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 811-1400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, 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: | December 31 |
|
|
Date of reporting period: | June 30, 2013 |
Item 1. Reports to Stockholders
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
New Insights
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
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 (January 1, 2013 to June 30, 2013).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .96% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,113.80 | $ 5.03 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.03 | $ 4.81 |
Class T | 1.20% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,112.70 | $ 6.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.84 | $ 6.01 |
Class B | 1.77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,109.50 | $ 9.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.02 | $ 8.85 |
Class C | 1.71% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,110.30 | $ 8.95 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.31 | $ 8.55 |
Institutional Class | .70% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,115.60 | $ 3.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.32 | $ 3.51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Google, Inc. Class A | 6.3 | 5.3 |
Berkshire Hathaway, Inc. Class A | 4.2 | 3.5 |
Apple, Inc. | 3.5 | 7.0 |
Wells Fargo & Co. | 3.0 | 2.5 |
The Walt Disney Co. | 2.4 | 2.3 |
The Coca-Cola Co. | 2.3 | 2.4 |
Noble Energy, Inc. | 2.2 | 2.0 |
Biogen Idec, Inc. | 2.1 | 1.5 |
Visa, Inc. Class A | 2.1 | 1.9 |
TJX Companies, Inc. | 1.9 | 1.7 |
| 30.0 | |
Top Five Market Sectors as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Information Technology | 23.1 | 27.7 |
Consumer Discretionary | 20.3 | 19.7 |
Financials | 16.5 | 13.0 |
Health Care | 13.1 | 12.5 |
Consumer Staples | 9.3 | 9.1 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2013 * | As of December 31, 2012 ** | ||||||
![]() | Stocks 96.5% |
| ![]() | Stocks 97.8% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 10.3% |
| ** Foreign investments | 12.5% |
|
† Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 20.2% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 528,082 | $ 26,768 | |
Automobiles - 0.6% | |||
Honda Motor Co. Ltd. | 586,400 | 21,784 | |
Tesla Motors, Inc. (a) | 704,559 | 75,691 | |
Toyota Motor Corp. | 597,800 | 36,058 | |
| 133,533 | ||
Distributors - 0.1% | |||
LKQ Corp. (a) | 1,072,800 | 27,625 | |
Hotels, Restaurants & Leisure - 3.4% | |||
Chipotle Mexican Grill, Inc. (a) | 392,734 | 143,093 | |
Chuys Holdings, Inc. | 76,305 | 2,926 | |
Dunkin' Brands Group, Inc. | 1,709,800 | 73,214 | |
InterContinental Hotel Group PLC | 66,759 | 1,835 | |
Las Vegas Sands Corp. | 255,696 | 13,534 | |
Marriott International, Inc. Class A | 111,485 | 4,501 | |
McDonald's Corp. | 1,794,254 | 177,631 | |
Noodles & Co. | 168,400 | 6,189 | |
Paddy Power PLC (Ireland) | 134,600 | 11,549 | |
Starbucks Corp. | 3,139,320 | 205,594 | |
Tim Hortons, Inc. (Canada) | 2,111,300 | 114,187 | |
| 754,253 | ||
Household Durables - 1.3% | |||
D.R. Horton, Inc. | 4,662,022 | 99,208 | |
Lennar Corp. Class A | 2,067,391 | 74,509 | |
PulteGroup, Inc. (a) | 4,984,459 | 94,555 | |
SodaStream International Ltd. (a) | 21,268 | 1,545 | |
Whirlpool Corp. | 177,461 | 20,294 | |
| 290,111 | ||
Internet & Catalog Retail - 3.4% | |||
Amazon.com, Inc. (a) | 1,422,322 | 394,965 | |
ASOS PLC (a) | 228,095 | 14,033 | |
Liberty Media Corp.: | |||
Interactive Series A (a) | 612,634 | 14,097 | |
Series A (a) | 30,371 | 2,582 | |
Netflix, Inc. (a) | 105,968 | 22,369 | |
priceline.com, Inc. (a) | 208,860 | 172,754 | |
Rakuten, Inc. | 1,401,400 | 16,572 | |
TripAdvisor, Inc. (a) | 2,041,689 | 124,278 | |
| 761,650 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Equipment & Products - 0.1% | |||
Mattel, Inc. | 106,856 | $ 4,842 | |
Polaris Industries, Inc. | 162,751 | 15,461 | |
| 20,303 | ||
Media - 5.7% | |||
CBS Corp. Class B | 283,766 | 13,868 | |
Charter Communications, Inc. Class A (a) | 248,076 | 30,724 | |
Comcast Corp. Class A | 4,344,590 | 181,951 | |
DIRECTV (a) | 721,726 | 44,473 | |
Discovery Communications, Inc. (a) | 3,973,100 | 306,763 | |
Legend Pictures LLC (a)(h)(i) | 11,303 | 19,029 | |
Liberty Global PLC Class A (a) | 693,256 | 51,356 | |
Liberty Media Corp. Class A (a) | 550,348 | 69,762 | |
Omnicom Group, Inc. | 396,526 | 24,930 | |
Rightmove PLC | 77,383 | 2,453 | |
Starz - Liberty Capital Series A (a) | 213,697 | 4,723 | |
The Walt Disney Co. | 8,263,296 | 521,827 | |
Weinstein Co. Holdings LLC Class A-1 (a)(h)(i) | 2,267 | 850 | |
| 1,272,709 | ||
Multiline Retail - 0.1% | |||
Dollar Tree, Inc. (a) | 84,339 | 4,288 | |
Macy's, Inc. | 256,746 | 12,324 | |
| 16,612 | ||
Specialty Retail - 3.8% | |||
Bed Bath & Beyond, Inc. (a) | 1,285,580 | 91,148 | |
Best Buy Co., Inc. | 284,734 | 7,782 | |
Fast Retailing Co. Ltd. | 62,900 | 21,229 | |
Five Below, Inc. | 812,507 | 29,868 | |
Francescas Holdings Corp. (a) | 154,703 | 4,299 | |
GNC Holdings, Inc. | 229,131 | 10,130 | |
Home Depot, Inc. | 1,127,961 | 87,383 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 400,000 | 21,324 | |
O'Reilly Automotive, Inc. (a) | 132,419 | 14,913 | |
Ross Stores, Inc. | 1,298,551 | 84,159 | |
Tile Shop Holdings, Inc. (a) | 121,500 | 3,519 | |
TJX Companies, Inc. | 8,420,696 | 421,540 | |
Tractor Supply Co. | 82,212 | 9,669 | |
Urban Outfitters, Inc. (a) | 1,111,800 | 44,717 | |
| 851,680 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
China Hongxing Sports Ltd. (a) | 6,000,000 | $ 544 | |
ECLAT Textile Co. Ltd. | 518,000 | 3,828 | |
Michael Kors Holdings Ltd. (a) | 574,293 | 35,618 | |
NIKE, Inc. Class B | 3,411,389 | 217,237 | |
PVH Corp. | 96,689 | 12,091 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(e) | 1,150,335 | 68,687 | |
VF Corp. | 69,947 | 13,504 | |
| 351,509 | ||
TOTAL CONSUMER DISCRETIONARY | 4,506,753 | ||
CONSUMER STAPLES - 9.3% | |||
Beverages - 2.9% | |||
Anheuser-Busch InBev SA NV ADR | 1,184,382 | 106,902 | |
Boston Beer Co., Inc. Class A (a)(e) | 124,488 | 21,243 | |
Coca-Cola Icecek A/S | 331,281 | 9,533 | |
The Coca-Cola Co. | 12,593,241 | 505,115 | |
| 642,793 | ||
Food & Staples Retailing - 2.7% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 28,700 | 1,703 | |
Costco Wholesale Corp. | 1,596,125 | 176,484 | |
CVS Caremark Corp. | 3,013,977 | 172,339 | |
Fairway Group Holdings Corp. (e) | 49,998 | 1,208 | |
Jeronimo Martins SGPS SA | 204,700 | 4,314 | |
Kroger Co. | 222,260 | 7,677 | |
Tesco PLC | 1,596,922 | 8,049 | |
Wal-Mart Stores, Inc. | 3,203,345 | 238,617 | |
Whole Foods Market, Inc. | 46,646 | 2,401 | |
| 612,792 | ||
Food Products - 0.5% | |||
Associated British Foods PLC | 1,621,720 | 42,795 | |
Green Mountain Coffee Roasters, Inc. (a) | 64,518 | 4,843 | |
Mondelez International, Inc. | 1,898,843 | 54,174 | |
Orion Corp. | 5,242 | 4,373 | |
Want Want China Holdings Ltd. | 6,220,000 | 8,757 | |
| 114,942 | ||
Household Products - 2.1% | |||
Colgate-Palmolive Co. | 6,230,312 | 356,935 | |
Kimberly-Clark Corp. | 437,227 | 42,472 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Household Products - continued | |||
Procter & Gamble Co. | 697,705 | $ 53,716 | |
Reckitt Benckiser Group PLC | 156,611 | 11,071 | |
| 464,194 | ||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 3,518,544 | 231,415 | |
L'Oreal SA | 70,901 | 11,651 | |
| 243,066 | ||
TOTAL CONSUMER STAPLES | 2,077,787 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 0.0% | |||
Cameron International Corp. (a) | 192,100 | 11,749 | |
Schlumberger Ltd. | 27,794 | 1,992 | |
| 13,741 | ||
Oil, Gas & Consumable Fuels - 4.9% | |||
Americas Petrogas, Inc. (a)(g) | 836,000 | 707 | |
Anadarko Petroleum Corp. | 1,463,288 | 125,740 | |
Birchcliff Energy Ltd. (a) | 621,900 | 4,825 | |
Birchcliff Energy Ltd. (a)(g) | 900,000 | 6,983 | |
Cabot Oil & Gas Corp. | 307,790 | 21,859 | |
Canadian Natural Resources Ltd. | 9,076 | 256 | |
Cobalt International Energy, Inc. (a) | 926,862 | 24,627 | |
Concho Resources, Inc. (a) | 98,980 | 8,287 | |
Continental Resources, Inc. (a) | 254,680 | 21,918 | |
EOG Resources, Inc. | 1,400,964 | 184,479 | |
EQT Corp. | 94,891 | 7,531 | |
Frontline 2012 Ltd. (a)(g) | 567,510 | 3,457 | |
GoviEx Uranium, Inc. (a)(i) | 3,477,000 | 9,110 | |
Madalena Ventures, Inc. (a)(g) | 2,200,000 | 586 | |
Marathon Petroleum Corp. | 587,691 | 41,761 | |
Murphy Oil Corp. | 365,200 | 22,237 | |
Noble Energy, Inc. | 7,989,400 | 479,684 | |
Oasis Petroleum, Inc. (a) | 57,801 | 2,247 | |
Phillips 66 | 598,826 | 35,277 | |
Pioneer Natural Resources Co. | 175,619 | 25,421 | |
Rooster Energy Ltd. (a)(f) | 9,425,000 | 7,169 | |
TAG Oil Ltd. (a)(g) | 322,900 | 912 | |
Tourmaline Oil Corp. (a) | 1,050,600 | 42,086 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Tourmaline Oil Corp. (a)(g) | 303,400 | $ 12,154 | |
TransAtlantic Petroleum Ltd. (a)(g) | 325,400 | 225 | |
| 1,089,538 | ||
TOTAL ENERGY | 1,103,279 | ||
FINANCIALS - 16.5% | |||
Capital Markets - 1.1% | |||
Ameriprise Financial, Inc. | 490,939 | 39,707 | |
BlackRock, Inc. Class A | 356,102 | 91,465 | |
Charles Schwab Corp. | 680,243 | 14,442 | |
Morgan Stanley | 1,910,377 | 46,671 | |
Oaktree Capital Group LLC Class A | 477,276 | 25,081 | |
T. Rowe Price Group, Inc. | 251,466 | 18,395 | |
WisdomTree Investments, Inc. (a) | 391,249 | 4,527 | |
| 240,288 | ||
Commercial Banks - 5.0% | |||
Bank of Ireland (a) | 320,846,128 | 65,100 | |
HDFC Bank Ltd. sponsored ADR | 369,421 | 13,388 | |
M&T Bank Corp. | 534,534 | 59,734 | |
Metro Bank PLC Class A (a)(i) | 239,350 | 3,640 | |
PNC Financial Services Group, Inc. | 1,321,592 | 96,370 | |
PT Bank Rakyat Indonesia Tbk | 2,097,500 | 1,638 | |
Shinsei Bank Ltd. | 4,932,000 | 11,200 | |
U.S. Bancorp | 5,382,665 | 194,583 | |
Wells Fargo & Co. | 15,977,294 | 659,383 | |
| 1,105,036 | ||
Consumer Finance - 1.1% | |||
American Express Co. | 3,182,122 | 237,895 | |
Diversified Financial Services - 1.7% | |||
Citigroup, Inc. | 5,472,080 | 262,496 | |
IntercontinentalExchange, Inc. (a)(e) | 169,214 | 30,079 | |
JPMorgan Chase & Co. | 1,416,111 | 74,756 | |
Kotak Mahindra Bank Ltd. | 862,436 | 10,462 | |
ORIX Corp. | 751,900 | 10,261 | |
| 388,054 | ||
Insurance - 6.8% | |||
ACE Ltd. | 1,763,013 | 157,754 | |
Admiral Group PLC | 857,200 | 17,301 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Insurance - continued | |||
AIA Group Ltd. | 17,410,000 | $ 73,738 | |
Berkshire Hathaway, Inc. Class A (a) | 5,501 | 927,469 | |
Direct Line Insurance Group PLC | 3,926,200 | 13,914 | |
esure Group PLC | 2,624,092 | 12,967 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 24,600 | 9,674 | |
Marsh & McLennan Companies, Inc. | 1,282,141 | 51,183 | |
Prudential PLC | 697,271 | 11,381 | |
The Chubb Corp. | 1,789,711 | 151,499 | |
The Travelers Companies, Inc. | 1,164,314 | 93,052 | |
| 1,519,932 | ||
Real Estate Investment Trusts - 0.5% | |||
American Tower Corp. | 1,575,533 | 115,282 | |
Simon Property Group, Inc. | 31,109 | 4,913 | |
| 120,195 | ||
Real Estate Management & Development - 0.2% | |||
BR Malls Participacoes SA | 516,800 | 4,621 | |
Kennedy-Wilson Holdings, Inc. | 30,568 | 509 | |
Realogy Holdings Corp. | 818,799 | 39,335 | |
| 44,465 | ||
Thrifts & Mortgage Finance - 0.1% | |||
Housing Development Finance Corp. Ltd. (a) | 734,578 | 10,847 | |
TOTAL FINANCIALS | 3,666,712 | ||
HEALTH CARE - 12.8% | |||
Biotechnology - 5.1% | |||
Aegerion Pharmaceuticals, Inc. (a) | 22,157 | 1,403 | |
Alnylam Pharmaceuticals, Inc. (a) | 136,930 | 4,246 | |
Amgen, Inc. | 2,072,673 | 204,490 | |
Biogen Idec, Inc. (a) | 2,163,554 | 465,597 | |
BioMarin Pharmaceutical, Inc. (a) | 311,945 | 17,403 | |
Bluebird Bio, Inc. | 138,498 | 3,458 | |
Bluebird Bio, Inc. | 245,632 | 5,520 | |
Celgene Corp. (a) | 334,055 | 39,054 | |
Celldex Therapeutics, Inc. (a) | 349,134 | 5,450 | |
CSL Ltd. | 214,597 | 12,086 | |
Gilead Sciences, Inc. (a) | 3,458,652 | 177,118 | |
Intercept Pharmaceuticals, Inc. | 150,000 | 6,726 | |
KYTHERA Biopharmaceuticals, Inc. (f) | 1,544,335 | 41,774 | |
Light Sciences Oncology, Inc. (a) | 2,708,254 | 160 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
OvaScience, Inc. (a)(f) | 1,090,900 | $ 14,978 | |
Puma Biotechnology, Inc. (a) | 676,923 | 30,035 | |
Regeneron Pharmaceuticals, Inc. (a) | 262,150 | 58,952 | |
RXi Pharmaceuticals Corp. warrants 2/4/15 (a) | 228,571 | 75 | |
Verastem, Inc. (a) | 575,000 | 7,981 | |
Vertex Pharmaceuticals, Inc. (a) | 391,812 | 31,294 | |
| 1,127,800 | ||
Health Care Equipment & Supplies - 1.4% | |||
Abbott Laboratories | 1,736,293 | 60,562 | |
Becton, Dickinson & Co. | 59,298 | 5,860 | |
Boston Scientific Corp. (a) | 4,269,840 | 39,581 | |
C.R. Bard, Inc. | 41,200 | 4,478 | |
CareFusion Corp. (a) | 312,094 | 11,501 | |
Covidien PLC | 836,022 | 52,536 | |
High Power Exploration (a) | 58,562 | 94 | |
Intuitive Surgical, Inc. (a) | 10,936 | 5,540 | |
Medtronic, Inc. | 858,469 | 44,185 | |
ResMed, Inc. (e) | 414,669 | 18,714 | |
St. Jude Medical, Inc. | 54,100 | 2,469 | |
Stryker Corp. | 755,275 | 48,851 | |
The Cooper Companies, Inc. | 97,068 | 11,556 | |
| 305,927 | ||
Health Care Providers & Services - 1.4% | |||
AmerisourceBergen Corp. | 521,716 | 29,127 | |
Catamaran Corp. (a) | 43,600 | 2,122 | |
CIGNA Corp. | 697,761 | 50,581 | |
DaVita, Inc. (a) | 274,270 | 33,132 | |
Henry Schein, Inc. (a) | 265,992 | 25,469 | |
McKesson Corp. | 297,757 | 34,093 | |
UnitedHealth Group, Inc. | 2,164,483 | 141,730 | |
| 316,254 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 1,709,499 | 164,266 | |
Life Sciences Tools & Services - 1.0% | |||
Eurofins Scientific SA | 2,163 | 457 | |
Fluidigm Corp. (a)(i) | 112,607 | 1,966 | |
Mettler-Toledo International, Inc. (a) | 586,723 | 118,049 | |
PAREXEL International Corp. (a) | 395,471 | 18,168 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Life Sciences Tools & Services - continued | |||
Thermo Fisher Scientific, Inc. | 674,958 | $ 57,122 | |
Waters Corp. (a) | 197,108 | 19,721 | |
| 215,483 | ||
Pharmaceuticals - 3.2% | |||
AbbVie, Inc. | 4,058,847 | 167,793 | |
Actavis, Inc. (a) | 111,756 | 14,106 | |
Astellas Pharma, Inc. | 45,300 | 2,461 | |
Bayer AG | 1,173,033 | 125,097 | |
Eli Lilly & Co. | 347,219 | 17,055 | |
Johnson & Johnson | 2,272,846 | 195,147 | |
Novo Nordisk A/S Series B | 365,691 | 56,851 | |
Perrigo Co. | 393,501 | 47,614 | |
Salix Pharmaceuticals Ltd. (a) | 85,130 | 5,631 | |
Sanofi SA | 230,947 | 23,875 | |
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 584,012 | 50,355 | |
Zoetis, Inc. Class A | 246,700 | 7,621 | |
| 713,606 | ||
TOTAL HEALTH CARE | 2,843,336 | ||
INDUSTRIALS - 6.2% | |||
Aerospace & Defense - 0.4% | |||
Honeywell International, Inc. | 534,843 | 42,434 | |
Precision Castparts Corp. | 111,491 | 25,198 | |
United Technologies Corp. | 299,223 | 27,810 | |
| 95,442 | ||
Air Freight & Logistics - 0.0% | |||
United Parcel Service, Inc. Class B | 107,993 | 9,339 | |
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR | 498,413 | 25,683 | |
Building Products - 0.1% | |||
Fortune Brands Home & Security, Inc. | 304,072 | 11,780 | |
Commercial Services & Supplies - 0.5% | |||
Edenred SA | 572,748 | 17,520 | |
Stericycle, Inc. (a) | 734,715 | 81,135 | |
Swisher Hygiene, Inc. (a) | 1,395,310 | 1,200 | |
| 99,855 | ||
Electrical Equipment - 0.2% | |||
Eaton Corp. PLC | 246,865 | 16,246 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Generac Holdings, Inc. | 237,899 | $ 8,805 | |
Roper Industries, Inc. | 67,017 | 8,325 | |
| 33,376 | ||
Industrial Conglomerates - 1.1% | |||
3M Co. | 713,345 | 78,004 | |
Danaher Corp. | 2,687,691 | 170,131 | |
| 248,135 | ||
Machinery - 0.5% | |||
Chart Industries, Inc. (a) | 31,319 | 2,947 | |
Illinois Tool Works, Inc. | 951,263 | 65,799 | |
Kubota Corp. | 749,000 | 10,900 | |
PACCAR, Inc. | 76,595 | 4,110 | |
Proto Labs, Inc. (a) | 124,606 | 8,096 | |
Snap-On, Inc. | 190,743 | 17,049 | |
| 108,901 | ||
Professional Services - 0.4% | |||
Experian PLC | 2,386,840 | 41,494 | |
Intertek Group PLC | 214,900 | 9,554 | |
On Assignment, Inc. (a) | 390,830 | 10,443 | |
Verisk Analytics, Inc. (a) | 550,756 | 32,880 | |
| 94,371 | ||
Road & Rail - 2.3% | |||
Canadian Pacific Railway Ltd. (e) | 1,591,232 | 192,954 | |
Hertz Global Holdings, Inc. (a) | 1,495,658 | 37,092 | |
J.B. Hunt Transport Services, Inc. | 416,930 | 30,119 | |
Union Pacific Corp. | 1,613,566 | 248,941 | |
| 509,106 | ||
Trading Companies & Distributors - 0.6% | |||
Air Lease Corp.: | |||
Class A (g) | 320,800 | 8,851 | |
Class A | 1,139,842 | 31,448 | |
W.W. Grainger, Inc. | 376,600 | 94,971 | |
| 135,270 | ||
TOTAL INDUSTRIALS | 1,371,258 | ||
INFORMATION TECHNOLOGY - 23.1% | |||
Communications Equipment - 0.3% | |||
QUALCOMM, Inc. | 1,138,494 | 69,539 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Computers & Peripherals - 3.6% | |||
Apple, Inc. | 1,966,827 | $ 779,021 | |
Hewlett-Packard Co. | 480,428 | 11,915 | |
Stratasys Ltd. (a) | 28,049 | 2,349 | |
| 793,285 | ||
Electronic Equipment & Components - 1.0% | |||
Amphenol Corp. Class A | 2,653,250 | 206,794 | |
Internet Software & Services - 9.8% | |||
Angie's List, Inc. (a)(e) | 98,337 | 2,611 | |
Constant Contact, Inc. (a) | 269,612 | 4,333 | |
Cornerstone OnDemand, Inc. (a) | 567,648 | 24,573 | |
Dropbox, Inc. (i) | 1,289,836 | 12,898 | |
eBay, Inc. (a) | 4,224,192 | 218,475 | |
Facebook, Inc. Class A (a) | 6,282,745 | 156,189 | |
Google, Inc. Class A (a) | 1,582,927 | 1,393,552 | |
LinkedIn Corp. (a) | 697,580 | 124,379 | |
Marketo, Inc. | 33,400 | 831 | |
Responsys, Inc. (a) | 500,000 | 7,155 | |
Shutterstock, Inc. | 14,500 | 809 | |
SPS Commerce, Inc. (a)(f) | 1,000,000 | 55,000 | |
Tencent Holdings Ltd. | 59,100 | 2,318 | |
Textura Corp. | 17,300 | 450 | |
Trulia, Inc. (e) | 271,076 | 8,428 | |
Yahoo!, Inc. (a) | 6,962,276 | 174,823 | |
Zillow, Inc. (a)(e) | 23,976 | 1,350 | |
| 2,188,174 | ||
IT Services - 5.4% | |||
Accenture PLC Class A | 2,784,448 | 200,369 | |
Alliance Data Systems Corp. (a)(e) | 355,888 | 64,426 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 782,650 | 22,921 | |
Fidelity National Information Services, Inc. | 1,092,994 | 46,824 | |
Fiserv, Inc. (a) | 378,923 | 33,122 | |
FleetCor Technologies, Inc. (a) | 113,887 | 9,259 | |
Gartner, Inc. Class A (a) | 129,400 | 7,375 | |
IBM Corp. | 10,578 | 2,022 | |
MasterCard, Inc. Class A | 625,519 | 359,361 | |
Visa, Inc. Class A | 2,516,026 | 459,804 | |
| 1,205,483 | ||
Semiconductors & Semiconductor Equipment - 0.5% | |||
Advanced Micro Devices, Inc. (a)(e) | 2,662,287 | 10,862 | |
ARM Holdings PLC sponsored ADR | 1,431,215 | 51,781 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
ASML Holding NV | 168,883 | $ 13,359 | |
Samsung Electronics Co. Ltd. | 31,145 | 36,587 | |
| 112,589 | ||
Software - 2.5% | |||
Activision Blizzard, Inc. | 1,455,453 | 20,755 | |
Adobe Systems, Inc. (a) | 660,387 | 30,087 | |
CA Technologies, Inc. | 262,256 | 7,508 | |
CommVault Systems, Inc. (a) | 347,924 | 26,404 | |
Concur Technologies, Inc. (a)(e) | 904,631 | 73,619 | |
Infoblox, Inc. (a) | 35,674 | 1,044 | |
Mu Sigma, Inc. (i) | 619,826 | 11,157 | |
NetSuite, Inc. (a) | 888,227 | 81,486 | |
salesforce.com, Inc. (a) | 3,517,888 | 134,313 | |
ServiceNow, Inc. | 755,985 | 30,534 | |
SolarWinds, Inc. (a) | 385,725 | 14,970 | |
Splunk, Inc. (a) | 693,964 | 32,172 | |
Symantec Corp. | 1,443,578 | 32,437 | |
Trion World Network, Inc. warrants 8/10/17 (a)(i) | 18,952 | 0* | |
Ultimate Software Group, Inc. (a) | 204,260 | 23,958 | |
Workday, Inc. Class A | 659,693 | 42,280 | |
| 562,724 | ||
TOTAL INFORMATION TECHNOLOGY | 5,138,588 | ||
MATERIALS - 3.3% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 257,026 | 17,994 | |
Ecolab, Inc. | 1,060,465 | 90,341 | |
Filtrona PLC | 1,864,886 | 19,897 | |
FMC Corp. | 103,541 | 6,322 | |
LyondellBasell Industries NV Class A | 489,642 | 32,444 | |
Mexichem S.A.B. de CV | 321,545 | 1,340 | |
Monsanto Co. | 1,229,563 | 121,481 | |
PPG Industries, Inc. | 501,559 | 73,433 | |
Sherwin-Williams Co. | 385,672 | 68,110 | |
Syngenta AG (Switzerland) | 76,827 | 29,959 | |
Valspar Corp. | 115,944 | 7,498 | |
W.R. Grace & Co. (a) | 106,500 | 8,950 | |
| 477,769 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Construction Materials - 0.0% | |||
Eagle Materials, Inc. | 154,515 | $ 10,240 | |
Containers & Packaging - 0.2% | |||
Rock-Tenn Co. Class A | 334,365 | 33,396 | |
Metals & Mining - 0.8% | |||
Altius Minerals Corp. (a) | 98,200 | 889 | |
Argonaut Gold, Inc. (a) | 234,500 | 1,269 | |
B2Gold Corp. (a) | 12,118,232 | 25,810 | |
B2Gold Corp. (a)(g) | 660,000 | 1,406 | |
Colossus Minerals, Inc. (a) | 473,000 | 549 | |
Dalradian Resources, Inc. (a) | 1,429,030 | 788 | |
Dalradian Resources, Inc. (a)(g) | 1,000,000 | 551 | |
Franco-Nevada Corp. | 2,474,761 | 88,594 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(g) | 62,150 | 201 | |
Ivanplats Ltd. (g) | 3,792,299 | 5,517 | |
New Gold, Inc. (a) | 897,186 | 5,809 | |
Pilot Gold, Inc. (a) | 2,778,800 | 2,114 | |
Premier Gold Mines Ltd. (a) | 1,206,000 | 2,098 | |
Premier Gold Mines Ltd. (a)(g) | 900,000 | 1,566 | |
Primero Mining Corp. (a) | 74,400 | 332 | |
Tahoe Resources, Inc. (a) | 409,500 | 5,806 | |
Tahoe Resources, Inc. (a)(g) | 1,074,200 | 15,229 | |
Turquoise Hill Resources Ltd. (a) | 2,922,623 | 17,341 | |
| 175,869 | ||
Paper & Forest Products - 0.2% | |||
International Paper Co. | 985,734 | 43,678 | |
TOTAL MATERIALS | 740,952 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) (e) | 313,500 | 12,281 | |
SoftBank Corp. | 249,800 | 14,541 | |
| 26,822 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
ITC Holdings Corp. | 99,825 | 9,114 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
UTILITIES - continued | |||
Multi-Utilities - 0.0% | |||
YTL Corp. Bhd | 16,110,626 | $ 8,465 | |
TOTAL UTILITIES | 17,579 | ||
TOTAL COMMON STOCKS (Cost $14,624,294) |
| ||
Convertible Preferred Stocks - 0.4% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.1% | |||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (i) | 5,575,412 | 25,758 | |
Media - 0.0% | |||
Glam Media, Inc. Series M-1, 8.00% (a)(i) | 165,366 | 845 | |
TOTAL CONSUMER DISCRETIONARY | 26,603 | ||
HEALTH CARE - 0.3% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. (i) | 516,522 | 7,040 | |
Health Care Technology - 0.1% | |||
Castlight Health, Inc. Series D (a)(i) | 1,325,100 | 10,548 | |
Life Sciences Tools & Services - 0.1% | |||
Living Proof, Inc. 8.00% (i) | 10,369,703 | 18,400 | |
Pharmaceuticals - 0.1% | |||
Agios Pharmaceuticals, Inc. Series C (a)(i) | 3,363,446 | 16,518 | |
TOTAL HEALTH CARE | 52,506 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Internet Software & Services - 0.0% | |||
Dropbox, Inc. Series A (a)(i) | 299,518 | 2,995 | |
Software - 0.0% | |||
Trion World Network, Inc.: | |||
8.00% (i) | 50,840 | 218 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc.: - continued | |||
Series C, 8.00% (a)(i) | 602,295 | $ 2,578 | |
Series C-1, 8.00% (a)(i) | 47,380 | 203 | |
| 2,999 | ||
TOTAL INFORMATION TECHNOLOGY | 5,994 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $85,767) |
|
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s)(d) |
| ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Media - 0.0% | ||||
Glam Media, Inc. 9% 12/2/13 (i) | $ 362 | 362 | ||
FINANCIALS - 0.0% | ||||
Commercial Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 3,571 | 4,715 | |
TOTAL NONCONVERTIBLE BONDS (Cost $5,069) |
|
Money Market Funds - 4.4% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.13% (b) | 704,871,801 | 704,872 | |
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) | 279,216,741 | 279,217 | |
TOTAL MONEY MARKET FUNDS (Cost $984,089) |
| ||
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $15,699,219) | 22,567,335 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (293,955) | ||
NET ASSETS - 100% | $ 22,273,380 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Affiliated company |
(g) 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 $58,345,000 or 0.3% of net assets. |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(i) 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 $144,115,000 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Agios Pharmaceuticals, Inc. Series C | 11/16/11 | $ 16,518 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 | $ 25,758 |
Castlight Health, Inc. Series D | 4/25/12 | $ 7,999 |
Dropbox, Inc. | 5/2/12 | $ 11,672 |
Dropbox, Inc. Series A | 5/29/12 | $ 2,710 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 1,992 |
Glam Media, Inc. Series M-1, 8.00% | 3/19/08 | $ 3,024 |
Glam Media, Inc. 9% 12/2/13 | 12/2/11 | $ 362 |
GoviEx Uranium, Inc. | 9/28/07 - 4/6/10 | $ 7,499 |
Intarcia Therapeutics, Inc. | 11/14/12 | $ 7,040 |
Legend Pictures LLC | 9/23/10 - 12/18/12 | $ 12,915 |
Living Proof, Inc. 8.00% | 2/13/13 | $ 18,400 |
Metro Bank PLC Class A | 5/21/12 | $ 3,791 |
Mu Sigma, Inc. | 12/21/12 | $ 15,000 |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. 8.00% | 3/20/13 | $ 267 |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 3,307 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 260 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 2,267 |
* Amount represents less than $1,000. |
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 | $ 370 |
Fidelity Securities Lending Cash Central Fund | 1,178 |
Total | $ 1,548 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
KYTHERA Biopharmaceuticals, Inc. | $ 42,491 | $ - | $ - | $ - | $ 41,774 |
OvaScience, Inc. | 9,131 | - | - | - | 14,978 |
Rooster Energy Ltd. | 5,188 | - | 195 | - | 7,169 |
Skope Energy, Inc. | 51 | - | - | - | - |
SPS Commerce, Inc. | 37,270 | - | - | - | 55,000 |
Total | $ 94,131 | $ - | $ 195 | $ - | $ 118,921 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 4,533,356 | $ 4,388,852 | $ 97,478 | $ 47,026 |
Consumer Staples | 2,077,787 | 2,077,787 | - | - |
Energy | 1,103,279 | 1,094,169 | - | 9,110 |
Financials | 3,666,712 | 3,565,130 | 97,942 | 3,640 |
Health Care | 2,895,842 | 2,754,300 | 88,782 | 52,760 |
Industrials | 1,371,258 | 1,360,358 | 10,900 | - |
Information Technology | 5,144,582 | 5,114,533 | - | 30,049 |
Materials | 740,952 | 710,993 | 29,959 | - |
Telecommunication Services | 26,822 | 12,281 | 14,541 | - |
Utilities | 17,579 | 17,579 | - | - |
Corporate Bonds | 5,077 | - | 4,715 | 362 |
Money Market Funds | 984,089 | 984,089 | - | - |
Total Investments in Securities: | $ 22,567,335 | $ 22,080,071 | $ 344,317 | $ 142,947 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total (000s) |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 547,251 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 89.7% |
Canada | 2.8% |
Ireland | 1.7% |
United Kingdom | 1.1% |
Others (Individually Less Than 1%) | 4.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $270,806) - See accompanying schedule: Unaffiliated issuers (cost $14,657,962) | $ 21,464,325 |
|
Fidelity Central Funds (cost $984,089) | 984,089 |
|
Other affiliated issuers (cost $57,168) | 118,921 |
|
Total Investments (cost $15,699,219) |
| $ 22,567,335 |
Cash |
| 579 |
Foreign currency held at value (cost $1,536) | 1,536 | |
Receivable for investments sold | 104,103 | |
Receivable for fund shares sold | 41,732 | |
Dividends receivable | 12,378 | |
Interest receivable | 481 | |
Distributions receivable from Fidelity Central Funds | 253 | |
Other receivables | 441 | |
Total assets | 22,728,838 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 117,188 | |
Payable for fund shares redeemed | 41,961 | |
Accrued management fee | 7,746 | |
Distribution and service plan fees payable | 4,907 | |
Other affiliated payables | 3,927 | |
Other payables and accrued expenses | 512 | |
Collateral on securities loaned, at value | 279,217 | |
Total liabilities | 455,458 | |
|
|
|
Net Assets | $ 22,273,380 | |
Net Assets consist of: |
| |
Paid in capital | $ 15,016,816 | |
Undistributed net investment income | 8,045 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 380,433 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 6,868,086 | |
Net Assets | $ 22,273,380 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2013 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 25.34 | |
|
|
|
Maximum offering price per share (100/94.25 of $25.34) | $ 26.89 | |
Class T: | $ 24.97 | |
|
|
|
Maximum offering price per share (100/96.50 of $24.97) | $ 25.88 | |
Class B: | $ 23.71 | |
|
|
|
Class C: | $ 23.86 | |
|
|
|
Institutional Class: | $ 25.68 |
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.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended June 30, 2013 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 124,683 |
Interest |
| 221 |
Income from Fidelity Central Funds |
| 1,548 |
Total income |
| 126,452 |
|
|
|
Expenses | ||
Management fee | $ 62,133 | |
Performance adjustment | (6,682) | |
Transfer agent fees | 21,883 | |
Distribution and service plan fees | 28,559 | |
Accounting and security lending fees | 918 | |
Custodian fees and expenses | 287 | |
Independent trustees' compensation | 67 | |
Registration fees | 246 | |
Audit | 67 | |
Legal | 21 | |
Miscellaneous | 121 | |
Total expenses before reductions | 107,620 | |
Expense reductions | (402) | 107,218 |
Net investment income (loss) | 19,234 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 818,754 | |
Other affiliated issuers | (7,735) |
|
Foreign currency transactions | (805) | |
Total net realized gain (loss) |
| 810,214 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,541,722 | |
Assets and liabilities in foreign currencies | (29) | |
Total change in net unrealized appreciation (depreciation) |
| 1,541,693 |
Net gain (loss) | 2,351,907 | |
Net increase (decrease) in net assets resulting from operations | $ 2,371,141 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2013 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 19,234 | $ 24,500 |
Net realized gain (loss) | 810,214 | 861,402 |
Change in net unrealized appreciation (depreciation) | 1,541,693 | 1,859,092 |
Net increase (decrease) in net assets resulting | 2,371,141 | 2,744,994 |
Distributions to shareholders from net investment income | - | (8,962) |
Distributions to shareholders from net realized gain | - | (86,291) |
Total distributions | - | (95,253) |
Share transactions - net increase (decrease) | (1,005,128) | 1,197,565 |
Total increase (decrease) in net assets | 1,366,013 | 3,847,306 |
|
|
|
Net Assets | ||
Beginning of period | 20,907,367 | 17,060,061 |
End of period (including undistributed net investment income of $8,045 and accumulated net investment loss of $11,189, respectively) | $ 22,273,380 | $ 20,907,367 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 | $ 13.36 | $ 21.65 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .02 | .03 | (.05) | (.05) | - K | .05 |
Net realized and unrealized gain (loss) | 2.57 | 3.09 | (.15) | 2.81 | 3.89 | (8.22) |
Total from investment operations | 2.59 | 3.12 | (.20) | 2.76 | 3.89 | (8.17) |
Distributions from net investment income | - | - | - | - | - | - K |
Distributions from net realized gain | - | (.09) | (.04) | (.04) | (.01) | (.12) |
Total distributions | - | (.09) | (.04) | (.04) | (.01) | (.12) |
Net asset value, end of period | $ 25.34 | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 | $ 13.36 |
Total Return B, C, D | 11.38% | 15.84% | (1.04)% | 16.07% | 29.12% | (37.92)% |
Ratios to Average Net Assets F, I |
|
|
|
|
| |
Expenses before reductions | .96% A | 1.01% | 1.08% | 1.14% | 1.19% | 1.10% |
Expenses net of fee waivers, if any | .96% A | 1.01% | 1.08% | 1.14% | 1.19% | 1.10% |
Expenses net of all reductions | .96% A | 1.00% | 1.07% | 1.13% | 1.18% | 1.10% |
Net investment income (loss) | .17% A | .13% | (.23)% | (.28)% | -% H | .26% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 7,303 | $ 6,459 | $ 5,809 | $ 5,603 | $ 4,265 | $ 2,614 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% J | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Amount represents less than .01%.
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 The portfolio turnover rate does not include the assets acquired in the merger.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 | $ 13.26 | $ 21.56 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | (.02) | (.10) | (.09) | (.04) | - J |
Net realized and unrealized gain (loss) | 2.54 | 3.04 | (.14) | 2.78 | 3.86 | (8.18) |
Total from investment operations | 2.53 | 3.02 | (.24) | 2.69 | 3.82 | (8.18) |
Distributions from net realized gain | - | (.04) | (.04) | (.03) | - | (.12) |
Net asset value, end of period | $ 24.97 | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 | $ 13.26 |
Total Return B, C, D | 11.27% | 15.52% | (1.25)% | 15.81% | 28.81% | (38.13)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.20% A | 1.25% | 1.32% | 1.38% | 1.45% | 1.34% |
Expenses net of fee waivers, if any | 1.20% A | 1.25% | 1.32% | 1.38% | 1.45% | 1.34% |
Expenses net of all reductions | 1.20% A | 1.24% | 1.32% | 1.38% | 1.44% | 1.34% |
Net investment income (loss) | (.07)% A | (.11)% | (.48)% | (.52)% | (.25)% | .02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 1,941 | $ 1,795 | $ 1,640 | $ 1,756 | $ 1,557 | $ 1,254 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% I | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 | $ 12.88 | $ 21.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.07) | (.14) | (.20) | (.19) | (.11) | (.10) |
Net realized and unrealized gain (loss) | 2.41 | 2.91 | (.15) | 2.68 | 3.72 | (7.94) |
Total from investment operations | 2.34 | 2.77 | (.35) | 2.49 | 3.61 | (8.04) |
Distributions from net realized gain | - | - | - | (.03) | - | (.12) |
Net asset value, end of period | $ 23.71 | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 | $ 12.88 |
Total Return B, C, D | 10.95% | 14.89% | (1.85)% | 15.14% | 28.03% | (38.41)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.77% A | 1.82% | 1.89% | 1.96% | 2.01% | 1.91% |
Expenses net of fee waivers, if any | 1.77% A | 1.82% | 1.89% | 1.96% | 2.00% | 1.91% |
Expenses net of all reductions | 1.77% A | 1.81% | 1.89% | 1.95% | 1.99% | 1.91% |
Net investment income (loss) | (.64)% A | (.68)% | (1.05)% | (1.10)% | (.81)% | (.55)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 198 | $ 239 | $ 309 | $ 410 | $ 401 | $ 313 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% I | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 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.
Semiannual Report
Financial Highlights - Class C
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 | $ 12.92 | $ 21.10 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.07) | (.13) | (.19) | (.17) | (.11) | (.09) |
Net realized and unrealized gain (loss) | 2.44 | 2.92 | (.14) | 2.68 | 3.74 | (7.97) |
Total from investment operations | 2.37 | 2.79 | (.33) | 2.51 | 3.63 | (8.06) |
Distributions from net realized gain | - | - | - | (.03) | - | (.12) |
Net asset value, end of period | $ 23.86 | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 | $ 12.92 |
Total Return B, C, D | 11.03% | 14.92% | (1.73)% | 15.21% | 28.10% | (38.39)% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.71% A | 1.75% | 1.83% | 1.88% | 1.95% | 1.85% |
Expenses net of fee waivers, if any | 1.71% A | 1.75% | 1.83% | 1.88% | 1.95% | 1.85% |
Expenses net of all reductions | 1.70% A | 1.75% | 1.82% | 1.88% | 1.94% | 1.85% |
Net investment income (loss) | (.58)% A | (.62)% | (.98)% | (1.02)% | (.76)% | (.49)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2,868 | $ 2,515 | $ 2,133 | $ 2,138 | $ 1,799 | $ 1,355 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% I | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 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.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 | $ 13.49 | $ 21.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .01 | (.01) | .03 | .09 |
Net realized and unrealized gain (loss) | 2.61 | 3.12 | (.15) | 2.85 | 3.93 | (8.30) |
Total from investment operations | 2.66 | 3.21 | (.14) | 2.84 | 3.96 | (8.21) |
Distributions from net investment income | - | (.02) | - | - | (.02) | (.02) |
Distributions from net realized gain | - | (.13) | (.04) | (.09) | (.04) | (.12) |
Total distributions | - | (.15) | (.04) | (.09) | (.06) | (.14) |
Net asset value, end of period | $ 25.68 | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 | $ 13.49 |
Total Return B, C | 11.56% | 16.11% | (.73)% | 16.34% | 29.37% | (37.76)% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .70% A | .74% | .81% | .89% | .96% | .86% |
Expenses net of fee waivers, if any | .70% A | .74% | .81% | .89% | .96% | .86% |
Expenses net of all reductions | .70% A | .74% | .81% | .89% | .95% | .85% |
Net investment income (loss) | .43% A | .39% | .03% | (.04)% | .24% | .50% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 9,965 | $ 9,898 | $ 7,169 | $ 5,898 | $ 4,225 | $ 2,793 |
Portfolio turnover rate F | 42% A | 47% | 58% | 47% H | 58% | 74% |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 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.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2013 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® New Insights Fund (the Fund) is a fund of Fidelity Contrafund (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. In June 2013, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class Z shares on August 13, 2013. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
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 Fidelity Management & Research Company (FMR) 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 FMR.
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 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:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2, 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 net asset value (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 may include proceeds received from litigation. Dividend income is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 6,949,829 |
Gross unrealized depreciation | (214,303) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,735,526 |
|
|
Tax cost | $ 15,831,809 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2015 | $ (5,939) |
2017 | (149,558) |
2018 | (113,112) |
Total with expiration | $ (268,609) |
The Fund acquired $5,939 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,979 per year.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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 $4,498,619 and $5,759,701, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. 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 the Institutional Class of the Fund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .49% 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 FMR, 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 | Service | Total Fees | Retained |
Class A | -% | .25% | $ 8,835 | $ 376 |
Class T | .25% | .25% | 4,803 | 60 |
Class B | .75% | .25% | 1,103 | 832 |
Class C | .75% | .25% | 13,818 | 2,370 |
|
|
| $ 28,559 | $ 3,638 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 739 |
Class T | 100 |
Class B* | 120 |
Class C* | 98 |
| $ 1,057 |
* When Class B and 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 FMR, 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. 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 A | $ 7,043 | .20 |
Class T | 1,835 | .19 |
Class B | 287 | .26 |
Class C | 2,738 | .20 |
Institutional Class | 9,980 | .19 |
| $ 21,883 |
|
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $76 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $28 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $13,345. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
7. Security Lending - continued
fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,178, including $38 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $401 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by two hundred and fourteen dollars.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ - | $ - |
Class T | - | - |
Class B | - | - |
Class C | - | - |
Institutional Class | - | 8,962 |
Total | $ - | $ 8,962 |
From net realized gain |
|
|
Class A | $ - | $ 26,405 |
Class T | - | 3,128 |
Class B | - | - |
Class C | - | - |
Institutional Class | - | 56,758 |
Total | $ - | $ 86,291 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended June 30, | Year ended | Six months ended June 30, | Year ended | |
Class A |
|
|
|
|
Shares sold | 33,389 | 69,742 | $ 821,000 | $ 1,537,976 |
Reinvestment of distributions | - | 1,068 | - | 24,021 |
Shares redeemed | (29,186) | (81,404) | (718,724) | (1,797,007) |
Net increase (decrease) | 4,203 | (10,594) | $ 102,276 | $ (235,010) |
Class T |
|
|
|
|
Shares sold | 5,782 | 13,706 | $ 140,373 | $ 297,340 |
Reinvestment of distributions | - | 128 | - | 2,849 |
Shares redeemed | (8,046) | (18,113) | (195,488) | (394,342) |
Net increase (decrease) | (2,264) | (4,279) | $ (55,115) | $ (94,153) |
Class B |
|
|
|
|
Shares sold | 120 | 265 | $ 2,779 | $ 5,463 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (2,985) | (5,694) | (68,318) | (118,394) |
Net increase (decrease) | (2,865) | (5,429) | $ (65,539) | $ (112,931) |
Class C |
|
|
|
|
Shares sold | 11,458 | 22,815 | $ 266,026 | $ 474,829 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (8,277) | (19,869) | (192,342) | (414,007) |
Net increase (decrease) | 3,181 | 2,946 | $ 73,684 | $ 60,822 |
Institutional Class |
|
|
|
|
Shares sold | 62,956 | 143,736 | $ 1,570,145 | $ 3,208,589 |
Reinvestment of distributions | - | 2,421 | - | 55,102 |
Shares redeemed | (104,905) | (75,358) | (2,630,579) | (1,684,854) |
Net increase (decrease) | (41,949) | 70,799 | $ (1,060,434) | $ 1,578,837 |
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.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
ANIF-USAN-0813 1.803541.109
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor ®
New Insights
Fund - Institutional Class
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
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 (January 1, 2013 to June 30, 2013).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Class A | .96% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,113.80 | $ 5.03 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.03 | $ 4.81 |
Class T | 1.20% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,112.70 | $ 6.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.84 | $ 6.01 |
Class B | 1.77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,109.50 | $ 9.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.02 | $ 8.85 |
Class C | 1.71% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,110.30 | $ 8.95 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.31 | $ 8.55 |
Institutional Class | .70% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,115.60 | $ 3.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.32 | $ 3.51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Google, Inc. Class A | 6.3 | 5.3 |
Berkshire Hathaway, Inc. Class A | 4.2 | 3.5 |
Apple, Inc. | 3.5 | 7.0 |
Wells Fargo & Co. | 3.0 | 2.5 |
The Walt Disney Co. | 2.4 | 2.3 |
The Coca-Cola Co. | 2.3 | 2.4 |
Noble Energy, Inc. | 2.2 | 2.0 |
Biogen Idec, Inc. | 2.1 | 1.5 |
Visa, Inc. Class A | 2.1 | 1.9 |
TJX Companies, Inc. | 1.9 | 1.7 |
| 30.0 | |
Top Five Market Sectors as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Information Technology | 23.1 | 27.7 |
Consumer Discretionary | 20.3 | 19.7 |
Financials | 16.5 | 13.0 |
Health Care | 13.1 | 12.5 |
Consumer Staples | 9.3 | 9.1 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2013 * | As of December 31, 2012 ** | ||||||
![]() | Stocks 96.5% |
| ![]() | Stocks 97.8% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 10.3% |
| ** Foreign investments | 12.5% |
|
† Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 20.2% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 528,082 | $ 26,768 | |
Automobiles - 0.6% | |||
Honda Motor Co. Ltd. | 586,400 | 21,784 | |
Tesla Motors, Inc. (a) | 704,559 | 75,691 | |
Toyota Motor Corp. | 597,800 | 36,058 | |
| 133,533 | ||
Distributors - 0.1% | |||
LKQ Corp. (a) | 1,072,800 | 27,625 | |
Hotels, Restaurants & Leisure - 3.4% | |||
Chipotle Mexican Grill, Inc. (a) | 392,734 | 143,093 | |
Chuys Holdings, Inc. | 76,305 | 2,926 | |
Dunkin' Brands Group, Inc. | 1,709,800 | 73,214 | |
InterContinental Hotel Group PLC | 66,759 | 1,835 | |
Las Vegas Sands Corp. | 255,696 | 13,534 | |
Marriott International, Inc. Class A | 111,485 | 4,501 | |
McDonald's Corp. | 1,794,254 | 177,631 | |
Noodles & Co. | 168,400 | 6,189 | |
Paddy Power PLC (Ireland) | 134,600 | 11,549 | |
Starbucks Corp. | 3,139,320 | 205,594 | |
Tim Hortons, Inc. (Canada) | 2,111,300 | 114,187 | |
| 754,253 | ||
Household Durables - 1.3% | |||
D.R. Horton, Inc. | 4,662,022 | 99,208 | |
Lennar Corp. Class A | 2,067,391 | 74,509 | |
PulteGroup, Inc. (a) | 4,984,459 | 94,555 | |
SodaStream International Ltd. (a) | 21,268 | 1,545 | |
Whirlpool Corp. | 177,461 | 20,294 | |
| 290,111 | ||
Internet & Catalog Retail - 3.4% | |||
Amazon.com, Inc. (a) | 1,422,322 | 394,965 | |
ASOS PLC (a) | 228,095 | 14,033 | |
Liberty Media Corp.: | |||
Interactive Series A (a) | 612,634 | 14,097 | |
Series A (a) | 30,371 | 2,582 | |
Netflix, Inc. (a) | 105,968 | 22,369 | |
priceline.com, Inc. (a) | 208,860 | 172,754 | |
Rakuten, Inc. | 1,401,400 | 16,572 | |
TripAdvisor, Inc. (a) | 2,041,689 | 124,278 | |
| 761,650 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Equipment & Products - 0.1% | |||
Mattel, Inc. | 106,856 | $ 4,842 | |
Polaris Industries, Inc. | 162,751 | 15,461 | |
| 20,303 | ||
Media - 5.7% | |||
CBS Corp. Class B | 283,766 | 13,868 | |
Charter Communications, Inc. Class A (a) | 248,076 | 30,724 | |
Comcast Corp. Class A | 4,344,590 | 181,951 | |
DIRECTV (a) | 721,726 | 44,473 | |
Discovery Communications, Inc. (a) | 3,973,100 | 306,763 | |
Legend Pictures LLC (a)(h)(i) | 11,303 | 19,029 | |
Liberty Global PLC Class A (a) | 693,256 | 51,356 | |
Liberty Media Corp. Class A (a) | 550,348 | 69,762 | |
Omnicom Group, Inc. | 396,526 | 24,930 | |
Rightmove PLC | 77,383 | 2,453 | |
Starz - Liberty Capital Series A (a) | 213,697 | 4,723 | |
The Walt Disney Co. | 8,263,296 | 521,827 | |
Weinstein Co. Holdings LLC Class A-1 (a)(h)(i) | 2,267 | 850 | |
| 1,272,709 | ||
Multiline Retail - 0.1% | |||
Dollar Tree, Inc. (a) | 84,339 | 4,288 | |
Macy's, Inc. | 256,746 | 12,324 | |
| 16,612 | ||
Specialty Retail - 3.8% | |||
Bed Bath & Beyond, Inc. (a) | 1,285,580 | 91,148 | |
Best Buy Co., Inc. | 284,734 | 7,782 | |
Fast Retailing Co. Ltd. | 62,900 | 21,229 | |
Five Below, Inc. | 812,507 | 29,868 | |
Francescas Holdings Corp. (a) | 154,703 | 4,299 | |
GNC Holdings, Inc. | 229,131 | 10,130 | |
Home Depot, Inc. | 1,127,961 | 87,383 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 400,000 | 21,324 | |
O'Reilly Automotive, Inc. (a) | 132,419 | 14,913 | |
Ross Stores, Inc. | 1,298,551 | 84,159 | |
Tile Shop Holdings, Inc. (a) | 121,500 | 3,519 | |
TJX Companies, Inc. | 8,420,696 | 421,540 | |
Tractor Supply Co. | 82,212 | 9,669 | |
Urban Outfitters, Inc. (a) | 1,111,800 | 44,717 | |
| 851,680 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
China Hongxing Sports Ltd. (a) | 6,000,000 | $ 544 | |
ECLAT Textile Co. Ltd. | 518,000 | 3,828 | |
Michael Kors Holdings Ltd. (a) | 574,293 | 35,618 | |
NIKE, Inc. Class B | 3,411,389 | 217,237 | |
PVH Corp. | 96,689 | 12,091 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(e) | 1,150,335 | 68,687 | |
VF Corp. | 69,947 | 13,504 | |
| 351,509 | ||
TOTAL CONSUMER DISCRETIONARY | 4,506,753 | ||
CONSUMER STAPLES - 9.3% | |||
Beverages - 2.9% | |||
Anheuser-Busch InBev SA NV ADR | 1,184,382 | 106,902 | |
Boston Beer Co., Inc. Class A (a)(e) | 124,488 | 21,243 | |
Coca-Cola Icecek A/S | 331,281 | 9,533 | |
The Coca-Cola Co. | 12,593,241 | 505,115 | |
| 642,793 | ||
Food & Staples Retailing - 2.7% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 28,700 | 1,703 | |
Costco Wholesale Corp. | 1,596,125 | 176,484 | |
CVS Caremark Corp. | 3,013,977 | 172,339 | |
Fairway Group Holdings Corp. (e) | 49,998 | 1,208 | |
Jeronimo Martins SGPS SA | 204,700 | 4,314 | |
Kroger Co. | 222,260 | 7,677 | |
Tesco PLC | 1,596,922 | 8,049 | |
Wal-Mart Stores, Inc. | 3,203,345 | 238,617 | |
Whole Foods Market, Inc. | 46,646 | 2,401 | |
| 612,792 | ||
Food Products - 0.5% | |||
Associated British Foods PLC | 1,621,720 | 42,795 | |
Green Mountain Coffee Roasters, Inc. (a) | 64,518 | 4,843 | |
Mondelez International, Inc. | 1,898,843 | 54,174 | |
Orion Corp. | 5,242 | 4,373 | |
Want Want China Holdings Ltd. | 6,220,000 | 8,757 | |
| 114,942 | ||
Household Products - 2.1% | |||
Colgate-Palmolive Co. | 6,230,312 | 356,935 | |
Kimberly-Clark Corp. | 437,227 | 42,472 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Household Products - continued | |||
Procter & Gamble Co. | 697,705 | $ 53,716 | |
Reckitt Benckiser Group PLC | 156,611 | 11,071 | |
| 464,194 | ||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 3,518,544 | 231,415 | |
L'Oreal SA | 70,901 | 11,651 | |
| 243,066 | ||
TOTAL CONSUMER STAPLES | 2,077,787 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 0.0% | |||
Cameron International Corp. (a) | 192,100 | 11,749 | |
Schlumberger Ltd. | 27,794 | 1,992 | |
| 13,741 | ||
Oil, Gas & Consumable Fuels - 4.9% | |||
Americas Petrogas, Inc. (a)(g) | 836,000 | 707 | |
Anadarko Petroleum Corp. | 1,463,288 | 125,740 | |
Birchcliff Energy Ltd. (a) | 621,900 | 4,825 | |
Birchcliff Energy Ltd. (a)(g) | 900,000 | 6,983 | |
Cabot Oil & Gas Corp. | 307,790 | 21,859 | |
Canadian Natural Resources Ltd. | 9,076 | 256 | |
Cobalt International Energy, Inc. (a) | 926,862 | 24,627 | |
Concho Resources, Inc. (a) | 98,980 | 8,287 | |
Continental Resources, Inc. (a) | 254,680 | 21,918 | |
EOG Resources, Inc. | 1,400,964 | 184,479 | |
EQT Corp. | 94,891 | 7,531 | |
Frontline 2012 Ltd. (a)(g) | 567,510 | 3,457 | |
GoviEx Uranium, Inc. (a)(i) | 3,477,000 | 9,110 | |
Madalena Ventures, Inc. (a)(g) | 2,200,000 | 586 | |
Marathon Petroleum Corp. | 587,691 | 41,761 | |
Murphy Oil Corp. | 365,200 | 22,237 | |
Noble Energy, Inc. | 7,989,400 | 479,684 | |
Oasis Petroleum, Inc. (a) | 57,801 | 2,247 | |
Phillips 66 | 598,826 | 35,277 | |
Pioneer Natural Resources Co. | 175,619 | 25,421 | |
Rooster Energy Ltd. (a)(f) | 9,425,000 | 7,169 | |
TAG Oil Ltd. (a)(g) | 322,900 | 912 | |
Tourmaline Oil Corp. (a) | 1,050,600 | 42,086 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Tourmaline Oil Corp. (a)(g) | 303,400 | $ 12,154 | |
TransAtlantic Petroleum Ltd. (a)(g) | 325,400 | 225 | |
| 1,089,538 | ||
TOTAL ENERGY | 1,103,279 | ||
FINANCIALS - 16.5% | |||
Capital Markets - 1.1% | |||
Ameriprise Financial, Inc. | 490,939 | 39,707 | |
BlackRock, Inc. Class A | 356,102 | 91,465 | |
Charles Schwab Corp. | 680,243 | 14,442 | |
Morgan Stanley | 1,910,377 | 46,671 | |
Oaktree Capital Group LLC Class A | 477,276 | 25,081 | |
T. Rowe Price Group, Inc. | 251,466 | 18,395 | |
WisdomTree Investments, Inc. (a) | 391,249 | 4,527 | |
| 240,288 | ||
Commercial Banks - 5.0% | |||
Bank of Ireland (a) | 320,846,128 | 65,100 | |
HDFC Bank Ltd. sponsored ADR | 369,421 | 13,388 | |
M&T Bank Corp. | 534,534 | 59,734 | |
Metro Bank PLC Class A (a)(i) | 239,350 | 3,640 | |
PNC Financial Services Group, Inc. | 1,321,592 | 96,370 | |
PT Bank Rakyat Indonesia Tbk | 2,097,500 | 1,638 | |
Shinsei Bank Ltd. | 4,932,000 | 11,200 | |
U.S. Bancorp | 5,382,665 | 194,583 | |
Wells Fargo & Co. | 15,977,294 | 659,383 | |
| 1,105,036 | ||
Consumer Finance - 1.1% | |||
American Express Co. | 3,182,122 | 237,895 | |
Diversified Financial Services - 1.7% | |||
Citigroup, Inc. | 5,472,080 | 262,496 | |
IntercontinentalExchange, Inc. (a)(e) | 169,214 | 30,079 | |
JPMorgan Chase & Co. | 1,416,111 | 74,756 | |
Kotak Mahindra Bank Ltd. | 862,436 | 10,462 | |
ORIX Corp. | 751,900 | 10,261 | |
| 388,054 | ||
Insurance - 6.8% | |||
ACE Ltd. | 1,763,013 | 157,754 | |
Admiral Group PLC | 857,200 | 17,301 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Insurance - continued | |||
AIA Group Ltd. | 17,410,000 | $ 73,738 | |
Berkshire Hathaway, Inc. Class A (a) | 5,501 | 927,469 | |
Direct Line Insurance Group PLC | 3,926,200 | 13,914 | |
esure Group PLC | 2,624,092 | 12,967 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 24,600 | 9,674 | |
Marsh & McLennan Companies, Inc. | 1,282,141 | 51,183 | |
Prudential PLC | 697,271 | 11,381 | |
The Chubb Corp. | 1,789,711 | 151,499 | |
The Travelers Companies, Inc. | 1,164,314 | 93,052 | |
| 1,519,932 | ||
Real Estate Investment Trusts - 0.5% | |||
American Tower Corp. | 1,575,533 | 115,282 | |
Simon Property Group, Inc. | 31,109 | 4,913 | |
| 120,195 | ||
Real Estate Management & Development - 0.2% | |||
BR Malls Participacoes SA | 516,800 | 4,621 | |
Kennedy-Wilson Holdings, Inc. | 30,568 | 509 | |
Realogy Holdings Corp. | 818,799 | 39,335 | |
| 44,465 | ||
Thrifts & Mortgage Finance - 0.1% | |||
Housing Development Finance Corp. Ltd. (a) | 734,578 | 10,847 | |
TOTAL FINANCIALS | 3,666,712 | ||
HEALTH CARE - 12.8% | |||
Biotechnology - 5.1% | |||
Aegerion Pharmaceuticals, Inc. (a) | 22,157 | 1,403 | |
Alnylam Pharmaceuticals, Inc. (a) | 136,930 | 4,246 | |
Amgen, Inc. | 2,072,673 | 204,490 | |
Biogen Idec, Inc. (a) | 2,163,554 | 465,597 | |
BioMarin Pharmaceutical, Inc. (a) | 311,945 | 17,403 | |
Bluebird Bio, Inc. | 138,498 | 3,458 | |
Bluebird Bio, Inc. | 245,632 | 5,520 | |
Celgene Corp. (a) | 334,055 | 39,054 | |
Celldex Therapeutics, Inc. (a) | 349,134 | 5,450 | |
CSL Ltd. | 214,597 | 12,086 | |
Gilead Sciences, Inc. (a) | 3,458,652 | 177,118 | |
Intercept Pharmaceuticals, Inc. | 150,000 | 6,726 | |
KYTHERA Biopharmaceuticals, Inc. (f) | 1,544,335 | 41,774 | |
Light Sciences Oncology, Inc. (a) | 2,708,254 | 160 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
OvaScience, Inc. (a)(f) | 1,090,900 | $ 14,978 | |
Puma Biotechnology, Inc. (a) | 676,923 | 30,035 | |
Regeneron Pharmaceuticals, Inc. (a) | 262,150 | 58,952 | |
RXi Pharmaceuticals Corp. warrants 2/4/15 (a) | 228,571 | 75 | |
Verastem, Inc. (a) | 575,000 | 7,981 | |
Vertex Pharmaceuticals, Inc. (a) | 391,812 | 31,294 | |
| 1,127,800 | ||
Health Care Equipment & Supplies - 1.4% | |||
Abbott Laboratories | 1,736,293 | 60,562 | |
Becton, Dickinson & Co. | 59,298 | 5,860 | |
Boston Scientific Corp. (a) | 4,269,840 | 39,581 | |
C.R. Bard, Inc. | 41,200 | 4,478 | |
CareFusion Corp. (a) | 312,094 | 11,501 | |
Covidien PLC | 836,022 | 52,536 | |
High Power Exploration (a) | 58,562 | 94 | |
Intuitive Surgical, Inc. (a) | 10,936 | 5,540 | |
Medtronic, Inc. | 858,469 | 44,185 | |
ResMed, Inc. (e) | 414,669 | 18,714 | |
St. Jude Medical, Inc. | 54,100 | 2,469 | |
Stryker Corp. | 755,275 | 48,851 | |
The Cooper Companies, Inc. | 97,068 | 11,556 | |
| 305,927 | ||
Health Care Providers & Services - 1.4% | |||
AmerisourceBergen Corp. | 521,716 | 29,127 | |
Catamaran Corp. (a) | 43,600 | 2,122 | |
CIGNA Corp. | 697,761 | 50,581 | |
DaVita, Inc. (a) | 274,270 | 33,132 | |
Henry Schein, Inc. (a) | 265,992 | 25,469 | |
McKesson Corp. | 297,757 | 34,093 | |
UnitedHealth Group, Inc. | 2,164,483 | 141,730 | |
| 316,254 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 1,709,499 | 164,266 | |
Life Sciences Tools & Services - 1.0% | |||
Eurofins Scientific SA | 2,163 | 457 | |
Fluidigm Corp. (a)(i) | 112,607 | 1,966 | |
Mettler-Toledo International, Inc. (a) | 586,723 | 118,049 | |
PAREXEL International Corp. (a) | 395,471 | 18,168 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Life Sciences Tools & Services - continued | |||
Thermo Fisher Scientific, Inc. | 674,958 | $ 57,122 | |
Waters Corp. (a) | 197,108 | 19,721 | |
| 215,483 | ||
Pharmaceuticals - 3.2% | |||
AbbVie, Inc. | 4,058,847 | 167,793 | |
Actavis, Inc. (a) | 111,756 | 14,106 | |
Astellas Pharma, Inc. | 45,300 | 2,461 | |
Bayer AG | 1,173,033 | 125,097 | |
Eli Lilly & Co. | 347,219 | 17,055 | |
Johnson & Johnson | 2,272,846 | 195,147 | |
Novo Nordisk A/S Series B | 365,691 | 56,851 | |
Perrigo Co. | 393,501 | 47,614 | |
Salix Pharmaceuticals Ltd. (a) | 85,130 | 5,631 | |
Sanofi SA | 230,947 | 23,875 | |
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 584,012 | 50,355 | |
Zoetis, Inc. Class A | 246,700 | 7,621 | |
| 713,606 | ||
TOTAL HEALTH CARE | 2,843,336 | ||
INDUSTRIALS - 6.2% | |||
Aerospace & Defense - 0.4% | |||
Honeywell International, Inc. | 534,843 | 42,434 | |
Precision Castparts Corp. | 111,491 | 25,198 | |
United Technologies Corp. | 299,223 | 27,810 | |
| 95,442 | ||
Air Freight & Logistics - 0.0% | |||
United Parcel Service, Inc. Class B | 107,993 | 9,339 | |
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR | 498,413 | 25,683 | |
Building Products - 0.1% | |||
Fortune Brands Home & Security, Inc. | 304,072 | 11,780 | |
Commercial Services & Supplies - 0.5% | |||
Edenred SA | 572,748 | 17,520 | |
Stericycle, Inc. (a) | 734,715 | 81,135 | |
Swisher Hygiene, Inc. (a) | 1,395,310 | 1,200 | |
| 99,855 | ||
Electrical Equipment - 0.2% | |||
Eaton Corp. PLC | 246,865 | 16,246 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Electrical Equipment - continued | |||
Generac Holdings, Inc. | 237,899 | $ 8,805 | |
Roper Industries, Inc. | 67,017 | 8,325 | |
| 33,376 | ||
Industrial Conglomerates - 1.1% | |||
3M Co. | 713,345 | 78,004 | |
Danaher Corp. | 2,687,691 | 170,131 | |
| 248,135 | ||
Machinery - 0.5% | |||
Chart Industries, Inc. (a) | 31,319 | 2,947 | |
Illinois Tool Works, Inc. | 951,263 | 65,799 | |
Kubota Corp. | 749,000 | 10,900 | |
PACCAR, Inc. | 76,595 | 4,110 | |
Proto Labs, Inc. (a) | 124,606 | 8,096 | |
Snap-On, Inc. | 190,743 | 17,049 | |
| 108,901 | ||
Professional Services - 0.4% | |||
Experian PLC | 2,386,840 | 41,494 | |
Intertek Group PLC | 214,900 | 9,554 | |
On Assignment, Inc. (a) | 390,830 | 10,443 | |
Verisk Analytics, Inc. (a) | 550,756 | 32,880 | |
| 94,371 | ||
Road & Rail - 2.3% | |||
Canadian Pacific Railway Ltd. (e) | 1,591,232 | 192,954 | |
Hertz Global Holdings, Inc. (a) | 1,495,658 | 37,092 | |
J.B. Hunt Transport Services, Inc. | 416,930 | 30,119 | |
Union Pacific Corp. | 1,613,566 | 248,941 | |
| 509,106 | ||
Trading Companies & Distributors - 0.6% | |||
Air Lease Corp.: | |||
Class A (g) | 320,800 | 8,851 | |
Class A | 1,139,842 | 31,448 | |
W.W. Grainger, Inc. | 376,600 | 94,971 | |
| 135,270 | ||
TOTAL INDUSTRIALS | 1,371,258 | ||
INFORMATION TECHNOLOGY - 23.1% | |||
Communications Equipment - 0.3% | |||
QUALCOMM, Inc. | 1,138,494 | 69,539 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Computers & Peripherals - 3.6% | |||
Apple, Inc. | 1,966,827 | $ 779,021 | |
Hewlett-Packard Co. | 480,428 | 11,915 | |
Stratasys Ltd. (a) | 28,049 | 2,349 | |
| 793,285 | ||
Electronic Equipment & Components - 1.0% | |||
Amphenol Corp. Class A | 2,653,250 | 206,794 | |
Internet Software & Services - 9.8% | |||
Angie's List, Inc. (a)(e) | 98,337 | 2,611 | |
Constant Contact, Inc. (a) | 269,612 | 4,333 | |
Cornerstone OnDemand, Inc. (a) | 567,648 | 24,573 | |
Dropbox, Inc. (i) | 1,289,836 | 12,898 | |
eBay, Inc. (a) | 4,224,192 | 218,475 | |
Facebook, Inc. Class A (a) | 6,282,745 | 156,189 | |
Google, Inc. Class A (a) | 1,582,927 | 1,393,552 | |
LinkedIn Corp. (a) | 697,580 | 124,379 | |
Marketo, Inc. | 33,400 | 831 | |
Responsys, Inc. (a) | 500,000 | 7,155 | |
Shutterstock, Inc. | 14,500 | 809 | |
SPS Commerce, Inc. (a)(f) | 1,000,000 | 55,000 | |
Tencent Holdings Ltd. | 59,100 | 2,318 | |
Textura Corp. | 17,300 | 450 | |
Trulia, Inc. (e) | 271,076 | 8,428 | |
Yahoo!, Inc. (a) | 6,962,276 | 174,823 | |
Zillow, Inc. (a)(e) | 23,976 | 1,350 | |
| 2,188,174 | ||
IT Services - 5.4% | |||
Accenture PLC Class A | 2,784,448 | 200,369 | |
Alliance Data Systems Corp. (a)(e) | 355,888 | 64,426 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 782,650 | 22,921 | |
Fidelity National Information Services, Inc. | 1,092,994 | 46,824 | |
Fiserv, Inc. (a) | 378,923 | 33,122 | |
FleetCor Technologies, Inc. (a) | 113,887 | 9,259 | |
Gartner, Inc. Class A (a) | 129,400 | 7,375 | |
IBM Corp. | 10,578 | 2,022 | |
MasterCard, Inc. Class A | 625,519 | 359,361 | |
Visa, Inc. Class A | 2,516,026 | 459,804 | |
| 1,205,483 | ||
Semiconductors & Semiconductor Equipment - 0.5% | |||
Advanced Micro Devices, Inc. (a)(e) | 2,662,287 | 10,862 | |
ARM Holdings PLC sponsored ADR | 1,431,215 | 51,781 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
ASML Holding NV | 168,883 | $ 13,359 | |
Samsung Electronics Co. Ltd. | 31,145 | 36,587 | |
| 112,589 | ||
Software - 2.5% | |||
Activision Blizzard, Inc. | 1,455,453 | 20,755 | |
Adobe Systems, Inc. (a) | 660,387 | 30,087 | |
CA Technologies, Inc. | 262,256 | 7,508 | |
CommVault Systems, Inc. (a) | 347,924 | 26,404 | |
Concur Technologies, Inc. (a)(e) | 904,631 | 73,619 | |
Infoblox, Inc. (a) | 35,674 | 1,044 | |
Mu Sigma, Inc. (i) | 619,826 | 11,157 | |
NetSuite, Inc. (a) | 888,227 | 81,486 | |
salesforce.com, Inc. (a) | 3,517,888 | 134,313 | |
ServiceNow, Inc. | 755,985 | 30,534 | |
SolarWinds, Inc. (a) | 385,725 | 14,970 | |
Splunk, Inc. (a) | 693,964 | 32,172 | |
Symantec Corp. | 1,443,578 | 32,437 | |
Trion World Network, Inc. warrants 8/10/17 (a)(i) | 18,952 | 0* | |
Ultimate Software Group, Inc. (a) | 204,260 | 23,958 | |
Workday, Inc. Class A | 659,693 | 42,280 | |
| 562,724 | ||
TOTAL INFORMATION TECHNOLOGY | 5,138,588 | ||
MATERIALS - 3.3% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 257,026 | 17,994 | |
Ecolab, Inc. | 1,060,465 | 90,341 | |
Filtrona PLC | 1,864,886 | 19,897 | |
FMC Corp. | 103,541 | 6,322 | |
LyondellBasell Industries NV Class A | 489,642 | 32,444 | |
Mexichem S.A.B. de CV | 321,545 | 1,340 | |
Monsanto Co. | 1,229,563 | 121,481 | |
PPG Industries, Inc. | 501,559 | 73,433 | |
Sherwin-Williams Co. | 385,672 | 68,110 | |
Syngenta AG (Switzerland) | 76,827 | 29,959 | |
Valspar Corp. | 115,944 | 7,498 | |
W.R. Grace & Co. (a) | 106,500 | 8,950 | |
| 477,769 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Construction Materials - 0.0% | |||
Eagle Materials, Inc. | 154,515 | $ 10,240 | |
Containers & Packaging - 0.2% | |||
Rock-Tenn Co. Class A | 334,365 | 33,396 | |
Metals & Mining - 0.8% | |||
Altius Minerals Corp. (a) | 98,200 | 889 | |
Argonaut Gold, Inc. (a) | 234,500 | 1,269 | |
B2Gold Corp. (a) | 12,118,232 | 25,810 | |
B2Gold Corp. (a)(g) | 660,000 | 1,406 | |
Colossus Minerals, Inc. (a) | 473,000 | 549 | |
Dalradian Resources, Inc. (a) | 1,429,030 | 788 | |
Dalradian Resources, Inc. (a)(g) | 1,000,000 | 551 | |
Franco-Nevada Corp. | 2,474,761 | 88,594 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(g) | 62,150 | 201 | |
Ivanplats Ltd. (g) | 3,792,299 | 5,517 | |
New Gold, Inc. (a) | 897,186 | 5,809 | |
Pilot Gold, Inc. (a) | 2,778,800 | 2,114 | |
Premier Gold Mines Ltd. (a) | 1,206,000 | 2,098 | |
Premier Gold Mines Ltd. (a)(g) | 900,000 | 1,566 | |
Primero Mining Corp. (a) | 74,400 | 332 | |
Tahoe Resources, Inc. (a) | 409,500 | 5,806 | |
Tahoe Resources, Inc. (a)(g) | 1,074,200 | 15,229 | |
Turquoise Hill Resources Ltd. (a) | 2,922,623 | 17,341 | |
| 175,869 | ||
Paper & Forest Products - 0.2% | |||
International Paper Co. | 985,734 | 43,678 | |
TOTAL MATERIALS | 740,952 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) (e) | 313,500 | 12,281 | |
SoftBank Corp. | 249,800 | 14,541 | |
| 26,822 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
ITC Holdings Corp. | 99,825 | 9,114 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
UTILITIES - continued | |||
Multi-Utilities - 0.0% | |||
YTL Corp. Bhd | 16,110,626 | $ 8,465 | |
TOTAL UTILITIES | 17,579 | ||
TOTAL COMMON STOCKS (Cost $14,624,294) |
| ||
Convertible Preferred Stocks - 0.4% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.1% | |||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (i) | 5,575,412 | 25,758 | |
Media - 0.0% | |||
Glam Media, Inc. Series M-1, 8.00% (a)(i) | 165,366 | 845 | |
TOTAL CONSUMER DISCRETIONARY | 26,603 | ||
HEALTH CARE - 0.3% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. (i) | 516,522 | 7,040 | |
Health Care Technology - 0.1% | |||
Castlight Health, Inc. Series D (a)(i) | 1,325,100 | 10,548 | |
Life Sciences Tools & Services - 0.1% | |||
Living Proof, Inc. 8.00% (i) | 10,369,703 | 18,400 | |
Pharmaceuticals - 0.1% | |||
Agios Pharmaceuticals, Inc. Series C (a)(i) | 3,363,446 | 16,518 | |
TOTAL HEALTH CARE | 52,506 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Internet Software & Services - 0.0% | |||
Dropbox, Inc. Series A (a)(i) | 299,518 | 2,995 | |
Software - 0.0% | |||
Trion World Network, Inc.: | |||
8.00% (i) | 50,840 | 218 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc.: - continued | |||
Series C, 8.00% (a)(i) | 602,295 | $ 2,578 | |
Series C-1, 8.00% (a)(i) | 47,380 | 203 | |
| 2,999 | ||
TOTAL INFORMATION TECHNOLOGY | 5,994 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $85,767) |
|
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s)(d) |
| ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Media - 0.0% | ||||
Glam Media, Inc. 9% 12/2/13 (i) | $ 362 | 362 | ||
FINANCIALS - 0.0% | ||||
Commercial Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 3,571 | 4,715 | |
TOTAL NONCONVERTIBLE BONDS (Cost $5,069) |
|
Money Market Funds - 4.4% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.13% (b) | 704,871,801 | 704,872 | |
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) | 279,216,741 | 279,217 | |
TOTAL MONEY MARKET FUNDS (Cost $984,089) |
| ||
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $15,699,219) | 22,567,335 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (293,955) | ||
NET ASSETS - 100% | $ 22,273,380 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Affiliated company |
(g) 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 $58,345,000 or 0.3% of net assets. |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(i) 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 $144,115,000 or 0.6% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Agios Pharmaceuticals, Inc. Series C | 11/16/11 | $ 16,518 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 | $ 25,758 |
Castlight Health, Inc. Series D | 4/25/12 | $ 7,999 |
Dropbox, Inc. | 5/2/12 | $ 11,672 |
Dropbox, Inc. Series A | 5/29/12 | $ 2,710 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 1,992 |
Glam Media, Inc. Series M-1, 8.00% | 3/19/08 | $ 3,024 |
Glam Media, Inc. 9% 12/2/13 | 12/2/11 | $ 362 |
GoviEx Uranium, Inc. | 9/28/07 - 4/6/10 | $ 7,499 |
Intarcia Therapeutics, Inc. | 11/14/12 | $ 7,040 |
Legend Pictures LLC | 9/23/10 - 12/18/12 | $ 12,915 |
Living Proof, Inc. 8.00% | 2/13/13 | $ 18,400 |
Metro Bank PLC Class A | 5/21/12 | $ 3,791 |
Mu Sigma, Inc. | 12/21/12 | $ 15,000 |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. 8.00% | 3/20/13 | $ 267 |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 3,307 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 260 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 2,267 |
* Amount represents less than $1,000. |
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 | $ 370 |
Fidelity Securities Lending Cash Central Fund | 1,178 |
Total | $ 1,548 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
KYTHERA Biopharmaceuticals, Inc. | $ 42,491 | $ - | $ - | $ - | $ 41,774 |
OvaScience, Inc. | 9,131 | - | - | - | 14,978 |
Rooster Energy Ltd. | 5,188 | - | 195 | - | 7,169 |
Skope Energy, Inc. | 51 | - | - | - | - |
SPS Commerce, Inc. | 37,270 | - | - | - | 55,000 |
Total | $ 94,131 | $ - | $ 195 | $ - | $ 118,921 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 4,533,356 | $ 4,388,852 | $ 97,478 | $ 47,026 |
Consumer Staples | 2,077,787 | 2,077,787 | - | - |
Energy | 1,103,279 | 1,094,169 | - | 9,110 |
Financials | 3,666,712 | 3,565,130 | 97,942 | 3,640 |
Health Care | 2,895,842 | 2,754,300 | 88,782 | 52,760 |
Industrials | 1,371,258 | 1,360,358 | 10,900 | - |
Information Technology | 5,144,582 | 5,114,533 | - | 30,049 |
Materials | 740,952 | 710,993 | 29,959 | - |
Telecommunication Services | 26,822 | 12,281 | 14,541 | - |
Utilities | 17,579 | 17,579 | - | - |
Corporate Bonds | 5,077 | - | 4,715 | 362 |
Money Market Funds | 984,089 | 984,089 | - | - |
Total Investments in Securities: | $ 22,567,335 | $ 22,080,071 | $ 344,317 | $ 142,947 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total (000s) |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 547,251 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 89.7% |
Canada | 2.8% |
Ireland | 1.7% |
United Kingdom | 1.1% |
Others (Individually Less Than 1%) | 4.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2013 (Unaudited) | |
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Assets | ||
Investment in securities, at value (including securities loaned of $270,806) - See accompanying schedule: Unaffiliated issuers (cost $14,657,962) | $ 21,464,325 |
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Fidelity Central Funds (cost $984,089) | 984,089 |
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Other affiliated issuers (cost $57,168) | 118,921 |
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Total Investments (cost $15,699,219) |
| $ 22,567,335 |
Cash |
| 579 |
Foreign currency held at value (cost $1,536) | 1,536 | |
Receivable for investments sold | 104,103 | |
Receivable for fund shares sold | 41,732 | |
Dividends receivable | 12,378 | |
Interest receivable | 481 | |
Distributions receivable from Fidelity Central Funds | 253 | |
Other receivables | 441 | |
Total assets | 22,728,838 | |
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Liabilities | ||
Payable for investments purchased | $ 117,188 | |
Payable for fund shares redeemed | 41,961 | |
Accrued management fee | 7,746 | |
Distribution and service plan fees payable | 4,907 | |
Other affiliated payables | 3,927 | |
Other payables and accrued expenses | 512 | |
Collateral on securities loaned, at value | 279,217 | |
Total liabilities | 455,458 | |
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Net Assets | $ 22,273,380 | |
Net Assets consist of: |
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Paid in capital | $ 15,016,816 | |
Undistributed net investment income | 8,045 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 380,433 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 6,868,086 | |
Net Assets | $ 22,273,380 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2013 (Unaudited) | |
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Calculation of Maximum Offering Price Class A: | $ 25.34 | |
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Maximum offering price per share (100/94.25 of $25.34) | $ 26.89 | |
Class T: | $ 24.97 | |
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Maximum offering price per share (100/96.50 of $24.97) | $ 25.88 | |
Class B: | $ 23.71 | |
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Class C: | $ 23.86 | |
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Institutional Class: | $ 25.68 |
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.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended June 30, 2013 (Unaudited) | |
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Investment Income |
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Dividends |
| $ 124,683 |
Interest |
| 221 |
Income from Fidelity Central Funds |
| 1,548 |
Total income |
| 126,452 |
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Expenses | ||
Management fee | $ 62,133 | |
Performance adjustment | (6,682) | |
Transfer agent fees | 21,883 | |
Distribution and service plan fees | 28,559 | |
Accounting and security lending fees | 918 | |
Custodian fees and expenses | 287 | |
Independent trustees' compensation | 67 | |
Registration fees | 246 | |
Audit | 67 | |
Legal | 21 | |
Miscellaneous | 121 | |
Total expenses before reductions | 107,620 | |
Expense reductions | (402) | 107,218 |
Net investment income (loss) | 19,234 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
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Unaffiliated issuers | 818,754 | |
Other affiliated issuers | (7,735) |
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Foreign currency transactions | (805) | |
Total net realized gain (loss) |
| 810,214 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,541,722 | |
Assets and liabilities in foreign currencies | (29) | |
Total change in net unrealized appreciation (depreciation) |
| 1,541,693 |
Net gain (loss) | 2,351,907 | |
Net increase (decrease) in net assets resulting from operations | $ 2,371,141 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2013 | Year ended |
Increase (Decrease) in Net Assets |
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Operations |
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Net investment income (loss) | $ 19,234 | $ 24,500 |
Net realized gain (loss) | 810,214 | 861,402 |
Change in net unrealized appreciation (depreciation) | 1,541,693 | 1,859,092 |
Net increase (decrease) in net assets resulting | 2,371,141 | 2,744,994 |
Distributions to shareholders from net investment income | - | (8,962) |
Distributions to shareholders from net realized gain | - | (86,291) |
Total distributions | - | (95,253) |
Share transactions - net increase (decrease) | (1,005,128) | 1,197,565 |
Total increase (decrease) in net assets | 1,366,013 | 3,847,306 |
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Net Assets | ||
Beginning of period | 20,907,367 | 17,060,061 |
End of period (including undistributed net investment income of $8,045 and accumulated net investment loss of $11,189, respectively) | $ 22,273,380 | $ 20,907,367 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 | $ 13.36 | $ 21.65 |
Income from Investment Operations |
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Net investment income (loss) E | .02 | .03 | (.05) | (.05) | - K | .05 |
Net realized and unrealized gain (loss) | 2.57 | 3.09 | (.15) | 2.81 | 3.89 | (8.22) |
Total from investment operations | 2.59 | 3.12 | (.20) | 2.76 | 3.89 | (8.17) |
Distributions from net investment income | - | - | - | - | - | - K |
Distributions from net realized gain | - | (.09) | (.04) | (.04) | (.01) | (.12) |
Total distributions | - | (.09) | (.04) | (.04) | (.01) | (.12) |
Net asset value, end of period | $ 25.34 | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 | $ 13.36 |
Total Return B, C, D | 11.38% | 15.84% | (1.04)% | 16.07% | 29.12% | (37.92)% |
Ratios to Average Net Assets F, I |
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Expenses before reductions | .96% A | 1.01% | 1.08% | 1.14% | 1.19% | 1.10% |
Expenses net of fee waivers, if any | .96% A | 1.01% | 1.08% | 1.14% | 1.19% | 1.10% |
Expenses net of all reductions | .96% A | 1.00% | 1.07% | 1.13% | 1.18% | 1.10% |
Net investment income (loss) | .17% A | .13% | (.23)% | (.28)% | -% H | .26% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 7,303 | $ 6,459 | $ 5,809 | $ 5,603 | $ 4,265 | $ 2,614 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% J | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Amount represents less than .01%.
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 The portfolio turnover rate does not include the assets acquired in the merger.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 | $ 13.26 | $ 21.56 |
Income from Investment Operations |
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Net investment income (loss) E | (.01) | (.02) | (.10) | (.09) | (.04) | - J |
Net realized and unrealized gain (loss) | 2.54 | 3.04 | (.14) | 2.78 | 3.86 | (8.18) |
Total from investment operations | 2.53 | 3.02 | (.24) | 2.69 | 3.82 | (8.18) |
Distributions from net realized gain | - | (.04) | (.04) | (.03) | - | (.12) |
Net asset value, end of period | $ 24.97 | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 | $ 13.26 |
Total Return B, C, D | 11.27% | 15.52% | (1.25)% | 15.81% | 28.81% | (38.13)% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.20% A | 1.25% | 1.32% | 1.38% | 1.45% | 1.34% |
Expenses net of fee waivers, if any | 1.20% A | 1.25% | 1.32% | 1.38% | 1.45% | 1.34% |
Expenses net of all reductions | 1.20% A | 1.24% | 1.32% | 1.38% | 1.44% | 1.34% |
Net investment income (loss) | (.07)% A | (.11)% | (.48)% | (.52)% | (.25)% | .02% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 1,941 | $ 1,795 | $ 1,640 | $ 1,756 | $ 1,557 | $ 1,254 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% I | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 The portfolio turnover rate does not include the assets acquired in the merger.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 | $ 12.88 | $ 21.04 |
Income from Investment Operations |
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Net investment income (loss) E | (.07) | (.14) | (.20) | (.19) | (.11) | (.10) |
Net realized and unrealized gain (loss) | 2.41 | 2.91 | (.15) | 2.68 | 3.72 | (7.94) |
Total from investment operations | 2.34 | 2.77 | (.35) | 2.49 | 3.61 | (8.04) |
Distributions from net realized gain | - | - | - | (.03) | - | (.12) |
Net asset value, end of period | $ 23.71 | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 | $ 12.88 |
Total Return B, C, D | 10.95% | 14.89% | (1.85)% | 15.14% | 28.03% | (38.41)% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.77% A | 1.82% | 1.89% | 1.96% | 2.01% | 1.91% |
Expenses net of fee waivers, if any | 1.77% A | 1.82% | 1.89% | 1.96% | 2.00% | 1.91% |
Expenses net of all reductions | 1.77% A | 1.81% | 1.89% | 1.95% | 1.99% | 1.91% |
Net investment income (loss) | (.64)% A | (.68)% | (1.05)% | (1.10)% | (.81)% | (.55)% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 198 | $ 239 | $ 309 | $ 410 | $ 401 | $ 313 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% I | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 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.
Semiannual Report
Financial Highlights - Class C
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 | $ 12.92 | $ 21.10 |
Income from Investment Operations |
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Net investment income (loss) E | (.07) | (.13) | (.19) | (.17) | (.11) | (.09) |
Net realized and unrealized gain (loss) | 2.44 | 2.92 | (.14) | 2.68 | 3.74 | (7.97) |
Total from investment operations | 2.37 | 2.79 | (.33) | 2.51 | 3.63 | (8.06) |
Distributions from net realized gain | - | - | - | (.03) | - | (.12) |
Net asset value, end of period | $ 23.86 | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 | $ 12.92 |
Total Return B, C, D | 11.03% | 14.92% | (1.73)% | 15.21% | 28.10% | (38.39)% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.71% A | 1.75% | 1.83% | 1.88% | 1.95% | 1.85% |
Expenses net of fee waivers, if any | 1.71% A | 1.75% | 1.83% | 1.88% | 1.95% | 1.85% |
Expenses net of all reductions | 1.70% A | 1.75% | 1.82% | 1.88% | 1.94% | 1.85% |
Net investment income (loss) | (.58)% A | (.62)% | (.98)% | (1.02)% | (.76)% | (.49)% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 2,868 | $ 2,515 | $ 2,133 | $ 2,138 | $ 1,799 | $ 1,355 |
Portfolio turnover rate G | 42% A | 47% | 58% | 47% I | 58% | 74% |
A Annualized
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 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.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended June 30, 2013 | Years ended December 31, | ||||
| (Unaudited) | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 | $ 13.49 | $ 21.84 |
Income from Investment Operations |
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Net investment income (loss) D | .05 | .09 | .01 | (.01) | .03 | .09 |
Net realized and unrealized gain (loss) | 2.61 | 3.12 | (.15) | 2.85 | 3.93 | (8.30) |
Total from investment operations | 2.66 | 3.21 | (.14) | 2.84 | 3.96 | (8.21) |
Distributions from net investment income | - | (.02) | - | - | (.02) | (.02) |
Distributions from net realized gain | - | (.13) | (.04) | (.09) | (.04) | (.12) |
Total distributions | - | (.15) | (.04) | (.09) | (.06) | (.14) |
Net asset value, end of period | $ 25.68 | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 | $ 13.49 |
Total Return B, C | 11.56% | 16.11% | (.73)% | 16.34% | 29.37% | (37.76)% |
Ratios to Average Net Assets E, G |
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Expenses before reductions | .70% A | .74% | .81% | .89% | .96% | .86% |
Expenses net of fee waivers, if any | .70% A | .74% | .81% | .89% | .96% | .86% |
Expenses net of all reductions | .70% A | .74% | .81% | .89% | .95% | .85% |
Net investment income (loss) | .43% A | .39% | .03% | (.04)% | .24% | .50% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 9,965 | $ 9,898 | $ 7,169 | $ 5,898 | $ 4,225 | $ 2,793 |
Portfolio turnover rate F | 42% A | 47% | 58% | 47% H | 58% | 74% |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity 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 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.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2013 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor® New Insights Fund (the Fund) is a fund of Fidelity Contrafund (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. In June 2013, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class Z shares on August 13, 2013. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
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 Fidelity Management & Research Company (FMR) 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 FMR.
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 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:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (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 FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2, 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 net asset value (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 may include proceeds received from litigation. Dividend income is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 6,949,829 |
Gross unrealized depreciation | (214,303) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,735,526 |
|
|
Tax cost | $ 15,831,809 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2015 | $ (5,939) |
2017 | (149,558) |
2018 | (113,112) |
Total with expiration | $ (268,609) |
The Fund acquired $5,939 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,979 per year.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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 $4,498,619 and $5,759,701, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. 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 the Institutional Class of the Fund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .49% 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 FMR, 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 | Service | Total Fees | Retained |
Class A | -% | .25% | $ 8,835 | $ 376 |
Class T | .25% | .25% | 4,803 | 60 |
Class B | .75% | .25% | 1,103 | 832 |
Class C | .75% | .25% | 13,818 | 2,370 |
|
|
| $ 28,559 | $ 3,638 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 739 |
Class T | 100 |
Class B* | 120 |
Class C* | 98 |
| $ 1,057 |
* When Class B and 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 FMR, 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. 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 A | $ 7,043 | .20 |
Class T | 1,835 | .19 |
Class B | 287 | .26 |
Class C | 2,738 | .20 |
Institutional Class | 9,980 | .19 |
| $ 21,883 |
|
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $76 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $28 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $13,345. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
7. Security Lending - continued
fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,178, including $38 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $401 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by two hundred and fourteen dollars.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ - | $ - |
Class T | - | - |
Class B | - | - |
Class C | - | - |
Institutional Class | - | 8,962 |
Total | $ - | $ 8,962 |
From net realized gain |
|
|
Class A | $ - | $ 26,405 |
Class T | - | 3,128 |
Class B | - | - |
Class C | - | - |
Institutional Class | - | 56,758 |
Total | $ - | $ 86,291 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended June 30, | Year ended | Six months ended June 30, | Year ended | |
Class A |
|
|
|
|
Shares sold | 33,389 | 69,742 | $ 821,000 | $ 1,537,976 |
Reinvestment of distributions | - | 1,068 | - | 24,021 |
Shares redeemed | (29,186) | (81,404) | (718,724) | (1,797,007) |
Net increase (decrease) | 4,203 | (10,594) | $ 102,276 | $ (235,010) |
Class T |
|
|
|
|
Shares sold | 5,782 | 13,706 | $ 140,373 | $ 297,340 |
Reinvestment of distributions | - | 128 | - | 2,849 |
Shares redeemed | (8,046) | (18,113) | (195,488) | (394,342) |
Net increase (decrease) | (2,264) | (4,279) | $ (55,115) | $ (94,153) |
Class B |
|
|
|
|
Shares sold | 120 | 265 | $ 2,779 | $ 5,463 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (2,985) | (5,694) | (68,318) | (118,394) |
Net increase (decrease) | (2,865) | (5,429) | $ (65,539) | $ (112,931) |
Class C |
|
|
|
|
Shares sold | 11,458 | 22,815 | $ 266,026 | $ 474,829 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (8,277) | (19,869) | (192,342) | (414,007) |
Net increase (decrease) | 3,181 | 2,946 | $ 73,684 | $ 60,822 |
Institutional Class |
|
|
|
|
Shares sold | 62,956 | 143,736 | $ 1,570,145 | $ 3,208,589 |
Reinvestment of distributions | - | 2,421 | - | 55,102 |
Shares redeemed | (104,905) | (75,358) | (2,630,579) | (1,684,854) |
Net increase (decrease) | (41,949) | 70,799 | $ (1,060,434) | $ 1,578,837 |
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.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
ANIFI-USAN-0813 1.803544.109
Fidelity Advisor®
Series Opportunistic Insights Fund
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the Financial Statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
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 (January 1, 2013 to June 30, 2013).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .80% | $ 1,000.00 | $ 1,129.00 | $ 4.22 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Google, Inc. Class A | 5.6 | 4.9 |
Gilead Sciences, Inc. | 4.1 | 3.9 |
Berkshire Hathaway, Inc. Class A | 3.5 | 3.1 |
Facebook, Inc. Class A | 3.5 | 4.8 |
Biogen Idec, Inc. | 3.1 | 2.4 |
MasterCard, Inc. Class A | 2.8 | 3.6 |
EOG Resources, Inc. | 2.7 | 3.1 |
Amazon.com, Inc. | 2.1 | 3.0 |
Citigroup, Inc. | 2.0 | 0.0 |
Yahoo!, Inc. | 1.9 | 1.6 |
| 31.3 | |
Top Five Market Sectors as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Information Technology | 27.6 | 33.5 |
Consumer Discretionary | 16.1 | 16.3 |
Health Care | 15.7 | 17.3 |
Financials | 12.7 | 8.4 |
Industrials | 6.8 | 6.3 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2013 * | As of December 31, 2012 ** | ||||||
![]() | Stocks 94.0% |
| ![]() | Stocks 98.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 7.8% |
| ** Foreign investments | 9.2% |
|
Semiannual Report
Investments June 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.0% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 16.0% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 11,200 | $ 567,728 | |
Automobiles - 0.5% | |||
Honda Motor Co. Ltd. | 12,300 | 456,938 | |
Tesla Motors, Inc. (a) | 9,600 | 1,031,328 | |
Toyota Motor Corp. | 17,000 | 1,025,403 | |
| 2,513,669 | ||
Distributors - 0.1% | |||
LKQ Corp. (a) | 14,000 | 360,500 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Buffalo Wild Wings, Inc. (a) | 2,700 | 265,032 | |
Chipotle Mexican Grill, Inc. (a) | 7,300 | 2,659,755 | |
Chuys Holdings, Inc. | 700 | 26,838 | |
Las Vegas Sands Corp. | 4,900 | 259,357 | |
Marriott International, Inc. Class A | 2,200 | 88,814 | |
Noodles & Co. | 4,000 | 147,000 | |
Starbucks Corp. | 79,900 | 5,232,651 | |
Wyndham Worldwide Corp. | 78 | 4,464 | |
| 8,683,911 | ||
Household Durables - 1.0% | |||
D.R. Horton, Inc. | 4,500 | 95,760 | |
Lennar Corp. Class A | 100,600 | 3,625,624 | |
PulteGroup, Inc. (a) | 72,600 | 1,377,222 | |
SodaStream International Ltd. (a) | 500 | 36,325 | |
Whirlpool Corp. | 1,500 | 171,540 | |
| 5,306,471 | ||
Internet & Catalog Retail - 4.6% | |||
Amazon.com, Inc. (a) | 40,107 | 11,137,313 | |
ASOS PLC (a) | 1,600 | 98,436 | |
Liberty Media Corp.: | |||
Interactive Series A (a) | 2,500 | 57,525 | |
Series A (a) | 400 | 34,004 | |
Netflix, Inc. (a) | 2,456 | 518,437 | |
priceline.com, Inc. (a) | 7,200 | 5,955,336 | |
Rakuten, Inc. | 31,300 | 370,122 | |
TripAdvisor, Inc. (a) | 99,900 | 6,080,913 | |
| 24,252,086 | ||
Leisure Equipment & Products - 0.5% | |||
Polaris Industries, Inc. | 26,200 | 2,489,000 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Media - 3.6% | |||
CBS Corp. Class B | 6,600 | $ 322,542 | |
Charter Communications, Inc. Class A (a) | 6,897 | 854,193 | |
Comcast Corp. Class A | 72,531 | 3,037,598 | |
DIRECTV (a) | 17,028 | 1,049,265 | |
Discovery Communications, Inc. (a) | 39,100 | 3,018,911 | |
Liberty Global PLC Class A (a) | 54,486 | 4,036,323 | |
Liberty Media Corp. Class A (a) | 44,100 | 5,590,116 | |
Omnicom Group, Inc. | 5,985 | 376,277 | |
Rightmove PLC | 3,400 | 107,768 | |
Starz - Liberty Capital Series A (a) | 41,300 | 912,730 | |
| 19,305,723 | ||
Multiline Retail - 0.0% | |||
Macy's, Inc. | 6,900 | 331,200 | |
Specialty Retail - 2.6% | |||
Best Buy Co., Inc. | 6,600 | 180,378 | |
Fast Retailing Co. Ltd. | 200 | 67,501 | |
Five Below, Inc. (d) | 19,800 | 727,848 | |
GNC Holdings, Inc. | 3,100 | 137,051 | |
Home Depot, Inc. | 67,459 | 5,226,049 | |
O'Reilly Automotive, Inc. (a) | 2,900 | 326,598 | |
Tile Shop Holdings, Inc. (a) | 2,800 | 81,088 | |
TJX Companies, Inc. | 87,100 | 4,360,226 | |
Tractor Supply Co. | 1,900 | 223,459 | |
Urban Outfitters, Inc. (a) | 58,000 | 2,332,760 | |
| 13,662,958 | ||
Textiles, Apparel & Luxury Goods - 1.4% | |||
ECLAT Textile Co. Ltd. | 12,000 | 88,689 | |
Michael Kors Holdings Ltd. (a) | 47,945 | 2,973,549 | |
NIKE, Inc. Class B | 56,700 | 3,610,656 | |
PVH Corp. | 2,200 | 275,110 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 3,100 | 185,101 | |
VF Corp. | 600 | 115,836 | |
| 7,248,941 | ||
TOTAL CONSUMER DISCRETIONARY | 84,722,187 | ||
CONSUMER STAPLES - 6.5% | |||
Beverages - 1.5% | |||
Anheuser-Busch InBev SA NV ADR | 28,200 | 2,545,332 | |
Boston Beer Co., Inc. Class A (a)(d) | 15,731 | 2,684,338 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Beverages - continued | |||
Coca-Cola Icecek A/S | 7,000 | $ 201,431 | |
The Coca-Cola Co. | 57,108 | 2,290,602 | |
| 7,721,703 | ||
Food & Staples Retailing - 2.5% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 700 | 41,533 | |
Costco Wholesale Corp. | 50,700 | 5,605,899 | |
CVS Caremark Corp. | 49,074 | 2,806,051 | |
Fairway Group Holdings Corp. (d) | 1,200 | 29,004 | |
Jeronimo Martins SGPS SA | 4,800 | 101,154 | |
Kroger Co. | 3,000 | 103,620 | |
Tesco PLC | 36,400 | 183,472 | |
Wal-Mart Stores, Inc. | 59,593 | 4,439,083 | |
Whole Foods Market, Inc. | 2,100 | 108,108 | |
| 13,417,924 | ||
Food Products - 0.6% | |||
Associated British Foods PLC | 108,400 | 2,860,511 | |
Green Mountain Coffee Roasters, Inc. (a) | 1,400 | 105,084 | |
Mondelez International, Inc. | 6,300 | 179,739 | |
Orion Corp. | 182 | 151,826 | |
| 3,297,160 | ||
Household Products - 0.8% | |||
Colgate-Palmolive Co. | 63,200 | 3,620,728 | |
Procter & Gamble Co. | 7,187 | 553,327 | |
| 4,174,055 | ||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 82,582 | 5,431,418 | |
L'Oreal SA | 1,600 | 262,933 | |
| 5,694,351 | ||
TOTAL CONSUMER STAPLES | 34,305,193 | ||
ENERGY - 4.2% | |||
Energy Equipment & Services - 0.0% | |||
Cameron International Corp. (a) | 800 | 48,928 | |
Schlumberger Ltd. | 700 | 50,162 | |
| 99,090 | ||
Oil, Gas & Consumable Fuels - 4.2% | |||
Cabot Oil & Gas Corp. | 9,400 | 667,588 | |
Cobalt International Energy, Inc. (a) | 18,726 | 497,550 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Continental Resources, Inc. (a) | 1,300 | $ 111,878 | |
EOG Resources, Inc. | 107,480 | 14,152,966 | |
EQT Corp. | 2,100 | 166,677 | |
Murphy Oil Corp. | 70,300 | 4,280,567 | |
Noble Energy, Inc. | 2,200 | 132,088 | |
Oasis Petroleum, Inc. (a) | 2,200 | 85,514 | |
Phillips 66 | 27,496 | 1,619,789 | |
Pioneer Natural Resources Co. | 2,100 | 303,975 | |
| 22,018,592 | ||
TOTAL ENERGY | 22,117,682 | ||
FINANCIALS - 12.7% | |||
Capital Markets - 1.2% | |||
Ameriprise Financial, Inc. | 11,500 | 930,120 | |
BlackRock, Inc. Class A | 13,798 | 3,544,016 | |
Charles Schwab Corp. | 15,400 | 326,942 | |
Morgan Stanley | 26,800 | 654,724 | |
Oaktree Capital Group LLC Class A | 10,900 | 572,795 | |
T. Rowe Price Group, Inc. | 1,400 | 102,410 | |
WisdomTree Investments, Inc. (a) | 9,100 | 105,287 | |
| 6,236,294 | ||
Commercial Banks - 2.5% | |||
HDFC Bank Ltd. sponsored ADR | 48,800 | 1,768,512 | |
M&T Bank Corp. (d) | 36,700 | 4,101,225 | |
PNC Financial Services Group, Inc. | 7,800 | 568,776 | |
Shinsei Bank Ltd. | 105,000 | 238,439 | |
U.S. Bancorp | 4,000 | 144,600 | |
Wells Fargo & Co. | 146,904 | 6,062,728 | |
| 12,884,280 | ||
Consumer Finance - 0.3% | |||
American Express Co. | 22,915 | 1,713,125 | |
Diversified Financial Services - 2.3% | |||
Citigroup, Inc. | 217,400 | 10,428,678 | |
IntercontinentalExchange, Inc. (a)(d) | 3,800 | 675,488 | |
JPMorgan Chase & Co. | 18,200 | 960,778 | |
ORIX Corp. | 17,500 | 238,818 | |
| 12,303,762 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - 5.4% | |||
ACE Ltd. | 26,775 | $ 2,395,827 | |
AIA Group Ltd. | 61,400 | 260,054 | |
Berkshire Hathaway, Inc. Class A (a) | 111 | 18,714,600 | |
esure Group PLC | 59,000 | 291,552 | |
Marsh & McLennan Companies, Inc. | 60,800 | 2,427,136 | |
The Chubb Corp. | 29,300 | 2,480,245 | |
The Travelers Companies, Inc. | 27,000 | 2,157,840 | |
| 28,727,254 | ||
Real Estate Investment Trusts - 0.3% | |||
American Tower Corp. | 18,319 | 1,340,401 | |
Simon Property Group, Inc. | 1,167 | 184,293 | |
| 1,524,694 | ||
Real Estate Management & Development - 0.7% | |||
Kennedy-Wilson Holdings, Inc. | 100 | 1,664 | |
Realogy Holdings Corp. | 74,900 | 3,598,196 | |
| 3,599,860 | ||
TOTAL FINANCIALS | 66,989,269 | ||
HEALTH CARE - 15.3% | |||
Biotechnology - 9.2% | |||
Alnylam Pharmaceuticals, Inc. (a) | 3,200 | 99,232 | |
Amgen, Inc. | 42,945 | 4,236,954 | |
Biogen Idec, Inc. (a) | 76,481 | 16,458,711 | |
BioMarin Pharmaceutical, Inc. (a) | 3,100 | 172,949 | |
Bluebird Bio, Inc. | 3,300 | 82,401 | |
Celgene Corp. (a) | 7,582 | 886,412 | |
Celldex Therapeutics, Inc. (a) | 5,300 | 82,733 | |
CSL Ltd. | 3,272 | 184,272 | |
Gilead Sciences, Inc. (a) | 422,824 | 21,652,817 | |
Intercept Pharmaceuticals, Inc. | 7,100 | 318,364 | |
Puma Biotechnology, Inc. (a) | 16,986 | 753,669 | |
Regeneron Pharmaceuticals, Inc. (a) | 13,879 | 3,121,110 | |
Vertex Pharmaceuticals, Inc. (a) | 8,800 | 702,856 | |
| 48,752,480 | ||
Health Care Equipment & Supplies - 1.0% | |||
Becton, Dickinson & Co. | 600 | 59,298 | |
Boston Scientific Corp. (a) | 77,200 | 715,644 | |
C.R. Bard, Inc. | 1,000 | 108,680 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
CareFusion Corp. (a) | 7,211 | $ 265,725 | |
Covidien PLC | 21,600 | 1,357,344 | |
Medtronic, Inc. | 9,421 | 484,899 | |
ResMed, Inc. (d) | 10,200 | 460,326 | |
St. Jude Medical, Inc. | 2,400 | 109,512 | |
Stryker Corp. | 6,000 | 388,080 | |
The Cooper Companies, Inc. | 2,660 | 316,673 | |
Trinity Biotech PLC sponsored ADR | 50,808 | 856,115 | |
| 5,122,296 | ||
Health Care Providers & Services - 2.2% | |||
AmerisourceBergen Corp. | 13,500 | 753,705 | |
Catamaran Corp. (a) | 1,000 | 48,674 | |
CIGNA Corp. | 10,700 | 775,643 | |
DaVita, Inc. (a) | 34,900 | 4,215,920 | |
Henry Schein, Inc. (a) | 27,000 | 2,585,250 | |
McKesson Corp. | 2,300 | 263,350 | |
UnitedHealth Group, Inc. | 46,493 | 3,044,362 | |
| 11,686,904 | ||
Health Care Technology - 0.6% | |||
Cerner Corp. (a) | 35,000 | 3,363,150 | |
Life Sciences Tools & Services - 1.1% | |||
Eurofins Scientific SA | 100 | 21,126 | |
Mettler-Toledo International, Inc. (a) | 11,955 | 2,405,346 | |
PAREXEL International Corp. (a) | 10,100 | 463,994 | |
Thermo Fisher Scientific, Inc. | 17,900 | 1,514,877 | |
Waters Corp. (a) | 12,400 | 1,240,620 | |
| 5,645,963 | ||
Pharmaceuticals - 1.2% | |||
AbbVie, Inc. | 91,100 | 3,766,074 | |
Astellas Pharma, Inc. | 1,000 | 54,324 | |
Bayer AG | 5,500 | 586,543 | |
Johnson & Johnson | 600 | 51,516 | |
Novo Nordisk A/S Series B sponsored ADR | 407 | 63,073 | |
Salix Pharmaceuticals Ltd. (a) | 1,900 | 125,685 | |
Sanofi SA | 3,709 | 383,439 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 13,200 | $ 1,138,134 | |
Zoetis, Inc. Class A | 3,400 | 105,026 | |
| 6,273,814 | ||
TOTAL HEALTH CARE | 80,844,607 | ||
INDUSTRIALS - 6.8% | |||
Aerospace & Defense - 0.3% | |||
Honeywell International, Inc. | 10,627 | 843,146 | |
Precision Castparts Corp. | 2,700 | 610,227 | |
United Technologies Corp. | 500 | 46,470 | |
| 1,499,843 | ||
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR | 11,700 | 602,901 | |
Southwest Airlines Co. | 7,400 | 95,386 | |
| 698,287 | ||
Building Products - 0.3% | |||
Fortune Brands Home & Security, Inc. | 42,890 | 1,661,559 | |
Electrical Equipment - 0.6% | |||
Eaton Corp. PLC | 5,900 | 388,279 | |
Generac Holdings, Inc. | 69,300 | 2,564,793 | |
Roper Industries, Inc. | 800 | 99,376 | |
| 3,052,448 | ||
Industrial Conglomerates - 0.8% | |||
3M Co. | 15,423 | 1,686,505 | |
Danaher Corp. | 42,050 | 2,661,765 | |
| 4,348,270 | ||
Machinery - 0.3% | |||
Illinois Tool Works, Inc. | 18,820 | 1,301,779 | |
Kubota Corp. | 17,000 | 247,407 | |
Proto Labs, Inc. (a) | 3,000 | 194,910 | |
| 1,744,096 | ||
Professional Services - 1.1% | |||
Experian PLC | 5,801 | 100,847 | |
Intertek Group PLC | 5,000 | 222,287 | |
On Assignment, Inc. (a) | 1,600 | 42,752 | |
Verisk Analytics, Inc. (a) | 93,000 | 5,552,100 | |
| 5,917,986 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Road & Rail - 3.2% | |||
Canadian Pacific Railway Ltd. (d) | 49,200 | $ 5,966,032 | |
Hertz Global Holdings, Inc. (a) | 165,613 | 4,107,202 | |
J.B. Hunt Transport Services, Inc. | 3,000 | 216,720 | |
Union Pacific Corp. | 41,400 | 6,387,192 | |
| 16,677,146 | ||
Trading Companies & Distributors - 0.1% | |||
Air Lease Corp. Class A | 17,950 | 495,241 | |
W.W. Grainger, Inc. | 200 | 50,436 | |
| 545,677 | ||
TOTAL INDUSTRIALS | 36,145,312 | ||
INFORMATION TECHNOLOGY - 27.6% | |||
Computers & Peripherals - 1.9% | |||
Apple, Inc. | 24,448 | 9,683,364 | |
Hewlett-Packard Co. | 11,200 | 277,760 | |
Stratasys Ltd. (a) | 600 | 50,244 | |
| 10,011,368 | ||
Electronic Equipment & Components - 0.6% | |||
Amphenol Corp. Class A | 43,200 | 3,367,008 | |
Internet Software & Services - 13.3% | |||
Angie's List, Inc. (a) | 2,100 | 55,755 | |
Cornerstone OnDemand, Inc. (a) | 2,600 | 112,554 | |
eBay, Inc. (a) | 81,850 | 4,233,282 | |
Facebook, Inc. Class A (a) | 738,481 | 18,358,638 | |
Google, Inc. Class A (a) | 33,447 | 29,445,734 | |
LinkedIn Corp. (a) | 44,800 | 7,987,840 | |
Marketo, Inc. | 800 | 19,896 | |
Shutterstock, Inc. | 300 | 16,734 | |
Tencent Holdings Ltd. | 1,400 | 54,909 | |
Textura Corp. | 400 | 10,404 | |
Trulia, Inc. | 2,700 | 83,943 | |
Yahoo!, Inc. (a) | 392,100 | 9,845,631 | |
Zillow, Inc. (a)(d) | 1,500 | 84,450 | |
| 70,309,770 | ||
IT Services - 6.4% | |||
Accenture PLC Class A | 47,300 | 3,403,708 | |
Alliance Data Systems Corp. (a) | 5,586 | 1,011,234 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 17,800 | 521,289 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - continued | |||
EPAM Systems, Inc. (a) | 3,973 | $ 107,986 | |
Fidelity National Information Services, Inc. | 95,600 | 4,095,504 | |
FleetCor Technologies, Inc. (a) | 11,598 | 942,917 | |
MasterCard, Inc. Class A | 26,049 | 14,965,151 | |
Visa, Inc. Class A | 48,989 | 8,952,740 | |
| 34,000,529 | ||
Semiconductors & Semiconductor Equipment - 0.7% | |||
Advanced Micro Devices, Inc. (a)(d) | 58,100 | 237,048 | |
ARM Holdings PLC sponsored ADR | 22,654 | 819,622 | |
ASML Holding NV | 14,100 | 1,115,310 | |
Samsung Electronics Co. Ltd. | 765 | 898,661 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 30,100 | 551,432 | |
| 3,622,073 | ||
Software - 4.7% | |||
Activision Blizzard, Inc. | 3,500 | 49,910 | |
Adobe Systems, Inc. (a) | 15,300 | 697,068 | |
CA Technologies, Inc. | 3,700 | 105,931 | |
CommVault Systems, Inc. (a) | 73,200 | 5,555,148 | |
Concur Technologies, Inc. (a)(d) | 33,800 | 2,750,644 | |
Diligent Board Member Services, Inc. (a) | 55,651 | 293,262 | |
Infoblox, Inc. (a) | 900 | 26,334 | |
NetSuite, Inc. (a) | 39,400 | 3,614,556 | |
salesforce.com, Inc. (a) | 81,868 | 3,125,720 | |
ServiceNow, Inc. | 82,400 | 3,328,136 | |
SolarWinds, Inc. (a) | 9,450 | 366,755 | |
Splunk, Inc. (a) | 16,300 | 755,668 | |
SS&C Technologies Holdings, Inc. (a) | 700 | 23,030 | |
Symantec Corp. | 27,700 | 622,419 | |
Ultimate Software Group, Inc. (a) | 25,796 | 3,025,613 | |
Workday, Inc. Class A | 8,200 | 525,538 | |
| 24,865,732 | ||
TOTAL INFORMATION TECHNOLOGY | 146,176,480 | ||
MATERIALS - 4.8% | |||
Chemicals - 4.3% | |||
Ecolab, Inc. | 69,500 | 5,920,705 | |
Filtrona PLC | 29,100 | 310,481 | |
LyondellBasell Industries NV Class A | 2,620 | 173,601 | |
Monsanto Co. | 62,405 | 6,165,614 | |
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Chemicals - continued | |||
PPG Industries, Inc. | 29,800 | $ 4,363,018 | |
Sherwin-Williams Co. | 32,300 | 5,704,180 | |
| 22,637,599 | ||
Construction Materials - 0.0% | |||
Eagle Materials, Inc. | 3,100 | 205,437 | |
Containers & Packaging - 0.1% | |||
Rock-Tenn Co. Class A | 6,300 | 629,244 | |
Metals & Mining - 0.3% | |||
Argonaut Gold, Inc. (a) | 5,400 | 29,216 | |
B2Gold Corp. (a) | 34,500 | 73,481 | |
Franco-Nevada Corp. | 35,200 | 1,260,131 | |
Premier Gold Mines Ltd. (a) | 3,000 | 5,220 | |
Primero Mining Corp. (a) | 1,700 | 7,597 | |
Tahoe Resources, Inc. (a) | 2,800 | 39,696 | |
Turquoise Hill Resources Ltd. (a) | 200 | 1,187 | |
| 1,416,528 | ||
Paper & Forest Products - 0.1% | |||
International Paper Co. | 12,300 | 545,013 | |
TOTAL MATERIALS | 25,433,821 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
SoftBank Corp. | 6,600 | 384,186 | |
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
ITC Holdings Corp. | 2,300 | 209,990 | |
TOTAL COMMON STOCKS (Cost $436,712,479) |
| ||
Convertible Preferred Stocks - 0.5% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.1% | |||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (e) | 127,173 | 587,539 | |
Convertible Preferred Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - 0.4% | |||
Biotechnology - 0.4% | |||
Intrexon Corp. Series F, 6.00% (e) | 262,408 | $ 2,066,463 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,654,002) |
| ||
Money Market Funds - 9.0% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) | 30,918,909 | 30,918,909 | |
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) | 16,969,692 | 16,969,692 | |
TOTAL MONEY MARKET FUNDS (Cost $47,888,601) |
| ||
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $487,255,082) | 547,871,330 | ||
NET OTHER ASSETS (LIABILITIES) - (3.5)% | (18,754,550) | ||
NET ASSETS - 100% | $ 529,116,780 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(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 $2,654,002 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 | $ 587,539 |
Intrexon Corp. Series F, 6.00% | 4/30/13 | $ 2,066,463 |
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 | $ 9,270 |
Fidelity Securities Lending Cash Central Fund | 54,247 |
Total | $ 63,517 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 85,309,726 | $ 82,802,223 | $ 1,919,964 | $ 587,539 |
Consumer Staples | 34,305,193 | 34,305,193 | - | - |
Energy | 22,117,682 | 22,117,682 | - | - |
Financials | 66,989,269 | 66,512,012 | 477,257 | - |
Health Care | 82,911,070 | 80,406,844 | 437,763 | 2,066,463 |
Industrials | 36,145,312 | 35,897,905 | 247,407 | - |
Information Technology | 146,176,480 | 146,176,480 | - | - |
Materials | 25,433,821 | 25,433,821 | - | - |
Telecommunication Services | 384,186 | - | 384,186 | - |
Utilities | 209,990 | 209,990 | - | - |
Money Market Funds | 47,888,601 | 47,888,601 | - | - |
Total Investments in Securities: | $ 547,871,330 | $ 541,750,751 | $ 3,466,577 | $ 2,654,002 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 7,602,395 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $16,448,180) - See accompanying schedule: Unaffiliated issuers (cost $439,366,481) | $ 499,982,729 |
|
Fidelity Central Funds (cost $47,888,601) | 47,888,601 |
|
Total Investments (cost $487,255,082) |
| $ 547,871,330 |
Cash |
| 21,517 |
Receivable for investments sold | 1,567,200 | |
Receivable for fund shares sold | 22,461 | |
Dividends receivable | 192,993 | |
Distributions receivable from Fidelity Central Funds | 7,859 | |
Other receivables | 3,002 | |
Total assets | 549,686,362 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,748,078 | |
Payable for fund shares redeemed | 460,121 | |
Accrued management fee | 245,257 | |
Other affiliated payables | 102,906 | |
Other payables and accrued expenses | 43,528 | |
Collateral on securities loaned, at value | 16,969,692 | |
Total liabilities | 20,569,582 | |
|
|
|
Net Assets | $ 529,116,780 | |
Net Assets consist of: |
| |
Paid in capital | $ 467,204,764 | |
Undistributed net investment income | 222,258 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 1,073,741 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 60,616,017 | |
Net Assets, for 46,852,199 shares outstanding | $ 529,116,780 | |
Net Asset Value, offering price and redemption price per share ($529,116,780 ÷ 46,852,199 shares) | $ 11.29 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
| Six months ended June 30, 2013 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 2,171,268 |
Interest |
| 3 |
Income from Fidelity Central Funds |
| 63,517 |
Total income |
| 2,234,788 |
|
|
|
Expenses | ||
Management fee | $ 1,443,154 | |
Transfer agent fees | 490,552 | |
Accounting and security lending fees | 102,232 | |
Custodian fees and expenses | 25,649 | |
Independent trustees' compensation | 1,526 | |
Registration fees | (1,919) | |
Audit | 29,683 | |
Legal | 430 | |
Miscellaneous | 100 | |
Total expenses before reductions | 2,091,407 | |
Expense reductions | (78,877) | 2,012,530 |
Net investment income (loss) | 222,258 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,288,197 | |
Foreign currency transactions | (12,479) | |
Total net realized gain (loss) |
| 1,275,718 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 60,565,978 | |
Assets and liabilities in foreign currencies | (323) | |
Total change in net unrealized appreciation (depreciation) |
| 60,565,655 |
Net gain (loss) | 61,841,373 | |
Net increase (decrease) in net assets resulting from operations | $ 62,063,631 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2013 | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 222,258 | $ 11,402 |
Net realized gain (loss) | 1,275,718 | 2,495,290 |
Change in net unrealized appreciation (depreciation) | 60,565,655 | 50,362 |
Net increase (decrease) in net assets resulting | 62,063,631 | 2,557,054 |
Distributions to shareholders from net investment income | - | (192,824) |
Distributions to shareholders from net realized gain | (2,515,845) | - |
Total distributions | (2,515,845) | (192,824) |
Share transactions | 18,561,320 | 482,071,583 |
Reinvestment of distributions | 2,515,845 | 192,824 |
Cost of shares redeemed | (32,985,509) | (3,151,299) |
Net increase (decrease) in net assets resulting from share transactions | (11,908,344) | 479,113,108 |
Total increase (decrease) in net assets | 47,639,442 | 481,477,338 |
|
|
|
Net Assets | ||
Beginning of period | 481,477,338 | - |
End of period (including undistributed net investment income of $222,258 and $0, respectively) | $ 529,116,780 | $ 481,477,338 |
Other Information Shares | ||
Sold | 1,675,868 | 48,207,153 |
Issued in reinvestment of distributions | 236,674 | 19,167 |
Redeemed | (2,973,101) | (313,562) |
Net increase (decrease) | (1,060,559) | 47,912,758 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2013 | Year ended |
| (Unaudited) | 2012 G |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.05 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment (loss) D | - I | - I |
Net realized and unrealized gain (loss) | 1.29 | .05 |
Total from investment operations | 1.29 | .05 |
Distributions from net investment income | - | - I |
Distributions from net realized gain | (.05) | - |
Total distributions | (.05) | - |
Net asset value, end of period | $ 11.29 | $ 10.05 |
Total Return B, C | 12.90% | .54% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .80% A | 1.18% A |
Expenses net of fee waivers, if any | .80% A | 1.18% A |
Expenses net of all reductions | .77% A | 1.17% A |
Net investment income (loss) | .09% A | .04% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 529,117 | $ 481,477 |
Portfolio turnover rate F | 53% A | 68% J |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period December 6, 2012 (commencement of operations) to December 31, 2012.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Amount represents less than $.01 per share.
J Amount not annualized
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2013 (Unaudited)
1. Organization.
Fidelity Advisor® Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by FMR 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 FMR.
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 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013 including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
3. Significant Accounting Policies - continued
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), equity debt classifications and losses deferred to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 69,317,744 |
Gross unrealized depreciation | (8,879,738) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 60,438,006 |
|
|
Tax cost | $ 487,433,324 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 $131,914,044 and $166,429,098, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. 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 the Fund as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until December 1, 2013. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .55% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,751 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $93 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $54,247, including $185 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $78,875 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's accounting expenses by $2.
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 by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
AO1TI-SANN-0813 1.950954.100
Fidelity®
Contrafund®
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
|
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. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
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 (January 1, 2013 to June 30, 2013).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Contrafund | .69% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,114.20 | $ 3.62 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.37 | $ 3.46 |
Class K | .58% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,114.80 | $ 3.04 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.92 | $ 2.91 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Google, Inc. Class A | 6.0 | 5.3 |
Berkshire Hathaway, Inc. Class A | 4.0 | 3.5 |
Apple, Inc. | 3.5 | 7.3 |
Wells Fargo & Co. | 2.9 | 2.5 |
The Walt Disney Co. | 2.3 | 2.3 |
Noble Energy, Inc. | 2.2 | 2.1 |
The Coca-Cola Co. | 2.2 | 2.5 |
Biogen Idec, Inc. | 2.0 | 1.5 |
Visa, Inc. Class A | 2.0 | 1.9 |
TJX Companies, Inc. | 1.9 | 1.8 |
| 29.0 | |
Top Five Market Sectors as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Information Technology | 22.2 | 27.9 |
Consumer Discretionary | 19.7 | 20.0 |
Financials | 16.1 | 13.3 |
Health Care | 12.1 | 12.0 |
Consumer Staples | 9.2 | 9.3 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2013* | As of December 31, 2012** | ||||||
![]() | Stocks 93.6% |
| ![]() | Stocks 98.7% |
| ||
![]() | Bonds 0.0%† |
| ![]() | Bonds 0.0%† |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 10.4% |
| ** Foreign investments | 12.9% |
|
† Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2013
Showing Percentage of Net Assets
Common Stocks - 93.6% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 19.7% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 2,330,818 | $ 118,149 | |
Automobiles - 0.6% | |||
Honda Motor Co. Ltd. | 2,396,000 | 89,010 | |
Tesla Motors, Inc. (a)(e) | 3,134,282 | 336,716 | |
Toyota Motor Corp. | 2,433,100 | 146,759 | |
| 572,485 | ||
Distributors - 0.1% | |||
LKQ Corp. (a) | 4,647,218 | 119,666 | |
Hotels, Restaurants & Leisure - 3.4% | |||
Chipotle Mexican Grill, Inc. (a)(f) | 1,668,283 | 607,839 | |
Chuys Holdings, Inc. | 309,177 | 11,854 | |
Dunkin' Brands Group, Inc. (f) | 7,147,490 | 306,056 | |
InterContinental Hotel Group PLC | 265,987 | 7,310 | |
Las Vegas Sands Corp. | 1,041,490 | 55,126 | |
Marriott International, Inc. Class A | 455,615 | 18,393 | |
McDonald's Corp. | 7,534,066 | 745,873 | |
Noodles & Co. | 707,242 | 25,991 | |
Paddy Power PLC (Ireland) | 544,435 | 46,715 | |
Starbucks Corp. | 12,973,354 | 849,625 | |
Tim Hortons, Inc. (Canada) (f) | 8,786,232 | 475,193 | |
| 3,149,975 | ||
Household Durables - 1.2% | |||
D.R. Horton, Inc. (f) | 18,126,108 | 385,724 | |
Lennar Corp. Class A | 8,246,684 | 297,210 | |
PulteGroup, Inc. (a) | 16,843,960 | 319,530 | |
SodaStream International Ltd. (a) | 89,232 | 6,483 | |
Whirlpool Corp. | 726,823 | 83,119 | |
| 1,092,066 | ||
Internet & Catalog Retail - 3.3% | |||
Amazon.com, Inc. (a) | 5,891,215 | 1,635,931 | |
ASOS PLC (a) | 1,059,502 | 65,183 | |
Liberty Media Corp.: | |||
Interactive Series A (a) | 2,555,166 | 58,794 | |
Series A (a) | 130,212 | 11,069 | |
Netflix, Inc. (a)(e) | 479,932 | 101,309 | |
priceline.com, Inc. (a) | 826,760 | 683,838 | |
Rakuten, Inc. | 5,733,300 | 67,796 | |
TripAdvisor, Inc. (a)(f) | 8,176,721 | 497,717 | |
| 3,121,637 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Equipment & Products - 0.1% | |||
Mattel, Inc. | 436,144 | $ 19,762 | |
Polaris Industries, Inc. | 749,401 | 71,193 | |
| 90,955 | ||
Media - 5.6% | |||
CBS Corp. Class B | 1,155,134 | 56,451 | |
Charter Communications, Inc. Class A (a) | 1,097,324 | 135,904 | |
Comcast Corp. Class A | 17,621,388 | 737,984 | |
DIRECTV (a) | 2,988,250 | 184,136 | |
Discovery Communications, Inc. (a)(f) | 16,128,474 | 1,245,279 | |
Legend Pictures LLC (a)(h)(i) | 52,165 | 87,820 | |
Liberty Global PLC Class A (a) | 2,581,844 | 191,263 | |
Liberty Media Corp. Class A (a) | 2,199,145 | 278,764 | |
Omnicom Group, Inc. | 1,630,186 | 102,490 | |
Rightmove PLC | 620,117 | 19,656 | |
Starz - Liberty Capital Series A (a) | 847,987 | 18,741 | |
The Walt Disney Co. | 34,122,203 | 2,154,817 | |
Weinstein Co. Holdings LLC Class A-1 (a)(h)(i) | 41,234 | 15,463 | |
| 5,228,768 | ||
Multiline Retail - 0.1% | |||
Dollar Tree, Inc. (a) | 324,528 | 16,499 | |
Macy's, Inc. | 1,256,654 | 60,319 | |
| 76,818 | ||
Specialty Retail - 3.7% | |||
Bed Bath & Beyond, Inc. (a) | 5,346,320 | 379,054 | |
Best Buy Co., Inc. | 1,184,666 | 32,377 | |
Fast Retailing Co. Ltd. | 230,100 | 77,660 | |
Five Below, Inc. (f) | 3,326,868 | 122,296 | |
GNC Holdings, Inc. | 1,177,464 | 52,056 | |
Home Depot, Inc. | 4,609,239 | 357,078 | |
O'Reilly Automotive, Inc. (a) | 627,881 | 70,712 | |
Ross Stores, Inc. | 5,407,737 | 350,475 | |
Tile Shop Holdings, Inc. (a) | 493,700 | 14,298 | |
TJX Companies, Inc. | 35,683,869 | 1,786,334 | |
Tractor Supply Co. | 343,867 | 40,442 | |
Urban Outfitters, Inc. (a) | 4,616,000 | 185,656 | |
| 3,468,438 | ||
Textiles, Apparel & Luxury Goods - 1.5% | |||
Michael Kors Holdings Ltd. (a) | 2,500,207 | 155,063 | |
NIKE, Inc. Class B | 14,282,867 | 909,533 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Textiles, Apparel & Luxury Goods - continued | |||
PVH Corp. | 403,311 | $ 50,434 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 4,339,778 | 259,128 | |
VF Corp. | 324,026 | 62,556 | |
| 1,436,714 | ||
TOTAL CONSUMER DISCRETIONARY | 18,475,671 | ||
CONSUMER STAPLES - 9.2% | |||
Beverages - 2.9% | |||
Anheuser-Busch InBev SA NV ADR | 5,000,118 | 451,311 | |
Boston Beer Co., Inc. Class A (a) | 526,407 | 89,826 | |
Coca-Cola Icecek A/S | 1,335,698 | 38,436 | |
The Coca-Cola Co. | 52,329,115 | 2,098,921 | |
| 2,678,494 | ||
Food & Staples Retailing - 2.7% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 120,100 | 7,126 | |
Costco Wholesale Corp. | 6,575,916 | 727,099 | |
CVS Caremark Corp. | 12,419,323 | 710,137 | |
Fairway Group Holdings Corp. (e) | 209,220 | 5,057 | |
Jeronimo Martins SGPS SA | 852,300 | 17,961 | |
Kroger Co. | 927,740 | 32,044 | |
Tesco PLC | 6,521,278 | 32,870 | |
Wal-Mart Stores, Inc. | 12,704,955 | 946,392 | |
Whole Foods Market, Inc. | 384,454 | 19,792 | |
| 2,498,478 | ||
Food Products - 0.5% | |||
Associated British Foods PLC | 7,117,999 | 187,833 | |
Green Mountain Coffee Roasters, Inc. (a) | 265,482 | 19,927 | |
Mondelez International, Inc. | 7,772,057 | 221,737 | |
Orion Corp. | 25,754 | 21,484 | |
Want Want China Holdings Ltd. | 25,013,000 | 35,217 | |
| 486,198 | ||
Household Products - 2.0% | |||
Colgate-Palmolive Co. | 25,734,302 | 1,474,318 | |
Kimberly-Clark Corp. | 1,819,950 | 176,790 | |
Procter & Gamble Co. | 2,842,995 | 218,882 | |
Reckitt Benckiser Group PLC | 641,989 | 45,385 | |
| 1,915,375 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 14,535,412 | $ 955,994 | |
L'Oreal SA | 290,899 | 47,804 | |
| 1,003,798 | ||
TOTAL CONSUMER STAPLES | 8,582,343 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 0.1% | |||
Cameron International Corp. (a) | 937,530 | 57,339 | |
Schlumberger Ltd. | 108,024 | 7,741 | |
| 65,080 | ||
Oil, Gas & Consumable Fuels - 4.8% | |||
Americas Petrogas, Inc. (a)(g) | 3,562,500 | 3,015 | |
Anadarko Petroleum Corp. | 5,900,816 | 507,057 | |
Birchcliff Energy Ltd. (a) | 3,708,400 | 28,773 | |
Birchcliff Energy Ltd. (a)(g) | 1,900,000 | 14,742 | |
Cabot Oil & Gas Corp. | 1,268,911 | 90,118 | |
Canadian Natural Resources Ltd. | 27,136 | 765 | |
Cobalt International Energy, Inc. (a) | 3,768,914 | 100,140 | |
Concho Resources, Inc. (a) | 500,820 | 41,929 | |
Continental Resources, Inc. (a) | 984,744 | 84,747 | |
EOG Resources, Inc. | 5,654,893 | 744,636 | |
EQT Corp. | 386,609 | 30,685 | |
Frontline 2012 Ltd. (a)(g) | 2,292,900 | 13,966 | |
Madalena Ventures, Inc. (a)(g) | 9,370,500 | 2,495 | |
Marathon Petroleum Corp. | 2,407,938 | 171,108 | |
Murphy Oil Corp. | 1,506,400 | 91,725 | |
Noble Energy, Inc. (f) | 34,968,018 | 2,099,480 | |
Oasis Petroleum, Inc. (a) | 397,641 | 15,456 | |
Phillips 66 | 2,480,074 | 146,101 | |
Pioneer Natural Resources Co. | 722,881 | 104,637 | |
TAG Oil Ltd. (a)(g) | 1,365,935 | 3,857 | |
Tourmaline Oil Corp. (a) | 4,559,700 | 182,657 | |
Tourmaline Oil Corp. (a)(g) | 1,363,300 | 54,612 | |
TransAtlantic Petroleum Ltd. (a)(g) | 1,734,051 | 1,196 | |
| 4,533,897 | ||
TOTAL ENERGY | 4,598,977 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - 16.1% | |||
Capital Markets - 1.1% | |||
Ameriprise Financial, Inc. | 2,128,661 | $ 172,166 | |
BlackRock, Inc. Class A | 1,496,098 | 384,273 | |
Charles Schwab Corp. | 2,821,457 | 59,900 | |
Morgan Stanley | 8,273,923 | 202,132 | |
Oaktree Capital Group LLC Class A | 1,911,972 | 100,474 | |
T. Rowe Price Group, Inc. | 1,032,334 | 75,515 | |
WisdomTree Investments, Inc. (a) | 1,594,282 | 18,446 | |
| 1,012,906 | ||
Commercial Banks - 4.9% | |||
Bank of Ireland (a) | 1,355,755,122 | 275,084 | |
HDFC Bank Ltd. sponsored ADR | 1,778,157 | 64,440 | |
M&T Bank Corp. | 2,107,285 | 235,489 | |
Metro Bank PLC Class A (a)(f)(i) | 2,671,250 | 40,628 | |
PNC Financial Services Group, Inc. | 5,401,100 | 393,848 | |
PT Bank Rakyat Indonesia Tbk | 8,541,500 | 6,670 | |
Shinsei Bank Ltd. | 20,068,000 | 45,571 | |
U.S. Bancorp | 22,450,330 | 811,579 | |
Wells Fargo & Co. | 65,688,188 | 2,710,952 | |
| 4,584,261 | ||
Consumer Finance - 1.0% | |||
American Express Co. | 12,867,078 | 961,943 | |
Diversified Financial Services - 1.7% | |||
Citigroup, Inc. | 22,782,692 | 1,092,886 | |
IntercontinentalExchange, Inc. (a) | 691,486 | 122,919 | |
JPMorgan Chase & Co. | 5,827,435 | 307,630 | |
Kotak Mahindra Bank Ltd. | 3,527,186 | 42,789 | |
ORIX Corp. | 3,062,700 | 41,796 | |
| 1,608,020 | ||
Insurance - 6.6% | |||
ACE Ltd. | 7,326,487 | 655,574 | |
Admiral Group PLC | 3,034,161 | 61,238 | |
AIA Group Ltd. | 71,783,800 | 304,033 | |
Berkshire Hathaway, Inc. Class A (a) | 22,342 | 3,766,861 | |
Direct Line Insurance Group PLC | 15,998,500 | 56,696 | |
esure Group PLC | 10,696,300 | 52,856 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 152,622 | 60,017 | |
Marsh & McLennan Companies, Inc. | 5,508,692 | 219,907 | |
Prudential PLC | 2,820,190 | 46,033 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Insurance - continued | |||
The Chubb Corp. | 7,408,863 | $ 627,160 | |
The Travelers Companies, Inc. | 4,579,714 | 366,011 | |
| 6,216,386 | ||
Real Estate Investment Trusts - 0.5% | |||
American Tower Corp. | 6,309,667 | 461,678 | |
Simon Property Group, Inc. | 127,144 | 20,079 | |
| 481,757 | ||
Real Estate Management & Development - 0.2% | |||
BR Malls Participacoes SA | 2,117,250 | 18,930 | |
Kennedy-Wilson Holdings, Inc. | 80,694 | 1,343 | |
Realogy Holdings Corp. | 3,331,074 | 160,025 | |
| 180,298 | ||
Thrifts & Mortgage Finance - 0.1% | |||
Housing Development Finance Corp. Ltd. (a) | 2,993,360 | 44,199 | |
TOTAL FINANCIALS | 15,089,770 | ||
HEALTH CARE - 12.1% | |||
Biotechnology - 4.6% | |||
Aegerion Pharmaceuticals, Inc. (a) | 89,840 | 5,690 | |
Alnylam Pharmaceuticals, Inc. (a) | 552,625 | 17,137 | |
Amgen, Inc. | 8,455,793 | 834,249 | |
Biogen Idec, Inc. (a) | 8,821,346 | 1,898,354 | |
BioMarin Pharmaceutical, Inc. (a) | 1,369,499 | 76,404 | |
Bluebird Bio, Inc. (f) | 576,100 | 14,385 | |
Bluebird Bio, Inc. (f) | 1,017,341 | 22,863 | |
Celgene Corp. (a) | 1,325,017 | 154,908 | |
Celldex Therapeutics, Inc. (a) | 1,426,681 | 22,270 | |
CSL Ltd. | 877,728 | 49,432 | |
Gilead Sciences, Inc. (a) | 14,006,908 | 717,294 | |
Intercept Pharmaceuticals, Inc. | 574,200 | 25,747 | |
Puma Biotechnology, Inc. (a)(f) | 1,482,205 | 65,765 | |
Regeneron Pharmaceuticals, Inc. (a) | 1,053,887 | 236,998 | |
Vertex Pharmaceuticals, Inc. (a) | 1,727,403 | 137,968 | |
| 4,279,464 | ||
Health Care Equipment & Supplies - 1.3% | |||
Abbott Laboratories | 7,115,190 | 248,178 | |
Becton, Dickinson & Co. | 242,268 | 23,943 | |
Boston Scientific Corp. (a) | 17,481,560 | 162,054 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
C.R. Bard, Inc. | 172,100 | $ 18,704 | |
CareFusion Corp. (a) | 1,281,906 | 47,238 | |
Covidien PLC | 3,491,078 | 219,379 | |
Intuitive Surgical, Inc. (a) | 43,307 | 21,938 | |
Medtronic, Inc. | 3,480,431 | 179,138 | |
ResMed, Inc. (e) | 1,694,731 | 76,483 | |
St. Jude Medical, Inc. | 520,900 | 23,769 | |
Stryker Corp. | 3,185,222 | 206,020 | |
The Cooper Companies, Inc. | 402,932 | 47,969 | |
| 1,274,813 | ||
Health Care Providers & Services - 1.4% | |||
AmerisourceBergen Corp. | 2,359,484 | 131,730 | |
Catamaran Corp. (a) | 181,700 | 8,844 | |
CIGNA Corp. | 2,978,539 | 215,914 | |
DaVita, Inc. (a) | 1,212,660 | 146,489 | |
Henry Schein, Inc. (a) | 1,108,253 | 106,115 | |
McKesson Corp. | 1,204,143 | 137,874 | |
UnitedHealth Group, Inc. | 9,203,992 | 602,677 | |
| 1,349,643 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 6,971,686 | 669,909 | |
Life Sciences Tools & Services - 1.0% | |||
Eurofins Scientific SA | 9,300 | 1,965 | |
Fluidigm Corp. (a)(i) | 1,027,387 | 17,938 | |
Mettler-Toledo International, Inc. (a)(f) | 2,457,845 | 494,518 | |
PAREXEL International Corp. (a) | 1,813,794 | 83,326 | |
Thermo Fisher Scientific, Inc. | 2,757,742 | 233,388 | |
Waters Corp. (a) | 873,923 | 87,436 | |
| 918,571 | ||
Pharmaceuticals - 3.1% | |||
AbbVie, Inc. | 16,614,136 | 686,828 | |
Actavis, Inc. (a) | 437,844 | 55,265 | |
Astellas Pharma, Inc. | 184,700 | 10,034 | |
Bayer AG | 4,744,095 | 505,930 | |
Eli Lilly & Co. | 1,449,581 | 71,203 | |
Johnson & Johnson | 9,165,554 | 786,954 | |
Novo Nordisk A/S Series B | 1,512,910 | 235,201 | |
Perrigo Co. | 1,555,937 | 188,268 | |
Salix Pharmaceuticals Ltd. (a) | 356,381 | 23,575 | |
Sanofi SA | 942,766 | 97,464 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 2,255,476 | $ 194,472 | |
Zoetis, Inc. Class A (e) | 1,002,700 | 30,973 | |
| 2,886,167 | ||
TOTAL HEALTH CARE | 11,378,567 | ||
INDUSTRIALS - 6.1% | |||
Aerospace & Defense - 0.4% | |||
Honeywell International, Inc. | 2,175,684 | 172,619 | |
Precision Castparts Corp. | 456,709 | 103,221 | |
United Technologies Corp. | 1,231,477 | 114,453 | |
| 390,293 | ||
Air Freight & Logistics - 0.0% | |||
United Parcel Service, Inc. Class B | 442,007 | 38,225 | |
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR | 2,022,635 | 104,226 | |
Building Products - 0.1% | |||
Fortune Brands Home & Security, Inc. | 1,257,728 | 48,724 | |
Commercial Services & Supplies - 0.5% | |||
Edenred SA | 2,373,933 | 72,616 | |
Stericycle, Inc. (a) | 3,146,208 | 347,436 | |
Swisher Hygiene, Inc. (a) | 6,357,060 | 5,466 | |
| 425,518 | ||
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 1,005,435 | 66,168 | |
Generac Holdings, Inc. | 968,034 | 35,827 | |
Roper Industries, Inc. | 262,666 | 32,628 | |
| 134,623 | ||
Industrial Conglomerates - 1.1% | |||
3M Co. | 2,951,155 | 322,709 | |
Danaher Corp. | 11,101,790 | 702,743 | |
| 1,025,452 | ||
Machinery - 0.5% | |||
Chart Industries, Inc. (a) | 127,629 | 12,009 | |
Illinois Tool Works, Inc. | 3,968,747 | 274,518 | |
Kubota Corp. | 3,051,000 | 44,402 | |
PACCAR, Inc. | 314,354 | 16,868 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Proto Labs, Inc. (a) | 520,874 | $ 33,841 | |
Snap-On, Inc. | 787,999 | 70,431 | |
| 452,069 | ||
Professional Services - 0.4% | |||
Experian PLC | 9,506,662 | 165,268 | |
Intertek Group PLC | 881,900 | 39,207 | |
On Assignment, Inc. (a) | 1,594,799 | 42,613 | |
Verisk Analytics, Inc. (a) | 2,388,244 | 142,578 | |
| 389,666 | ||
Road & Rail - 2.3% | |||
Canadian Pacific Railway Ltd. (e) | 6,502,876 | 788,544 | |
Hertz Global Holdings, Inc. (a) | 6,508,342 | 161,407 | |
J.B. Hunt Transport Services, Inc. | 1,758,500 | 127,034 | |
Union Pacific Corp. | 6,875,688 | 1,060,781 | |
| 2,137,766 | ||
Trading Companies & Distributors - 0.6% | |||
Air Lease Corp.: | |||
Class A (g) | 1,624,500 | 44,820 | |
Class A | 4,347,311 | 119,942 | |
W.W. Grainger, Inc. | 1,502,705 | 378,952 | |
| 543,714 | ||
TOTAL INDUSTRIALS | 5,690,276 | ||
INFORMATION TECHNOLOGY - 22.1% | |||
Communications Equipment - 0.3% | |||
QUALCOMM, Inc. | 4,462,600 | 272,576 | |
Computers & Peripherals - 3.5% | |||
Apple, Inc. | 8,189,210 | 3,243,582 | |
Hewlett-Packard Co. | 2,019,572 | 50,085 | |
Stratasys Ltd. (a) | 117,151 | 9,810 | |
| 3,303,477 | ||
Electronic Equipment & Components - 0.9% | |||
Amphenol Corp. Class A (f) | 10,687,551 | 832,988 | |
Internet Software & Services - 9.2% | |||
Angie's List, Inc. (a)(e) | 401,663 | 10,664 | |
Constant Contact, Inc. (a) | 1,356,490 | 21,799 | |
Cornerstone OnDemand, Inc. (a) | 2,374,629 | 102,798 | |
Dropbox, Inc. (i) | 5,464,028 | 54,640 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
eBay, Inc. (a) | 17,054,097 | $ 882,038 | |
Facebook, Inc. Class A (a) | 25,548,422 | 635,134 | |
Google, Inc. Class A (a) | 6,404,452 | 5,638,297 | |
LinkedIn Corp. (a) | 2,820,312 | 502,862 | |
Marketo, Inc. | 135,900 | 3,380 | |
Shutterstock, Inc. | 60,574 | 3,379 | |
Tencent Holdings Ltd. | 247,800 | 9,719 | |
Textura Corp. | 70,800 | 1,842 | |
Trulia, Inc. (e) | 1,104,756 | 34,347 | |
Yahoo!, Inc. (a) | 28,449,124 | 714,358 | |
Zillow, Inc. (a)(e) | 97,556 | 5,492 | |
| 8,620,749 | ||
IT Services - 5.3% | |||
Accenture PLC Class A | 11,320,591 | 814,630 | |
Alliance Data Systems Corp. (a) | 1,493,730 | 270,410 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 3,449,000 | 101,007 | |
Fidelity National Information Services, Inc. | 4,358,802 | 186,731 | |
Fiserv, Inc. (a) | 1,576,913 | 137,838 | |
FleetCor Technologies, Inc. (a) | 461,950 | 37,557 | |
Gartner, Inc. Class A (a) | 531,100 | 30,267 | |
IBM Corp. | 43,258 | 8,267 | |
MasterCard, Inc. Class A | 2,537,367 | 1,457,717 | |
Visa, Inc. Class A | 10,234,432 | 1,870,342 | |
| 4,914,766 | ||
Semiconductors & Semiconductor Equipment - 0.5% | |||
Advanced Micro Devices, Inc. (a)(e) | 10,897,913 | 44,463 | |
ARM Holdings PLC sponsored ADR | 5,816,115 | 210,427 | |
ASML Holding NV | 717,736 | 56,773 | |
Samsung Electronics Co. Ltd. | 125,819 | 147,802 | |
| 459,465 | ||
Software - 2.4% | |||
Activision Blizzard, Inc. | 5,979,147 | 85,263 | |
Adobe Systems, Inc. (a) | 2,956,412 | 134,694 | |
CA Technologies, Inc. | 1,087,744 | 31,142 | |
CommVault Systems, Inc. (a) | 1,449,601 | 110,010 | |
Concur Technologies, Inc. (a)(e)(f) | 3,579,373 | 291,289 | |
Infoblox, Inc. (a) | 147,582 | 4,318 | |
NetSuite, Inc. (a) | 3,582,735 | 328,680 | |
salesforce.com, Inc. (a) | 14,224,384 | 543,087 | |
ServiceNow, Inc. | 3,102,401 | 125,306 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
SolarWinds, Inc. (a) | 1,565,283 | $ 60,749 | |
Splunk, Inc. (a) | 2,909,989 | 134,907 | |
Symantec Corp. | 5,744,122 | 129,070 | |
Trion World Network, Inc. warrants 8/10/17 (a)(i) | 124,282 | 0* | |
Ultimate Software Group, Inc. (a) | 893,293 | 104,774 | |
Workday, Inc. Class A | 2,757,482 | 176,727 | |
| 2,260,016 | ||
TOTAL INFORMATION TECHNOLOGY | 20,664,037 | ||
MATERIALS - 3.2% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 1,079,219 | 75,556 | |
Ecolab, Inc. | 4,316,298 | 367,705 | |
Filtrona PLC | 7,786,771 | 83,081 | |
FMC Corp. | 444,659 | 27,151 | |
LyondellBasell Industries NV Class A | 2,045,058 | 135,506 | |
Mexichem S.A.B. de CV | 1,310,855 | 5,462 | |
Monsanto Co. | 4,945,637 | 488,629 | |
PPG Industries, Inc. | 1,852,241 | 271,187 | |
Sherwin-Williams Co. | 1,580,028 | 279,033 | |
Syngenta AG (Switzerland) | 313,870 | 122,396 | |
Valspar Corp. | 507,356 | 32,811 | |
W.R. Grace & Co. (a) | 418,758 | 35,192 | |
| 1,923,709 | ||
Construction Materials - 0.0% | |||
Eagle Materials, Inc. | 723,537 | 47,949 | |
Containers & Packaging - 0.1% | |||
Ball Corp. | 2,424 | 101 | |
Rock-Tenn Co. Class A | 1,393,039 | 139,137 | |
| 139,238 | ||
Metals & Mining - 0.8% | |||
Argonaut Gold, Inc. (a) | 956,300 | 5,174 | |
B2Gold Corp. (a)(f) | 51,467,699 | 109,620 | |
B2Gold Corp. (a)(f)(g) | 5,850,000 | 12,460 | |
Dalradian Resources, Inc. (a) | 228,970 | 126 | |
Dalradian Resources, Inc. (a)(g) | 3,000,000 | 1,654 | |
Franco-Nevada Corp. (f) | 10,228,348 | 366,166 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(f)(g) | 342,250 | 1,106 | |
Ivanplats Ltd. (g) | 16,077,337 | 23,389 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
New Gold, Inc. (a) | 3,908,673 | $ 25,310 | |
Premier Gold Mines Ltd. (a)(f) | 5,434,400 | 9,456 | |
Premier Gold Mines Ltd. (a)(f)(g) | 3,850,000 | 6,699 | |
Primero Mining Corp. (a) | 302,800 | 1,353 | |
Tahoe Resources, Inc. (a) | 1,670,403 | 23,681 | |
Tahoe Resources, Inc. (a)(g) | 5,376,500 | 76,223 | |
Turquoise Hill Resources Ltd. (a) | 12,021,775 | 71,328 | |
| 733,745 | ||
Paper & Forest Products - 0.2% | |||
International Paper Co. | 4,026,966 | 178,435 | |
TOTAL MATERIALS | 3,023,076 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 1,296,200 | 50,778 | |
SoftBank Corp. | 1,192,100 | 69,392 | |
| 120,170 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.0% | |||
ITC Holdings Corp. | 407,875 | 37,239 | |
Multi-Utilities - 0.1% | |||
YTL Corp. Bhd | 77,277,326 | 40,601 | |
TOTAL UTILITIES | 77,840 | ||
TOTAL COMMON STOCKS (Cost $53,402,924) |
| ||
Convertible Preferred Stocks - 0.1% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.0% | |||
Media - 0.0% | |||
Glam Media, Inc. Series M-1, 8.00% (a)(i) | 1,228,555 | 6,279 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. (i) | 2,100,446 | 28,629 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Internet Software & Services - 0.0% | |||
Dropbox, Inc. Series A (a)(i) | 1,260,898 | $ 12,609 | |
Software - 0.1% | |||
Trion World Network, Inc.: | |||
8.00% (i) | 333,435 | 1,427 | |
Series C, 8.00% (a)(i) | 3,950,196 | 16,907 | |
Series C-1, 8.00% (a)(i) | 310,705 | 1,330 | |
| 19,664 | ||
TOTAL INFORMATION TECHNOLOGY | 32,273 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $91,248) |
|
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s)(d) |
| ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Media - 0.0% | ||||
Glam Media, Inc. 9% 12/2/13 (i) | $ 2,693 | 2,693 | ||
FINANCIALS - 0.0% | ||||
Commercial Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 14,286 | 18,863 | |
TOTAL NONCONVERTIBLE BONDS (Cost $21,522) |
|
Money Market Funds - 6.6% | |||
Shares | Value (000s) | ||
Fidelity Cash Central Fund, 0.13% (b) | 5,963,764,847 | $ 5,963,765 | |
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) | 193,551,178 | 193,551 | |
TOTAL MONEY MARKET FUNDS (Cost $6,157,316) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $59,673,010) | 93,946,780 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (289,842) | ||
NET ASSETS - 100% | $ 93,656,938 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Affiliated company |
(g) 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 $260,234,000 or 0.3% of net assets. |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(i) 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 $286,363,000 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Dropbox, Inc. | 5/2/12 | $ 49,445 |
Dropbox, Inc. Series A | 5/29/12 | $ 11,410 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 18,170 |
Security | Acquisition Date | Acquisition Cost (000s) |
Glam Media, Inc.: | 3/19/08 | $ 22,464 |
9% 12/2/13 | 12/2/11 | $ 2,693 |
Intarcia Therapeutics, Inc. | 11/14/12 | $ 28,629 |
Legend Pictures LLC | 9/23/10 - 12/18/12 | $ 57,827 |
Metro Bank PLC Class A | 12/8/09 - 5/21/12 | $ 37,356 |
Trion World Network, Inc.: | 8/10/10 | $ 0* |
8.00% | 3/20/13 | $ 1,754 |
Series C, 8.00% | 8/22/08 | $ 21,691 |
Series C-1, 8.00% | 8/10/10 | $ 1,706 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 41,234 |
* Amount represents less than $1,000. |
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 | $ 1,895 |
Fidelity Securities Lending Cash Central Fund | 3,570 |
Total | $ 5,465 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Alliance Data Systems Corp. | $ 395,341 | $ - | $ 211,100 | $ - | $ - |
Allot Communications Ltd. | 37,894 | - | 29,261 | - | - |
Amphenol Corp. Class A | 609,379 | 89,400 | - | 2,220 | 832,988 |
B2Gold Corp. | 112,214 | 8,956 | - | - | 109,620 |
B2Gold Corp. (144A) | 20,937 | - | - | - | 12,460 |
Bluebird Bio, Inc. | - | 13,251 | - | - | 14,385 |
Bluebird Bio, Inc. | 9,615 | - | - | - | 22,863 |
CGA Mining Ltd. (Canada) | 61,621 | - | - | - | - |
Chipotle Mexican Grill, Inc. | 603,558 | - | 113,971 | - | 607,839 |
Concur Technologies, Inc. | 218,282 | 43,451 | 17,976 | - | 291,289 |
D.R. Horton, Inc. | 323,572 | 94,255 | 42,730 | - | 385,724 |
Discovery Communications, Inc. | 1,038,085 | 7,755 | 22,556 | - | 1,245,279 |
Dunkin' Brands Group, Inc. | 237,154 | - | - | 2,716 | 306,056 |
Five Below, Inc. | 17,220 | 104,122 | - | - | 122,296 |
FleetMatics Group PLC | 44,071 | 16,890 | 58,561 | - | - |
Franco-Nevada Corp. | 755,693 | 19,220 | 136,023 | 3,825 | 366,166 |
Franco-Nevada Corp. warrants 6/16/17 | 3,045 | - | - | - | 1,106 |
Medusa Mining Ltd. | 69,126 | - | 35,206 | - | - |
Metro Bank PLC Class A | 43,393 | - | - | - | 40,628 |
Mettler-Toledo International, Inc. | 463,490 | 22,760 | 9,278 | - | 494,518 |
Noble Energy, Inc. | 1,778,823 | - | - | 9,267 | 2,099,480 |
Premier Gold Mines Ltd. | 31,501 | 943 | 4,416 | - | 9,456 |
Premier Gold Mines Ltd. (144A) | 16,256 | - | - | - | 6,699 |
Puma Biotechnology, Inc. | 21,051 | 13,679 | - | - | 65,765 |
SolarWinds, Inc. | 206,369 | 15,251 | 113,700 | - | - |
Tim Hortons, Inc. (Canada) | 550,631 | - | 126,583 | 4,363 | 475,193 |
TripAdvisor, Inc. | 252,835 | 110,317 | - | - | 497,717 |
Total | $ 7,921,156 | $ 560,250 | $ 921,361 | $ 22,391 | $ 8,007,527 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 18,481,950 | $ 17,983,853 | $ 388,535 | $ 109,562 |
Consumer Staples | 8,582,343 | 8,582,343 | - | - |
Energy | 4,598,977 | 4,598,977 | - | - |
Financials | 15,089,770 | 14,640,658 | 408,484 | 40,628 |
Health Care | 11,407,196 | 11,013,005 | 365,562 | 28,629 |
Industrials | 5,690,276 | 5,645,874 | 44,402 | - |
Information Technology | 20,696,310 | 20,609,397 | - | 86,913 |
Materials | 3,023,076 | 2,900,680 | 122,396 | - |
Telecommunication Services | 120,170 | 50,778 | 69,392 | - |
Utilities | 77,840 | 77,840 | - | - |
Corporate Bonds | 21,556 | - | 18,863 | 2,693 |
Money Market Funds | 6,157,316 | 6,157,316 | - | - |
Total Investments in Securities: | $ 93,946,780 | $ 92,260,721 | $ 1,417,634 | $ 268,425 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total (000s) |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 2,238,402 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 89.6% |
Canada | 2.9% |
Ireland | 1.7% |
United Kingdom | 1.1% |
Others (Individually Less Than 1%) | 4.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2013 | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $185,596) - See accompanying schedule: Unaffiliated issuers (cost $49,402,512) | $ 79,781,937 |
|
Fidelity Central Funds (cost $6,157,316) | 6,157,316 |
|
Other affiliated issuers (cost $4,113,182) | 8,007,527 |
|
Total Investments (cost $59,673,010) |
| $ 93,946,780 |
Cash |
| 2,425 |
Foreign currency held at value (cost $6,360) | 6,360 | |
Receivable for investments sold | 421,291 | |
Receivable for fund shares sold | 94,763 | |
Dividends receivable | 51,385 | |
Interest receivable | 2,100 | |
Distributions receivable from Fidelity Central Funds | 946 | |
Other receivables | 2,836 | |
Total assets | 94,528,886 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 492,409 | |
Payable for fund shares redeemed | 139,210 | |
Accrued management fee | 33,539 | |
Other affiliated payables | 10,275 | |
Other payables and accrued expenses | 2,964 | |
Collateral on securities loaned, at value | 193,551 | |
Total liabilities | 871,948 | |
|
|
|
Net Assets | $ 93,656,938 | |
Net Assets consist of: |
| |
Paid in capital | $ 55,238,975 | |
Undistributed net investment income | 166,167 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 3,978,149 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 34,273,647 | |
Net Assets | $ 93,656,938 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2013 | |
|
|
|
Contrafund: | $ 85.64 | |
|
|
|
Class K: | $ 85.62 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2013 | |
|
|
|
Investment Income |
|
|
Dividends (including $22,391 earned from other affiliated issuers) |
| $ 512,925 |
Interest |
| 925 |
Income from Fidelity Central Funds |
| 5,465 |
Total income |
| 519,315 |
|
|
|
Expenses | ||
Management fee | $ 254,021 | |
Performance adjustment | (16,190) | |
Transfer agent fees | 57,948 | |
Accounting and security lending fees | 1,625 | |
Custodian fees and expenses | 884 | |
Independent trustees' compensation | 275 | |
Appreciation in deferred trustee compensation account | 1 | |
Registration fees | 515 | |
Audit | 142 | |
Legal | 93 | |
Miscellaneous | 494 | |
Total expenses before reductions | 299,808 | |
Expense reductions | (1,735) | 298,073 |
Net investment income (loss) | 221,242 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 4,570,349 | |
Other affiliated issuers | 107,219 |
|
Foreign currency transactions | (3,271) | |
Total net realized gain (loss) |
| 4,674,297 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 4,773,556 | |
Assets and liabilities in foreign currencies | (132) | |
Total change in net unrealized appreciation (depreciation) |
| 4,773,424 |
Net gain (loss) | 9,447,721 | |
Net increase (decrease) in net assets resulting from operations | $ 9,668,963 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 221,242 | $ 353,214 |
Net realized gain (loss) | 4,674,297 | 5,401,710 |
Change in net unrealized appreciation (depreciation) | 4,773,424 | 6,122,704 |
Net increase (decrease) in net assets resulting | 9,668,963 | 11,877,628 |
Distributions to shareholders from net investment income | - | (234,540) |
Distributions to shareholders from net realized gain | (814,222) | (699,796) |
Total distributions | (814,222) | (934,336) |
Share transactions - net increase (decrease) | 389,143 | 745,692 |
Total increase (decrease) in net assets | 9,243,884 | 11,688,984 |
|
|
|
Net Assets | ||
Beginning of period | 84,413,054 | 72,724,070 |
End of period (including undistributed net investment income of $166,167 and accumulated net investment loss of $55,075, respectively) | $ 93,656,938 | $ 84,413,054 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Contrafund
| Six months ended | Years ended December 31, | ||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 77.57 | $ 67.45 | $ 67.73 | $ 58.28 | $ 45.26 | $ 73.11 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .19 | .30 | .04 | (.02) | .11 | .23 |
Net realized and unrealized gain (loss) | 8.63 | 10.66 | (.13) | 9.86 | 13.11 | (27.22) |
Total from investment operations | 8.82 | 10.96 | (.09) | 9.84 | 13.22 | (26.99) |
Distributions from net investment income | - | (.19) G | (.04) | (.01) | (.11) | (.21) |
Distributions from net realized gain | (.75) | (.65) G | (.15) | (.38) | (.09) | (.65) |
Total distributions | (.75) | (.84) | (.19) | (.39) | (.20) I | (.86) |
Net asset value, end of period | $ 85.64 | $ 77.57 | $ 67.45 | $ 67.73 | $ 58.28 | $ 45.26 |
Total Return B, C | 11.42% | 16.26% | (.14)% | 16.93% | 29.23% | (37.16)% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .69% A | .74% | .81% | .92% | 1.02% | .95% |
Expenses net of fee waivers, if any | .69% A | .74% | .81% | .92% | 1.02% | .95% |
Expenses net of all reductions | .69% A | .74% | .81% | .91% | 1.01% | .94% |
Net investment income (loss) | .45% A | .40% | .06% | (.03)% | .22% | .37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 63,939 | $ 58,769 | $ 54,677 | $ 60,498 | $ 57,225 | $ 45,149 |
Portfolio turnover rate F | 42% A | 48% | 55% | 46% | 58% | 78% |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 Total distributions of $.20 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended | Years ended December 31, | ||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 77.51 | $ 67.40 | $ 67.70 | $ 58.25 | $ 45.23 | $ 68.59 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .23 | .39 | .12 | .06 | .19 | .22 |
Net realized and unrealized gain (loss) | 8.63 | 10.65 | (.14) | 9.87 | 13.11 | (23.30) |
Total from investment operations | 8.86 | 11.04 | (.02) | 9.93 | 13.30 | (23.08) |
Distributions from net investment income | - | (.28) H | (.13) | (.01) | (.20) | (.28) |
Distributions from net realized gain | (.75) | (.65) H | (.15) | (.47) | (.09) | - |
Total distributions | (.75) | (.93) | (.28) | (.48) | (.28) J | (.28) |
Net asset value, end of period | $ 85.62 | $ 77.51 | $ 67.40 | $ 67.70 | $ 58.25 | $ 45.23 |
Total Return B, C | 11.48% | 16.40% | (.02)% | 17.09% | 29.43% | (33.63)% |
Ratios to Average Net Assets E, I |
|
|
|
|
| |
Expenses before reductions | .58% A | .63% | .69% | .79% | .86% | .82% A |
Expenses net of fee waivers, if any | .58% A | .63% | .69% | .79% | .86% | .82% A |
Expenses net of all reductions | .57% A | .62% | .69% | .78% | .85% | .82% A |
Net investment income (loss) | .56% A | .51% | .18% | .10% | .38% | .75% A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 29,718 | $ 25,644 | $ 18,047 | $ 14,034 | $ 6,749 | $ 3,301 |
Portfolio turnover rate F | 42% A | 48% | 55% | 46% | 58% | 78% |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period May 9, 2008 (commencement of sale of shares) to December 31, 2008.
H The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.28 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2013
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Contrafund® (the Fund) is a fund of Fidelity Contrafund (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 Contrafund 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 Fidelity Management & Research Company (FMR) 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 FMR.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2, 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 may 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
differ from GAAP. These differences resulted in distribution reclassifications for the period ended December 31, 2012.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 34,385,156 |
Gross unrealized depreciation | (714,516) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 33,670,640 |
|
|
Tax cost | $ 60,276,140 |
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 $18,386,484 and $23,410,448, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 Contrafund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .52% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, 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 Contrafund. 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 |
Contrafund | $ 50,907 | .16 |
Class K | 7,041 | .05 |
| $ 57,948 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $308 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
6. Committed Line of Credit - continued
agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $113 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $42,281. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,570, including $108 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,639 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.
In addition, FMR reimbursed a portion of the Fund's operating expenses during the period in the amount of $95.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Contrafund | $ - | $ 142,141 |
Class K | - | 92,399 |
Total | $ - | $ 234,540 |
From net realized gain |
|
|
Contrafund | $ 563,555 | $ 488,008 |
Class K | 250,667 | 211,788 |
Total | $ 814,222 | $ 699,796 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Contrafund |
|
|
|
|
Shares sold | 56,508 | 111,368 | $ 4,706,383 | $ 8,438,526 |
Reinvestment of distributions | 6,686 | 7,912 | 543,217 | 607,022 |
Shares redeemed | (74,232) | (172,284) | (6,190,555) | (12,991,518) |
Net increase (decrease) | (11,038) | (53,004) | $ (940,955) | $ (3,945,970) |
Class K |
|
|
|
|
Shares sold | 44,147 | 117,840 | $ 3,666,040 | $ 8,818,893 |
Reinvestment of distributions | 3,087 | 3,969 | 250,667 | 304,187 |
Shares redeemed | (31,019) | (58,709) | (2,586,609) | (4,431,418) |
Net increase (decrease) | 16,215 | 63,100 | $ 1,330,098 | $ 4,691,662 |
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.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Contrafund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, and the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2013, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Contrafund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 2013
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
CON-USAN-0813 1.787777.110
Fidelity®
Contrafund®-
Class K
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
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 (January 1, 2013 to June 30, 2013).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Contrafund | .69% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,114.20 | $ 3.62 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.37 | $ 3.46 |
Class K | .58% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,114.80 | $ 3.04 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.92 | $ 2.91 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Google, Inc. Class A | 6.0 | 5.3 |
Berkshire Hathaway, Inc. Class A | 4.0 | 3.5 |
Apple, Inc. | 3.5 | 7.3 |
Wells Fargo & Co. | 2.9 | 2.5 |
The Walt Disney Co. | 2.3 | 2.3 |
Noble Energy, Inc. | 2.2 | 2.1 |
The Coca-Cola Co. | 2.2 | 2.5 |
Biogen Idec, Inc. | 2.0 | 1.5 |
Visa, Inc. Class A | 2.0 | 1.9 |
TJX Companies, Inc. | 1.9 | 1.8 |
| 29.0 | |
Top Five Market Sectors as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Information Technology | 22.2 | 27.9 |
Consumer Discretionary | 19.7 | 20.0 |
Financials | 16.1 | 13.3 |
Health Care | 12.1 | 12.0 |
Consumer Staples | 9.2 | 9.3 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2013* | As of December 31, 2012** | ||||||
![]() | Stocks 93.6% |
| ![]() | Stocks 98.7% |
| ||
![]() | Bonds 0.0%† |
| ![]() | Bonds 0.0%† |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 10.4% |
| ** Foreign investments | 12.9% |
|
† Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2013
Showing Percentage of Net Assets
Common Stocks - 93.6% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 19.7% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 2,330,818 | $ 118,149 | |
Automobiles - 0.6% | |||
Honda Motor Co. Ltd. | 2,396,000 | 89,010 | |
Tesla Motors, Inc. (a)(e) | 3,134,282 | 336,716 | |
Toyota Motor Corp. | 2,433,100 | 146,759 | |
| 572,485 | ||
Distributors - 0.1% | |||
LKQ Corp. (a) | 4,647,218 | 119,666 | |
Hotels, Restaurants & Leisure - 3.4% | |||
Chipotle Mexican Grill, Inc. (a)(f) | 1,668,283 | 607,839 | |
Chuys Holdings, Inc. | 309,177 | 11,854 | |
Dunkin' Brands Group, Inc. (f) | 7,147,490 | 306,056 | |
InterContinental Hotel Group PLC | 265,987 | 7,310 | |
Las Vegas Sands Corp. | 1,041,490 | 55,126 | |
Marriott International, Inc. Class A | 455,615 | 18,393 | |
McDonald's Corp. | 7,534,066 | 745,873 | |
Noodles & Co. | 707,242 | 25,991 | |
Paddy Power PLC (Ireland) | 544,435 | 46,715 | |
Starbucks Corp. | 12,973,354 | 849,625 | |
Tim Hortons, Inc. (Canada) (f) | 8,786,232 | 475,193 | |
| 3,149,975 | ||
Household Durables - 1.2% | |||
D.R. Horton, Inc. (f) | 18,126,108 | 385,724 | |
Lennar Corp. Class A | 8,246,684 | 297,210 | |
PulteGroup, Inc. (a) | 16,843,960 | 319,530 | |
SodaStream International Ltd. (a) | 89,232 | 6,483 | |
Whirlpool Corp. | 726,823 | 83,119 | |
| 1,092,066 | ||
Internet & Catalog Retail - 3.3% | |||
Amazon.com, Inc. (a) | 5,891,215 | 1,635,931 | |
ASOS PLC (a) | 1,059,502 | 65,183 | |
Liberty Media Corp.: | |||
Interactive Series A (a) | 2,555,166 | 58,794 | |
Series A (a) | 130,212 | 11,069 | |
Netflix, Inc. (a)(e) | 479,932 | 101,309 | |
priceline.com, Inc. (a) | 826,760 | 683,838 | |
Rakuten, Inc. | 5,733,300 | 67,796 | |
TripAdvisor, Inc. (a)(f) | 8,176,721 | 497,717 | |
| 3,121,637 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Equipment & Products - 0.1% | |||
Mattel, Inc. | 436,144 | $ 19,762 | |
Polaris Industries, Inc. | 749,401 | 71,193 | |
| 90,955 | ||
Media - 5.6% | |||
CBS Corp. Class B | 1,155,134 | 56,451 | |
Charter Communications, Inc. Class A (a) | 1,097,324 | 135,904 | |
Comcast Corp. Class A | 17,621,388 | 737,984 | |
DIRECTV (a) | 2,988,250 | 184,136 | |
Discovery Communications, Inc. (a)(f) | 16,128,474 | 1,245,279 | |
Legend Pictures LLC (a)(h)(i) | 52,165 | 87,820 | |
Liberty Global PLC Class A (a) | 2,581,844 | 191,263 | |
Liberty Media Corp. Class A (a) | 2,199,145 | 278,764 | |
Omnicom Group, Inc. | 1,630,186 | 102,490 | |
Rightmove PLC | 620,117 | 19,656 | |
Starz - Liberty Capital Series A (a) | 847,987 | 18,741 | |
The Walt Disney Co. | 34,122,203 | 2,154,817 | |
Weinstein Co. Holdings LLC Class A-1 (a)(h)(i) | 41,234 | 15,463 | |
| 5,228,768 | ||
Multiline Retail - 0.1% | |||
Dollar Tree, Inc. (a) | 324,528 | 16,499 | |
Macy's, Inc. | 1,256,654 | 60,319 | |
| 76,818 | ||
Specialty Retail - 3.7% | |||
Bed Bath & Beyond, Inc. (a) | 5,346,320 | 379,054 | |
Best Buy Co., Inc. | 1,184,666 | 32,377 | |
Fast Retailing Co. Ltd. | 230,100 | 77,660 | |
Five Below, Inc. (f) | 3,326,868 | 122,296 | |
GNC Holdings, Inc. | 1,177,464 | 52,056 | |
Home Depot, Inc. | 4,609,239 | 357,078 | |
O'Reilly Automotive, Inc. (a) | 627,881 | 70,712 | |
Ross Stores, Inc. | 5,407,737 | 350,475 | |
Tile Shop Holdings, Inc. (a) | 493,700 | 14,298 | |
TJX Companies, Inc. | 35,683,869 | 1,786,334 | |
Tractor Supply Co. | 343,867 | 40,442 | |
Urban Outfitters, Inc. (a) | 4,616,000 | 185,656 | |
| 3,468,438 | ||
Textiles, Apparel & Luxury Goods - 1.5% | |||
Michael Kors Holdings Ltd. (a) | 2,500,207 | 155,063 | |
NIKE, Inc. Class B | 14,282,867 | 909,533 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Textiles, Apparel & Luxury Goods - continued | |||
PVH Corp. | 403,311 | $ 50,434 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 4,339,778 | 259,128 | |
VF Corp. | 324,026 | 62,556 | |
| 1,436,714 | ||
TOTAL CONSUMER DISCRETIONARY | 18,475,671 | ||
CONSUMER STAPLES - 9.2% | |||
Beverages - 2.9% | |||
Anheuser-Busch InBev SA NV ADR | 5,000,118 | 451,311 | |
Boston Beer Co., Inc. Class A (a) | 526,407 | 89,826 | |
Coca-Cola Icecek A/S | 1,335,698 | 38,436 | |
The Coca-Cola Co. | 52,329,115 | 2,098,921 | |
| 2,678,494 | ||
Food & Staples Retailing - 2.7% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 120,100 | 7,126 | |
Costco Wholesale Corp. | 6,575,916 | 727,099 | |
CVS Caremark Corp. | 12,419,323 | 710,137 | |
Fairway Group Holdings Corp. (e) | 209,220 | 5,057 | |
Jeronimo Martins SGPS SA | 852,300 | 17,961 | |
Kroger Co. | 927,740 | 32,044 | |
Tesco PLC | 6,521,278 | 32,870 | |
Wal-Mart Stores, Inc. | 12,704,955 | 946,392 | |
Whole Foods Market, Inc. | 384,454 | 19,792 | |
| 2,498,478 | ||
Food Products - 0.5% | |||
Associated British Foods PLC | 7,117,999 | 187,833 | |
Green Mountain Coffee Roasters, Inc. (a) | 265,482 | 19,927 | |
Mondelez International, Inc. | 7,772,057 | 221,737 | |
Orion Corp. | 25,754 | 21,484 | |
Want Want China Holdings Ltd. | 25,013,000 | 35,217 | |
| 486,198 | ||
Household Products - 2.0% | |||
Colgate-Palmolive Co. | 25,734,302 | 1,474,318 | |
Kimberly-Clark Corp. | 1,819,950 | 176,790 | |
Procter & Gamble Co. | 2,842,995 | 218,882 | |
Reckitt Benckiser Group PLC | 641,989 | 45,385 | |
| 1,915,375 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 14,535,412 | $ 955,994 | |
L'Oreal SA | 290,899 | 47,804 | |
| 1,003,798 | ||
TOTAL CONSUMER STAPLES | 8,582,343 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 0.1% | |||
Cameron International Corp. (a) | 937,530 | 57,339 | |
Schlumberger Ltd. | 108,024 | 7,741 | |
| 65,080 | ||
Oil, Gas & Consumable Fuels - 4.8% | |||
Americas Petrogas, Inc. (a)(g) | 3,562,500 | 3,015 | |
Anadarko Petroleum Corp. | 5,900,816 | 507,057 | |
Birchcliff Energy Ltd. (a) | 3,708,400 | 28,773 | |
Birchcliff Energy Ltd. (a)(g) | 1,900,000 | 14,742 | |
Cabot Oil & Gas Corp. | 1,268,911 | 90,118 | |
Canadian Natural Resources Ltd. | 27,136 | 765 | |
Cobalt International Energy, Inc. (a) | 3,768,914 | 100,140 | |
Concho Resources, Inc. (a) | 500,820 | 41,929 | |
Continental Resources, Inc. (a) | 984,744 | 84,747 | |
EOG Resources, Inc. | 5,654,893 | 744,636 | |
EQT Corp. | 386,609 | 30,685 | |
Frontline 2012 Ltd. (a)(g) | 2,292,900 | 13,966 | |
Madalena Ventures, Inc. (a)(g) | 9,370,500 | 2,495 | |
Marathon Petroleum Corp. | 2,407,938 | 171,108 | |
Murphy Oil Corp. | 1,506,400 | 91,725 | |
Noble Energy, Inc. (f) | 34,968,018 | 2,099,480 | |
Oasis Petroleum, Inc. (a) | 397,641 | 15,456 | |
Phillips 66 | 2,480,074 | 146,101 | |
Pioneer Natural Resources Co. | 722,881 | 104,637 | |
TAG Oil Ltd. (a)(g) | 1,365,935 | 3,857 | |
Tourmaline Oil Corp. (a) | 4,559,700 | 182,657 | |
Tourmaline Oil Corp. (a)(g) | 1,363,300 | 54,612 | |
TransAtlantic Petroleum Ltd. (a)(g) | 1,734,051 | 1,196 | |
| 4,533,897 | ||
TOTAL ENERGY | 4,598,977 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - 16.1% | |||
Capital Markets - 1.1% | |||
Ameriprise Financial, Inc. | 2,128,661 | $ 172,166 | |
BlackRock, Inc. Class A | 1,496,098 | 384,273 | |
Charles Schwab Corp. | 2,821,457 | 59,900 | |
Morgan Stanley | 8,273,923 | 202,132 | |
Oaktree Capital Group LLC Class A | 1,911,972 | 100,474 | |
T. Rowe Price Group, Inc. | 1,032,334 | 75,515 | |
WisdomTree Investments, Inc. (a) | 1,594,282 | 18,446 | |
| 1,012,906 | ||
Commercial Banks - 4.9% | |||
Bank of Ireland (a) | 1,355,755,122 | 275,084 | |
HDFC Bank Ltd. sponsored ADR | 1,778,157 | 64,440 | |
M&T Bank Corp. | 2,107,285 | 235,489 | |
Metro Bank PLC Class A (a)(f)(i) | 2,671,250 | 40,628 | |
PNC Financial Services Group, Inc. | 5,401,100 | 393,848 | |
PT Bank Rakyat Indonesia Tbk | 8,541,500 | 6,670 | |
Shinsei Bank Ltd. | 20,068,000 | 45,571 | |
U.S. Bancorp | 22,450,330 | 811,579 | |
Wells Fargo & Co. | 65,688,188 | 2,710,952 | |
| 4,584,261 | ||
Consumer Finance - 1.0% | |||
American Express Co. | 12,867,078 | 961,943 | |
Diversified Financial Services - 1.7% | |||
Citigroup, Inc. | 22,782,692 | 1,092,886 | |
IntercontinentalExchange, Inc. (a) | 691,486 | 122,919 | |
JPMorgan Chase & Co. | 5,827,435 | 307,630 | |
Kotak Mahindra Bank Ltd. | 3,527,186 | 42,789 | |
ORIX Corp. | 3,062,700 | 41,796 | |
| 1,608,020 | ||
Insurance - 6.6% | |||
ACE Ltd. | 7,326,487 | 655,574 | |
Admiral Group PLC | 3,034,161 | 61,238 | |
AIA Group Ltd. | 71,783,800 | 304,033 | |
Berkshire Hathaway, Inc. Class A (a) | 22,342 | 3,766,861 | |
Direct Line Insurance Group PLC | 15,998,500 | 56,696 | |
esure Group PLC | 10,696,300 | 52,856 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 152,622 | 60,017 | |
Marsh & McLennan Companies, Inc. | 5,508,692 | 219,907 | |
Prudential PLC | 2,820,190 | 46,033 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Insurance - continued | |||
The Chubb Corp. | 7,408,863 | $ 627,160 | |
The Travelers Companies, Inc. | 4,579,714 | 366,011 | |
| 6,216,386 | ||
Real Estate Investment Trusts - 0.5% | |||
American Tower Corp. | 6,309,667 | 461,678 | |
Simon Property Group, Inc. | 127,144 | 20,079 | |
| 481,757 | ||
Real Estate Management & Development - 0.2% | |||
BR Malls Participacoes SA | 2,117,250 | 18,930 | |
Kennedy-Wilson Holdings, Inc. | 80,694 | 1,343 | |
Realogy Holdings Corp. | 3,331,074 | 160,025 | |
| 180,298 | ||
Thrifts & Mortgage Finance - 0.1% | |||
Housing Development Finance Corp. Ltd. (a) | 2,993,360 | 44,199 | |
TOTAL FINANCIALS | 15,089,770 | ||
HEALTH CARE - 12.1% | |||
Biotechnology - 4.6% | |||
Aegerion Pharmaceuticals, Inc. (a) | 89,840 | 5,690 | |
Alnylam Pharmaceuticals, Inc. (a) | 552,625 | 17,137 | |
Amgen, Inc. | 8,455,793 | 834,249 | |
Biogen Idec, Inc. (a) | 8,821,346 | 1,898,354 | |
BioMarin Pharmaceutical, Inc. (a) | 1,369,499 | 76,404 | |
Bluebird Bio, Inc. (f) | 576,100 | 14,385 | |
Bluebird Bio, Inc. (f) | 1,017,341 | 22,863 | |
Celgene Corp. (a) | 1,325,017 | 154,908 | |
Celldex Therapeutics, Inc. (a) | 1,426,681 | 22,270 | |
CSL Ltd. | 877,728 | 49,432 | |
Gilead Sciences, Inc. (a) | 14,006,908 | 717,294 | |
Intercept Pharmaceuticals, Inc. | 574,200 | 25,747 | |
Puma Biotechnology, Inc. (a)(f) | 1,482,205 | 65,765 | |
Regeneron Pharmaceuticals, Inc. (a) | 1,053,887 | 236,998 | |
Vertex Pharmaceuticals, Inc. (a) | 1,727,403 | 137,968 | |
| 4,279,464 | ||
Health Care Equipment & Supplies - 1.3% | |||
Abbott Laboratories | 7,115,190 | 248,178 | |
Becton, Dickinson & Co. | 242,268 | 23,943 | |
Boston Scientific Corp. (a) | 17,481,560 | 162,054 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
C.R. Bard, Inc. | 172,100 | $ 18,704 | |
CareFusion Corp. (a) | 1,281,906 | 47,238 | |
Covidien PLC | 3,491,078 | 219,379 | |
Intuitive Surgical, Inc. (a) | 43,307 | 21,938 | |
Medtronic, Inc. | 3,480,431 | 179,138 | |
ResMed, Inc. (e) | 1,694,731 | 76,483 | |
St. Jude Medical, Inc. | 520,900 | 23,769 | |
Stryker Corp. | 3,185,222 | 206,020 | |
The Cooper Companies, Inc. | 402,932 | 47,969 | |
| 1,274,813 | ||
Health Care Providers & Services - 1.4% | |||
AmerisourceBergen Corp. | 2,359,484 | 131,730 | |
Catamaran Corp. (a) | 181,700 | 8,844 | |
CIGNA Corp. | 2,978,539 | 215,914 | |
DaVita, Inc. (a) | 1,212,660 | 146,489 | |
Henry Schein, Inc. (a) | 1,108,253 | 106,115 | |
McKesson Corp. | 1,204,143 | 137,874 | |
UnitedHealth Group, Inc. | 9,203,992 | 602,677 | |
| 1,349,643 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 6,971,686 | 669,909 | |
Life Sciences Tools & Services - 1.0% | |||
Eurofins Scientific SA | 9,300 | 1,965 | |
Fluidigm Corp. (a)(i) | 1,027,387 | 17,938 | |
Mettler-Toledo International, Inc. (a)(f) | 2,457,845 | 494,518 | |
PAREXEL International Corp. (a) | 1,813,794 | 83,326 | |
Thermo Fisher Scientific, Inc. | 2,757,742 | 233,388 | |
Waters Corp. (a) | 873,923 | 87,436 | |
| 918,571 | ||
Pharmaceuticals - 3.1% | |||
AbbVie, Inc. | 16,614,136 | 686,828 | |
Actavis, Inc. (a) | 437,844 | 55,265 | |
Astellas Pharma, Inc. | 184,700 | 10,034 | |
Bayer AG | 4,744,095 | 505,930 | |
Eli Lilly & Co. | 1,449,581 | 71,203 | |
Johnson & Johnson | 9,165,554 | 786,954 | |
Novo Nordisk A/S Series B | 1,512,910 | 235,201 | |
Perrigo Co. | 1,555,937 | 188,268 | |
Salix Pharmaceuticals Ltd. (a) | 356,381 | 23,575 | |
Sanofi SA | 942,766 | 97,464 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 2,255,476 | $ 194,472 | |
Zoetis, Inc. Class A (e) | 1,002,700 | 30,973 | |
| 2,886,167 | ||
TOTAL HEALTH CARE | 11,378,567 | ||
INDUSTRIALS - 6.1% | |||
Aerospace & Defense - 0.4% | |||
Honeywell International, Inc. | 2,175,684 | 172,619 | |
Precision Castparts Corp. | 456,709 | 103,221 | |
United Technologies Corp. | 1,231,477 | 114,453 | |
| 390,293 | ||
Air Freight & Logistics - 0.0% | |||
United Parcel Service, Inc. Class B | 442,007 | 38,225 | |
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR | 2,022,635 | 104,226 | |
Building Products - 0.1% | |||
Fortune Brands Home & Security, Inc. | 1,257,728 | 48,724 | |
Commercial Services & Supplies - 0.5% | |||
Edenred SA | 2,373,933 | 72,616 | |
Stericycle, Inc. (a) | 3,146,208 | 347,436 | |
Swisher Hygiene, Inc. (a) | 6,357,060 | 5,466 | |
| 425,518 | ||
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 1,005,435 | 66,168 | |
Generac Holdings, Inc. | 968,034 | 35,827 | |
Roper Industries, Inc. | 262,666 | 32,628 | |
| 134,623 | ||
Industrial Conglomerates - 1.1% | |||
3M Co. | 2,951,155 | 322,709 | |
Danaher Corp. | 11,101,790 | 702,743 | |
| 1,025,452 | ||
Machinery - 0.5% | |||
Chart Industries, Inc. (a) | 127,629 | 12,009 | |
Illinois Tool Works, Inc. | 3,968,747 | 274,518 | |
Kubota Corp. | 3,051,000 | 44,402 | |
PACCAR, Inc. | 314,354 | 16,868 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
Proto Labs, Inc. (a) | 520,874 | $ 33,841 | |
Snap-On, Inc. | 787,999 | 70,431 | |
| 452,069 | ||
Professional Services - 0.4% | |||
Experian PLC | 9,506,662 | 165,268 | |
Intertek Group PLC | 881,900 | 39,207 | |
On Assignment, Inc. (a) | 1,594,799 | 42,613 | |
Verisk Analytics, Inc. (a) | 2,388,244 | 142,578 | |
| 389,666 | ||
Road & Rail - 2.3% | |||
Canadian Pacific Railway Ltd. (e) | 6,502,876 | 788,544 | |
Hertz Global Holdings, Inc. (a) | 6,508,342 | 161,407 | |
J.B. Hunt Transport Services, Inc. | 1,758,500 | 127,034 | |
Union Pacific Corp. | 6,875,688 | 1,060,781 | |
| 2,137,766 | ||
Trading Companies & Distributors - 0.6% | |||
Air Lease Corp.: | |||
Class A (g) | 1,624,500 | 44,820 | |
Class A | 4,347,311 | 119,942 | |
W.W. Grainger, Inc. | 1,502,705 | 378,952 | |
| 543,714 | ||
TOTAL INDUSTRIALS | 5,690,276 | ||
INFORMATION TECHNOLOGY - 22.1% | |||
Communications Equipment - 0.3% | |||
QUALCOMM, Inc. | 4,462,600 | 272,576 | |
Computers & Peripherals - 3.5% | |||
Apple, Inc. | 8,189,210 | 3,243,582 | |
Hewlett-Packard Co. | 2,019,572 | 50,085 | |
Stratasys Ltd. (a) | 117,151 | 9,810 | |
| 3,303,477 | ||
Electronic Equipment & Components - 0.9% | |||
Amphenol Corp. Class A (f) | 10,687,551 | 832,988 | |
Internet Software & Services - 9.2% | |||
Angie's List, Inc. (a)(e) | 401,663 | 10,664 | |
Constant Contact, Inc. (a) | 1,356,490 | 21,799 | |
Cornerstone OnDemand, Inc. (a) | 2,374,629 | 102,798 | |
Dropbox, Inc. (i) | 5,464,028 | 54,640 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
eBay, Inc. (a) | 17,054,097 | $ 882,038 | |
Facebook, Inc. Class A (a) | 25,548,422 | 635,134 | |
Google, Inc. Class A (a) | 6,404,452 | 5,638,297 | |
LinkedIn Corp. (a) | 2,820,312 | 502,862 | |
Marketo, Inc. | 135,900 | 3,380 | |
Shutterstock, Inc. | 60,574 | 3,379 | |
Tencent Holdings Ltd. | 247,800 | 9,719 | |
Textura Corp. | 70,800 | 1,842 | |
Trulia, Inc. (e) | 1,104,756 | 34,347 | |
Yahoo!, Inc. (a) | 28,449,124 | 714,358 | |
Zillow, Inc. (a)(e) | 97,556 | 5,492 | |
| 8,620,749 | ||
IT Services - 5.3% | |||
Accenture PLC Class A | 11,320,591 | 814,630 | |
Alliance Data Systems Corp. (a) | 1,493,730 | 270,410 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 3,449,000 | 101,007 | |
Fidelity National Information Services, Inc. | 4,358,802 | 186,731 | |
Fiserv, Inc. (a) | 1,576,913 | 137,838 | |
FleetCor Technologies, Inc. (a) | 461,950 | 37,557 | |
Gartner, Inc. Class A (a) | 531,100 | 30,267 | |
IBM Corp. | 43,258 | 8,267 | |
MasterCard, Inc. Class A | 2,537,367 | 1,457,717 | |
Visa, Inc. Class A | 10,234,432 | 1,870,342 | |
| 4,914,766 | ||
Semiconductors & Semiconductor Equipment - 0.5% | |||
Advanced Micro Devices, Inc. (a)(e) | 10,897,913 | 44,463 | |
ARM Holdings PLC sponsored ADR | 5,816,115 | 210,427 | |
ASML Holding NV | 717,736 | 56,773 | |
Samsung Electronics Co. Ltd. | 125,819 | 147,802 | |
| 459,465 | ||
Software - 2.4% | |||
Activision Blizzard, Inc. | 5,979,147 | 85,263 | |
Adobe Systems, Inc. (a) | 2,956,412 | 134,694 | |
CA Technologies, Inc. | 1,087,744 | 31,142 | |
CommVault Systems, Inc. (a) | 1,449,601 | 110,010 | |
Concur Technologies, Inc. (a)(e)(f) | 3,579,373 | 291,289 | |
Infoblox, Inc. (a) | 147,582 | 4,318 | |
NetSuite, Inc. (a) | 3,582,735 | 328,680 | |
salesforce.com, Inc. (a) | 14,224,384 | 543,087 | |
ServiceNow, Inc. | 3,102,401 | 125,306 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
SolarWinds, Inc. (a) | 1,565,283 | $ 60,749 | |
Splunk, Inc. (a) | 2,909,989 | 134,907 | |
Symantec Corp. | 5,744,122 | 129,070 | |
Trion World Network, Inc. warrants 8/10/17 (a)(i) | 124,282 | 0* | |
Ultimate Software Group, Inc. (a) | 893,293 | 104,774 | |
Workday, Inc. Class A | 2,757,482 | 176,727 | |
| 2,260,016 | ||
TOTAL INFORMATION TECHNOLOGY | 20,664,037 | ||
MATERIALS - 3.2% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 1,079,219 | 75,556 | |
Ecolab, Inc. | 4,316,298 | 367,705 | |
Filtrona PLC | 7,786,771 | 83,081 | |
FMC Corp. | 444,659 | 27,151 | |
LyondellBasell Industries NV Class A | 2,045,058 | 135,506 | |
Mexichem S.A.B. de CV | 1,310,855 | 5,462 | |
Monsanto Co. | 4,945,637 | 488,629 | |
PPG Industries, Inc. | 1,852,241 | 271,187 | |
Sherwin-Williams Co. | 1,580,028 | 279,033 | |
Syngenta AG (Switzerland) | 313,870 | 122,396 | |
Valspar Corp. | 507,356 | 32,811 | |
W.R. Grace & Co. (a) | 418,758 | 35,192 | |
| 1,923,709 | ||
Construction Materials - 0.0% | |||
Eagle Materials, Inc. | 723,537 | 47,949 | |
Containers & Packaging - 0.1% | |||
Ball Corp. | 2,424 | 101 | |
Rock-Tenn Co. Class A | 1,393,039 | 139,137 | |
| 139,238 | ||
Metals & Mining - 0.8% | |||
Argonaut Gold, Inc. (a) | 956,300 | 5,174 | |
B2Gold Corp. (a)(f) | 51,467,699 | 109,620 | |
B2Gold Corp. (a)(f)(g) | 5,850,000 | 12,460 | |
Dalradian Resources, Inc. (a) | 228,970 | 126 | |
Dalradian Resources, Inc. (a)(g) | 3,000,000 | 1,654 | |
Franco-Nevada Corp. (f) | 10,228,348 | 366,166 | |
Franco-Nevada Corp. warrants 6/16/17 (a)(f)(g) | 342,250 | 1,106 | |
Ivanplats Ltd. (g) | 16,077,337 | 23,389 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
New Gold, Inc. (a) | 3,908,673 | $ 25,310 | |
Premier Gold Mines Ltd. (a)(f) | 5,434,400 | 9,456 | |
Premier Gold Mines Ltd. (a)(f)(g) | 3,850,000 | 6,699 | |
Primero Mining Corp. (a) | 302,800 | 1,353 | |
Tahoe Resources, Inc. (a) | 1,670,403 | 23,681 | |
Tahoe Resources, Inc. (a)(g) | 5,376,500 | 76,223 | |
Turquoise Hill Resources Ltd. (a) | 12,021,775 | 71,328 | |
| 733,745 | ||
Paper & Forest Products - 0.2% | |||
International Paper Co. | 4,026,966 | 178,435 | |
TOTAL MATERIALS | 3,023,076 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 1,296,200 | 50,778 | |
SoftBank Corp. | 1,192,100 | 69,392 | |
| 120,170 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.0% | |||
ITC Holdings Corp. | 407,875 | 37,239 | |
Multi-Utilities - 0.1% | |||
YTL Corp. Bhd | 77,277,326 | 40,601 | |
TOTAL UTILITIES | 77,840 | ||
TOTAL COMMON STOCKS (Cost $53,402,924) |
| ||
Convertible Preferred Stocks - 0.1% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.0% | |||
Media - 0.0% | |||
Glam Media, Inc. Series M-1, 8.00% (a)(i) | 1,228,555 | 6,279 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. (i) | 2,100,446 | 28,629 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Internet Software & Services - 0.0% | |||
Dropbox, Inc. Series A (a)(i) | 1,260,898 | $ 12,609 | |
Software - 0.1% | |||
Trion World Network, Inc.: | |||
8.00% (i) | 333,435 | 1,427 | |
Series C, 8.00% (a)(i) | 3,950,196 | 16,907 | |
Series C-1, 8.00% (a)(i) | 310,705 | 1,330 | |
| 19,664 | ||
TOTAL INFORMATION TECHNOLOGY | 32,273 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $91,248) |
|
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (000s)(d) |
| ||
CONSUMER DISCRETIONARY - 0.0% | ||||
Media - 0.0% | ||||
Glam Media, Inc. 9% 12/2/13 (i) | $ 2,693 | 2,693 | ||
FINANCIALS - 0.0% | ||||
Commercial Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 14,286 | 18,863 | |
TOTAL NONCONVERTIBLE BONDS (Cost $21,522) |
|
Money Market Funds - 6.6% | |||
Shares | Value (000s) | ||
Fidelity Cash Central Fund, 0.13% (b) | 5,963,764,847 | $ 5,963,765 | |
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) | 193,551,178 | 193,551 | |
TOTAL MONEY MARKET FUNDS (Cost $6,157,316) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $59,673,010) | 93,946,780 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (289,842) | ||
NET ASSETS - 100% | $ 93,656,938 |
Currency Abbreviations | ||
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
(f) Affiliated company |
(g) 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 $260,234,000 or 0.3% of net assets. |
(h) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(i) 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 $286,363,000 or 0.3% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Dropbox, Inc. | 5/2/12 | $ 49,445 |
Dropbox, Inc. Series A | 5/29/12 | $ 11,410 |
Fluidigm Corp. | 10/9/07 - 1/6/11 | $ 18,170 |
Security | Acquisition Date | Acquisition Cost (000s) |
Glam Media, Inc.: | 3/19/08 | $ 22,464 |
9% 12/2/13 | 12/2/11 | $ 2,693 |
Intarcia Therapeutics, Inc. | 11/14/12 | $ 28,629 |
Legend Pictures LLC | 9/23/10 - 12/18/12 | $ 57,827 |
Metro Bank PLC Class A | 12/8/09 - 5/21/12 | $ 37,356 |
Trion World Network, Inc.: | 8/10/10 | $ 0* |
8.00% | 3/20/13 | $ 1,754 |
Series C, 8.00% | 8/22/08 | $ 21,691 |
Series C-1, 8.00% | 8/10/10 | $ 1,706 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 41,234 |
* Amount represents less than $1,000. |
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 | $ 1,895 |
Fidelity Securities Lending Cash Central Fund | 3,570 |
Total | $ 5,465 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Alliance Data Systems Corp. | $ 395,341 | $ - | $ 211,100 | $ - | $ - |
Allot Communications Ltd. | 37,894 | - | 29,261 | - | - |
Amphenol Corp. Class A | 609,379 | 89,400 | - | 2,220 | 832,988 |
B2Gold Corp. | 112,214 | 8,956 | - | - | 109,620 |
B2Gold Corp. (144A) | 20,937 | - | - | - | 12,460 |
Bluebird Bio, Inc. | - | 13,251 | - | - | 14,385 |
Bluebird Bio, Inc. | 9,615 | - | - | - | 22,863 |
CGA Mining Ltd. (Canada) | 61,621 | - | - | - | - |
Chipotle Mexican Grill, Inc. | 603,558 | - | 113,971 | - | 607,839 |
Concur Technologies, Inc. | 218,282 | 43,451 | 17,976 | - | 291,289 |
D.R. Horton, Inc. | 323,572 | 94,255 | 42,730 | - | 385,724 |
Discovery Communications, Inc. | 1,038,085 | 7,755 | 22,556 | - | 1,245,279 |
Dunkin' Brands Group, Inc. | 237,154 | - | - | 2,716 | 306,056 |
Five Below, Inc. | 17,220 | 104,122 | - | - | 122,296 |
FleetMatics Group PLC | 44,071 | 16,890 | 58,561 | - | - |
Franco-Nevada Corp. | 755,693 | 19,220 | 136,023 | 3,825 | 366,166 |
Franco-Nevada Corp. warrants 6/16/17 | 3,045 | - | - | - | 1,106 |
Medusa Mining Ltd. | 69,126 | - | 35,206 | - | - |
Metro Bank PLC Class A | 43,393 | - | - | - | 40,628 |
Mettler-Toledo International, Inc. | 463,490 | 22,760 | 9,278 | - | 494,518 |
Noble Energy, Inc. | 1,778,823 | - | - | 9,267 | 2,099,480 |
Premier Gold Mines Ltd. | 31,501 | 943 | 4,416 | - | 9,456 |
Premier Gold Mines Ltd. (144A) | 16,256 | - | - | - | 6,699 |
Puma Biotechnology, Inc. | 21,051 | 13,679 | - | - | 65,765 |
SolarWinds, Inc. | 206,369 | 15,251 | 113,700 | - | - |
Tim Hortons, Inc. (Canada) | 550,631 | - | 126,583 | 4,363 | 475,193 |
TripAdvisor, Inc. | 252,835 | 110,317 | - | - | 497,717 |
Total | $ 7,921,156 | $ 560,250 | $ 921,361 | $ 22,391 | $ 8,007,527 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 18,481,950 | $ 17,983,853 | $ 388,535 | $ 109,562 |
Consumer Staples | 8,582,343 | 8,582,343 | - | - |
Energy | 4,598,977 | 4,598,977 | - | - |
Financials | 15,089,770 | 14,640,658 | 408,484 | 40,628 |
Health Care | 11,407,196 | 11,013,005 | 365,562 | 28,629 |
Industrials | 5,690,276 | 5,645,874 | 44,402 | - |
Information Technology | 20,696,310 | 20,609,397 | - | 86,913 |
Materials | 3,023,076 | 2,900,680 | 122,396 | - |
Telecommunication Services | 120,170 | 50,778 | 69,392 | - |
Utilities | 77,840 | 77,840 | - | - |
Corporate Bonds | 21,556 | - | 18,863 | 2,693 |
Money Market Funds | 6,157,316 | 6,157,316 | - | - |
Total Investments in Securities: | $ 93,946,780 | $ 92,260,721 | $ 1,417,634 | $ 268,425 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total (000s) |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 2,238,402 |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 89.6% |
Canada | 2.9% |
Ireland | 1.7% |
United Kingdom | 1.1% |
Others (Individually Less Than 1%) | 4.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2013 | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $185,596) - See accompanying schedule: Unaffiliated issuers (cost $49,402,512) | $ 79,781,937 |
|
Fidelity Central Funds (cost $6,157,316) | 6,157,316 |
|
Other affiliated issuers (cost $4,113,182) | 8,007,527 |
|
Total Investments (cost $59,673,010) |
| $ 93,946,780 |
Cash |
| 2,425 |
Foreign currency held at value (cost $6,360) | 6,360 | |
Receivable for investments sold | 421,291 | |
Receivable for fund shares sold | 94,763 | |
Dividends receivable | 51,385 | |
Interest receivable | 2,100 | |
Distributions receivable from Fidelity Central Funds | 946 | |
Other receivables | 2,836 | |
Total assets | 94,528,886 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 492,409 | |
Payable for fund shares redeemed | 139,210 | |
Accrued management fee | 33,539 | |
Other affiliated payables | 10,275 | |
Other payables and accrued expenses | 2,964 | |
Collateral on securities loaned, at value | 193,551 | |
Total liabilities | 871,948 | |
|
|
|
Net Assets | $ 93,656,938 | |
Net Assets consist of: |
| |
Paid in capital | $ 55,238,975 | |
Undistributed net investment income | 166,167 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 3,978,149 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 34,273,647 | |
Net Assets | $ 93,656,938 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2013 | |
|
|
|
Contrafund: | $ 85.64 | |
|
|
|
Class K: | $ 85.62 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2013 | |
|
|
|
Investment Income |
|
|
Dividends (including $22,391 earned from other affiliated issuers) |
| $ 512,925 |
Interest |
| 925 |
Income from Fidelity Central Funds |
| 5,465 |
Total income |
| 519,315 |
|
|
|
Expenses | ||
Management fee | $ 254,021 | |
Performance adjustment | (16,190) | |
Transfer agent fees | 57,948 | |
Accounting and security lending fees | 1,625 | |
Custodian fees and expenses | 884 | |
Independent trustees' compensation | 275 | |
Appreciation in deferred trustee compensation account | 1 | |
Registration fees | 515 | |
Audit | 142 | |
Legal | 93 | |
Miscellaneous | 494 | |
Total expenses before reductions | 299,808 | |
Expense reductions | (1,735) | 298,073 |
Net investment income (loss) | 221,242 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 4,570,349 | |
Other affiliated issuers | 107,219 |
|
Foreign currency transactions | (3,271) | |
Total net realized gain (loss) |
| 4,674,297 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 4,773,556 | |
Assets and liabilities in foreign currencies | (132) | |
Total change in net unrealized appreciation (depreciation) |
| 4,773,424 |
Net gain (loss) | 9,447,721 | |
Net increase (decrease) in net assets resulting from operations | $ 9,668,963 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 221,242 | $ 353,214 |
Net realized gain (loss) | 4,674,297 | 5,401,710 |
Change in net unrealized appreciation (depreciation) | 4,773,424 | 6,122,704 |
Net increase (decrease) in net assets resulting | 9,668,963 | 11,877,628 |
Distributions to shareholders from net investment income | - | (234,540) |
Distributions to shareholders from net realized gain | (814,222) | (699,796) |
Total distributions | (814,222) | (934,336) |
Share transactions - net increase (decrease) | 389,143 | 745,692 |
Total increase (decrease) in net assets | 9,243,884 | 11,688,984 |
|
|
|
Net Assets | ||
Beginning of period | 84,413,054 | 72,724,070 |
End of period (including undistributed net investment income of $166,167 and accumulated net investment loss of $55,075, respectively) | $ 93,656,938 | $ 84,413,054 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Contrafund
| Six months ended | Years ended December 31, | ||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 77.57 | $ 67.45 | $ 67.73 | $ 58.28 | $ 45.26 | $ 73.11 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .19 | .30 | .04 | (.02) | .11 | .23 |
Net realized and unrealized gain (loss) | 8.63 | 10.66 | (.13) | 9.86 | 13.11 | (27.22) |
Total from investment operations | 8.82 | 10.96 | (.09) | 9.84 | 13.22 | (26.99) |
Distributions from net investment income | - | (.19) G | (.04) | (.01) | (.11) | (.21) |
Distributions from net realized gain | (.75) | (.65) G | (.15) | (.38) | (.09) | (.65) |
Total distributions | (.75) | (.84) | (.19) | (.39) | (.20) I | (.86) |
Net asset value, end of period | $ 85.64 | $ 77.57 | $ 67.45 | $ 67.73 | $ 58.28 | $ 45.26 |
Total Return B, C | 11.42% | 16.26% | (.14)% | 16.93% | 29.23% | (37.16)% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .69% A | .74% | .81% | .92% | 1.02% | .95% |
Expenses net of fee waivers, if any | .69% A | .74% | .81% | .92% | 1.02% | .95% |
Expenses net of all reductions | .69% A | .74% | .81% | .91% | 1.01% | .94% |
Net investment income (loss) | .45% A | .40% | .06% | (.03)% | .22% | .37% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 63,939 | $ 58,769 | $ 54,677 | $ 60,498 | $ 57,225 | $ 45,149 |
Portfolio turnover rate F | 42% A | 48% | 55% | 46% | 58% | 78% |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 Total distributions of $.20 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class K
| Six months ended | Years ended December 31, | ||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 77.51 | $ 67.40 | $ 67.70 | $ 58.25 | $ 45.23 | $ 68.59 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .23 | .39 | .12 | .06 | .19 | .22 |
Net realized and unrealized gain (loss) | 8.63 | 10.65 | (.14) | 9.87 | 13.11 | (23.30) |
Total from investment operations | 8.86 | 11.04 | (.02) | 9.93 | 13.30 | (23.08) |
Distributions from net investment income | - | (.28) H | (.13) | (.01) | (.20) | (.28) |
Distributions from net realized gain | (.75) | (.65) H | (.15) | (.47) | (.09) | - |
Total distributions | (.75) | (.93) | (.28) | (.48) | (.28) J | (.28) |
Net asset value, end of period | $ 85.62 | $ 77.51 | $ 67.40 | $ 67.70 | $ 58.25 | $ 45.23 |
Total Return B, C | 11.48% | 16.40% | (.02)% | 17.09% | 29.43% | (33.63)% |
Ratios to Average Net Assets E, I |
|
|
|
|
| |
Expenses before reductions | .58% A | .63% | .69% | .79% | .86% | .82% A |
Expenses net of fee waivers, if any | .58% A | .63% | .69% | .79% | .86% | .82% A |
Expenses net of all reductions | .57% A | .62% | .69% | .78% | .85% | .82% A |
Net investment income (loss) | .56% A | .51% | .18% | .10% | .38% | .75% A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 29,718 | $ 25,644 | $ 18,047 | $ 14,034 | $ 6,749 | $ 3,301 |
Portfolio turnover rate F | 42% A | 48% | 55% | 46% | 58% | 78% |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period May 9, 2008 (commencement of sale of shares) to December 31, 2008.
H The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Total distributions of $.28 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.085 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2013
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Contrafund® (the Fund) is a fund of Fidelity Contrafund (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 Contrafund 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 Fidelity Management & Research Company (FMR) 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 FMR.
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2, 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 may 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
differ from GAAP. These differences resulted in distribution reclassifications for the period ended December 31, 2012.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, contingent interest, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 34,385,156 |
Gross unrealized depreciation | (714,516) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 33,670,640 |
|
|
Tax cost | $ 60,276,140 |
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 $18,386,484 and $23,410,448, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 Contrafund as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .52% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, 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 Contrafund. 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 |
Contrafund | $ 50,907 | .16 |
Class K | 7,041 | .05 |
| $ 57,948 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $308 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
6. Committed Line of Credit - continued
agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $113 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $42,281. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,570, including $108 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,639 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.
In addition, FMR reimbursed a portion of the Fund's operating expenses during the period in the amount of $95.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Contrafund | $ - | $ 142,141 |
Class K | - | 92,399 |
Total | $ - | $ 234,540 |
From net realized gain |
|
|
Contrafund | $ 563,555 | $ 488,008 |
Class K | 250,667 | 211,788 |
Total | $ 814,222 | $ 699,796 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Contrafund |
|
|
|
|
Shares sold | 56,508 | 111,368 | $ 4,706,383 | $ 8,438,526 |
Reinvestment of distributions | 6,686 | 7,912 | 543,217 | 607,022 |
Shares redeemed | (74,232) | (172,284) | (6,190,555) | (12,991,518) |
Net increase (decrease) | (11,038) | (53,004) | $ (940,955) | $ (3,945,970) |
Class K |
|
|
|
|
Shares sold | 44,147 | 117,840 | $ 3,666,040 | $ 8,818,893 |
Reinvestment of distributions | 3,087 | 3,969 | 250,667 | 304,187 |
Shares redeemed | (31,019) | (58,709) | (2,586,609) | (4,431,418) |
Net increase (decrease) | 16,215 | 63,100 | $ 1,330,098 | $ 4,691,662 |
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.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Contrafund and the Shareholders of Fidelity Contrafund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, and the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2013, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Contrafund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 2013
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc. Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
CON-K-USAN-0813 1.863192.104
Fidelity®
Series Opportunistic Insights Fund
Fidelity Series Opportunistic Insights
Fund
Class F
Semiannual Report
June 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the Financial Statements. |
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 for Fidelity Series Opportunistic Insights Fund or 1-800-835-5092 for Class F of the fund 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. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.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.
Semiannual Report
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 (January 1, 2013 to June 30, 2013).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Series Opportunistic Insights | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,129.50 | $ 4.07 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
Class F | .58% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,130.50 | $ 3.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.92 | $ 2.91 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Google, Inc. Class A | 5.5 | 4.9 |
Gilead Sciences, Inc. | 4.0 | 4.0 |
Facebook, Inc. Class A | 3.5 | 4.8 |
Berkshire Hathaway, Inc. Class A | 3.4 | 3.1 |
Biogen Idec, Inc. | 3.1 | 2.4 |
MasterCard, Inc. Class A | 2.8 | 3.6 |
EOG Resources, Inc. | 2.7 | 3.1 |
Amazon.com, Inc. | 2.1 | 3.0 |
Citigroup, Inc. | 2.0 | 0.0 |
Yahoo!, Inc. | 1.9 | 1.6 |
| 31.0 | |
Top Five Market Sectors as of June 30, 2013 | ||
| % of fund's | % of fund's net assets |
Information Technology | 27.5 | 33.6 |
Consumer Discretionary | 16.0 | 16.4 |
Health Care | 15.5 | 17.2 |
Financials | 12.5 | 8.4 |
Industrials | 6.7 | 6.3 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2013* | As of December 31, 2012** | ||||||
![]() | Stocks 93.2% |
| ![]() | Stocks 98.3% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 7.5% |
| ** Foreign investments | 9.2% |
|
Semiannual Report
Investments June 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.2% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 15.9% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 89,400 | $ 4,531,686 | |
Automobiles - 0.5% | |||
Honda Motor Co. Ltd. | 95,300 | 3,540,341 | |
Tesla Motors, Inc. (a) | 75,726 | 8,135,244 | |
Toyota Motor Corp. | 134,100 | 8,088,623 | |
| 19,764,208 | ||
Distributors - 0.1% | |||
LKQ Corp. (a) | 110,500 | 2,845,375 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Buffalo Wild Wings, Inc. (a) | 21,200 | 2,080,992 | |
Chipotle Mexican Grill, Inc. (a) | 57,600 | 20,986,560 | |
Chuys Holdings, Inc. | 5,900 | 226,206 | |
Las Vegas Sands Corp. | 39,000 | 2,064,270 | |
Marriott International, Inc. Class A | 17,800 | 718,586 | |
Noodles & Co. | 31,700 | 1,164,975 | |
Starbucks Corp. | 637,100 | 41,723,679 | |
Wyndham Worldwide Corp. | 922 | 52,766 | |
| 69,018,034 | ||
Household Durables - 1.0% | |||
D.R. Horton, Inc. | 35,800 | 761,824 | |
Lennar Corp. Class A | 801,500 | 28,886,060 | |
PulteGroup, Inc. (a) | 578,200 | 10,968,454 | |
SodaStream International Ltd. (a) | 4,000 | 290,600 | |
Whirlpool Corp. | 12,000 | 1,372,320 | |
| 42,279,258 | ||
Internet & Catalog Retail - 4.5% | |||
Amazon.com, Inc. (a) | 318,893 | 88,553,397 | |
ASOS PLC (a) | 12,600 | 775,183 | |
Liberty Media Corp.: | |||
Interactive Series A (a) | 19,600 | 450,996 | |
Series A (a) | 3,210 | 272,882 | |
Netflix, Inc. (a) | 19,344 | 4,083,325 | |
priceline.com, Inc. (a) | 57,100 | 47,229,123 | |
Rakuten, Inc. | 247,600 | 2,927,866 | |
TripAdvisor, Inc. (a) | 773,200 | 47,064,684 | |
| 191,357,456 | ||
Leisure Equipment & Products - 0.5% | |||
Polaris Industries, Inc. | 208,300 | 19,788,500 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Media - 3.6% | |||
CBS Corp. Class B | 50,700 | $ 2,477,709 | |
Charter Communications, Inc. Class A (a) | 54,803 | 6,787,352 | |
Comcast Corp. Class A | 577,669 | 24,192,778 | |
DIRECTV (a) | 136,072 | 8,384,757 | |
Discovery Communications, Inc. (a) | 301,400 | 23,271,094 | |
Liberty Global PLC Class A (a) | 420,914 | 31,181,309 | |
Liberty Media Corp. Class A (a) | 350,900 | 44,480,084 | |
Omnicom Group, Inc. | 47,714 | 2,999,779 | |
Rightmove PLC | 26,700 | 846,299 | |
Starz - Liberty Capital Series A (a) | 318,100 | 7,030,010 | |
| 151,651,171 | ||
Multiline Retail - 0.1% | |||
Macy's, Inc. | 55,100 | 2,644,800 | |
Specialty Retail - 2.6% | |||
Best Buy Co., Inc. | 52,200 | 1,426,626 | |
Fast Retailing Co. Ltd. | 1,300 | 438,756 | |
Five Below, Inc. (d) | 153,300 | 5,635,308 | |
GNC Holdings, Inc. | 24,900 | 1,100,829 | |
Home Depot, Inc. | 534,341 | 41,395,397 | |
O'Reilly Automotive, Inc. (a) | 23,100 | 2,601,522 | |
Tile Shop Holdings, Inc. (a) | 22,000 | 637,120 | |
TJX Companies, Inc. | 693,700 | 34,726,622 | |
Tractor Supply Co. | 15,500 | 1,822,955 | |
Urban Outfitters, Inc. (a) | 461,900 | 18,577,618 | |
| 108,362,753 | ||
Textiles, Apparel & Luxury Goods - 1.3% | |||
ECLAT Textile Co. Ltd. | 90,000 | 665,165 | |
Michael Kors Holdings Ltd. (a) | 380,855 | 23,620,627 | |
NIKE, Inc. Class B | 438,400 | 27,917,312 | |
PVH Corp. | 17,400 | 2,175,870 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 24,900 | 1,486,779 | |
VF Corp. | 4,500 | 868,770 | |
| 56,734,523 | ||
TOTAL CONSUMER DISCRETIONARY | 668,977,764 | ||
CONSUMER STAPLES - 6.4% | |||
Beverages - 1.4% | |||
Anheuser-Busch InBev SA NV ADR | 224,000 | 20,218,240 | |
Boston Beer Co., Inc. Class A (a) | 121,132 | 20,669,964 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Beverages - continued | |||
Coca-Cola Icecek A/S | 57,000 | $ 1,640,224 | |
The Coca-Cola Co. | 454,392 | 18,225,663 | |
| 60,754,091 | ||
Food & Staples Retailing - 2.5% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 5,400 | 320,396 | |
Costco Wholesale Corp. | 398,500 | 44,062,145 | |
CVS Caremark Corp. | 386,426 | 22,095,839 | |
Fairway Group Holdings Corp. (d) | 9,300 | 224,781 | |
Jeronimo Martins SGPS SA | 38,200 | 805,016 | |
Kroger Co. | 24,200 | 835,868 | |
Tesco PLC | 288,300 | 1,453,155 | |
Wal-Mart Stores, Inc. | 474,107 | 35,316,230 | |
Whole Foods Market, Inc. | 16,500 | 849,420 | |
| 105,962,850 | ||
Food Products - 0.6% | |||
Associated British Foods PLC | 863,700 | 22,791,732 | |
Green Mountain Coffee Roasters, Inc. (a) | 11,000 | 825,660 | |
Mondelez International, Inc. | 49,800 | 1,420,794 | |
Orion Corp. | 1,430 | 1,192,918 | |
| 26,231,104 | ||
Household Products - 0.8% | |||
Colgate-Palmolive Co. | 487,800 | 27,946,062 | |
Procter & Gamble Co. | 56,813 | 4,374,033 | |
| 32,320,095 | ||
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 645,618 | 42,462,296 | |
L'Oreal SA | 12,700 | 2,087,033 | |
| 44,549,329 | ||
TOTAL CONSUMER STAPLES | 269,817,469 | ||
ENERGY - 4.2% | |||
Energy Equipment & Services - 0.0% | |||
Cameron International Corp. (a) | 6,700 | 409,772 | |
Schlumberger Ltd. | 5,500 | 394,130 | |
| 803,902 | ||
Oil, Gas & Consumable Fuels - 4.2% | |||
Cabot Oil & Gas Corp. | 72,400 | 5,141,848 | |
Cobalt International Energy, Inc. (a) | 149,274 | 3,966,210 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Continental Resources, Inc. (a) | 10,200 | $ 877,812 | |
EOG Resources, Inc. | 856,120 | 112,733,882 | |
EQT Corp. | 16,700 | 1,325,479 | |
Murphy Oil Corp. | 549,700 | 33,471,233 | |
Noble Energy, Inc. | 16,400 | 984,656 | |
Oasis Petroleum, Inc. (a) | 17,200 | 668,564 | |
Phillips 66 | 218,704 | 12,883,853 | |
Pioneer Natural Resources Co. | 16,700 | 2,417,325 | |
| 174,470,862 | ||
TOTAL ENERGY | 175,274,764 | ||
FINANCIALS - 12.5% | |||
Capital Markets - 1.2% | |||
Ameriprise Financial, Inc. | 91,600 | 7,408,608 | |
BlackRock, Inc. Class A | 109,402 | 28,099,904 | |
Charles Schwab Corp. | 122,800 | 2,607,044 | |
Morgan Stanley | 213,200 | 5,208,476 | |
Oaktree Capital Group LLC Class A | 86,590 | 4,550,305 | |
T. Rowe Price Group, Inc. | 10,700 | 782,705 | |
WisdomTree Investments, Inc. (a) | 70,400 | 814,528 | |
| 49,471,570 | ||
Commercial Banks - 2.4% | |||
HDFC Bank Ltd. sponsored ADR | 389,200 | 14,104,608 | |
M&T Bank Corp. (d) | 287,500 | 32,128,125 | |
PNC Financial Services Group, Inc. | 62,400 | 4,550,208 | |
Shinsei Bank Ltd. | 819,000 | 1,859,825 | |
U.S. Bancorp | 31,700 | 1,145,955 | |
Wells Fargo & Co. | 1,169,296 | 48,256,846 | |
| 102,045,567 | ||
Consumer Finance - 0.3% | |||
American Express Co. | 181,185 | 13,545,391 | |
Diversified Financial Services - 2.3% | |||
Citigroup, Inc. | 1,729,800 | 82,978,506 | |
IntercontinentalExchange, Inc. (a)(d) | 29,600 | 5,261,696 | |
JPMorgan Chase & Co. | 144,600 | 7,633,434 | |
ORIX Corp. | 135,400 | 1,847,766 | |
| 97,721,402 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - 5.3% | |||
ACE Ltd. | 212,925 | $ 19,052,529 | |
AIA Group Ltd. | 472,400 | 2,000,805 | |
Berkshire Hathaway, Inc. Class A (a) | 856 | 144,321,600 | |
esure Group PLC | 466,500 | 2,305,241 | |
Marsh & McLennan Companies, Inc. | 481,200 | 19,209,504 | |
The Chubb Corp. | 228,300 | 19,325,595 | |
The Travelers Companies, Inc. | 215,400 | 17,214,768 | |
| 223,430,042 | ||
Real Estate Investment Trusts - 0.3% | |||
American Tower Corp. | 146,181 | 10,696,064 | |
Simon Property Group, Inc. | 9,642 | 1,522,665 | |
| 12,218,729 | ||
Real Estate Management & Development - 0.7% | |||
Kennedy-Wilson Holdings, Inc. | 1,170 | 19,469 | |
Realogy Holdings Corp. | 577,800 | 27,757,512 | |
| 27,776,981 | ||
TOTAL FINANCIALS | 526,209,682 | ||
HEALTH CARE - 15.1% | |||
Biotechnology - 9.1% | |||
Alnylam Pharmaceuticals, Inc. (a) | 24,400 | 756,644 | |
Amgen, Inc. | 341,655 | 33,707,682 | |
Biogen Idec, Inc. (a) | 605,419 | 130,286,169 | |
BioMarin Pharmaceutical, Inc. (a) | 24,983 | 1,393,802 | |
Bluebird Bio, Inc. | 26,100 | 651,717 | |
Celgene Corp. (a) | 60,385 | 7,059,610 | |
Celldex Therapeutics, Inc. (a) | 42,000 | 655,620 | |
CSL Ltd. | 25,262 | 1,422,705 | |
Gilead Sciences, Inc. (a) | 3,278,976 | 167,916,361 | |
Intercept Pharmaceuticals, Inc. | 57,000 | 2,555,880 | |
Puma Biotechnology, Inc. (a) | 134,181 | 5,953,611 | |
Regeneron Pharmaceuticals, Inc. (a) | 111,040 | 24,970,675 | |
Vertex Pharmaceuticals, Inc. (a) | 69,600 | 5,558,952 | |
| 382,889,428 | ||
Health Care Equipment & Supplies - 1.0% | |||
Becton, Dickinson & Co. | 4,200 | 415,086 | |
Boston Scientific Corp. (a) | 613,500 | 5,687,145 | |
C.R. Bard, Inc. | 7,700 | 836,836 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
CareFusion Corp. (a) | 57,489 | $ 2,118,470 | |
Covidien PLC | 171,700 | 10,789,628 | |
Medtronic, Inc. | 74,479 | 3,833,434 | |
ResMed, Inc. (d) | 78,600 | 3,547,218 | |
St. Jude Medical, Inc. | 19,000 | 866,970 | |
Stryker Corp. | 46,200 | 2,988,216 | |
The Cooper Companies, Inc. | 21,040 | 2,504,812 | |
Trinity Biotech PLC sponsored ADR | 390,433 | 6,578,796 | |
| 40,166,611 | ||
Health Care Providers & Services - 2.2% | |||
AmerisourceBergen Corp. | 107,800 | 6,018,474 | |
Catamaran Corp. (a) | 8,200 | 399,123 | |
CIGNA Corp. | 84,900 | 6,154,401 | |
DaVita, Inc. (a) | 278,000 | 33,582,400 | |
Henry Schein, Inc. (a) | 213,300 | 20,423,475 | |
McKesson Corp. | 18,000 | 2,061,000 | |
UnitedHealth Group, Inc. | 369,907 | 24,221,510 | |
| 92,860,383 | ||
Health Care Technology - 0.6% | |||
Cerner Corp. (a) | 276,900 | 26,607,321 | |
Life Sciences Tools & Services - 1.0% | |||
Eurofins Scientific SA | 500 | 105,629 | |
Mettler-Toledo International, Inc. (a) | 91,193 | 18,348,032 | |
PAREXEL International Corp. (a) | 80,200 | 3,684,388 | |
Thermo Fisher Scientific, Inc. | 141,300 | 11,958,219 | |
Waters Corp. (a) | 99,200 | 9,924,960 | |
| 44,021,228 | ||
Pharmaceuticals - 1.2% | |||
AbbVie, Inc. | 724,600 | 29,954,964 | |
Astellas Pharma, Inc. | 7,300 | 396,566 | |
Bayer AG | 42,600 | 4,543,042 | |
Johnson & Johnson | 4,800 | 412,128 | |
Novo Nordisk A/S Series B sponsored ADR | 3,500 | 542,395 | |
Salix Pharmaceuticals Ltd. (a) | 15,400 | 1,018,710 | |
Sanofi SA | 28,710 | 2,968,057 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 105,200 | $ 9,070,587 | |
Zoetis, Inc. Class A | 27,000 | 834,030 | |
| 49,740,479 | ||
TOTAL HEALTH CARE | 636,285,450 | ||
INDUSTRIALS - 6.7% | |||
Aerospace & Defense - 0.3% | |||
Honeywell International, Inc. | 82,273 | 6,527,540 | |
Precision Castparts Corp. | 21,700 | 4,904,417 | |
United Technologies Corp. | 4,300 | 399,642 | |
| 11,831,599 | ||
Airlines - 0.1% | |||
Ryanair Holdings PLC sponsored ADR | 92,913 | 4,787,807 | |
Southwest Airlines Co. | 58,800 | 757,932 | |
| 5,545,739 | ||
Building Products - 0.3% | |||
Fortune Brands Home & Security, Inc. | 341,110 | 13,214,601 | |
Electrical Equipment - 0.6% | |||
Eaton Corp. PLC | 45,700 | 3,007,517 | |
Generac Holdings, Inc. | 535,427 | 19,816,153 | |
Roper Industries, Inc. | 6,700 | 832,274 | |
| 23,655,944 | ||
Industrial Conglomerates - 0.8% | |||
3M Co. | 123,177 | 13,469,405 | |
Danaher Corp. | 325,450 | 20,600,985 | |
| 34,070,390 | ||
Machinery - 0.3% | |||
Illinois Tool Works, Inc. | 145,380 | 10,055,935 | |
Kubota Corp. | 128,000 | 1,862,831 | |
Proto Labs, Inc. (a) | 23,800 | 1,546,286 | |
| 13,465,052 | ||
Professional Services - 1.1% | |||
Experian PLC | 44,699 | 777,068 | |
Intertek Group PLC | 38,500 | 1,711,609 | |
On Assignment, Inc. (a) | 12,000 | 320,640 | |
Verisk Analytics, Inc. (a) | 719,100 | 42,930,270 | |
| 45,739,587 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Road & Rail - 3.1% | |||
Canadian Pacific Railway Ltd. (d) | 385,300 | $ 46,721,792 | |
Hertz Global Holdings, Inc. (a) | 1,300,287 | 32,247,118 | |
J.B. Hunt Transport Services, Inc. | 23,600 | 1,704,864 | |
Union Pacific Corp. | 325,800 | 50,264,424 | |
| 130,938,198 | ||
Trading Companies & Distributors - 0.1% | |||
Air Lease Corp. Class A | 142,800 | 3,939,852 | |
W.W. Grainger, Inc. | 1,700 | 428,706 | |
| 4,368,558 | ||
TOTAL INDUSTRIALS | 282,829,668 | ||
INFORMATION TECHNOLOGY - 27.5% | |||
Computers & Peripherals - 1.9% | |||
Apple, Inc. | 194,024 | 76,849,026 | |
Hewlett-Packard Co. | 88,800 | 2,202,240 | |
Stratasys Ltd. (a) | 4,900 | 410,326 | |
| 79,461,592 | ||
Electronic Equipment & Components - 0.6% | |||
Amphenol Corp. Class A | 336,407 | 26,219,562 | |
Internet Software & Services - 13.2% | |||
Angie's List, Inc. (a) | 16,200 | 430,110 | |
Cornerstone OnDemand, Inc. (a) | 20,792 | 900,086 | |
eBay, Inc. (a) | 652,050 | 33,724,026 | |
Facebook, Inc. Class A (a) | 5,837,919 | 145,130,666 | |
Google, Inc. Class A (a) | 265,153 | 233,432,741 | |
LinkedIn Corp. (a) | 353,900 | 63,100,370 | |
Marketo, Inc. | 6,000 | 149,220 | |
Shutterstock, Inc. | 2,800 | 156,184 | |
Tencent Holdings Ltd. | 11,100 | 435,353 | |
Textura Corp. | 3,200 | 83,232 | |
Trulia, Inc. | 21,200 | 659,108 | |
Yahoo!, Inc. (a) | 3,117,600 | 78,282,936 | |
Zillow, Inc. (a)(d) | 11,900 | 669,970 | |
| 557,154,002 | ||
IT Services - 6.4% | |||
Accenture PLC Class A | 376,000 | 27,056,960 | |
Alliance Data Systems Corp. (a) | 44,262 | 8,012,750 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 141,600 | 4,146,886 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
IT Services - continued | |||
EPAM Systems, Inc. (a) | 31,327 | $ 851,468 | |
Fidelity National Information Services, Inc. | 753,200 | 32,267,088 | |
FleetCor Technologies, Inc. (a) | 92,702 | 7,536,673 | |
MasterCard, Inc. Class A | 205,151 | 117,859,250 | |
Visa, Inc. Class A | 387,011 | 70,726,260 | |
| 268,457,335 | ||
Semiconductors & Semiconductor Equipment - 0.7% | |||
Advanced Micro Devices, Inc. (a)(d) | 462,700 | 1,887,816 | |
ARM Holdings PLC sponsored ADR | 180,090 | 6,515,656 | |
ASML Holding NV | 109,000 | 8,621,900 | |
Samsung Electronics Co. Ltd. | 6,079 | 7,141,121 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 231,200 | 4,235,584 | |
| 28,402,077 | ||
Software - 4.7% | |||
Activision Blizzard, Inc. | 27,500 | 392,150 | |
Adobe Systems, Inc. (a) | 121,400 | 5,530,984 | |
CA Technologies, Inc. | 29,200 | 835,996 | |
CommVault Systems, Inc. (a) | 571,700 | 43,386,313 | |
Concur Technologies, Inc. (a)(d) | 260,878 | 21,230,252 | |
Diligent Board Member Services, Inc. (a) | 427,239 | 2,251,404 | |
Infoblox, Inc. (a) | 6,900 | 201,894 | |
NetSuite, Inc. (a) | 311,400 | 28,567,836 | |
salesforce.com, Inc. (a) | 647,832 | 24,734,226 | |
ServiceNow, Inc. | 652,100 | 26,338,319 | |
SolarWinds, Inc. (a) | 75,342 | 2,924,023 | |
Splunk, Inc. (a) | 129,600 | 6,008,256 | |
SS&C Technologies Holdings, Inc. (a) | 5,200 | 171,080 | |
Symantec Corp. | 220,600 | 4,956,882 | |
Ultimate Software Group, Inc. (a) | 205,289 | 24,078,347 | |
Workday, Inc. Class A | 64,400 | 4,127,396 | |
| 195,735,358 | ||
TOTAL INFORMATION TECHNOLOGY | 1,155,429,926 | ||
MATERIALS - 4.8% | |||
Chemicals - 4.2% | |||
Ecolab, Inc. | 541,900 | 46,164,461 | |
Filtrona PLC | 223,500 | 2,384,625 | |
LyondellBasell Industries NV Class A | 20,480 | 1,357,005 | |
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Monsanto Co. | 494,195 | $ 48,826,466 | |
PPG Industries, Inc. | 230,400 | 33,732,864 | |
Sherwin-Williams Co. | 257,800 | 45,527,480 | |
| 177,992,901 | ||
Construction Materials - 0.1% | |||
Eagle Materials, Inc. | 24,900 | 1,650,123 | |
Containers & Packaging - 0.1% | |||
Rock-Tenn Co. Class A | 50,611 | 5,055,027 | |
Metals & Mining - 0.3% | |||
Argonaut Gold, Inc. (a) | 42,200 | 228,314 | |
B2Gold Corp. (a) | 265,667 | 565,840 | |
Franco-Nevada Corp. | 280,406 | 10,038,306 | |
Premier Gold Mines Ltd. (a) | 23,000 | 40,021 | |
Primero Mining Corp. (a) | 13,300 | 59,437 | |
Tahoe Resources, Inc. (a) | 21,600 | 306,224 | |
Turquoise Hill Resources Ltd. (a) | 1,500 | 8,900 | |
| 11,247,042 | ||
Paper & Forest Products - 0.1% | |||
International Paper Co. | 94,600 | 4,191,726 | |
TOTAL MATERIALS | 200,136,819 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
SoftBank Corp. | 53,000 | 3,085,128 | |
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
ITC Holdings Corp. | 18,300 | 1,670,790 | |
TOTAL COMMON STOCKS (Cost $3,455,601,835) |
| ||
Convertible Preferred Stocks - 0.5% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.1% | |||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (e) | 1,007,372 | 4,654,059 | |
Convertible Preferred Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - 0.4% | |||
Biotechnology - 0.4% | |||
Intrexon Corp. Series F, 6.00% (e) | 2,023,305 | $ 15,933,527 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $20,587,586) |
| ||
Money Market Funds - 9.0% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.13% (b) | 279,933,654 | 279,933,654 | |
Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c) | 99,615,554 | 99,615,554 | |
TOTAL MONEY MARKET FUNDS (Cost $379,549,208) |
| ||
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $3,855,738,629) | 4,319,854,254 | ||
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (111,968,591) | ||
NET ASSETS - 100% | $ 4,207,885,663 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(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 $20,587,586 or 0.5% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition | Acquisition |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 | $ 4,654,059 |
Intrexon Corp. Series F, 6.00% | 4/30/13 | $ 15,933,527 |
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 | $ 78,730 |
Fidelity Securities Lending Cash Central Fund | 414,955 |
Total | $ 493,685 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2013, 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 in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 673,631,823 | $ 653,982,178 | $ 14,995,586 | $ 4,654,059 |
Consumer Staples | 269,817,469 | 269,817,469 | - | - |
Energy | 175,274,764 | 175,274,764 | - | - |
Financials | 526,209,682 | 522,502,091 | 3,707,591 | - |
Health Care | 652,218,977 | 632,920,827 | 3,364,623 | 15,933,527 |
Industrials | 282,829,668 | 280,966,837 | 1,862,831 | - |
Information Technology | 1,155,429,926 | 1,155,429,926 | - | - |
Materials | 200,136,819 | 200,136,819 | - | - |
Telecommunication Services | 3,085,128 | - | 3,085,128 | - |
Utilities | 1,670,790 | 1,670,790 | - | - |
Money Market Funds | 379,549,208 | 379,549,208 | - | - |
Total Investments in Securities: | $ 4,319,854,254 | $ 4,272,250,909 | $ 27,015,759 | $ 20,587,586 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 58,665,446 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $96,306,026) - See accompanying schedule: Unaffiliated issuers (cost $3,476,189,421) | $ 3,940,305,046 |
|
Fidelity Central Funds (cost $379,549,208) | 379,549,208 |
|
Total Investments (cost $3,855,738,629) |
| $ 4,319,854,254 |
Cash |
| 103,645 |
Receivable for investments sold | 12,568,346 | |
Receivable for fund shares sold | 1,819,937 | |
Dividends receivable | 1,500,786 | |
Distributions receivable from Fidelity Central Funds | 64,329 | |
Other receivables | 22,511 | |
Total assets | 4,335,933,808 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 24,874,963 | |
Payable for fund shares redeemed | 1,159,199 | |
Accrued management fee | 1,945,386 | |
Other affiliated payables | 385,582 | |
Other payables and accrued expenses | 67,461 | |
Collateral on securities loaned, at value | 99,615,554 | |
Total liabilities | 128,048,145 | |
|
|
|
Net Assets | $ 4,207,885,663 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,731,448,656 | |
Undistributed net investment income | 4,320,994 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 8,002,199 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 464,113,814 | |
Net Assets | $ 4,207,885,663 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| June 30, 2013 (Unaudited) | |
|
|
|
Series Opportunistic Insights: | $ 11.29 | |
|
|
|
Class F: | $ 11.30 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
| Six months ended June 30, 2013 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 16,775,367 |
Interest |
| 77 |
Income from Fidelity Central Funds |
| 493,685 |
Total income |
| 17,269,129 |
|
|
|
Expenses | ||
Management fee | $ 11,178,359 | |
Transfer agent fees | 1,741,908 | |
Accounting and security lending fees | 528,436 | |
Custodian fees and expenses | 56,721 | |
Independent trustees' compensation | 11,758 | |
Registration fees | (15,001) | |
Audit | 33,421 | |
Legal | 3,309 | |
Interest | 839 | |
Miscellaneous | 5,062 | |
Total expenses before reductions | 13,544,812 | |
Expense reductions | (596,678) | 12,948,134 |
Net investment income (loss) | 4,320,995 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 9,271,296 | |
Foreign currency transactions | (86,230) | |
Total net realized gain (loss) |
| 9,185,066 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 466,105,719 | |
Assets and liabilities in foreign currencies | (2,416) | |
Total change in net unrealized appreciation (depreciation) |
| 466,103,303 |
Net gain (loss) | 475,288,369 | |
Net increase (decrease) in net assets resulting from operations | $ 479,609,364 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 4,320,995 | $ 1,384,201 |
Net realized gain (loss) | 9,185,066 | 9,735,967 |
Change in net unrealized appreciation (depreciation) | 466,103,303 | (1,989,489) |
Net increase (decrease) in net assets resulting | 479,609,364 | 9,130,679 |
Distributions to shareholders from net investment income | - | (2,795,302) |
Distributions to shareholders from net realized gain | (9,507,734) | - |
Total distributions | (9,507,734) | (2,795,302) |
Share transactions - net increase (decrease) | 34,428,811 | 3,697,019,845 |
Total increase (decrease) in net assets | 504,530,441 | 3,703,355,222 |
|
|
|
Net Assets | ||
Beginning of period | 3,703,355,222 | - |
End of period (including undistributed net investment income of $4,320,994 and $0, respectively) | $ 4,207,885,663 | $ 3,703,355,222 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series Opportunistic Insights
| Six months ended | Year ended |
| (Unaudited) | 2012 H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.02 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .01 | - G, J |
Net realized and unrealized gain (loss) | 1.29 | .03 |
Total from investment operations | 1.30 | .03 |
Distributions from net investment income | - | (.01) |
Distributions from net realized gain | (.03) | - |
Total distributions | (.03) | (.01) |
Net asset value, end of period | $ 11.29 | $ 10.02 |
Total Return B, C | 12.95% | .27% |
Ratios to Average Net Assets E, I |
|
|
Expenses before reductions | .77% A | 1.00% A |
Expenses net of fee waivers, if any | .77% A | 1.00% A |
Expenses net of all reductions | .74% A | 1.00% A |
Net investment income (loss) | .11% A | .49% A, G |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 1,880,962 | $ 1,803,958 |
Portfolio turnover rate F | 55% A | 64% K |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .30%.
H For the period December 6, 2012 (commencement of operations) to December 31, 2012.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended (Unaudited) | Year ended |
June 30, | 2013 | 2012 H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.02 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .02 | - G, J |
Net realized and unrealized gain (loss) | 1.29 | .03 |
Total from investment operations | 1.31 | .03 |
Distributions from net investment income | - | (.01) |
Distributions from net realized gain | (.03) | - |
Total distributions | (.03) | (.01) |
Net asset value, end of period | $ 11.30 | $ 10.02 |
Total Return B, C | 13.05% | .28% |
Ratios to Average Net Assets E, I |
|
|
Expenses before reductions | .58% A | .80% A |
Expenses net of fee waivers, if any | .58% A | .80% A |
Expenses net of all reductions | .56% A | .80% A |
Net investment income (loss) | .30% A | .69% A, G |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 2,326,924 | $ 1,899,398 |
Portfolio turnover rate F | 55% A | 64% K |
A Annualized
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 Calculated based on average shares outstanding during the period.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .50%.
H For the period December 6, 2012 (commencement of operations) to December 31, 2012.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2013 (Unaudited)
1. Organization.
Fidelity® Series Opportunistic Insights Fund (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Series Opportunistic Insights and Class F 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 FMR 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 FMR.
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 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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 FMR Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2013, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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
Semiannual Report
3. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
reductions, if any, are allocated 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. 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 534,776,177 |
Gross unrealized depreciation | (71,989,315) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 462,786,862 |
|
|
Tax cost | $ 3,857,067,392 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 $1,069,767,783 and $1,246,851,754, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR 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 .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. 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 Series Opportunistic Insights as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until December 1, 2013. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .55% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, 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 Series Opportunistic Insights. FIIOC receives no fees for providing transfer agency services to Class F. 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 |
Series Opportunistic Insights | $ 1,741,908 | .19 |
* Annualized
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $14,103 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest |
Borrower | $ 15,928,800 | .38% | $ 839 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $712 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
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. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $414,955. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $596,618 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $60.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Series Opportunistic Insights | $ - | $ 1,265,374 |
Class F | - | 1,529,928 |
Total | $ - | $ 2,795,302 |
From net realized gain |
|
|
Series Opportunistic Insights | $ 4,496,110 | $ - |
Class F | 5,011,624 | - |
Total | $ 9,507,734 | $ - |
A For the period December 6, 2012 (commencement of operations) to December 31, 2012.
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Series Opportunistic Insights |
|
|
|
|
Shares sold | 5,518,662 | 180,776,400 B | $ 61,901,860 | $ 1,807,763,739 B |
Reinvestment of distributions | 422,964 | 126,159 | 4,496,110 | 1,265,374 |
Shares redeemed | (19,481,433) | (813,378) | (210,249,241) | (8,121,063) |
Net increase (decrease) | (13,539,807) | 180,089,181 | $ (143,851,271) | $ 1,800,908,050 |
Class F |
|
|
|
|
Shares sold | 20,517,088 | 191,283,348 B | $ 225,334,448 | $ 1,912,830,854 B |
Reinvestment of distributions | 471,460 | 152,535 | 5,011,624 | 1,529,928 |
Shares redeemed | (4,764,192) | (1,821,480) | (52,065,990) | (18,248,987) |
Net increase (decrease) | 16,224,356 | 189,614,403 | $ 178,280,082 | $ 1,896,111,795 |
A For the period December 6, 2012 (commencement of operations) to December 31, 2012.
B Amount includes in-kind exchanges.
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.
At the end of the period, mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the Funds.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
O1T-SANN-0813 1.951055.100