 109,754 181,491 
Change in net unrealized appreciation (depreciation) 412,323 115,077 
Net increase (decrease) in net assets resulting from operations 541,365 341,070 
Distributions to shareholders (249,202) (288,127) 
Share transactions - net increase (decrease) 147,686 (286,744) 
Total increase (decrease) in net assets 439,849 (233,801) 
Net Assets   
Beginning of period 4,345,541 4,579,342 
End of period $4,785,390 $4,345,541 

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


Financial Highlights

Fidelity Fund

 Six months ended (Unaudited) December 31, Years endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $47.60 $46.86 $44.92 $42.04 $44.69 $45.42 
Income from Investment Operations       
Net investment income (loss)A .21 .46 .45 .44 .38 .34 
Net realized and unrealized gain (loss) 5.65 3.26 6.74 5.33 (.73) 3.91 
Total from investment operations 5.86 3.72 7.19 5.77 (.35) 4.25 
Distributions from net investment income (.42) (.44) (.45) (.44) (.31) (.30) 
Distributions from net realized gain (2.32) (2.54) (4.80) (2.45) (1.99) (4.68) 
Total distributions (2.74) (2.98) (5.25) (2.89) (2.30) (4.98) 
Net asset value, end of period $50.72 $47.60 $46.86 $44.92 $42.04 $44.69 
Total ReturnB,C 12.76% 8.27% 17.51% 14.34% (.83)% 10.52% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .49%F .50% .50% .52% .52% .52% 
Expenses net of fee waivers, if any .49%F .49% .50% .52% .52% .52% 
Expenses net of all reductions .48%F .49% .50% .51% .52% .52% 
Net investment income (loss) .86%F 1.01% .99% 1.04% .91% .79% 
Supplemental Data       
Net assets, end of period (in millions) $4,310 $4,019 $4,129 $3,884 $3,762 $4,143 
Portfolio turnover rateG 49%F 45% 38% 82% 67% 59%H 

 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.


Fidelity Fund Class K

 Six months ended (Unaudited) December 31, Years endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $47.60 $46.86 $44.92 $42.04 $44.69 $45.42 
Income from Investment Operations       
Net investment income (loss)A .23 .50 .49 .49 .42 .39 
Net realized and unrealized gain (loss) 5.65 3.26 6.74 5.32 (.72) 3.91 
Total from investment operations 5.88 3.76 7.23 5.81 (.30) 4.30 
Distributions from net investment income (.46) (.48) (.49) (.48) (.36) (.35) 
Distributions from net realized gain (2.32) (2.54) (4.80) (2.45) (1.99) (4.68) 
Total distributions (2.79)B (3.02) (5.29) (2.93) (2.35) (5.03) 
Net asset value, end of period $50.69 $47.60 $46.86 $44.92 $42.04 $44.69 
Total ReturnC,D 12.79% 8.37% 17.63% 14.46% (.72)% 10.65% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .40%G .40% .41% .41% .41% .41% 
Expenses net of fee waivers, if any .40%G .40% .41% .41% .41% .41% 
Expenses net of all reductions .40%G .40% .40% .41% .41% .41% 
Net investment income (loss) .95%G 1.10% 1.08% 1.14% 1.02% .90% 
Supplemental Data       
Net assets, end of period (in millions) $476 $326 $450 $563 $696 $952 
Portfolio turnover rateH 49%G 45% 38% 82% 67% 59%I 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.79 per share is comprised of distributions from net investment income of $.463 and distributions from net realized gain of $2.322 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.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2019
(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 ranged from less than .005% to .01%.

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $108 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation $1,999,669 
Gross unrealized depreciation (10,109) 
Net unrealized appreciation (depreciation) $1,989,560 
Tax cost $2,801,968 

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 $1,073,926 and $1,070,924, 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 .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 .32% 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 $2,676 .13 
Class K 77 .05 
 $2,753  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Fund .02 

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 $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Total fees paid by the Fund to NFS, as lending agent, amounted to $8. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

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 $55 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Fidelity Fund $4 

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

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2019 
Year ended
June 30, 2019 
Distributions to shareholders   
Fidelity Fund $229,125 $260,457 
Class K 20,077 27,670 
Total $249,202 $288,127 

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, 2019 Year ended June 30, 2019 Six months ended December 31, 2019 Year ended June 30, 2019 
Fidelity Fund     
Shares sold 885 1,693 $42,962 $77,031 
Reinvestment of distributions 4,413 5,260 210,705 240,489 
Shares redeemed (4,758) (10,636) (230,292) (480,620) 
Net increase (decrease) 540 (3,683) $23,375 $(163,100) 
Class K     
Shares sold 4,227 687 $205,745 $31,250 
Reinvestment of distributions 418 605 20,077 27,670 
Shares redeemed (2,115) (4,042) (101,510) (182,564) 
Net increase (decrease) 2,530 (2,750) $124,312 $(123,644) 

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.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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, 2019 to December 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2019 
Ending
Account Value
December 31, 2019 
Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Fidelity Fund .49%    
Actual  $1,000.00 $1,127.60 $2.62 
Hypothetical-C  $1,000.00 $1,022.67 $2.49 
Class K .40%    
Actual  $1,000.00 $1,127.90 $2.14 
Hypothetical-C  $1,000.00 $1,023.13 $2.03 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

FID-SANN-0220
1.540016.122


Fidelity® Mega Cap Stock Fund



Semi-Annual Report

December 31, 2019

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2019

 % of fund's net assets 
General Electric Co. 6.5 
Microsoft Corp. 5.9 
Exxon Mobil Corp. 5.3 
Bank of America Corp. 4.2 
Apple, Inc. 4.0 
Johnson & Johnson 3.9 
Comcast Corp. Class A 3.8 
Wells Fargo & Co. 3.5 
JPMorgan Chase & Co. 3.4 
Berkshire Hathaway, Inc. Class B 2.9 
 43.4 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Financials 19.3 
Health Care 18.6 
Information Technology 17.5 
Industrials 11.8 
Communication Services 9.9 

Asset Allocation (% of fund's net assets)

As of December 31, 2019 *,** 
   Stocks 97.5% 
   Convertible Securities 0.2% 
   Other Investments 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.1% 


 * Foreign investments - 14.1%

 ** Written options - (0.01)%

Schedule of Investments December 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
COMMUNICATION SERVICES - 9.9%   
Diversified Telecommunication Services - 1.7%   
Verizon Communications, Inc. 477,425 $29,313,895 
Entertainment - 3.1%   
Activision Blizzard, Inc. 123,100 7,314,602 
Electronic Arts, Inc. (a) 71,400 7,676,214 
The Walt Disney Co. 128,400 18,570,492 
Vivendi SA 642,900 18,619,859 
  52,181,167 
Interactive Media & Services - 1.3%   
Alphabet, Inc.:   
Class A (a) 5,550 7,433,615 
Class C (a) 5,626 7,522,075 
Match Group, Inc. (b) 78,000 6,404,580 
  21,360,270 
Media - 3.8%   
Comcast Corp. Class A 1,427,400 64,190,178 
TOTAL COMMUNICATION SERVICES  167,045,510 
CONSUMER DISCRETIONARY - 2.7%   
Internet & Direct Marketing Retail - 1.8%   
The Booking Holdings, Inc. (a) 14,700 30,189,831 
Specialty Retail - 0.9%   
Lowe's Companies, Inc. 129,900 15,556,824 
TOTAL CONSUMER DISCRETIONARY  45,746,655 
CONSUMER STAPLES - 7.2%   
Beverages - 1.0%   
The Coca-Cola Co. 293,000 16,217,550 
Food & Staples Retailing - 2.1%   
Walmart, Inc. 298,600 35,485,624 
Food Products - 1.2%   
Nestle SA sponsored ADR 191,400 20,720,964 
Household Products - 0.9%   
Procter & Gamble Co. (c) 121,500 15,175,350 
Tobacco - 2.0%   
Altria Group, Inc. 674,605 33,669,536 
TOTAL CONSUMER STAPLES  121,269,024 
ENERGY - 9.4%   
Oil, Gas & Consumable Fuels - 9.4%   
Canadian Natural Resources Ltd. 74,700 2,416,545 
Cenovus Energy, Inc. (Canada) 1,901,000 19,324,015 
Equinor ASA sponsored ADR 1,195,600 23,804,396 
Exxon Mobil Corp. 1,277,600 89,150,928 
Hess Corp. 358,400 23,944,704 
  158,640,588 
FINANCIALS - 19.3%   
Banks - 15.0%   
Bank of America Corp. 1,989,400 70,066,668 
Citigroup, Inc. 259,670 20,745,036 
JPMorgan Chase & Co. 407,500 56,805,500 
PNC Financial Services Group, Inc. 165,200 26,370,876 
U.S. Bancorp 320,800 19,020,232 
Wells Fargo & Co. 1,080,330 58,121,754 
  251,130,066 
Capital Markets - 1.1%   
Charles Schwab Corp. 99,595 4,736,738 
State Street Corp. 170,200 13,462,820 
  18,199,558 
Diversified Financial Services - 2.9%   
Berkshire Hathaway, Inc. Class B (a) 215,400 48,788,100 
Insurance - 0.3%   
Chubb Ltd. 25,800 4,016,028 
The Travelers Companies, Inc. 11,400 1,561,230 
  5,577,258 
TOTAL FINANCIALS  323,694,982 
HEALTH CARE - 18.4%   
Biotechnology - 0.9%   
AbbVie, Inc. 50,100 4,435,854 
Amgen, Inc. 44,600 10,751,722 
  15,187,576 
Health Care Equipment & Supplies - 1.1%   
Becton, Dickinson & Co. 7,700 2,094,169 
Boston Scientific Corp. (a) 184,200 8,329,524 
Medtronic PLC 67,913 7,704,730 
  18,128,423 
Health Care Providers & Services - 5.2%   
Anthem, Inc. 8,182 2,471,209 
Cigna Corp. 98,000 20,040,020 
CVS Health Corp. 351,200 26,090,648 
McKesson Corp. 96,600 13,361,712 
UnitedHealth Group, Inc. 86,000 25,282,280 
  87,245,869 
Pharmaceuticals - 11.2%   
Bayer AG 384,526 31,260,674 
Bristol-Myers Squibb Co. 753,000 48,335,070 
GlaxoSmithKline PLC sponsored ADR 662,800 31,144,972 
Johnson & Johnson 454,200 66,254,154 
Roche Holding AG (participation certificate) 33,050 10,741,343 
  187,736,213 
TOTAL HEALTH CARE  308,298,081 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 1.8%   
General Dynamics Corp. 20,200 3,562,270 
The Boeing Co. 6,200 2,019,712 
United Technologies Corp. 158,900 23,796,864 
  29,378,846 
Air Freight & Logistics - 2.5%   
FedEx Corp. 52,000 7,862,920 
United Parcel Service, Inc. Class B 293,810 34,393,399 
  42,256,319 
Industrial Conglomerates - 6.6%   
3M Co. 7,800 1,376,076 
General Electric Co. 9,823,400 109,629,143 
  111,005,219 
Professional Services - 0.9%   
RELX PLC (London Stock Exchange) 604,363 15,254,275 
TOTAL INDUSTRIALS  197,894,659 
INFORMATION TECHNOLOGY - 17.5%   
Communications Equipment - 0.1%   
Cisco Systems, Inc. 47,990 2,301,600 
IT Services - 2.9%   
MasterCard, Inc. Class A 33,300 9,943,047 
Visa, Inc. Class A 205,000 38,519,500 
  48,462,547 
Semiconductors & Semiconductor Equipment - 3.0%   
Applied Materials, Inc. 94,500 5,768,280 
Qualcomm, Inc. 403,300 35,583,159 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 158,800 9,226,280 
  50,577,719 
Software - 7.5%   
Microsoft Corp. 629,490 99,270,573 
Oracle Corp. 113,332 6,004,329 
SAP SE sponsored ADR 149,520 20,034,185 
  125,309,087 
Technology Hardware, Storage & Peripherals - 4.0%   
Apple, Inc. 228,807 67,189,176 
TOTAL INFORMATION TECHNOLOGY  293,840,129 
MATERIALS - 1.3%   
Metals & Mining - 1.3%   
BHP Billiton Ltd. sponsored ADR (b) 339,600 18,579,516 
Glencore Xstrata PLC 1,095,200 3,410,147 
  21,989,663 
TOTAL COMMON STOCKS   
(Cost $1,091,279,427)  1,638,419,291 
Convertible Preferred Stocks - 0.2%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Becton, Dickinson & Co. Series A, 6.125%   
(Cost $2,178,184) 41,300 2,702,387 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)   
(Cost $9,242,241) 9,242,241 4,268,067 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund 1.58% (g) 31,566,158 31,572,472 
Fidelity Securities Lending Cash Central Fund 1.58% (g)(h) 25,062,757 25,065,263 
TOTAL MONEY MARKET FUNDS   
(Cost $56,637,735)  56,637,735 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $1,159,337,587)  1,702,027,480 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (22,595,920) 
NET ASSETS - 100%  $1,679,431,560 

Written Options       
 Counterparty Number of Contracts Notional Amount Exercise Price Expiration Date Value 
Call Options       
Procter & Gamble Co. Chicago Board Options Exchange 174 $2,173,260 $125.00 3/20/20 $(66,990) 
Procter & Gamble Co. Chicago Board Options Exchange 174 2,173,260 130.00 3/20/20 (29,667) 
TOTAL WRITTEN OPTIONS      $(96,657) 

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $4,346,520.

 (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 $4,268,067 or 0.2% 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 $689,797 
Fidelity Securities Lending Cash Central Fund 45,504 
Total $735,301 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $167,045,510 $167,045,510 $-- $-- 
Consumer Discretionary 45,746,655 45,746,655 -- -- 
Consumer Staples 121,269,024 121,269,024 -- -- 
Energy 158,640,588 158,640,588 -- -- 
Financials 323,694,982 323,694,982 -- -- 
Health Care 311,000,468 266,296,064 44,704,404 -- 
Industrials 197,894,659 197,894,659 -- -- 
Information Technology 293,840,129 293,840,129 -- -- 
Materials 21,989,663 18,579,516 3,410,147 -- 
Other 4,268,067 -- -- 4,268,067 
Money Market Funds 56,637,735 56,637,735 -- -- 
Total Investments in Securities: $1,702,027,480 $1,649,644,862 $48,114,551 $4,268,067 
Derivative Instruments:     
Liabilities     
Written Options $(96,657) $(96,657) $-- $-- 
Total Liabilities $(96,657) $(96,657) $-- $-- 
Total Derivative Instruments: $(96,657) $(96,657) $-- $-- 

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, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Written Options(a) $0 $(96,657) 
Total Equity Risk (96,657) 
Total Value of Derivatives $0 $(96,657) 

 (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 85.9% 
Germany 3.1% 
United Kingdom 2.8% 
Switzerland 2.0% 
Norway 1.4% 
Canada 1.3% 
France 1.1% 
Australia 1.1% 
Others (Individually Less Than 1%) 1.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $24,436,843) — See accompanying schedule:
Unaffiliated issuers (cost $1,102,699,852) 
$1,645,389,745  
Fidelity Central Funds (cost $56,637,735) 56,637,735  
Total Investment in Securities (cost $1,159,337,587)  $1,702,027,480 
Restricted cash  487,569 
Receivable for investments sold  1,970,101 
Receivable for fund shares sold  332,310 
Dividends receivable  2,139,377 
Distributions receivable from Fidelity Central Funds  68,227 
Prepaid expenses  2,629 
Other receivables  14,979 
Total assets  1,707,042,672 
Liabilities   
Payable for investments purchased $168,783  
Payable for fund shares redeemed 1,330,367  
Accrued management fee 599,932  
Distribution and service plan fees payable 49,191  
Written options, at value (premium received $124,394) 96,657  
Other affiliated payables 256,407  
Other payables and accrued expenses 44,225  
Collateral on securities loaned 25,065,550  
Total liabilities  27,611,112 
Net Assets  $1,679,431,560 
Net Assets consist of:   
Paid in capital  $1,042,559,997 
Total accumulated earnings (loss)  636,871,563 
Net Assets  $1,679,431,560 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($71,488,370 ÷ 4,669,520 shares)(a)  $15.31 
Maximum offering price per share (100/94.25 of $15.31)  $16.24 
Class M:   
Net Asset Value and redemption price per share ($25,503,147 ÷ 1,665,115 shares)(a)  $15.32 
Maximum offering price per share (100/96.50 of $15.32)  $15.88 
Class C:   
Net Asset Value and offering price per share ($28,926,253 ÷ 1,925,154 shares)(a)  $15.03 
Mega Cap Stock:   
Net Asset Value, offering price and redemption price per share ($1,312,874,620 ÷ 84,624,843 shares)  $15.51 
Class I:   
Net Asset Value, offering price and redemption price per share ($50,897,979 ÷ 3,273,151 shares)  $15.55 
Class Z:   
Net Asset Value, offering price and redemption price per share ($189,741,191 ÷ 12,297,412 shares)  $15.43 

 (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, 2019 (Unaudited) 
Investment Income   
Dividends  $19,895,030 
Income from Fidelity Central Funds (including $45,504 from security lending)  735,301 
Total income  20,630,331 
Expenses   
Management fee $3,958,463  
Transfer agent fees 1,421,140  
Distribution and service plan fees 285,043  
Accounting fees 278,959  
Custodian fees and expenses 17,510  
Independent trustees' fees and expenses 5,826  
Registration fees 49,361  
Audit 26,941  
Legal 2,911  
Interest 9,449  
Miscellaneous 5,437  
Total expenses before reductions 6,061,040  
Expense reductions (45,003)  
Total expenses after reductions  6,016,037 
Net investment income (loss)  14,614,294 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 80,223,320  
Redemptions in-kind with affiliated entities 79,900,543  
Fidelity Central Funds 1,410  
Foreign currency transactions (4,766)  
Total net realized gain (loss)  160,120,507 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 41,562,794  
Fidelity Central Funds (1,697)  
Assets and liabilities in foreign currencies (1,991)  
Written options 27,737  
Total change in net unrealized appreciation (depreciation)  41,586,843 
Net gain (loss)  201,707,350 
Net increase (decrease) in net assets resulting from operations  $216,321,644 

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


Statement of Changes in Net Assets

 Six months ended December 31, 2019 (Unaudited) Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,614,294 $41,830,028 
Net realized gain (loss) 160,120,507 274,043,545 
Change in net unrealized appreciation (depreciation) 41,586,843 (166,114,350) 
Net increase (decrease) in net assets resulting from operations 216,321,644 149,759,223 
Distributions to shareholders (231,107,197) (336,740,748) 
Share transactions - net increase (decrease) (253,486,489) 71,154,170 
Total increase (decrease) in net assets (268,272,042) (115,827,355) 
Net Assets   
Beginning of period 1,947,703,602 2,063,530,957 
End of period $1,679,431,560 $1,947,703,602 

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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.51 $17.34 $18.42 $15.56 $16.56 $16.32 
Income from Investment Operations       
Net investment income (loss)A .10 .29 .23 .22 .23 .18 
Net realized and unrealized gain (loss) 1.68 .77 1.49 2.94 (.65) .71 
Total from investment operations 1.78 1.06 1.72 3.16 (.42) .89 
Distributions from net investment income (.27) (.26) (.24) (.22) (.18) (.17) 
Distributions from net realized gain (1.70) (2.63) (2.56) (.09) (.40) (.47) 
Total distributions (1.98)B (2.89) (2.80) (.30)C (.58) (.65)D 
Net asset value, end of period $15.31 $15.51 $17.34 $18.42 $15.56 $16.56 
Total ReturnE,F,G 12.68% 6.99% 10.60% 20.49% (2.56)% 5.69% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .92%J .93% .93% .94% .95% 1.05% 
Expenses net of fee waivers, if any .92%J .93% .93% .94% .95% 1.05% 
Expenses net of all reductions .92%J .93% .93% .94% .95% 1.05% 
Net investment income (loss) 1.35%J 1.88% 1.33% 1.30% 1.46% 1.10% 
Supplemental Data       
Net assets, end of period (000 omitted) $71,488 $64,311 $62,333 $60,362 $68,801 $117,385 
Portfolio turnover rateK 26%J,L 36% 39% 25% 25% 22%L 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.98 per share is comprised of distributions from net investment income of $.274 and distributions from net realized gain of $1.702 per share.

 C 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.

 D 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.

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

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

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

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

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

 J Annualized

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

 L 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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.50 $17.31 $18.39 $15.54 $16.57 $16.31 
Income from Investment Operations       
Net investment income (loss)A .08 .25 .19 .18 .19 .16 
Net realized and unrealized gain (loss) 1.67 .78 1.48 2.93 (.65) .70 
Total from investment operations 1.75 1.03 1.67 3.11 (.46) .86 
Distributions from net investment income (.23) (.21) (.19) (.18) (.16) (.13) 
Distributions from net realized gain (1.70) (2.63) (2.56) (.09) (.40) (.47) 
Total distributions (1.93) (2.84) (2.75) (.26)B (.57)C (.60) 
Net asset value, end of period $15.32 $15.50 $17.31 $18.39 $15.54 $16.57 
Total ReturnD,E,F 12.51% 6.79% 10.33% 20.17% (2.83)% 5.53% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.18%I 1.19% 1.19% 1.20% 1.21% 1.21% 
Expenses net of fee waivers, if any 1.17%I 1.19% 1.19% 1.20% 1.21% 1.20% 
Expenses net of all reductions 1.17%I 1.18% 1.18% 1.20% 1.20% 1.20% 
Net investment income (loss) 1.09%I 1.63% 1.07% 1.04% 1.21% .95% 
Supplemental Data       
Net assets, end of period (000 omitted) $25,503 $25,031 $26,446 $28,248 $26,145 $23,231 
Portfolio turnover rateJ 26%I,K 36% 39% 25% 25% 22%K 

 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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.20 $17.03 $18.13 $15.32 $16.35 $16.12 
Income from Investment Operations       
Net investment income (loss)A .04 .17 .10 .09 .11 .07 
Net realized and unrealized gain (loss) 1.65 .77 1.47 2.90 (.64) .71 
Total from investment operations 1.69 .94 1.57 2.99 (.53) .78 
Distributions from net investment income (.15) (.13) (.11) (.09) (.09) (.08) 
Distributions from net realized gain (1.70) (2.63) (2.56) (.09) (.40) (.47) 
Total distributions (1.86)B (2.77)C (2.67) (.18) (.50)D (.55) 
Net asset value, end of period $15.03 $15.20 $17.03 $18.13 $15.32 $16.35 
Total ReturnE,F,G 12.26% 6.23% 9.81% 19.59% (3.32)% 5.05% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.68%J 1.68% 1.68% 1.69% 1.70% 1.70% 
Expenses net of fee waivers, if any 1.68%J 1.67% 1.68% 1.69% 1.70% 1.70% 
Expenses net of all reductions 1.67%J 1.67% 1.68% 1.69% 1.69% 1.70% 
Net investment income (loss) .59%J 1.14% .58% .55% .72% .45% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,926 $28,459 $33,640 $34,205 $31,605 $34,790 
Portfolio turnover rateK 26%J,L 36% 39% 25% 25% 22%L 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.86 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $1.702 per share.

 C Total distributions of $2.77 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $2.634 per share.

 D 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.

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

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

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

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

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

 J Annualized

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

 L 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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.71 $17.52 $18.58 $15.68 $16.72 $16.44 
Income from Investment Operations       
Net investment income (loss)A .12 .34 .28 .27 .27 .24 
Net realized and unrealized gain (loss) 1.69 .78 1.50 2.97 (.66) .72 
Total from investment operations 1.81 1.12 1.78 3.24 (.39) .96 
Distributions from net investment income (.31) (.30) (.27) (.26) (.25) (.21) 
Distributions from net realized gain (1.70) (2.63) (2.56) (.09) (.40) (.47) 
Total distributions (2.01) (2.93) (2.84)B (.34)C (.65) (.68) 
Net asset value, end of period $15.51 $15.71 $17.52 $18.58 $15.68 $16.72 
Total ReturnD,E 12.78% 7.33% 10.86% 20.87% (2.36)% 6.13% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .64%H .65% .68% .68% .69% .67% 
Expenses net of fee waivers, if any .64%H .65% .68% .68% .69% .67% 
Expenses net of all reductions .64%H .65% .68% .68% .68% .67% 
Net investment income (loss) 1.63%H 2.16% 1.58% 1.56% 1.73% 1.48% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,312,875 $1,488,549 $1,715,822 $1,613,374 $3,059,691 $3,300,700 
Portfolio turnover rateI 26%H,J 36% 39% 25% 25% 22%J 

 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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.72 $17.53 $18.60 $15.70 $16.73 $16.39 
Income from Investment Operations       
Net investment income (loss)A .12 .34 .28 .27 .27 .24 
Net realized and unrealized gain (loss) 1.69 .79 1.50 2.97 (.65) .72 
Total from investment operations 1.81 1.13 1.78 3.24 (.38) .96 
Distributions from net investment income (.28) (.30) (.29) (.26) (.24) (.15) 
Distributions from net realized gain (1.70) (2.63) (2.56) (.09) (.40) (.47) 
Total distributions (1.98) (2.94)B (2.85) (.34)C (.65)D (.62) 
Net asset value, end of period $15.55 $15.72 $17.53 $18.60 $15.70 $16.73 
Total ReturnE,F 12.77% 7.33% 10.87% 20.84% (2.31)% 6.11% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .67%I .66% .67% .67% .68% .69% 
Expenses net of fee waivers, if any .66%I .66% .67% .67% .68% .68% 
Expenses net of all reductions .66%I .66% .66% .67% .68% .68% 
Net investment income (loss) 1.60%I 2.15% 1.60% 1.57% 1.73% 1.47% 
Supplemental Data       
Net assets, end of period (000 omitted) $50,898 $147,465 $143,472 $153,622 $148,414 $186,637 
Portfolio turnover rateJ 26%I,K 36% 39% 25% 25% 22%K 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.94 per share is comprised of distributions from net investment income of $.302 and distributions from net realized gain of $2.634 per share.

 C 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.

 D 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.

 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 endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.65 $17.46 $18.53 $15.65 $16.69 $16.40 
Income from Investment Operations       
Net investment income (loss)A .13 .35 .30 .31 .29 .27 
Net realized and unrealized gain (loss) 1.69 .79 1.51 2.94 (.66) .72 
Total from investment operations 1.82 1.14 1.81 3.25 (.37) .99 
Distributions from net investment income (.33) (.32) (.31) (.28) (.27) (.23) 
Distributions from net realized gain (1.70) (2.63) (2.56) (.09) (.40) (.47) 
Total distributions (2.04)B (2.95) (2.88)C (.37) (.67) (.70) 
Net asset value, end of period $15.43 $15.65 $17.46 $18.53 $15.65 $16.69 
Total ReturnD,E 12.85% 7.47% 11.09% 20.96% (2.21)% 6.33% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .52%H .53% .53% .53% .54% .54% 
Expenses net of fee waivers, if any .52%H .53% .53% .53% .54% .54% 
Expenses net of all reductions .52%H .53% .53% .53% .53% .54% 
Net investment income (loss) 1.75%H 2.29% 1.73% 1.71% 1.88% 1.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $189,741 $193,889 $81,817 $318,575 $2,414 $2,449 
Portfolio turnover rateI 26%H,J 36% 39% 25% 25% 22%J 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.04 per share is comprised of distributions from net investment income of $.333 and distributions from net realized gain of $1.702 per share.

 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 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.


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2019

1. Organization.

Fidelity Mega Cap Stock Fund (the Fund) is a fund of Fidelity Hastings Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Mega Cap Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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, 2019, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions 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 $584,584,309 
Gross unrealized depreciation (52,342,892) 
Net unrealized appreciation (depreciation) $532,241,417 
Tax cost $1,169,689,406 

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 $4,755,636 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. 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 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 and in-kind transactions, aggregated $226,872,313 and $426,683,993, 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 .43% 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% $81,989 $1,092 
Class M .25% .25% 62,110 – 
Class C .75% .25% 140,944 7,879 
   $285,043 $8,971 

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 $13,051 
Class M 1,000 
Class C(a) 406 
 $14,457 

 (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 $63,843 .19 
Class M 24,705 .20 
Class C 28,121 .20 
Mega Cap Stock 1,149,128 .16 
Class I 113,438 .19 
Class Z 41,905 .04 
 $1,421,140  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Mega Cap Stock Fund .03 

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

 Amount 
Fidelity Mega Cap Stock Fund $5,072 

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 fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 

Fidelity Mega Cap Stock Fund Borrower $62,498,000 1.81% $9,449 

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.

Affiliated Redemptions In-Kind. During the period, 12,452,084 shares of the Fund were redeemed in-kind for investments and cash with a value of $195,775,452. The net realized gain of $79,900,543 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

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 $2,332 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $4,788. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $21,053 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,765.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7,165.

In addition, during the period, the investment adviser or an affiliate reimbursed the Fund $15,020 for an operational error which is included in the accompanying Statement of Operations.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
December 31, 2019 
Year ended
June 30, 2019 
Distributions to shareholders   
Class A $8,395,050 $10,837,469 
Class M 3,118,098 4,343,796 
Class C 3,472,904 5,532,849 
Mega Cap Stock 177,319,965 279,661,970 
Class I 14,008,605 24,302,434 
Class Z 24,792,575 12,062,230 
Total $231,107,197 $336,740,748 

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, 2019 Year ended June 30, 2019 Six months ended December 31, 2019 Year ended June 30, 2019 
Class A     
Shares sold 342,562 956,568 $5,137,802 $14,752,555 
Reinvestment of distributions 578,668 701,203 8,345,792 10,779,290 
Shares redeemed (397,164) (1,107,680) (5,907,133) (16,866,127) 
Net increase (decrease) 524,066 550,091 $7,576,461 $8,665,718 
Class M     
Shares sold 55,272 117,648 $831,547 $1,786,570 
Reinvestment of distributions 214,844 280,164 3,095,560 4,311,366 
Shares redeemed (220,176) (310,235) (3,274,221) (4,874,570) 
Net increase (decrease) 49,940 87,577 $652,886 $1,223,366 
Class C     
Shares sold 101,474 192,175 $1,509,486 $2,869,588 
Reinvestment of distributions 244,298 363,211 3,450,953 5,500,502 
Shares redeemed (292,880) (658,553) (4,291,470) (9,844,331) 
Net increase (decrease) 52,892 (103,167) $668,969 $(1,474,241) 
Mega Cap Stock     
Shares sold 2,909,074 6,180,069 $43,400,649 $95,584,602 
Reinvestment of distributions 11,687,019 17,247,170 170,166,146 268,404,858 
Shares redeemed (24,720,830)(a) (26,612,334) (378,106,942)(a) (421,780,100) 
Net increase (decrease) (10,124,737) (3,185,095) $(164,540,147) $(57,790,640) 
Class I     
Shares sold 801,763 2,914,155 $11,956,526 $45,066,773 
Reinvestment of distributions 941,632 1,559,606 13,546,920 24,209,418 
Shares redeemed (7,851,497)(a) (3,276,273) (121,151,338)(a) (51,998,715) 
Net increase (decrease) (6,108,102) 1,197,488 $(95,647,892) $17,277,476 
Class Z     
Shares sold 2,744,697 12,804,806 $39,069,017 $180,696,909 
Reinvestment of distributions 191,450 195,652 2,824,739 3,030,009 
Shares redeemed (3,029,767) (5,295,672) (44,090,522) (80,474,427) 
Net increase (decrease) (93,620) 7,704,786 $(2,196,766) $103,252,491 

 (a) Amount includes in-kind redemptions (see the Affiliated Redemptions 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.

Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 22% of the total outstanding shares of the Fund.

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. (FIIOC) converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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, 2019 to December 31, 2019).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2019 
Ending
Account Value
December 31, 2019 
Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Class A .92%    
Actual  $1,000.00 $1,126.80 $4.92 
Hypothetical-C  $1,000.00 $1,020.51 $4.67 
Class M 1.17%    
Actual  $1,000.00 $1,125.10 $6.25 
Hypothetical-C  $1,000.00 $1,019.25 $5.94 
Class C 1.68%    
Actual  $1,000.00 $1,122.60 $8.96 
Hypothetical-C  $1,000.00 $1,016.69 $8.52 
Mega Cap Stock .64%    
Actual  $1,000.00 $1,127.80 $3.42 
Hypothetical-C  $1,000.00 $1,021.92 $3.25 
Class I .66%    
Actual  $1,000.00 $1,127.70 $3.53 
Hypothetical-C  $1,000.00 $1,021.82 $3.35 
Class Z .52%    
Actual  $1,000.00 $1,128.50 $2.78 
Hypothetical-C  $1,000.00 $1,022.52 $2.64 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Mega Cap Stock Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

GII-SANN-0220
1.714809.123


Fidelity® Series Large Cap Stock Fund



Semi-Annual Report

December 31, 2019

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts


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. © 2020 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2019

 % of fund's net assets 
General Electric Co. 6.5 
Microsoft Corp. 5.4 
Exxon Mobil Corp. 4.6 
Comcast Corp. Class A 3.8 
Altria Group, Inc. 3.6 
Bank of America Corp. 3.2 
Wells Fargo & Co. 2.9 
Bristol-Myers Squibb Co. 2.7 
Apple, Inc. 2.5 
Qualcomm, Inc. 2.2 
 37.4 

Top Five Market Sectors as of December 31, 2019

 % of fund's net assets 
Health Care 19.1 
Financials 17.3 
Information Technology 15.1 
Industrials 13.8 
Energy 9.1 

Asset Allocation (% of fund's net assets)

As of December 31, 2019 * 
   Stocks 96.8% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.1% 


 * Foreign investments - 10.5%

Schedule of Investments December 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
COMMUNICATION SERVICES - 8.5%   
Diversified Telecommunication Services - 1.1%   
Verizon Communications, Inc. 2,493,933 $153,127,486 
Entertainment - 2.0%   
Activision Blizzard, Inc. 901,322 53,556,553 
Electronic Arts, Inc. (a) 548,042 58,919,995 
The Walt Disney Co. 327,293 47,336,387 
Vivendi SA 3,800,481 110,070,648 
  269,883,583 
Interactive Media & Services - 0.7%   
Alphabet, Inc.:   
Class A (a) 36,311 48,634,590 
Class C (a) 37,473 50,102,150 
  98,736,740 
Media - 4.7%   
Comcast Corp. Class A 11,432,942 514,139,402 
Discovery Communications, Inc. Class A (a)(b) 655,001 21,444,733 
Interpublic Group of Companies, Inc. 1,979,870 45,734,997 
Omnicom Group, Inc. 112,362 9,103,569 
Sinclair Broadcast Group, Inc. Class A 1,422,782 47,435,552 
  637,858,253 
TOTAL COMMUNICATION SERVICES  1,159,606,062 
CONSUMER DISCRETIONARY - 3.5%   
Distributors - 0.3%   
LKQ Corp. (a) 1,106,581 39,504,942 
Hotels, Restaurants & Leisure - 0.0%   
Drive Shack, Inc. (a) 25,693 94,036 
Household Durables - 0.9%   
Mohawk Industries, Inc. (a) 587,289 80,094,474 
Whirlpool Corp. 267,763 39,503,075 
  119,597,549 
Internet & Direct Marketing Retail - 1.2%   
Ocado Group PLC (a) 381,200 6,458,151 
The Booking Holdings, Inc. (a) 77,837 159,856,182 
  166,314,333 
Specialty Retail - 0.9%   
Lowe's Companies, Inc. 855,747 102,484,261 
TJX Companies, Inc. 305,888 18,677,521 
  121,161,782 
Textiles, Apparel & Luxury Goods - 0.2%   
Capri Holdings Ltd. (a) 135,224 5,158,796 
PVH Corp. 227,705 23,943,181 
Tapestry, Inc. 168,650 4,548,491 
  33,650,468 
TOTAL CONSUMER DISCRETIONARY  480,323,110 
CONSUMER STAPLES - 8.9%   
Beverages - 1.0%   
The Coca-Cola Co. 2,513,095 139,099,808 
Food & Staples Retailing - 1.9%   
Walgreens Boots Alliance, Inc. 822,449 48,491,593 
Walmart, Inc. 1,829,774 217,450,342 
  265,941,935 
Food Products - 0.3%   
Nestle SA sponsored ADR 330,056 35,731,863 
Household Products - 1.0%   
Colgate-Palmolive Co. 41,100 2,829,324 
Procter & Gamble Co. 779,914 97,411,259 
Spectrum Brands Holdings, Inc. 540,082 34,721,872 
  134,962,455 
Personal Products - 0.1%   
Edgewell Personal Care Co. (a) 2,674 82,787 
Unilever NV 242,600 13,922,989 
  14,005,776 
Tobacco - 4.6%   
Altria Group, Inc. 9,899,859 494,101,963 
British American Tobacco PLC sponsored ADR 2,324,806 98,711,263 
Philip Morris International, Inc. 494,300 42,059,987 
  634,873,213 
TOTAL CONSUMER STAPLES  1,224,615,050 
ENERGY - 9.0%   
Energy Equipment & Services - 0.1%   
Schlumberger Ltd. 288,000 11,577,600 
Oil, Gas & Consumable Fuels - 8.9%   
Cenovus Energy, Inc. 25,366 257,465 
Cenovus Energy, Inc. (Canada) 22,343,815 227,128,996 
EOG Resources, Inc. 49,400 4,137,744 
Equinor ASA sponsored ADR 7,110,396 141,567,984 
Exxon Mobil Corp. 9,063,943 632,481,943 
Hess Corp. 2,419,672 161,658,286 
Kosmos Energy Ltd. 8,294,595 47,279,192 
Noble Energy, Inc. 351,169 8,723,038 
  1,223,234,648 
TOTAL ENERGY  1,234,812,248 
FINANCIALS - 17.3%   
Banks - 11.9%   
Bank of America Corp. 12,529,894 441,302,867 
BB&T Corp. 2,552,623 143,763,727 
Citigroup, Inc. 794,927 63,506,718 
First Hawaiian, Inc. 172,963 4,989,983 
JPMorgan Chase & Co. 2,067,071 288,149,697 
M&T Bank Corp. 133,720 22,698,970 
PNC Financial Services Group, Inc. 1,028,721 164,214,733 
U.S. Bancorp 1,687,919 100,076,718 
Wells Fargo & Co. 7,479,137 402,377,571 
  1,631,080,984 
Capital Markets - 4.0%   
Cboe Global Markets, Inc. 100,621 12,074,520 
Charles Schwab Corp. 690,660 32,847,790 
KKR & Co. LP 1,894,451 55,261,136 
Morgan Stanley 1,141,524 58,354,707 
Northern Trust Corp. 1,709,546 181,622,167 
Raymond James Financial, Inc. 119,202 10,663,811 
State Street Corp. 2,456,741 194,328,213 
  545,152,344 
Consumer Finance - 0.0%   
Shriram Transport Finance Co. Ltd. 295,400 4,848,195 
Diversified Financial Services - 0.4%   
Berkshire Hathaway, Inc. Class B (a) 243,336 55,115,604 
Insurance - 0.4%   
Chubb Ltd. 275,997 42,961,693 
The Travelers Companies, Inc. 114,540 15,686,253 
  58,647,946 
Thrifts & Mortgage Finance - 0.6%   
MGIC Investment Corp. 344,577 4,882,656 
Radian Group, Inc. 2,820,108 70,953,917 
  75,836,573 
TOTAL FINANCIALS  2,370,681,646 
HEALTH CARE - 19.1%   
Biotechnology - 2.7%   
AbbVie, Inc. 703,176 62,259,203 
Alexion Pharmaceuticals, Inc. (a) 873,083 94,423,926 
Alnylam Pharmaceuticals, Inc. (a) 184,650 21,266,141 
Amgen, Inc. 308,022 74,254,864 
Gritstone Oncology, Inc. (a) 885,562 7,943,491 
Heron Therapeutics, Inc. (a) 175,117 4,115,250 
Insmed, Inc. (a) 1,172,246 27,993,234 
Intercept Pharmaceuticals, Inc. (a)(b) 642,035 79,560,977 
Myriad Genetics, Inc. (a) 75,600 2,058,588 
United Therapeutics Corp. (a) 45,000 3,963,600 
  377,839,274 
Health Care Equipment & Supplies - 0.8%   
Becton, Dickinson & Co. 152,806 41,558,648 
Boston Scientific Corp. (a) 1,417,219 64,086,643 
  105,645,291 
Health Care Providers & Services - 7.1%   
AmerisourceBergen Corp. 962,238 81,809,475 
Anthem, Inc. 302 
Cardinal Health, Inc. 1,946,158 98,436,672 
Cigna Corp. 887,511 181,487,124 
Covetrus, Inc. (a)(b) 635,573 8,389,564 
CVS Health Corp. 3,617,152 268,718,222 
McKesson Corp. 1,121,621 155,142,617 
UnitedHealth Group, Inc. 588,681 173,060,440 
  967,044,416 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 43,985 58,500 
Life Sciences Tools & Services - 0.1%   
Avantor, Inc. 1,027,534 18,649,742 
Pharmaceuticals - 8.4%   
Bayer AG 2,824,772 229,644,489 
Bristol-Myers Squibb Co. (b) 5,656,760 363,107,424 
GlaxoSmithKline PLC sponsored ADR 5,074,136 238,433,651 
Johnson & Johnson 1,974,071 287,957,737 
Sanofi SA sponsored ADR 144,000 7,228,800 
TherapeuticsMD, Inc. (a)(b) 8,186,714 19,811,848 
  1,146,183,949 
TOTAL HEALTH CARE  2,615,421,172 
INDUSTRIALS - 13.8%   
Aerospace & Defense - 1.4%   
General Dynamics Corp. 226,660 39,971,491 
Huntington Ingalls Industries, Inc. 127,550 31,999,744 
The Boeing Co. 103,341 33,664,364 
United Technologies Corp. 561,669 84,115,549 
  189,751,148 
Air Freight & Logistics - 2.3%   
C.H. Robinson Worldwide, Inc. 160,339 12,538,510 
FedEx Corp. 413,947 62,592,926 
United Parcel Service, Inc. Class B 2,013,356 235,683,453 
XPO Logistics, Inc. (a) 125,784 10,024,985 
  320,839,874 
Commercial Services & Supplies - 0.1%   
Healthcare Services Group, Inc. 1,543 37,526 
Stericycle, Inc. (a)(b) 335,844 21,430,206 
  21,467,732 
Electrical Equipment - 0.5%   
Acuity Brands, Inc. 259,469 35,806,722 
Hubbell, Inc. Class B 214,614 31,724,241 
  67,530,963 
Industrial Conglomerates - 6.6%   
3M Co. 89,973 15,873,037 
General Electric Co. 79,598,218 888,316,108 
  904,189,145 
Machinery - 0.8%   
Flowserve Corp. 837,985 41,706,513 
Fortive Corp. 225,800 17,248,862 
Westinghouse Air Brake Co. 602,685 46,888,893 
  105,844,268 
Professional Services - 0.1%   
RELX PLC (London Stock Exchange) 385,900 9,740,214 
Road & Rail - 2.0%   
J.B. Hunt Transport Services, Inc. 772,463 90,208,229 
Knight-Swift Transportation Holdings, Inc. Class A (b) 3,357,415 120,329,754 
Union Pacific Corp. 353,282 63,869,853 
  274,407,836 
Trading Companies & Distributors - 0.0%   
Watsco, Inc. 180 
TOTAL INDUSTRIALS  1,893,771,360 
INFORMATION TECHNOLOGY - 15.1%   
Communications Equipment - 0.2%   
Cisco Systems, Inc. 510,067 24,462,813 
IT Services - 2.1%   
MasterCard, Inc. Class A 70,689 21,107,029 
Paychex, Inc. 77,788 6,616,647 
Unisys Corp. (a) 1,946,199 23,081,920 
Visa, Inc. Class A 1,246,893 234,291,195 
  285,096,791 
Semiconductors & Semiconductor Equipment - 2.8%   
Analog Devices, Inc. 140,338 16,677,768 
Applied Materials, Inc. 610,302 37,252,834 
Marvell Technology Group Ltd. 322,091 8,554,737 
NVIDIA Corp. 33,532 7,890,080 
Qualcomm, Inc. 3,475,131 306,610,808 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 170,415 9,901,112 
  386,887,339 
Software - 7.5%   
Autodesk, Inc. (a) 248,628 45,613,293 
Dynatrace, Inc. 345,794 8,748,588 
Elastic NV (a) 155,100 9,972,930 
Microsoft Corp. 4,645,405 732,580,369 
Oracle Corp. 1,365,093 72,322,627 
Parametric Technology Corp. (a) 104,300 7,811,027 
SAP SE sponsored ADR 1,054,546 141,298,619 
  1,018,347,453 
Technology Hardware, Storage & Peripherals - 2.5%   
Apple, Inc. 1,182,876 347,351,537 
TOTAL INFORMATION TECHNOLOGY  2,062,145,933 
MATERIALS - 0.8%   
Chemicals - 0.6%   
Corteva, Inc. 520,938 15,398,927 
International Flavors & Fragrances, Inc. (b) 61,302 7,909,184 
Intrepid Potash, Inc. (a) 136,494 369,899 
Nutrien Ltd. 1,085,392 51,964,746 
  75,642,756 
Metals & Mining - 0.2%   
BHP Billiton Ltd. sponsored ADR (b) 569,969 31,183,004 
TOTAL MATERIALS  106,825,760 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
American Tower Corp. 131,881 30,308,891 
Equinix, Inc. 62,022 36,202,241 
Simon Property Group, Inc. 67,956 10,122,726 
  76,633,858 
UTILITIES - 0.2%   
Electric Utilities - 0.1%   
Duke Energy Corp. 100,605 9,176,182 
Southern Co. 137,184 8,738,621 
  17,914,803 
Multi-Utilities - 0.1%   
Sempra Energy 52,480 7,949,670 
TOTAL UTILITIES  25,864,473 
TOTAL COMMON STOCKS   
(Cost $9,981,099,985)  13,250,700,672 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)   
(Cost $28,952,535) 28,952,535 13,370,281 
Money Market Funds - 4.5%   
Fidelity Cash Central Fund 1.58% (f) 507,902,267 508,003,848 
Fidelity Securities Lending Cash Central Fund 1.58% (f)(g) 108,123,767 108,134,579 
TOTAL MONEY MARKET FUNDS   
(Cost $616,128,919)  616,138,427 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $10,626,181,439)  13,880,209,380 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (197,504,621) 
NET ASSETS - 100%  $13,682,704,759 

Legend

 (a) Non-income producing

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

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

 (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 $13,370,281 or 0.1% of net assets.

 (e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 10/30/18 $28,952,535 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $3,879,435 
Fidelity Securities Lending Cash Central Fund 1,511,788 
Total $5,391,223 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $1,159,606,062 $1,159,606,062 $-- $-- 
Consumer Discretionary 480,323,110 480,323,110 -- -- 
Consumer Staples 1,224,615,050 1,210,692,061 13,922,989 -- 
Energy 1,234,812,248 1,234,812,248 -- -- 
Financials 2,370,681,646 2,370,681,646 -- -- 
Health Care 2,615,421,172 2,385,776,683 229,644,489 -- 
Industrials 1,893,771,360 1,893,771,360 -- -- 
Information Technology 2,062,145,933 2,062,145,933 -- -- 
Materials 106,825,760 106,825,760 -- -- 
Real Estate 76,633,858 76,633,858 -- -- 
Utilities 25,864,473 25,864,473 -- -- 
Other 13,370,281 -- -- 13,370,281 
Money Market Funds 616,138,427 616,138,427 -- -- 
Total Investments in Securities: $13,880,209,380 $13,623,271,621 $243,567,478 $13,370,281 

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% 
Germany 2.7% 
United Kingdom 2.5% 
Canada 2.1% 
Norway 1.0% 
Others (Individually Less Than 1%) 2.2% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  December 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $106,117,980) — See accompanying schedule:
Unaffiliated issuers (cost $10,010,052,520) 
$13,264,070,953  
Fidelity Central Funds (cost $616,128,919) 616,138,427  
Total Investment in Securities (cost $10,626,181,439)  $13,880,209,380 
Restricted cash  1,529,826 
Foreign currency held at value (cost $914,118)  914,108 
Receivable for investments sold  215,858,943 
Receivable for fund shares sold  1,587,599 
Dividends receivable  23,450,427 
Distributions receivable from Fidelity Central Funds  685,246 
Total assets  14,124,235,529 
Liabilities   
Payable for investments purchased $14,615,557  
Payable for fund shares redeemed 318,635,723  
Other payables and accrued expenses 144,708  
Collateral on securities loaned 108,134,782  
Total liabilities  441,530,770 
Net Assets  $13,682,704,759 
Net Assets consist of:   
Paid in capital  $10,375,655,240 
Total accumulated earnings (loss)  3,307,049,519 
Net Assets  $13,682,704,759 
Net Asset Value, offering price and redemption price per share ($13,682,704,759 ÷ 864,095,415 shares)  $15.83 

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


Statement of Operations

  Six months ended December 31, 2019 (Unaudited) 
Investment Income   
Dividends  $158,230,290 
Interest  295,479 
Income from Fidelity Central Funds (including $1,511,788 from security lending)  5,391,223 
Total income  163,916,992 
Expenses   
Custodian fees and expenses $108,763  
Independent trustees' fees and expenses 42,797  
Commitment fees 17,114  
Total expenses before reductions 168,674  
Expense reductions (1,299)  
Total expenses after reductions  167,375 
Net investment income (loss)  163,749,617 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $14,379) 392,165,429  
Fidelity Central Funds 203  
Foreign currency transactions (44,022)  
Total net realized gain (loss)  392,121,610 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $76,155) 1,105,950,208  
Assets and liabilities in foreign currencies (7,106)  
Total change in net unrealized appreciation (depreciation)  1,105,943,102 
Net gain (loss)  1,498,064,712 
Net increase (decrease) in net assets resulting from operations  $1,661,814,329 

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


Statement of Changes in Net Assets

 Six months ended December 31, 2019 (Unaudited) Year ended June 30, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $163,749,617 $391,290,231 
Net realized gain (loss) 392,121,610 721,338,499 
Change in net unrealized appreciation (depreciation) 1,105,943,102 (413,631,801) 
Net increase (decrease) in net assets resulting from operations 1,661,814,329 698,996,929 
Distributions to shareholders (865,411,192) (1,413,136,091) 
Share transactions   
Proceeds from sales of shares 1,071,311,339 1,133,497,284 
Net asset value of shares issued in exchange for the net assets of Fidelity Advisor Series Growth & Income Fund – 1,809,766,806 
Reinvestment of distributions 865,411,192 1,413,136,091 
Cost of shares redeemed (3,164,517,273) (2,587,969,768) 
Net increase (decrease) in net assets resulting from share transactions (1,227,794,742) 1,768,430,413 
Total increase (decrease) in net assets (431,391,605) 1,054,291,251 
Net Assets   
Beginning of period 14,114,096,364 13,059,805,113 
End of period $13,682,704,759 $14,114,096,364 
Other Information   
Shares   
Sold 71,792,631 76,992,404 
Issued in exchange for the shares of Fidelity Advisor Series Growth & Income Fund – 112,129,097 
Issued in reinvestment of distributions 58,634,910 96,263,590 
Redeemed (208,546,110) (171,771,288) 
Net increase (decrease) (78,118,569) 113,613,803 

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


Financial Highlights

Fidelity Series Large Cap Stock Fund

 Six months ended (Unaudited) December 31, Years endedJune 30,     
 2019 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $14.98 $15.76 $15.00 $12.57 $13.67 $13.58 
Income from Investment Operations       
Net investment income (loss)A .18 .42 .38 .26 .24 .25 
Net realized and unrealized gain (loss) 1.63 .42 1.26 2.38 (.59) .43 
Total from investment operations 1.81 .84 1.64 2.64 (.35) .68 
Distributions from net investment income (.28) (.39) (.34) (.19) (.26) (.24) 
Distributions from net realized gain (.68) (1.22) (.54) (.02) (.49) (.36) 
Total distributions (.96) (1.62)B (.88) (.21) (.75) (.59)C 
Net asset value, end of period $15.83 $14.98 $15.76 $15.00 $12.57 $13.67 
Total ReturnD,E 12.70% 5.83% 11.35% 21.15% (2.56)% 5.21% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I - %I - %I .56% .63% .63% 
Expenses net of fee waivers, if any - %H,I - %I - %I .56% .63% .63% 
Expenses net of all reductions - %H,I - %I - %I .56% .63% .63% 
Net investment income (loss) 2.39%H 2.80% 2.47% 1.83% 1.89% 1.82% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,682,705 $14,114,096 $13,059,805 $4,904,453 $3,411,837 $3,849,841 
Portfolio turnover rateJ 21%H,K 41%L 44% 54%K 36% 40% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.62 per share is comprised of distributions from net investment income of $.392 and distributions from net realized gain of $1.224 per share.

 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 Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 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.

 L The portfolio turnover rate does not include the assets acquired in the merger.

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


Notes to Financial Statements (Unaudited)

For the period ended December 31, 2019

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to equity-debt classifications, certain conversion ratio adjustments, foreign currency transactions, partnerships and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation $3,721,445,267 
Gross unrealized depreciation (490,688,090) 
Net unrealized appreciation (depreciation) $3,230,757,177 
Tax cost $10,649,452,203 

The Fund elected to defer to its next fiscal year approximately $43,606,649 of capital losses recognized during the period November 1, 2018 to June 30, 2019.

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

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 $14,900,107 in this Subsidiary, representing .11% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,382,813,809 and $3,823,416,185, respectively.

5. Fees and Other Transactions with Affiliates.

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

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

 Amount 
Fidelity Series Large Cap Stock Fund $60,870 

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

Affiliated Exchanges In-Kind. During the period, the Fund received investments, including cash valued at $576,379,736 in exchange for 38,761,697 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

6. 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 $17,114 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $6,290,548. Total fees paid by the Fund to NFS, as lending agent, amounted to $155,390. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $390,563 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,299.

9. Other.

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

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

Effective January 1, 2020, following any required regulatory notices and approvals:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

10. Prior Fiscal Year Merger Information.

On September 21, 2018, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Series Growth & Income Fund ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Target Fund at its net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets of $1,809,766,806, including securities and derivatives of $1,813,907,526 and unrealized appreciation of $373,388,029, was combined with the Fund's net assets of $13,556,328,010 for total net assets after the acquisition of $15,366,094,816.

Pro forma results of operations of the combined entity for the entire period ended June 30, 2019, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss) $402,044,730 
Total net realized gain (loss) 756,493,049 
Total change in net unrealized appreciation (depreciation) (318,788,740) 
Net increase (decrease) in net assets resulting from operations $839,749,039 

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since September 21, 2018.

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, 2019 to December 31, 2019).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
July 1, 2019 
Ending
Account Value
December 31, 2019 
Expenses Paid
During Period-B
July 1, 2019
to December 31, 2019 
Actual - %-C $1,000.00 $1,127.00 $--D 
Hypothetical-E  $1,000.00 $1,025.14 $--D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Series Large Cap Stock Fund

At its November 2019 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract and amended and restated sub-advisory agreements (together, the Amended and Restated Contracts) for the fund, effective January 1, 2020, for a one month period through January 31, 2020, in connection with an upcoming consolidation of certain of Fidelity's advisory businesses.

The Board considered that, on or about January 1, 2020, each of FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and SelectCo, LLC (SelectCo) will merge with and into Fidelity Management & Research Company (FMR) and that, after the merger, FMR will redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that the Amended and Restated Contracts would be updated to reflect the renamed adviser, Fidelity Management & Research Company LLC and its new form of organization and domicile. The Board also noted that the Amended and Restated Contracts will not change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund.

The Board concluded that the fund's Amended and Restated Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved through January 31, 2020.

In connection with its consideration of future renewals of the fund's Amended and Restated Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Amended and Restated Contracts should be approved.





Fidelity Investments

MHT-SANN-0220
1.951032.107


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 Trusts 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 Trusts (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Hastings Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

February 24, 2020


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 24, 2020



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

February 24, 2020

 






EX-99.CERT 2 ex99.htm EX99.HTM Form of Certification required from Principal Executive Officer and Principal Financial Officer in connection with each Form N

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Hastings Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 February 24, 2020

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



I, John J. Burke III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Hastings Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

February 24, 2020

/s/John J. Burke III

John J. Burke III

Chief Financial Officer








EX-99.906 CERT 3 ex99_906.htm EX99_906.HTM Exhibit 99

Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Hastings Street Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated: February 24, 2020



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated: February 24, 2020



/s/John J. Burke III

John J. Burke III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.




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