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, 2015 |
Item 1. Reports to Stockholders
Fidelity®
Contrafund®
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .65% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.80 | $ 3.31 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.57 | $ 3.26 |
Class K | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,051.30 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Berkshire Hathaway, Inc. Class A | 4.4 | 5.0 |
Apple, Inc. | 4.0 | 3.4 |
Facebook, Inc. Class A | 3.9 | 3.3 |
Wells Fargo & Co. | 3.6 | 3.5 |
Biogen, Inc. | 3.0 | 2.6 |
The Walt Disney Co. | 2.3 | 2.0 |
Google, Inc. Class A | 2.1 | 2.8 |
Google, Inc. Class C | 2.0 | 2.8 |
Visa, Inc. Class A | 1.9 | 1.7 |
Gilead Sciences, Inc. | 1.9 | 1.7 |
| 29.1 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 27.9 | 26.6 |
Consumer Discretionary | 19.0 | 15.7 |
Health Care | 18.1 | 17.8 |
Financials | 16.2 | 18.6 |
Industrials | 6.9 | 7.4 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 97.6% |
| ![]() | Stocks 98.4% |
| ||
![]() | Bonds 0.0%† |
| ![]() | Bonds 0.0%† |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Other Investments 0.1% |
| ![]() | Other Investments 0.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 9.7% |
| ** Foreign investments | 10.1% |
|
† Amount represents less than 0.1%. |
Semiannual Report
Investments June 30, 2015
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 18.9% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 522,900 | $ 44,494 | |
Motherson Sumi Systems Ltd. | 1,374,677 | 11,219 | |
| 55,713 | ||
Automobiles - 1.3% | |||
General Motors Co. | 9,425,800 | 314,162 | |
Mahindra & Mahindra Ltd. (a) | 4,327,351 | 87,309 | |
Maruti Suzuki India Ltd. (a) | 1,468,248 | 96,781 | |
Tesla Motors, Inc. (a)(e) | 3,340,205 | 896,043 | |
| 1,394,295 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 771,021 | 44,565 | |
Hotels, Restaurants & Leisure - 4.1% | |||
ARAMARK Holdings Corp. | 3,772,938 | 116,848 | |
Cara Operations Ltd. (a) | 398,600 | 11,010 | |
Chipotle Mexican Grill, Inc. (a)(f) | 1,914,832 | 1,158,454 | |
Darden Restaurants, Inc. | 1,268,473 | 90,163 | |
Domino's Pizza, Inc. | 1,450,072 | 164,438 | |
Dunkin' Brands Group, Inc. (e) | 1,985,887 | 109,224 | |
Hilton Worldwide Holdings, Inc. (a) | 3,403,092 | 93,755 | |
Marriott International, Inc. Class A | 6,613,492 | 491,978 | |
Papa John's International, Inc. | 26,200 | 1,981 | |
Starbucks Corp. | 37,185,092 | 1,993,679 | |
Whitbread PLC | 4,883,928 | 379,550 | |
Wingstop, Inc. | 197,200 | 5,600 | |
Zoe's Kitchen, Inc. (a)(e) | 332,400 | 13,608 | |
| 4,630,288 | ||
Household Durables - 0.3% | |||
Harman International Industries, Inc. | 956,356 | 113,749 | |
Leggett & Platt, Inc. | 705,800 | 34,358 | |
Lennar Corp. Class A | 890,100 | 45,431 | |
Mohawk Industries, Inc. (a) | 535,671 | 102,260 | |
Sony Corp. | 2,153,500 | 61,153 | |
| 356,951 | ||
Internet & Catalog Retail - 3.3% | |||
Amazon.com, Inc. (a) | 4,065,562 | 1,764,820 | |
ASOS PLC (a)(e) | 398,300 | 24,276 | |
Etsy, Inc. (e) | 834,085 | 11,719 | |
Netflix, Inc. (a) | 1,020,080 | 670,131 | |
Priceline Group, Inc. (a) | 721,329 | 830,517 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
TripAdvisor, Inc. (a) | 3,729,467 | $ 324,986 | |
Wayfair LLC Class A | 1,490,909 | 56,118 | |
| 3,682,567 | ||
Leisure Products - 0.1% | |||
Mattel, Inc. | 2,458,400 | 63,156 | |
Media - 3.9% | |||
Charter Communications, Inc. Class A (a)(e) | 716,100 | 122,632 | |
Comcast Corp. Class A | 2,057,431 | 123,734 | |
DISH Network Corp. Class A (a) | 686,817 | 46,504 | |
Entertainment One Ltd. | 296,767 | 1,660 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 1,935,100 | 75,121 | |
Legend Pictures LLC (a)(j)(l) | 98,977 | 233,986 | |
Liberty Broadband Corp.: | |||
Class A (a) | 430,200 | 21,927 | |
Class C (a) | 1,104,148 | 56,488 | |
Liberty Global PLC: | |||
Class A (a) | 6,585,799 | 356,094 | |
Class C (a) | 4,658,369 | 235,853 | |
Liberty Media Corp.: | |||
Class A (a) | 294,700 | 10,621 | |
Class C (a) | 5,306,691 | 190,510 | |
Lions Gate Entertainment Corp. | 1,482,314 | 54,920 | |
Naspers Ltd. Class N | 701,800 | 109,314 | |
Rightmove PLC | 651,645 | 33,553 | |
Starz Series A (a) | 850,595 | 38,039 | |
The Walt Disney Co. | 22,906,681 | 2,614,569 | |
Time Warner, Inc. | 266,500 | 23,295 | |
Weinstein Co. Holdings LLC Class A-1 (a)(j)(l) | 41,234 | 11,710 | |
| 4,360,530 | ||
Multiline Retail - 0.3% | |||
B&M European Value Retail S.A. | 11,035,779 | 59,459 | |
Dollar Tree, Inc. (a) | 2,067,700 | 163,328 | |
Dollarama, Inc. | 1,374,565 | 83,310 | |
| 306,097 | ||
Specialty Retail - 3.1% | |||
AutoNation, Inc. (a) | 369,800 | 23,290 | |
AutoZone, Inc. (a) | 417,952 | 278,732 | |
DavidsTea, Inc. | 139,600 | 3,000 | |
Foot Locker, Inc. | 1,098,200 | 73,590 | |
Home Depot, Inc. | 4,043,360 | 449,339 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
L Brands, Inc. | 277,235 | $ 23,767 | |
O'Reilly Automotive, Inc. (a) | 2,384,082 | 538,755 | |
Restoration Hardware Holdings, Inc. (a) | 1,000 | 98 | |
Signet Jewelers Ltd. | 1,002,918 | 128,614 | |
TJX Companies, Inc. | 27,866,852 | 1,843,950 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 738,171 | 114,011 | |
Williams-Sonoma, Inc. | 140,400 | 11,551 | |
| 3,488,697 | ||
Textiles, Apparel & Luxury Goods - 2.4% | |||
NIKE, Inc. Class B | 17,502,183 | 1,890,586 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 9,601,493 | 801,149 | |
| 2,691,735 | ||
TOTAL CONSUMER DISCRETIONARY | 21,074,594 | ||
CONSUMER STAPLES - 6.1% | |||
Beverages - 0.4% | |||
Boston Beer Co., Inc. Class A (a) | 503,818 | 116,881 | |
Monster Beverage Corp. (a) | 902,769 | 120,989 | |
The Coca-Cola Co. | 6,258,276 | 245,512 | |
| 483,382 | ||
Food & Staples Retailing - 2.0% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,456,012 | 62,286 | |
Costco Wholesale Corp. | 4,900,284 | 661,832 | |
CVS Health Corp. | 13,090,238 | 1,372,904 | |
Diplomat Pharmacy, Inc. | 1,657,686 | 74,181 | |
Sprouts Farmers Market LLC (a) | 1,213,913 | 32,751 | |
| 2,203,954 | ||
Food Products - 0.9% | |||
Associated British Foods PLC | 13,079,175 | 590,009 | |
Kraft Foods Group, Inc. | 140,400 | 11,954 | |
Mondelez International, Inc. | 5,910,017 | 243,138 | |
Pinnacle Foods, Inc. | 1,234,500 | 56,219 | |
The Hain Celestial Group, Inc. (a) | 1,319,402 | 86,896 | |
| 988,216 | ||
Household Products - 1.5% | |||
Colgate-Palmolive Co. | 26,380,584 | 1,725,554 | |
Procter & Gamble Co. | 222,410 | 17,401 | |
| 1,742,955 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.3% | |||
AMOREPACIFIC Group, Inc. | 141,850 | $ 23,693 | |
Coty, Inc. Class A | 468,200 | 14,968 | |
Estee Lauder Companies, Inc. Class A | 15,348,704 | 1,330,119 | |
Hengan International Group Co. Ltd. | 936,500 | 11,127 | |
L'Oreal SA | 257,374 | 45,909 | |
| 1,425,816 | ||
TOTAL CONSUMER STAPLES | 6,844,323 | ||
ENERGY - 1.6% | |||
Energy Equipment & Services - 0.2% | |||
Schlumberger Ltd. | 2,358,341 | 203,265 | |
Oil, Gas & Consumable Fuels - 1.4% | |||
Americas Petrogas, Inc. (a)(g) | 3,560,563 | 727 | |
Birchcliff Energy Ltd. (a)(g) | 686,127 | 3,829 | |
Birchcliff Energy Ltd. (a) | 4,412,178 | 24,622 | |
Concho Resources, Inc. (a) | 375,820 | 42,791 | |
Continental Resources, Inc. (a) | 1,114,761 | 47,255 | |
EOG Resources, Inc. | 6,148,122 | 538,268 | |
Kinder Morgan, Inc. | 1,957,322 | 75,142 | |
Marathon Petroleum Corp. | 2,243,100 | 117,337 | |
Newfield Exploration Co. (a) | 93,693 | 3,384 | |
Noble Energy, Inc. | 12,467,860 | 532,128 | |
Pioneer Natural Resources Co. | 139,700 | 19,375 | |
Tesoro Corp. | 781,600 | 65,975 | |
Valero Energy Corp. | 1,497,700 | 93,756 | |
| 1,564,589 | ||
TOTAL ENERGY | 1,767,854 | ||
FINANCIALS - 16.0% | |||
Banks - 7.8% | |||
Bank of America Corp. | 36,941,969 | 628,752 | |
Bank of Ireland (a) | 1,331,502,017 | 538,290 | |
Citigroup, Inc. | 14,373,174 | 793,974 | |
HDFC Bank Ltd. sponsored ADR | 7,472,661 | 452,320 | |
JPMorgan Chase & Co. | 13,924,338 | 943,513 | |
Kotak Mahindra Bank Ltd. | 2,380,105 | 51,895 | |
Metro Bank PLC Class A (a)(f)(l) | 4,680,628 | 106,786 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Banks - continued | |||
PT Bank Central Asia Tbk | 56,035,100 | $ 56,739 | |
U.S. Bancorp | 24,283,191 | 1,053,890 | |
Virgin Money Holdings Uk PLC (a) | 9,107,200 | 63,034 | |
Wells Fargo & Co. | 70,817,769 | 3,982,791 | |
| 8,671,984 | ||
Capital Markets - 1.5% | |||
BlackRock, Inc. Class A | 1,730,963 | 598,879 | |
Charles Schwab Corp. | 7,801,750 | 254,727 | |
Goldman Sachs Group, Inc. | 1,186,384 | 247,705 | |
Morgan Stanley | 10,373,482 | 402,387 | |
Oaktree Capital Group LLC Class A | 2,399,772 | 127,620 | |
| 1,631,318 | ||
Consumer Finance - 0.2% | |||
American Express Co. | 3,517,325 | 273,366 | |
Credit Acceptance Corp. (a) | 25,399 | 6,253 | |
| 279,619 | ||
Diversified Financial Services - 4.8% | |||
Berkshire Hathaway, Inc. Class A (a) | 23,897 | 4,895,299 | |
McGraw Hill Financial, Inc. | 4,915,976 | 493,810 | |
| 5,389,109 | ||
Insurance - 1.4% | |||
ACE Ltd. | 1,828,713 | 185,944 | |
AIA Group Ltd. | 81,196,200 | 531,598 | |
Direct Line Insurance Group PLC | 10,671,095 | 56,303 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 199,522 | 98,384 | |
Marsh & McLennan Companies, Inc. | 5,764,416 | 326,842 | |
The Chubb Corp. | 3,328,812 | 316,703 | |
The Travelers Companies, Inc. | 332,315 | 32,122 | |
| 1,547,896 | ||
Real Estate Investment Trusts - 0.3% | |||
American Tower Corp. | 2,027,914 | 189,184 | |
Equity Residential (SBI) | 2,034,874 | 142,787 | |
| 331,971 | ||
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (l) | 644,857 | 21,209 | |
TOTAL FINANCIALS | 17,873,106 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - 18.0% | |||
Biotechnology - 7.1% | |||
Aduro Biotech, Inc. | 476,600 | $ 14,455 | |
Agios Pharmaceuticals, Inc. (a) | 1,331,889 | 148,026 | |
Alexion Pharmaceuticals, Inc. (a) | 985,800 | 178,203 | |
Alnylam Pharmaceuticals, Inc. (a) | 302,400 | 36,249 | |
Amgen, Inc. | 2,598,297 | 398,891 | |
Biogen, Inc. (a) | 8,339,383 | 3,368,610 | |
BioMarin Pharmaceutical, Inc. (a) | 416,700 | 56,996 | |
bluebird bio, Inc. (a) | 516,180 | 86,909 | |
Blueprint Medicines Corp. | 172,460 | 4,568 | |
Celgene Corp. (a) | 5,263,375 | 609,157 | |
Celldex Therapeutics, Inc. (a) | 423,600 | 10,683 | |
Cellectis SA sponsored ADR | 660,100 | 23,816 | |
Cidara Therapeutics, Inc. | 343,600 | 4,817 | |
Coherus BioSciences, Inc. | 211,890 | 6,124 | |
Dyax Corp. (a) | 1,850,170 | 49,030 | |
Exact Sciences Corp. (a)(e) | 2,072,762 | 61,644 | |
Genmab A/S (a) | 151,000 | 13,133 | |
Gilead Sciences, Inc. | 18,123,882 | 2,121,944 | |
Insmed, Inc. (a) | 535,000 | 13,065 | |
Karyopharm Therapeutics, Inc. (a) | 587,466 | 15,985 | |
Medivation, Inc. (a) | 1,816,201 | 207,410 | |
Neurocrine Biosciences, Inc. (a) | 1,317,408 | 62,919 | |
OvaScience, Inc. (a) | 550,173 | 15,917 | |
Receptos, Inc. (a) | 1,030,045 | 195,760 | |
Regeneron Pharmaceuticals, Inc. (a) | 365,009 | 186,202 | |
Repligen Corp. (a) | 654,397 | 27,007 | |
Sage Therapeutics, Inc. | 136,157 | 9,939 | |
TESARO, Inc. (a) | 171,449 | 10,079 | |
| 7,937,538 | ||
Health Care Equipment & Supplies - 1.8% | |||
Becton, Dickinson & Co. | 1,224,962 | 173,516 | |
Boston Scientific Corp. (a) | 27,317,402 | 483,518 | |
C.R. Bard, Inc. | 519,969 | 88,759 | |
DexCom, Inc. (a) | 2,454,458 | 196,308 | |
ICU Medical, Inc. (a) | 121,700 | 11,642 | |
Medtronic PLC | 7,751,708 | 574,402 | |
Nevro Corp. | 255,062 | 13,710 | |
Stryker Corp. | 2,240,716 | 214,145 | |
Zimmer Biomet Holdings, Inc. | 2,615,584 | 285,700 | |
| 2,041,700 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - 4.2% | |||
Aetna, Inc. | 3,724,672 | $ 474,747 | |
AmerisourceBergen Corp. | 5,564,960 | 591,778 | |
Anthem, Inc. | 2,491,447 | 408,946 | |
Cardinal Health, Inc. | 962,986 | 80,554 | |
Cigna Corp. | 2,412,203 | 390,777 | |
HCA Holdings, Inc. (a) | 2,221,144 | 201,502 | |
Henry Schein, Inc. (a) | 3,037,404 | 431,676 | |
Team Health Holdings, Inc. (a) | 187,200 | 12,230 | |
Teladoc, Inc. | 272,100 | 5,170 | |
UnitedHealth Group, Inc. | 16,623,392 | 2,028,054 | |
Universal Health Services, Inc. Class B | 718,088 | 102,040 | |
| 4,727,474 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 10,809,102 | 746,477 | |
Life Sciences Tools & Services - 1.6% | |||
Eurofins Scientific SA | 106,699 | 32,486 | |
Illumina, Inc. (a) | 1,112,971 | 243,028 | |
Mettler-Toledo International, Inc. (a)(f) | 2,177,038 | 743,371 | |
Thermo Fisher Scientific, Inc. | 4,093,457 | 531,167 | |
Waters Corp. (a) | 1,350,414 | 173,366 | |
| 1,723,418 | ||
Pharmaceuticals - 2.6% | |||
Allergan PLC (a) | 24,414 | 7,409 | |
Astellas Pharma, Inc. | 15,981,700 | 227,937 | |
Bayer AG | 942,559 | 131,929 | |
Bristol-Myers Squibb Co. | 12,739,888 | 847,712 | |
Johnson & Johnson | 10,726,803 | 1,045,434 | |
Novartis AG sponsored ADR | 561,700 | 55,238 | |
Novo Nordisk A/S Series B | 3,667,538 | 201,256 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,600,590 | 390,095 | |
| 2,907,010 | ||
TOTAL HEALTH CARE | 20,083,617 | ||
INDUSTRIALS - 6.8% | |||
Aerospace & Defense - 0.4% | |||
Honeywell International, Inc. | 290,142 | 29,586 | |
Rockwell Collins, Inc. | 73,500 | 6,788 | |
The Boeing Co. | 2,546,425 | 353,240 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Aerospace & Defense - continued | |||
TransDigm Group, Inc. | 271,811 | $ 61,068 | |
United Technologies Corp. | 184,700 | 20,489 | |
| 471,171 | ||
Air Freight & Logistics - 0.7% | |||
C.H. Robinson Worldwide, Inc. | 941,489 | 58,739 | |
FedEx Corp. | 4,096,371 | 698,022 | |
XPO Logistics, Inc. (a)(e) | 637,818 | 28,817 | |
| 785,578 | ||
Airlines - 0.9% | |||
American Airlines Group, Inc. | 642,900 | 25,674 | |
Delta Air Lines, Inc. | 1,404,019 | 57,677 | |
Ryanair Holdings PLC sponsored ADR | 5,010,106 | 357,471 | |
Southwest Airlines Co. | 12,885,325 | 426,375 | |
United Continental Holdings, Inc. (a) | 2,362,951 | 125,260 | |
| 992,457 | ||
Building Products - 0.1% | |||
ASSA ABLOY AB (B Shares) | 614,685 | 11,575 | |
Toto Ltd. | 4,363,000 | 78,643 | |
| 90,218 | ||
Commercial Services & Supplies - 0.3% | |||
Stericycle, Inc. (a) | 2,752,645 | 368,607 | |
Electrical Equipment - 0.0% | |||
Nidec Corp. | 8,700 | 651 | |
Sensata Technologies Holding BV (a) | 133,407 | 7,036 | |
| 7,687 | ||
Industrial Conglomerates - 2.0% | |||
3M Co. | 6,545,664 | 1,009,996 | |
Danaher Corp. | 8,929,936 | 764,313 | |
General Electric Co. | 15,628,100 | 415,239 | |
| 2,189,548 | ||
Machinery - 0.6% | |||
Deere & Co. | 1,836,200 | 178,203 | |
Fanuc Corp. | 207,800 | 42,584 | |
Illinois Tool Works, Inc. | 3,331,122 | 305,764 | |
Minebea Ltd. | 1,968,000 | 32,498 | |
PACCAR, Inc. | 2,314,030 | 147,658 | |
Snap-On, Inc. | 54,859 | 8,736 | |
| 715,443 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Professional Services - 0.2% | |||
Equifax, Inc. | 942,773 | $ 91,534 | |
Robert Half International, Inc. | 2,199,373 | 122,065 | |
Verisk Analytics, Inc. (a) | 159,200 | 11,583 | |
| 225,182 | ||
Road & Rail - 1.4% | |||
Canadian Pacific Railway Ltd. (e) | 4,316,320 | 691,233 | |
J.B. Hunt Transport Services, Inc. | 732,052 | 60,094 | |
Union Pacific Corp. | 8,126,320 | 775,007 | |
| 1,526,334 | ||
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp.: | |||
Class A (f)(g) | 1,569,873 | 53,219 | |
Class A (f) | 6,016,870 | 203,972 | |
HD Supply Holdings, Inc. (a) | 382,636 | 13,461 | |
| 270,652 | ||
TOTAL INDUSTRIALS | 7,642,877 | ||
INFORMATION TECHNOLOGY - 27.2% | |||
Communications Equipment - 0.5% | |||
CommScope Holding Co., Inc. (a) | 1,453,719 | 44,353 | |
F5 Networks, Inc. (a) | 152,533 | 18,357 | |
Palo Alto Networks, Inc. (a) | 768,062 | 134,180 | |
QUALCOMM, Inc. | 4,976,006 | 311,647 | |
| 508,537 | ||
Electronic Equipment & Components - 1.5% | |||
Amphenol Corp. Class A (f) | 26,889,383 | 1,558,778 | |
CDW Corp. | 417,706 | 14,319 | |
Fitbit, Inc. | 857,230 | 32,772 | |
IPG Photonics Corp. (a)(e) | 702,978 | 59,876 | |
Keyence Corp. | 104,000 | 56,136 | |
| 1,721,881 | ||
Internet Software & Services - 9.1% | |||
Akamai Technologies, Inc. (a) | 2,718,483 | 189,804 | |
Alibaba Group Holding Ltd. sponsored ADR | 2,288,955 | 188,312 | |
Cimpress NV (a) | 568,581 | 47,852 | |
Constant Contact, Inc. (a)(f) | 2,129,868 | 61,255 | |
Dropbox, Inc. (a)(l) | 5,464,028 | 88,900 | |
eBay, Inc. (a) | 1,372,000 | 82,649 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
Facebook, Inc. Class A (a) | 50,515,862 | $ 4,332,493 | |
Google, Inc.: | |||
Class A (a) | 4,294,487 | 2,319,195 | |
Class C | 4,275,564 | 2,225,474 | |
JUST EAT Ltd. (a) | 6,558,898 | 41,923 | |
LendingClub Corp. (e) | 3,703,100 | 54,621 | |
LinkedIn Corp. Class A (a) | 281,158 | 58,096 | |
LogMeIn, Inc. (a) | 908,727 | 58,604 | |
Shopify, Inc. Class A | 143,600 | 4,873 | |
Stamps.com, Inc. (a) | 47,996 | 3,531 | |
Tencent Holdings Ltd. | 6,945,200 | 138,880 | |
Yahoo!, Inc. (a) | 5,455,839 | 214,360 | |
| 10,110,822 | ||
IT Services - 5.2% | |||
Alliance Data Systems Corp. (a) | 1,036,857 | 302,700 | |
ASAC II LP (a)(l) | 39,494,500 | 641,548 | |
Cognizant Technology Solutions Corp. Class A (a) | 4,524,600 | 276,408 | |
Fidelity National Information Services, Inc. | 2,289,261 | 141,476 | |
Fiserv, Inc. (a) | 3,686,520 | 305,354 | |
FleetCor Technologies, Inc. (a) | 1,329,547 | 207,489 | |
Gartner, Inc. Class A (a) | 981,077 | 84,157 | |
MasterCard, Inc. Class A | 18,146,590 | 1,696,343 | |
Total System Services, Inc. | 1,166,874 | 48,740 | |
Visa, Inc. Class A | 31,642,572 | 2,124,799 | |
| 5,829,014 | ||
Semiconductors & Semiconductor Equipment - 2.5% | |||
Analog Devices, Inc. | 3,028,419 | 194,379 | |
ARM Holdings PLC | 3,995,100 | 65,375 | |
ARM Holdings PLC sponsored ADR | 221,600 | 10,918 | |
ASML Holding NV | 816,357 | 85,007 | |
Avago Technologies Ltd. | 4,803,988 | 638,594 | |
Broadcom Corp. Class A | 4,654,007 | 239,635 | |
Cavium, Inc. (a) | 581,188 | 39,992 | |
Freescale Semiconductor, Inc. (a) | 7,473,697 | 298,724 | |
Inphi Corp. (a) | 757,716 | 17,321 | |
Linear Technology Corp. | 88,964 | 3,935 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(e) | 2,529,032 | 96,735 | |
NXP Semiconductors NV (a) | 3,944,153 | 387,316 | |
Qorvo, Inc. (a) | 3,052,616 | 245,033 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Skyworks Solutions, Inc. | 3,275,177 | $ 340,946 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (e) | 7,063,239 | 160,406 | |
| 2,824,316 | ||
Software - 4.4% | |||
Activision Blizzard, Inc. | 5,576,474 | 135,006 | |
Adobe Systems, Inc. (a) | 6,596,486 | 534,381 | |
Check Point Software Technologies Ltd. (a) | 906,456 | 72,109 | |
Electronic Arts, Inc. (a) | 2,503,100 | 166,456 | |
Fleetmatics Group PLC (a) | 284,800 | 13,337 | |
Informatica Corp. (a) | 772,300 | 37,433 | |
Intuit, Inc. | 4,275,952 | 430,888 | |
Microsoft Corp. | 19,238,252 | 849,369 | |
Mobileye NV (a)(e) | 7,560,515 | 401,993 | |
Qlik Technologies, Inc. (a) | 2,991,781 | 104,593 | |
Red Hat, Inc. (a) | 1,121,180 | 85,131 | |
Salesforce.com, Inc. (a) | 21,073,314 | 1,467,335 | |
ServiceNow, Inc. (a) | 2,214,340 | 164,548 | |
Symantec Corp. | 1,606,691 | 37,356 | |
Tableau Software, Inc. (a) | 706,800 | 81,494 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(l) | 124,282 | 0* | |
warrants 10/3/18 (a)(l) | 181,908 | 0* | |
Ultimate Software Group, Inc. (a) | 980,455 | 161,128 | |
Workday, Inc. Class A (a) | 2,550,395 | 194,825 | |
Xero Ltd. (a)(e) | 564,105 | 6,900 | |
| 4,944,282 | ||
Technology Hardware, Storage & Peripherals - 4.0% | |||
Apple, Inc. | 35,699,550 | 4,477,616 | |
TOTAL INFORMATION TECHNOLOGY | 30,416,468 | ||
MATERIALS - 3.0% | |||
Chemicals - 2.2% | |||
Agrium, Inc. (e) | 484,727 | 51,372 | |
Air Products & Chemicals, Inc. | 510,290 | 69,823 | |
Celanese Corp. Class A | 240,700 | 17,302 | |
CF Industries Holdings, Inc. | 5,055,020 | 324,937 | |
Ecolab, Inc. | 2,308,585 | 261,032 | |
LyondellBasell Industries NV Class A | 112,300 | 11,625 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Monsanto Co. | 1,159,093 | $ 123,548 | |
Olin Corp. (e) | 841,213 | 22,671 | |
Platform Specialty Products Corp. (a) | 2,943,700 | 75,300 | |
PPG Industries, Inc. | 8,064,412 | 925,149 | |
Sherwin-Williams Co. | 2,287,298 | 629,053 | |
| 2,511,812 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 618,000 | 87,453 | |
Containers & Packaging - 0.4% | |||
Ball Corp. | 1,255,492 | 88,073 | |
MeadWestvaco Corp. | 967,565 | 45,659 | |
Rock-Tenn Co. Class A | 2,420,019 | 145,685 | |
Sealed Air Corp. | 2,732,225 | 140,382 | |
| 419,799 | ||
Metals & Mining - 0.3% | |||
B2Gold Corp. (a)(f) | 56,205,524 | 85,951 | |
Franco-Nevada Corp. | 3,170,680 | 151,223 | |
Ivanhoe Mines Ltd. (a) | 9,650,936 | 6,954 | |
Ivanhoe Mines Ltd. (a)(g) | 16,068,594 | 11,579 | |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(g) | 22,636,300 | 272 | |
Novagold Resources, Inc. (a) | 2,963,333 | 10,178 | |
Randgold Resources Ltd. sponsored ADR | 105,613 | 7,071 | |
Tahoe Resources, Inc. | 4,519,656 | 54,786 | |
| 328,014 | ||
TOTAL MATERIALS | 3,347,078 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. (a) | 1,241,100 | 48,117 | |
TOTAL COMMON STOCKS (Cost $61,564,455) |
| ||
Preferred Stocks - 1.2% | |||
Shares | Value (000s) | ||
Convertible Preferred Stocks - 1.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(l) | 578,817 | $ 53,885 | |
Series E (h)(l) | 388,853 | 36,200 | |
| 90,085 | ||
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(l) | 1,228,555 | 2,199 | |
TOTAL CONSUMER DISCRETIONARY | 92,284 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(l) | 4,329,591 | 57,700 | |
FINANCIALS - 0.2% | |||
Real Estate Management & Development - 0.2% | |||
WeWork Companies, Inc. Series E (l) | 5,803,713 | 190,882 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (l) | 664,987 | 7,200 | |
Intarcia Therapeutics, Inc. Series CC (a)(l) | 2,100,446 | 65,366 | |
| 72,566 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (l) | 558,215 | 43,239 | |
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.6% | |||
Dropbox, Inc.: | |||
Series A (a)(l) | 1,260,898 | 20,515 | |
Series C (a)(l) | 698,385 | 11,363 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(l) | 10,968,216 | 393,709 | |
Series F, 8.00% (l) | 691,144 | 24,809 | |
Series G, 8.00% (l) | 860,255 | 30,879 | |
Uber Technologies, Inc. Series D, 8.00% (l) | 4,868,916 | 162,221 | |
| 643,496 | ||
IT Services - 0.0% | |||
Nutanix, Inc. Series E (l) | 3,060,752 | 51,604 | |
Preferred Stocks - continued | |||
Shares | Value (000s) | ||
Convertible Preferred Stocks - continued | |||
INFORMATION TECHNOLOGY - continued | |||
Software - 0.1% | |||
Cloudera, Inc. Series F (a)(l) | 1,316,883 | $ 28,221 | |
Cloudflare, Inc. Series D (l) | 4,303,714 | 30,317 | |
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(l) | 3,950,196 | 2,291 | |
Series C-1, 8.00% (a)(l) | 310,705 | 180 | |
Series D, 8.00% (a)(l) | 333,435 | 193 | |
Twilio, Inc. Series E (l) | 2,935,814 | 33,204 | |
| 94,406 | ||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Pure Storage, Inc. Series E (a)(l) | 2,007,356 | 37,477 | |
TOTAL INFORMATION TECHNOLOGY | 826,983 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (l) | 2,538,649 | 31,200 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,314,854 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Royal Bank of Scotland Group PLC Series P, 6.25% | 1,176,233 | 29,300 | |
TOTAL PREFERRED STOCKS (Cost $935,151) |
|
Corporate Bonds - 0.0% | ||||
| Principal |
| ||
Convertible Bonds - 0.0% | ||||
INFORMATION TECHNOLOGY - 0.0% | ||||
Software - 0.0% | ||||
Trion World Network, Inc. 15% 10/10/15 pay-in-kind (l) | $ 1,402 | 1,402 | ||
Corporate Bonds - continued | ||||
| Principal | Value (000s) | ||
Nonconvertible Bonds - 0.0% | ||||
FINANCIALS - 0.0% | ||||
Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 13,616 | $ 16,129 | |
TOTAL CORPORATE BONDS (Cost $19,249) |
| |||
Bank Loan Obligations - 0.1% | ||||
| ||||
INDUSTRIALS - 0.1% | ||||
Building Products - 0.1% | ||||
Jeld-Wen, Inc.: | ||||
Tranche B, term loan 6/26/22 (k) | 24,880 | 24,880 | ||
Tranche B, term loan 5.25% 10/15/21 (i) | 54,307 | 54,307 | ||
| 79,187 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $78,520) |
|
Money Market Funds - 1.6% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.15% (b) | 984,272,800 | 984,273 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 867,141,355 | 867,141 | |
TOTAL MONEY MARKET FUNDS (Cost $1,851,414) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $64,448,789) | 112,390,320 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (587,178) | ||
NET ASSETS - 100% | $ 111,803,142 |
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 $69,626,000 or 0.1% of net assets. |
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(j) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(k) The coupon rate will be determined upon settlement of the loan after period end. |
(l) 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 $2,420,395,000 or 2.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $ 7,200 |
Airbnb, Inc. Series D | 4/16/14 | $ 23,565 |
Airbnb, Inc. Series E | 6/29/15 | $ 36,200 |
Altiostar Networks, Inc. Series D | 1/7/15 | $ 31,200 |
ASAC II LP | 10/10/13 | $ 394,945 |
Blue Apron, Inc. Series D | 5/18/15 | $ 57,700 |
Cloudera, Inc. Series F | 2/5/14 | $ 19,174 |
Cloudflare, Inc. Series D | 11/5/14 - 6/24/15 | $ 26,827 |
Dropbox, Inc. | 5/2/12 | $ 49,445 |
Dropbox, Inc. Series A | 5/29/12 | $ 11,410 |
Dropbox, Inc. Series C | 1/30/14 | $ 13,340 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $ 28,629 |
Legend Pictures LLC | 9/23/10 - 6/10/15 | $ 157,014 |
Security | Acquisition Date | Acquisition Cost (000s) |
Metro Bank PLC Class A | 12/8/09 - 12/6/13 | $ 80,047 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $ 26,058 |
Nutanix, Inc. Series E | 8/26/14 | $ 41,003 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 159,376 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 11,739 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 30,879 |
Pure Storage, Inc. Series E | 8/22/13 | $ 13,914 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 43,239 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $ 0* |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 21,691 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 1,706 |
Trion World Network, Inc. Series D, 8.00% | 3/20/13 | $ 1,754 |
Trion World Network, Inc. 15% 10/10/15 pay-in-kind | 10/10/13 - 10/10/14 | $ 1,302 |
Twilio, Inc. Series E | 4/24/15 | $ 33,204 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $ 75,532 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 41,703 |
WeWork Companies, Inc. Class A | 6/23/15 | $ 21,209 |
WeWork Companies, Inc. Series E | 6/23/15 | $ 190,882 |
* 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 | $ 1,067 |
Fidelity Securities Lending Cash Central Fund | 2,798 |
Total | $ 3,865 |
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 | Dividend | Value, |
Air Lease Corp. Class A (144A) | $ 53,907 | $ - | $ 52 | $ 126 | $ 53,219 |
Air Lease Corp. Class A | 208,782 | - | 2,359 | 482 | 203,972 |
Amphenol Corp. Class A | 1,363,053 | 104,896 | 15,614 | 6,654 | 1,558,778 |
B2Gold Corp. | 93,908 | 14,817 | 19,240 | - | 85,951 |
Chipotle Mexican Grill, Inc. | 1,312,660 | 13,021 | 15,013 | - | 1,158,454 |
Constant Contact, Inc. | 79,053 | - | 878 | - | 61,255 |
Ivanhoe Mines Ltd. | 20,530 | 5,682 | 12,995 | - | - |
Ivanhoe Mines Ltd. (144A) | 14,107 | - | - | - | - |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 | 1,364 | - | - | - | - |
Metro Bank PLC Class A | 96,224 | - | - | - | 106,786 |
Mettler-Toledo International, Inc. | 663,758 | 2,196 | 7,391 | - | 743,371 |
Noble Energy, Inc. | 1,084,789 | - | 483,961 | 6,496 | - |
Total | $ 4,992,135 | $ 140,612 | $ 557,503 | $ 13,758 | $ 3,971,786 |
* Includes the value of securities delivered through in-kind transactions. |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 21,166,878 | $ 20,670,964 | $ 157,934 | $ 337,980 |
Consumer Staples | 6,902,023 | 6,844,323 | - | 57,700 |
Energy | 1,767,854 | 1,767,854 | - | - |
Financials | 18,093,288 | 17,236,121 | 538,290 | 318,877 |
Health Care | 20,156,183 | 19,882,361 | 201,256 | 72,566 |
Industrials | 7,686,116 | 7,642,226 | 651 | 43,239 |
Information Technology | 31,243,451 | 29,481,765 | 204,255 | 1,557,431 |
Materials | 3,347,078 | 3,347,078 | - | - |
Telecommunication Services | 79,317 | 48,117 | - | 31,200 |
Corporate Bonds | 17,531 | - | 16,129 | 1,402 |
Bank Loan Obligations | 79,187 | - | 79,187 | - |
Money Market Funds | 1,851,414 | 1,851,414 | - | - |
Total Investments in Securities: | $ 112,390,320 | $ 108,772,223 | $ 1,197,702 | $ 2,420,395 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2015. 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 | $ 1,124,119 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $ 1,181,751 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 308,038 |
Cost of Purchases | 67,642 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 1,557,431 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 308,038 |
(Amounts in thousands) |
|
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ 360,655 |
Net Realized Gain (Loss) on Investment Securities | 1 |
Net Unrealized Gain (Loss) on Investment Securities | 74,991 |
Cost of Purchases | 427,317 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 862,964 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 74,991 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and includes securities delivered through in-kind transactions. See Note 4 of the Notes to Financial Statements. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
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, 2015 |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $861,123) - See accompanying schedule: Unaffiliated issuers (cost $60,868,198) | $ 106,567,120 |
|
Fidelity Central Funds (cost $1,851,414) | 1,851,414 |
|
Other affiliated issuers (cost $1,729,177) | 3,971,786 |
|
Total Investments (cost $64,448,789) |
| $ 112,390,320 |
Cash |
| 352 |
Receivable for investments sold | 502,956 | |
Receivable for fund shares sold | 120,500 | |
Dividends receivable | 63,699 | |
Interest receivable | 1,658 | |
Distributions receivable from Fidelity Central Funds | 592 | |
Other receivables | 3,902 | |
Total assets | 113,083,979 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 206,613 |
|
Delayed delivery | 36,200 | |
Payable for fund shares redeemed | 104,176 | |
Accrued management fee | 51,745 | |
Other affiliated payables | 11,138 | |
Other payables and accrued expenses | 3,824 | |
Collateral on securities loaned, at value | 867,141 | |
Total liabilities | 1,280,837 | |
|
|
|
Net Assets | $ 111,803,142 | |
Net Assets consist of: |
| |
Paid in capital | $ 59,859,059 | |
Undistributed net investment income | 287,302 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 3,715,178 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 47,941,603 | |
Net Assets | $ 111,803,142 |
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, 2015 |
|
|
|
Contrafund: | ||
Net Asset Value, offering price and redemption price per | $ 101.96 | |
|
|
|
Class K: | ||
Net Asset Value, offering price and redemption price per | $ 101.93 |
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, 2015 | |
|
|
|
Investment Income |
|
|
Dividends (including $13,758 earned from other affiliated issuers) |
| $ 628,670 |
Interest |
| 2,260 |
Income from Fidelity Central Funds |
| 3,865 |
Total income |
| 634,795 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 305,949 | |
Performance adjustment | (27,788) | |
Transfer agent fees | 64,263 | |
Accounting and security lending fees | 1,835 | |
Custodian fees and expenses | 936 | |
Independent trustees' compensation | 232 | |
Appreciation in deferred trustee compensation account | 1 | |
Registration fees | 371 | |
Audit | 165 | |
Legal | 91 | |
Miscellaneous | 423 | |
Total expenses before reductions | 346,478 | |
Expense reductions | (2,377) | 344,101 |
Net investment income (loss) | 290,694 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 4,085,209 | |
Other affiliated issuers | 17,213 |
|
Foreign currency transactions | (1,221) | |
Total net realized gain (loss) |
| 4,101,201 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,099,156 | |
Assets and liabilities in foreign currencies | 105 | |
Total change in net unrealized appreciation (depreciation) |
| 1,099,261 |
Net gain (loss) | 5,200,462 | |
Net increase (decrease) in net assets resulting from operations | $ 5,491,156 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 290,694 | $ 371,348 |
Net realized gain (loss) | 4,101,201 | 11,553,943 |
Change in net unrealized appreciation (depreciation) | 1,099,261 | (1,979,915) |
Net increase (decrease) in net assets resulting from operations | 5,491,156 | 9,945,376 |
Distributions to shareholders from net investment income | - | (299,409) |
Distributions to shareholders from net realized gain | (1,049,457) | (7,375,128) |
Total distributions | (1,049,457) | (7,674,537) |
Share transactions - net increase (decrease) | (2,174,841) | (3,679,049) |
Total increase (decrease) in net assets | 2,266,858 | (1,408,210) |
|
|
|
Net Assets | ||
Beginning of period | 109,536,284 | 110,944,494 |
End of period (including undistributed net investment income of $287,302 and accumulated net investment loss of $3,392, respectively) | $ 111,803,142 | $ 109,536,284 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Contrafund
| Six months ended | Years ended December 31, | ||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 97.97 | $ 96.14 | $ 77.57 | $ 67.45 | $ 67.73 | $ 58.28 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) D | .25 | .30 | .33 | .30 | .04 | (.02) |
Net realized and unrealized gain (loss) | 4.69 | 8.67 | 25.70 | 10.66 | (.13) | 9.86 |
Total from investment operations | 4.94 | 8.97 | 26.03 | 10.96 | (.09) | 9.84 |
Distributions from net investment income | - | (.25) | (.13) | (.19)G | (.04) | (.01) |
Distributions from net realized gain | (.95) | (6.89) | (7.33) | (.65)G | (.15) | (.38) |
Total distributions | (.95) | (7.14) | (7.46) | (.84) | (.19) | (.39) |
Net asset value, end of period | $ 101.96 | $ 97.97 | $ 96.14 | $ 77.57 | $ 67.45 | $ 67.73 |
Total ReturnB, C | 5.08% | 9.56% | 34.15% | 16.26% | (.14)% | 16.93% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .65%A | .64% | .67% | .74% | .81% | .92% |
Expenses net of fee waivers, if any | .65%A | .64% | .67% | .74% | .81% | .92% |
Expenses net of all reductions | .65%A | .64% | .66% | .74% | .81% | .91% |
Net investment income (loss) | .49%A | .31% | .37% | .40% | .06% | (.03)% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (in millions) | $ 77,089 | $ 75,057 | $ 74,962 | $ 58,769 | $ 54,677 | $ 60,498 |
Portfolio turnover rateF | 38%A, I | 45%I | 46% | 48% | 55% | 46% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. HExpense 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. IPortfolio turnover rate excludes securities received or delivered in-kind. |
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, | ||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 97.90 | $ 96.07 | $ 77.51 | $ 67.40 | $ 67.70 | $ 58.25 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) D | .30 | .40 | .42 | .39 | .12 | .06 |
Net realized and unrealized gain (loss) | 4.68 | 8.68 | 25.70 | 10.65 | (.14) | 9.87 |
Total from investment operations | 4.98 | 9.08 | 26.12 | 11.04 | (.02) | 9.93 |
Distributions from net investment income | - | (.36) | (.23) | (.28)G | (.13) | (.01) |
Distributions from net realized gain | (.95) | (6.89) | (7.33) | (.65)G | (.15) | (.47) |
Total distributions | (.95) | (7.25) | (7.56) | (.93) | (.28) | (.48) |
Net asset value, end of period | $ 101.93 | $ 97.90 | $ 96.07 | $ 77.51 | $ 67.40 | $ 67.70 |
Total ReturnB, C | 5.13% | 9.68% | 34.30% | 16.40% | (.02)% | 17.09% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .55%A | .54% | .56% | .63% | .69% | .79% |
Expenses net of fee waivers, if any | .55%A | .54% | .56% | .63% | .69% | .79% |
Expenses net of all reductions | .55%A | .54% | .56% | .62% | .69% | .78% |
Net investment income (loss) | .59%A | .41% | .48% | .51% | .18% | .10% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (in millions) | $ 34,714 | $ 34,479 | $ 35,982 | $ 25,644 | $ 18,047 | $ 14,034 |
Portfolio turnover rateF | 38%A, I | 45%I | 46% | 48% | 55% | 46% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. HExpense 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. IPortfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2015
(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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or | Impact to |
Corporate Bonds | $ 1,402 | Replacement cost | Recovery rate | 1.0% | Increase |
Equities | $ 2,418,993 | Discounted cash flow | Discount rate | 8.0% | Decrease |
|
| Last transaction price | Transaction price | $7.04 - $93.09 / $38.41 | Increase |
|
|
| Adjusted transaction price | $31.12 - $33.32 / $32.69 | Increase |
|
| Market comparable | EV/EBITDA multiple | 8.3 - 17.7 / 17.6 | Increase |
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Asset Type | Fair Value at | Valuation | Unobservable | Amount or | Impact to |
|
|
| EV/Sales multiple | 1.3 - 12.6 / 8.3 | Increase |
|
|
| Discount rate | 10.0% - 50.0% / 14.8% | Decrease |
|
|
| P/B multiple | 2.3 | Increase |
|
|
| Discount for lack of marketability | 15.0% - 30.0% / 16.8% | Decrease |
|
| Partnership NAV | Discount for lack of marketability | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding
input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or
lower fair value measurements.
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, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation 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 | $ 48,391,603 |
Gross unrealized depreciation | (752,950) |
Net unrealized appreciation (depreciation) on securities | $ 47,638,653 |
|
|
Tax cost | $ 64,751,667 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short term securities and in-kind transactions, aggregated $20,593,109 and $22,670,198, respectively.
Redemptions In-Kind. During the period, 12,214 shares of the Fund held by unaffiliated entities were redeemed in-kind for cash and investments with a value of $1,191,147. The net realized gain of $701,001 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 10: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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 Class-Level |
Contrafund | $ 56,131 | .15 |
Class K | 8,132 | .05 |
| $ 64,263 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $296 for the period.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $86 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash)against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. 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 $12,844. 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 $2,798, including $28 from securities loaned to FCM.
Semiannual Report
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $715 for the period.
In addition, the investment adviser reimbursed and/or waived a portion of the Fund's operating expenses, including certain Contrafund expenses during the period in the amount of $1,662.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Contrafund | $ - | $ 183,648 |
Class K | - | 115,761 |
Total | $ - | $ 299,409 |
From net realized gain |
|
|
Contrafund | $ 724,626 | $ 5,087,176 |
Class K | 324,831 | 2,287,952 |
Total | $ 1,049,457 | $ 7,375,128 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Contrafund |
|
|
|
|
Shares sold | 35,982 | 78,564 | $ 3,616,244 | $ 7,686,692 |
Reinvestment of distributions | 7,108 | 52,747 | 696,026 | 5,058,394 |
Shares redeemed | (53,113) A | (144,975) B | (5,341,234) A | (14,246,976) B |
Net increase (decrease) | (10,023) | (13,664) | $ (1,028,964) | $ (1,501,890) |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class K |
|
|
|
|
Shares sold | 27,759 | 75,358 | $ 2,789,447 | $ 7,395,464 |
Reinvestment of distributions | 3,320 | 25,089 | 324,831 | 2,403,713 |
Shares redeemed | (42,702) A | (122,804)B | (4,260,155) A | (11,976,336)B |
Net increase (decrease) | (11,623) | (22,357) | $ (1,145,877) | $ (2,177,159) |
A Amount includes in-kind redemptions (see Note 4: Redemptions In-Kind)
B Amount includes in-kind redemptions
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, the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2015, 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, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 17, 2015
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
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
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
CON-USAN-0815 1.787777.112
Fidelity®
Contrafund®-
Class K
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .65% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,050.80 | $ 3.31 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.57 | $ 3.26 |
Class K | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,051.30 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.07 | $ 2.76 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Berkshire Hathaway, Inc. Class A | 4.4 | 5.0 |
Apple, Inc. | 4.0 | 3.4 |
Facebook, Inc. Class A | 3.9 | 3.3 |
Wells Fargo & Co. | 3.6 | 3.5 |
Biogen, Inc. | 3.0 | 2.6 |
The Walt Disney Co. | 2.3 | 2.0 |
Google, Inc. Class A | 2.1 | 2.8 |
Google, Inc. Class C | 2.0 | 2.8 |
Visa, Inc. Class A | 1.9 | 1.7 |
Gilead Sciences, Inc. | 1.9 | 1.7 |
| 29.1 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 27.9 | 26.6 |
Consumer Discretionary | 19.0 | 15.7 |
Health Care | 18.1 | 17.8 |
Financials | 16.2 | 18.6 |
Industrials | 6.9 | 7.4 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 97.6% |
| ![]() | Stocks 98.4% |
| ||
![]() | Bonds 0.0%† |
| ![]() | Bonds 0.0%† |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Other Investments 0.1% |
| ![]() | Other Investments 0.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 9.7% |
| ** Foreign investments | 10.1% |
|
† Amount represents less than 0.1%. |
Semiannual Report
Investments June 30, 2015
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 18.9% | |||
Auto Components - 0.1% | |||
Delphi Automotive PLC | 522,900 | $ 44,494 | |
Motherson Sumi Systems Ltd. | 1,374,677 | 11,219 | |
| 55,713 | ||
Automobiles - 1.3% | |||
General Motors Co. | 9,425,800 | 314,162 | |
Mahindra & Mahindra Ltd. (a) | 4,327,351 | 87,309 | |
Maruti Suzuki India Ltd. (a) | 1,468,248 | 96,781 | |
Tesla Motors, Inc. (a)(e) | 3,340,205 | 896,043 | |
| 1,394,295 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 771,021 | 44,565 | |
Hotels, Restaurants & Leisure - 4.1% | |||
ARAMARK Holdings Corp. | 3,772,938 | 116,848 | |
Cara Operations Ltd. (a) | 398,600 | 11,010 | |
Chipotle Mexican Grill, Inc. (a)(f) | 1,914,832 | 1,158,454 | |
Darden Restaurants, Inc. | 1,268,473 | 90,163 | |
Domino's Pizza, Inc. | 1,450,072 | 164,438 | |
Dunkin' Brands Group, Inc. (e) | 1,985,887 | 109,224 | |
Hilton Worldwide Holdings, Inc. (a) | 3,403,092 | 93,755 | |
Marriott International, Inc. Class A | 6,613,492 | 491,978 | |
Papa John's International, Inc. | 26,200 | 1,981 | |
Starbucks Corp. | 37,185,092 | 1,993,679 | |
Whitbread PLC | 4,883,928 | 379,550 | |
Wingstop, Inc. | 197,200 | 5,600 | |
Zoe's Kitchen, Inc. (a)(e) | 332,400 | 13,608 | |
| 4,630,288 | ||
Household Durables - 0.3% | |||
Harman International Industries, Inc. | 956,356 | 113,749 | |
Leggett & Platt, Inc. | 705,800 | 34,358 | |
Lennar Corp. Class A | 890,100 | 45,431 | |
Mohawk Industries, Inc. (a) | 535,671 | 102,260 | |
Sony Corp. | 2,153,500 | 61,153 | |
| 356,951 | ||
Internet & Catalog Retail - 3.3% | |||
Amazon.com, Inc. (a) | 4,065,562 | 1,764,820 | |
ASOS PLC (a)(e) | 398,300 | 24,276 | |
Etsy, Inc. (e) | 834,085 | 11,719 | |
Netflix, Inc. (a) | 1,020,080 | 670,131 | |
Priceline Group, Inc. (a) | 721,329 | 830,517 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
TripAdvisor, Inc. (a) | 3,729,467 | $ 324,986 | |
Wayfair LLC Class A | 1,490,909 | 56,118 | |
| 3,682,567 | ||
Leisure Products - 0.1% | |||
Mattel, Inc. | 2,458,400 | 63,156 | |
Media - 3.9% | |||
Charter Communications, Inc. Class A (a)(e) | 716,100 | 122,632 | |
Comcast Corp. Class A | 2,057,431 | 123,734 | |
DISH Network Corp. Class A (a) | 686,817 | 46,504 | |
Entertainment One Ltd. | 296,767 | 1,660 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 1,935,100 | 75,121 | |
Legend Pictures LLC (a)(j)(l) | 98,977 | 233,986 | |
Liberty Broadband Corp.: | |||
Class A (a) | 430,200 | 21,927 | |
Class C (a) | 1,104,148 | 56,488 | |
Liberty Global PLC: | |||
Class A (a) | 6,585,799 | 356,094 | |
Class C (a) | 4,658,369 | 235,853 | |
Liberty Media Corp.: | |||
Class A (a) | 294,700 | 10,621 | |
Class C (a) | 5,306,691 | 190,510 | |
Lions Gate Entertainment Corp. | 1,482,314 | 54,920 | |
Naspers Ltd. Class N | 701,800 | 109,314 | |
Rightmove PLC | 651,645 | 33,553 | |
Starz Series A (a) | 850,595 | 38,039 | |
The Walt Disney Co. | 22,906,681 | 2,614,569 | |
Time Warner, Inc. | 266,500 | 23,295 | |
Weinstein Co. Holdings LLC Class A-1 (a)(j)(l) | 41,234 | 11,710 | |
| 4,360,530 | ||
Multiline Retail - 0.3% | |||
B&M European Value Retail S.A. | 11,035,779 | 59,459 | |
Dollar Tree, Inc. (a) | 2,067,700 | 163,328 | |
Dollarama, Inc. | 1,374,565 | 83,310 | |
| 306,097 | ||
Specialty Retail - 3.1% | |||
AutoNation, Inc. (a) | 369,800 | 23,290 | |
AutoZone, Inc. (a) | 417,952 | 278,732 | |
DavidsTea, Inc. | 139,600 | 3,000 | |
Foot Locker, Inc. | 1,098,200 | 73,590 | |
Home Depot, Inc. | 4,043,360 | 449,339 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
L Brands, Inc. | 277,235 | $ 23,767 | |
O'Reilly Automotive, Inc. (a) | 2,384,082 | 538,755 | |
Restoration Hardware Holdings, Inc. (a) | 1,000 | 98 | |
Signet Jewelers Ltd. | 1,002,918 | 128,614 | |
TJX Companies, Inc. | 27,866,852 | 1,843,950 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 738,171 | 114,011 | |
Williams-Sonoma, Inc. | 140,400 | 11,551 | |
| 3,488,697 | ||
Textiles, Apparel & Luxury Goods - 2.4% | |||
NIKE, Inc. Class B | 17,502,183 | 1,890,586 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 9,601,493 | 801,149 | |
| 2,691,735 | ||
TOTAL CONSUMER DISCRETIONARY | 21,074,594 | ||
CONSUMER STAPLES - 6.1% | |||
Beverages - 0.4% | |||
Boston Beer Co., Inc. Class A (a) | 503,818 | 116,881 | |
Monster Beverage Corp. (a) | 902,769 | 120,989 | |
The Coca-Cola Co. | 6,258,276 | 245,512 | |
| 483,382 | ||
Food & Staples Retailing - 2.0% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,456,012 | 62,286 | |
Costco Wholesale Corp. | 4,900,284 | 661,832 | |
CVS Health Corp. | 13,090,238 | 1,372,904 | |
Diplomat Pharmacy, Inc. | 1,657,686 | 74,181 | |
Sprouts Farmers Market LLC (a) | 1,213,913 | 32,751 | |
| 2,203,954 | ||
Food Products - 0.9% | |||
Associated British Foods PLC | 13,079,175 | 590,009 | |
Kraft Foods Group, Inc. | 140,400 | 11,954 | |
Mondelez International, Inc. | 5,910,017 | 243,138 | |
Pinnacle Foods, Inc. | 1,234,500 | 56,219 | |
The Hain Celestial Group, Inc. (a) | 1,319,402 | 86,896 | |
| 988,216 | ||
Household Products - 1.5% | |||
Colgate-Palmolive Co. | 26,380,584 | 1,725,554 | |
Procter & Gamble Co. | 222,410 | 17,401 | |
| 1,742,955 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.3% | |||
AMOREPACIFIC Group, Inc. | 141,850 | $ 23,693 | |
Coty, Inc. Class A | 468,200 | 14,968 | |
Estee Lauder Companies, Inc. Class A | 15,348,704 | 1,330,119 | |
Hengan International Group Co. Ltd. | 936,500 | 11,127 | |
L'Oreal SA | 257,374 | 45,909 | |
| 1,425,816 | ||
TOTAL CONSUMER STAPLES | 6,844,323 | ||
ENERGY - 1.6% | |||
Energy Equipment & Services - 0.2% | |||
Schlumberger Ltd. | 2,358,341 | 203,265 | |
Oil, Gas & Consumable Fuels - 1.4% | |||
Americas Petrogas, Inc. (a)(g) | 3,560,563 | 727 | |
Birchcliff Energy Ltd. (a)(g) | 686,127 | 3,829 | |
Birchcliff Energy Ltd. (a) | 4,412,178 | 24,622 | |
Concho Resources, Inc. (a) | 375,820 | 42,791 | |
Continental Resources, Inc. (a) | 1,114,761 | 47,255 | |
EOG Resources, Inc. | 6,148,122 | 538,268 | |
Kinder Morgan, Inc. | 1,957,322 | 75,142 | |
Marathon Petroleum Corp. | 2,243,100 | 117,337 | |
Newfield Exploration Co. (a) | 93,693 | 3,384 | |
Noble Energy, Inc. | 12,467,860 | 532,128 | |
Pioneer Natural Resources Co. | 139,700 | 19,375 | |
Tesoro Corp. | 781,600 | 65,975 | |
Valero Energy Corp. | 1,497,700 | 93,756 | |
| 1,564,589 | ||
TOTAL ENERGY | 1,767,854 | ||
FINANCIALS - 16.0% | |||
Banks - 7.8% | |||
Bank of America Corp. | 36,941,969 | 628,752 | |
Bank of Ireland (a) | 1,331,502,017 | 538,290 | |
Citigroup, Inc. | 14,373,174 | 793,974 | |
HDFC Bank Ltd. sponsored ADR | 7,472,661 | 452,320 | |
JPMorgan Chase & Co. | 13,924,338 | 943,513 | |
Kotak Mahindra Bank Ltd. | 2,380,105 | 51,895 | |
Metro Bank PLC Class A (a)(f)(l) | 4,680,628 | 106,786 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Banks - continued | |||
PT Bank Central Asia Tbk | 56,035,100 | $ 56,739 | |
U.S. Bancorp | 24,283,191 | 1,053,890 | |
Virgin Money Holdings Uk PLC (a) | 9,107,200 | 63,034 | |
Wells Fargo & Co. | 70,817,769 | 3,982,791 | |
| 8,671,984 | ||
Capital Markets - 1.5% | |||
BlackRock, Inc. Class A | 1,730,963 | 598,879 | |
Charles Schwab Corp. | 7,801,750 | 254,727 | |
Goldman Sachs Group, Inc. | 1,186,384 | 247,705 | |
Morgan Stanley | 10,373,482 | 402,387 | |
Oaktree Capital Group LLC Class A | 2,399,772 | 127,620 | |
| 1,631,318 | ||
Consumer Finance - 0.2% | |||
American Express Co. | 3,517,325 | 273,366 | |
Credit Acceptance Corp. (a) | 25,399 | 6,253 | |
| 279,619 | ||
Diversified Financial Services - 4.8% | |||
Berkshire Hathaway, Inc. Class A (a) | 23,897 | 4,895,299 | |
McGraw Hill Financial, Inc. | 4,915,976 | 493,810 | |
| 5,389,109 | ||
Insurance - 1.4% | |||
ACE Ltd. | 1,828,713 | 185,944 | |
AIA Group Ltd. | 81,196,200 | 531,598 | |
Direct Line Insurance Group PLC | 10,671,095 | 56,303 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 199,522 | 98,384 | |
Marsh & McLennan Companies, Inc. | 5,764,416 | 326,842 | |
The Chubb Corp. | 3,328,812 | 316,703 | |
The Travelers Companies, Inc. | 332,315 | 32,122 | |
| 1,547,896 | ||
Real Estate Investment Trusts - 0.3% | |||
American Tower Corp. | 2,027,914 | 189,184 | |
Equity Residential (SBI) | 2,034,874 | 142,787 | |
| 331,971 | ||
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (l) | 644,857 | 21,209 | |
TOTAL FINANCIALS | 17,873,106 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - 18.0% | |||
Biotechnology - 7.1% | |||
Aduro Biotech, Inc. | 476,600 | $ 14,455 | |
Agios Pharmaceuticals, Inc. (a) | 1,331,889 | 148,026 | |
Alexion Pharmaceuticals, Inc. (a) | 985,800 | 178,203 | |
Alnylam Pharmaceuticals, Inc. (a) | 302,400 | 36,249 | |
Amgen, Inc. | 2,598,297 | 398,891 | |
Biogen, Inc. (a) | 8,339,383 | 3,368,610 | |
BioMarin Pharmaceutical, Inc. (a) | 416,700 | 56,996 | |
bluebird bio, Inc. (a) | 516,180 | 86,909 | |
Blueprint Medicines Corp. | 172,460 | 4,568 | |
Celgene Corp. (a) | 5,263,375 | 609,157 | |
Celldex Therapeutics, Inc. (a) | 423,600 | 10,683 | |
Cellectis SA sponsored ADR | 660,100 | 23,816 | |
Cidara Therapeutics, Inc. | 343,600 | 4,817 | |
Coherus BioSciences, Inc. | 211,890 | 6,124 | |
Dyax Corp. (a) | 1,850,170 | 49,030 | |
Exact Sciences Corp. (a)(e) | 2,072,762 | 61,644 | |
Genmab A/S (a) | 151,000 | 13,133 | |
Gilead Sciences, Inc. | 18,123,882 | 2,121,944 | |
Insmed, Inc. (a) | 535,000 | 13,065 | |
Karyopharm Therapeutics, Inc. (a) | 587,466 | 15,985 | |
Medivation, Inc. (a) | 1,816,201 | 207,410 | |
Neurocrine Biosciences, Inc. (a) | 1,317,408 | 62,919 | |
OvaScience, Inc. (a) | 550,173 | 15,917 | |
Receptos, Inc. (a) | 1,030,045 | 195,760 | |
Regeneron Pharmaceuticals, Inc. (a) | 365,009 | 186,202 | |
Repligen Corp. (a) | 654,397 | 27,007 | |
Sage Therapeutics, Inc. | 136,157 | 9,939 | |
TESARO, Inc. (a) | 171,449 | 10,079 | |
| 7,937,538 | ||
Health Care Equipment & Supplies - 1.8% | |||
Becton, Dickinson & Co. | 1,224,962 | 173,516 | |
Boston Scientific Corp. (a) | 27,317,402 | 483,518 | |
C.R. Bard, Inc. | 519,969 | 88,759 | |
DexCom, Inc. (a) | 2,454,458 | 196,308 | |
ICU Medical, Inc. (a) | 121,700 | 11,642 | |
Medtronic PLC | 7,751,708 | 574,402 | |
Nevro Corp. | 255,062 | 13,710 | |
Stryker Corp. | 2,240,716 | 214,145 | |
Zimmer Biomet Holdings, Inc. | 2,615,584 | 285,700 | |
| 2,041,700 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - 4.2% | |||
Aetna, Inc. | 3,724,672 | $ 474,747 | |
AmerisourceBergen Corp. | 5,564,960 | 591,778 | |
Anthem, Inc. | 2,491,447 | 408,946 | |
Cardinal Health, Inc. | 962,986 | 80,554 | |
Cigna Corp. | 2,412,203 | 390,777 | |
HCA Holdings, Inc. (a) | 2,221,144 | 201,502 | |
Henry Schein, Inc. (a) | 3,037,404 | 431,676 | |
Team Health Holdings, Inc. (a) | 187,200 | 12,230 | |
Teladoc, Inc. | 272,100 | 5,170 | |
UnitedHealth Group, Inc. | 16,623,392 | 2,028,054 | |
Universal Health Services, Inc. Class B | 718,088 | 102,040 | |
| 4,727,474 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 10,809,102 | 746,477 | |
Life Sciences Tools & Services - 1.6% | |||
Eurofins Scientific SA | 106,699 | 32,486 | |
Illumina, Inc. (a) | 1,112,971 | 243,028 | |
Mettler-Toledo International, Inc. (a)(f) | 2,177,038 | 743,371 | |
Thermo Fisher Scientific, Inc. | 4,093,457 | 531,167 | |
Waters Corp. (a) | 1,350,414 | 173,366 | |
| 1,723,418 | ||
Pharmaceuticals - 2.6% | |||
Allergan PLC (a) | 24,414 | 7,409 | |
Astellas Pharma, Inc. | 15,981,700 | 227,937 | |
Bayer AG | 942,559 | 131,929 | |
Bristol-Myers Squibb Co. | 12,739,888 | 847,712 | |
Johnson & Johnson | 10,726,803 | 1,045,434 | |
Novartis AG sponsored ADR | 561,700 | 55,238 | |
Novo Nordisk A/S Series B | 3,667,538 | 201,256 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 6,600,590 | 390,095 | |
| 2,907,010 | ||
TOTAL HEALTH CARE | 20,083,617 | ||
INDUSTRIALS - 6.8% | |||
Aerospace & Defense - 0.4% | |||
Honeywell International, Inc. | 290,142 | 29,586 | |
Rockwell Collins, Inc. | 73,500 | 6,788 | |
The Boeing Co. | 2,546,425 | 353,240 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Aerospace & Defense - continued | |||
TransDigm Group, Inc. | 271,811 | $ 61,068 | |
United Technologies Corp. | 184,700 | 20,489 | |
| 471,171 | ||
Air Freight & Logistics - 0.7% | |||
C.H. Robinson Worldwide, Inc. | 941,489 | 58,739 | |
FedEx Corp. | 4,096,371 | 698,022 | |
XPO Logistics, Inc. (a)(e) | 637,818 | 28,817 | |
| 785,578 | ||
Airlines - 0.9% | |||
American Airlines Group, Inc. | 642,900 | 25,674 | |
Delta Air Lines, Inc. | 1,404,019 | 57,677 | |
Ryanair Holdings PLC sponsored ADR | 5,010,106 | 357,471 | |
Southwest Airlines Co. | 12,885,325 | 426,375 | |
United Continental Holdings, Inc. (a) | 2,362,951 | 125,260 | |
| 992,457 | ||
Building Products - 0.1% | |||
ASSA ABLOY AB (B Shares) | 614,685 | 11,575 | |
Toto Ltd. | 4,363,000 | 78,643 | |
| 90,218 | ||
Commercial Services & Supplies - 0.3% | |||
Stericycle, Inc. (a) | 2,752,645 | 368,607 | |
Electrical Equipment - 0.0% | |||
Nidec Corp. | 8,700 | 651 | |
Sensata Technologies Holding BV (a) | 133,407 | 7,036 | |
| 7,687 | ||
Industrial Conglomerates - 2.0% | |||
3M Co. | 6,545,664 | 1,009,996 | |
Danaher Corp. | 8,929,936 | 764,313 | |
General Electric Co. | 15,628,100 | 415,239 | |
| 2,189,548 | ||
Machinery - 0.6% | |||
Deere & Co. | 1,836,200 | 178,203 | |
Fanuc Corp. | 207,800 | 42,584 | |
Illinois Tool Works, Inc. | 3,331,122 | 305,764 | |
Minebea Ltd. | 1,968,000 | 32,498 | |
PACCAR, Inc. | 2,314,030 | 147,658 | |
Snap-On, Inc. | 54,859 | 8,736 | |
| 715,443 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Professional Services - 0.2% | |||
Equifax, Inc. | 942,773 | $ 91,534 | |
Robert Half International, Inc. | 2,199,373 | 122,065 | |
Verisk Analytics, Inc. (a) | 159,200 | 11,583 | |
| 225,182 | ||
Road & Rail - 1.4% | |||
Canadian Pacific Railway Ltd. (e) | 4,316,320 | 691,233 | |
J.B. Hunt Transport Services, Inc. | 732,052 | 60,094 | |
Union Pacific Corp. | 8,126,320 | 775,007 | |
| 1,526,334 | ||
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp.: | |||
Class A (f)(g) | 1,569,873 | 53,219 | |
Class A (f) | 6,016,870 | 203,972 | |
HD Supply Holdings, Inc. (a) | 382,636 | 13,461 | |
| 270,652 | ||
TOTAL INDUSTRIALS | 7,642,877 | ||
INFORMATION TECHNOLOGY - 27.2% | |||
Communications Equipment - 0.5% | |||
CommScope Holding Co., Inc. (a) | 1,453,719 | 44,353 | |
F5 Networks, Inc. (a) | 152,533 | 18,357 | |
Palo Alto Networks, Inc. (a) | 768,062 | 134,180 | |
QUALCOMM, Inc. | 4,976,006 | 311,647 | |
| 508,537 | ||
Electronic Equipment & Components - 1.5% | |||
Amphenol Corp. Class A (f) | 26,889,383 | 1,558,778 | |
CDW Corp. | 417,706 | 14,319 | |
Fitbit, Inc. | 857,230 | 32,772 | |
IPG Photonics Corp. (a)(e) | 702,978 | 59,876 | |
Keyence Corp. | 104,000 | 56,136 | |
| 1,721,881 | ||
Internet Software & Services - 9.1% | |||
Akamai Technologies, Inc. (a) | 2,718,483 | 189,804 | |
Alibaba Group Holding Ltd. sponsored ADR | 2,288,955 | 188,312 | |
Cimpress NV (a) | 568,581 | 47,852 | |
Constant Contact, Inc. (a)(f) | 2,129,868 | 61,255 | |
Dropbox, Inc. (a)(l) | 5,464,028 | 88,900 | |
eBay, Inc. (a) | 1,372,000 | 82,649 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
Facebook, Inc. Class A (a) | 50,515,862 | $ 4,332,493 | |
Google, Inc.: | |||
Class A (a) | 4,294,487 | 2,319,195 | |
Class C | 4,275,564 | 2,225,474 | |
JUST EAT Ltd. (a) | 6,558,898 | 41,923 | |
LendingClub Corp. (e) | 3,703,100 | 54,621 | |
LinkedIn Corp. Class A (a) | 281,158 | 58,096 | |
LogMeIn, Inc. (a) | 908,727 | 58,604 | |
Shopify, Inc. Class A | 143,600 | 4,873 | |
Stamps.com, Inc. (a) | 47,996 | 3,531 | |
Tencent Holdings Ltd. | 6,945,200 | 138,880 | |
Yahoo!, Inc. (a) | 5,455,839 | 214,360 | |
| 10,110,822 | ||
IT Services - 5.2% | |||
Alliance Data Systems Corp. (a) | 1,036,857 | 302,700 | |
ASAC II LP (a)(l) | 39,494,500 | 641,548 | |
Cognizant Technology Solutions Corp. Class A (a) | 4,524,600 | 276,408 | |
Fidelity National Information Services, Inc. | 2,289,261 | 141,476 | |
Fiserv, Inc. (a) | 3,686,520 | 305,354 | |
FleetCor Technologies, Inc. (a) | 1,329,547 | 207,489 | |
Gartner, Inc. Class A (a) | 981,077 | 84,157 | |
MasterCard, Inc. Class A | 18,146,590 | 1,696,343 | |
Total System Services, Inc. | 1,166,874 | 48,740 | |
Visa, Inc. Class A | 31,642,572 | 2,124,799 | |
| 5,829,014 | ||
Semiconductors & Semiconductor Equipment - 2.5% | |||
Analog Devices, Inc. | 3,028,419 | 194,379 | |
ARM Holdings PLC | 3,995,100 | 65,375 | |
ARM Holdings PLC sponsored ADR | 221,600 | 10,918 | |
ASML Holding NV | 816,357 | 85,007 | |
Avago Technologies Ltd. | 4,803,988 | 638,594 | |
Broadcom Corp. Class A | 4,654,007 | 239,635 | |
Cavium, Inc. (a) | 581,188 | 39,992 | |
Freescale Semiconductor, Inc. (a) | 7,473,697 | 298,724 | |
Inphi Corp. (a) | 757,716 | 17,321 | |
Linear Technology Corp. | 88,964 | 3,935 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(e) | 2,529,032 | 96,735 | |
NXP Semiconductors NV (a) | 3,944,153 | 387,316 | |
Qorvo, Inc. (a) | 3,052,616 | 245,033 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Skyworks Solutions, Inc. | 3,275,177 | $ 340,946 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (e) | 7,063,239 | 160,406 | |
| 2,824,316 | ||
Software - 4.4% | |||
Activision Blizzard, Inc. | 5,576,474 | 135,006 | |
Adobe Systems, Inc. (a) | 6,596,486 | 534,381 | |
Check Point Software Technologies Ltd. (a) | 906,456 | 72,109 | |
Electronic Arts, Inc. (a) | 2,503,100 | 166,456 | |
Fleetmatics Group PLC (a) | 284,800 | 13,337 | |
Informatica Corp. (a) | 772,300 | 37,433 | |
Intuit, Inc. | 4,275,952 | 430,888 | |
Microsoft Corp. | 19,238,252 | 849,369 | |
Mobileye NV (a)(e) | 7,560,515 | 401,993 | |
Qlik Technologies, Inc. (a) | 2,991,781 | 104,593 | |
Red Hat, Inc. (a) | 1,121,180 | 85,131 | |
Salesforce.com, Inc. (a) | 21,073,314 | 1,467,335 | |
ServiceNow, Inc. (a) | 2,214,340 | 164,548 | |
Symantec Corp. | 1,606,691 | 37,356 | |
Tableau Software, Inc. (a) | 706,800 | 81,494 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(l) | 124,282 | 0* | |
warrants 10/3/18 (a)(l) | 181,908 | 0* | |
Ultimate Software Group, Inc. (a) | 980,455 | 161,128 | |
Workday, Inc. Class A (a) | 2,550,395 | 194,825 | |
Xero Ltd. (a)(e) | 564,105 | 6,900 | |
| 4,944,282 | ||
Technology Hardware, Storage & Peripherals - 4.0% | |||
Apple, Inc. | 35,699,550 | 4,477,616 | |
TOTAL INFORMATION TECHNOLOGY | 30,416,468 | ||
MATERIALS - 3.0% | |||
Chemicals - 2.2% | |||
Agrium, Inc. (e) | 484,727 | 51,372 | |
Air Products & Chemicals, Inc. | 510,290 | 69,823 | |
Celanese Corp. Class A | 240,700 | 17,302 | |
CF Industries Holdings, Inc. | 5,055,020 | 324,937 | |
Ecolab, Inc. | 2,308,585 | 261,032 | |
LyondellBasell Industries NV Class A | 112,300 | 11,625 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Monsanto Co. | 1,159,093 | $ 123,548 | |
Olin Corp. (e) | 841,213 | 22,671 | |
Platform Specialty Products Corp. (a) | 2,943,700 | 75,300 | |
PPG Industries, Inc. | 8,064,412 | 925,149 | |
Sherwin-Williams Co. | 2,287,298 | 629,053 | |
| 2,511,812 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 618,000 | 87,453 | |
Containers & Packaging - 0.4% | |||
Ball Corp. | 1,255,492 | 88,073 | |
MeadWestvaco Corp. | 967,565 | 45,659 | |
Rock-Tenn Co. Class A | 2,420,019 | 145,685 | |
Sealed Air Corp. | 2,732,225 | 140,382 | |
| 419,799 | ||
Metals & Mining - 0.3% | |||
B2Gold Corp. (a)(f) | 56,205,524 | 85,951 | |
Franco-Nevada Corp. | 3,170,680 | 151,223 | |
Ivanhoe Mines Ltd. (a) | 9,650,936 | 6,954 | |
Ivanhoe Mines Ltd. (a)(g) | 16,068,594 | 11,579 | |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 (a)(g) | 22,636,300 | 272 | |
Novagold Resources, Inc. (a) | 2,963,333 | 10,178 | |
Randgold Resources Ltd. sponsored ADR | 105,613 | 7,071 | |
Tahoe Resources, Inc. | 4,519,656 | 54,786 | |
| 328,014 | ||
TOTAL MATERIALS | 3,347,078 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. (a) | 1,241,100 | 48,117 | |
TOTAL COMMON STOCKS (Cost $61,564,455) |
| ||
Preferred Stocks - 1.2% | |||
Shares | Value (000s) | ||
Convertible Preferred Stocks - 1.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(l) | 578,817 | $ 53,885 | |
Series E (h)(l) | 388,853 | 36,200 | |
| 90,085 | ||
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(l) | 1,228,555 | 2,199 | |
TOTAL CONSUMER DISCRETIONARY | 92,284 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(l) | 4,329,591 | 57,700 | |
FINANCIALS - 0.2% | |||
Real Estate Management & Development - 0.2% | |||
WeWork Companies, Inc. Series E (l) | 5,803,713 | 190,882 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (l) | 664,987 | 7,200 | |
Intarcia Therapeutics, Inc. Series CC (a)(l) | 2,100,446 | 65,366 | |
| 72,566 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (l) | 558,215 | 43,239 | |
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.6% | |||
Dropbox, Inc.: | |||
Series A (a)(l) | 1,260,898 | 20,515 | |
Series C (a)(l) | 698,385 | 11,363 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(l) | 10,968,216 | 393,709 | |
Series F, 8.00% (l) | 691,144 | 24,809 | |
Series G, 8.00% (l) | 860,255 | 30,879 | |
Uber Technologies, Inc. Series D, 8.00% (l) | 4,868,916 | 162,221 | |
| 643,496 | ||
IT Services - 0.0% | |||
Nutanix, Inc. Series E (l) | 3,060,752 | 51,604 | |
Preferred Stocks - continued | |||
Shares | Value (000s) | ||
Convertible Preferred Stocks - continued | |||
INFORMATION TECHNOLOGY - continued | |||
Software - 0.1% | |||
Cloudera, Inc. Series F (a)(l) | 1,316,883 | $ 28,221 | |
Cloudflare, Inc. Series D (l) | 4,303,714 | 30,317 | |
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(l) | 3,950,196 | 2,291 | |
Series C-1, 8.00% (a)(l) | 310,705 | 180 | |
Series D, 8.00% (a)(l) | 333,435 | 193 | |
Twilio, Inc. Series E (l) | 2,935,814 | 33,204 | |
| 94,406 | ||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Pure Storage, Inc. Series E (a)(l) | 2,007,356 | 37,477 | |
TOTAL INFORMATION TECHNOLOGY | 826,983 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (l) | 2,538,649 | 31,200 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,314,854 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Royal Bank of Scotland Group PLC Series P, 6.25% | 1,176,233 | 29,300 | |
TOTAL PREFERRED STOCKS (Cost $935,151) |
|
Corporate Bonds - 0.0% | ||||
| Principal |
| ||
Convertible Bonds - 0.0% | ||||
INFORMATION TECHNOLOGY - 0.0% | ||||
Software - 0.0% | ||||
Trion World Network, Inc. 15% 10/10/15 pay-in-kind (l) | $ 1,402 | 1,402 | ||
Corporate Bonds - continued | ||||
| Principal | Value (000s) | ||
Nonconvertible Bonds - 0.0% | ||||
FINANCIALS - 0.0% | ||||
Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 13,616 | $ 16,129 | |
TOTAL CORPORATE BONDS (Cost $19,249) |
| |||
Bank Loan Obligations - 0.1% | ||||
| ||||
INDUSTRIALS - 0.1% | ||||
Building Products - 0.1% | ||||
Jeld-Wen, Inc.: | ||||
Tranche B, term loan 6/26/22 (k) | 24,880 | 24,880 | ||
Tranche B, term loan 5.25% 10/15/21 (i) | 54,307 | 54,307 | ||
| 79,187 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $78,520) |
|
Money Market Funds - 1.6% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.15% (b) | 984,272,800 | 984,273 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 867,141,355 | 867,141 | |
TOTAL MONEY MARKET FUNDS (Cost $1,851,414) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $64,448,789) | 112,390,320 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (587,178) | ||
NET ASSETS - 100% | $ 111,803,142 |
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 $69,626,000 or 0.1% of net assets. |
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(j) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(k) The coupon rate will be determined upon settlement of the loan after period end. |
(l) 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 $2,420,395,000 or 2.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $ 7,200 |
Airbnb, Inc. Series D | 4/16/14 | $ 23,565 |
Airbnb, Inc. Series E | 6/29/15 | $ 36,200 |
Altiostar Networks, Inc. Series D | 1/7/15 | $ 31,200 |
ASAC II LP | 10/10/13 | $ 394,945 |
Blue Apron, Inc. Series D | 5/18/15 | $ 57,700 |
Cloudera, Inc. Series F | 2/5/14 | $ 19,174 |
Cloudflare, Inc. Series D | 11/5/14 - 6/24/15 | $ 26,827 |
Dropbox, Inc. | 5/2/12 | $ 49,445 |
Dropbox, Inc. Series A | 5/29/12 | $ 11,410 |
Dropbox, Inc. Series C | 1/30/14 | $ 13,340 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $ 28,629 |
Legend Pictures LLC | 9/23/10 - 6/10/15 | $ 157,014 |
Security | Acquisition Date | Acquisition Cost (000s) |
Metro Bank PLC Class A | 12/8/09 - 12/6/13 | $ 80,047 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $ 26,058 |
Nutanix, Inc. Series E | 8/26/14 | $ 41,003 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 159,376 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 11,739 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 30,879 |
Pure Storage, Inc. Series E | 8/22/13 | $ 13,914 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 43,239 |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $ 0* |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. Series C, 8.00% | 8/22/08 | $ 21,691 |
Trion World Network, Inc. Series C-1, 8.00% | 8/10/10 | $ 1,706 |
Trion World Network, Inc. Series D, 8.00% | 3/20/13 | $ 1,754 |
Trion World Network, Inc. 15% 10/10/15 pay-in-kind | 10/10/13 - 10/10/14 | $ 1,302 |
Twilio, Inc. Series E | 4/24/15 | $ 33,204 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $ 75,532 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 41,703 |
WeWork Companies, Inc. Class A | 6/23/15 | $ 21,209 |
WeWork Companies, Inc. Series E | 6/23/15 | $ 190,882 |
* 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 | $ 1,067 |
Fidelity Securities Lending Cash Central Fund | 2,798 |
Total | $ 3,865 |
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 | Dividend | Value, |
Air Lease Corp. Class A (144A) | $ 53,907 | $ - | $ 52 | $ 126 | $ 53,219 |
Air Lease Corp. Class A | 208,782 | - | 2,359 | 482 | 203,972 |
Amphenol Corp. Class A | 1,363,053 | 104,896 | 15,614 | 6,654 | 1,558,778 |
B2Gold Corp. | 93,908 | 14,817 | 19,240 | - | 85,951 |
Chipotle Mexican Grill, Inc. | 1,312,660 | 13,021 | 15,013 | - | 1,158,454 |
Constant Contact, Inc. | 79,053 | - | 878 | - | 61,255 |
Ivanhoe Mines Ltd. | 20,530 | 5,682 | 12,995 | - | - |
Ivanhoe Mines Ltd. (144A) | 14,107 | - | - | - | - |
Ivanhoe Mines Ltd. Class A warrants 12/10/15 | 1,364 | - | - | - | - |
Metro Bank PLC Class A | 96,224 | - | - | - | 106,786 |
Mettler-Toledo International, Inc. | 663,758 | 2,196 | 7,391 | - | 743,371 |
Noble Energy, Inc. | 1,084,789 | - | 483,961 | 6,496 | - |
Total | $ 4,992,135 | $ 140,612 | $ 557,503 | $ 13,758 | $ 3,971,786 |
* Includes the value of securities delivered through in-kind transactions. |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 21,166,878 | $ 20,670,964 | $ 157,934 | $ 337,980 |
Consumer Staples | 6,902,023 | 6,844,323 | - | 57,700 |
Energy | 1,767,854 | 1,767,854 | - | - |
Financials | 18,093,288 | 17,236,121 | 538,290 | 318,877 |
Health Care | 20,156,183 | 19,882,361 | 201,256 | 72,566 |
Industrials | 7,686,116 | 7,642,226 | 651 | 43,239 |
Information Technology | 31,243,451 | 29,481,765 | 204,255 | 1,557,431 |
Materials | 3,347,078 | 3,347,078 | - | - |
Telecommunication Services | 79,317 | 48,117 | - | 31,200 |
Corporate Bonds | 17,531 | - | 16,129 | 1,402 |
Bank Loan Obligations | 79,187 | - | 79,187 | - |
Money Market Funds | 1,851,414 | 1,851,414 | - | - |
Total Investments in Securities: | $ 112,390,320 | $ 108,772,223 | $ 1,197,702 | $ 2,420,395 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2015. 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 | $ 1,124,119 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $ 1,181,751 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 308,038 |
Cost of Purchases | 67,642 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 1,557,431 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 308,038 |
(Amounts in thousands) |
|
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ 360,655 |
Net Realized Gain (Loss) on Investment Securities | 1 |
Net Unrealized Gain (Loss) on Investment Securities | 74,991 |
Cost of Purchases | 427,317 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 862,964 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 74,991 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and includes securities delivered through in-kind transactions. See Note 4 of the Notes to Financial Statements. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
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, 2015 |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $861,123) - See accompanying schedule: Unaffiliated issuers (cost $60,868,198) | $ 106,567,120 |
|
Fidelity Central Funds (cost $1,851,414) | 1,851,414 |
|
Other affiliated issuers (cost $1,729,177) | 3,971,786 |
|
Total Investments (cost $64,448,789) |
| $ 112,390,320 |
Cash |
| 352 |
Receivable for investments sold | 502,956 | |
Receivable for fund shares sold | 120,500 | |
Dividends receivable | 63,699 | |
Interest receivable | 1,658 | |
Distributions receivable from Fidelity Central Funds | 592 | |
Other receivables | 3,902 | |
Total assets | 113,083,979 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 206,613 |
|
Delayed delivery | 36,200 | |
Payable for fund shares redeemed | 104,176 | |
Accrued management fee | 51,745 | |
Other affiliated payables | 11,138 | |
Other payables and accrued expenses | 3,824 | |
Collateral on securities loaned, at value | 867,141 | |
Total liabilities | 1,280,837 | |
|
|
|
Net Assets | $ 111,803,142 | |
Net Assets consist of: |
| |
Paid in capital | $ 59,859,059 | |
Undistributed net investment income | 287,302 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 3,715,178 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 47,941,603 | |
Net Assets | $ 111,803,142 |
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, 2015 |
|
|
|
Contrafund: | ||
Net Asset Value, offering price and redemption price per | $ 101.96 | |
|
|
|
Class K: | ||
Net Asset Value, offering price and redemption price per | $ 101.93 |
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, 2015 | |
|
|
|
Investment Income |
|
|
Dividends (including $13,758 earned from other affiliated issuers) |
| $ 628,670 |
Interest |
| 2,260 |
Income from Fidelity Central Funds |
| 3,865 |
Total income |
| 634,795 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 305,949 | |
Performance adjustment | (27,788) | |
Transfer agent fees | 64,263 | |
Accounting and security lending fees | 1,835 | |
Custodian fees and expenses | 936 | |
Independent trustees' compensation | 232 | |
Appreciation in deferred trustee compensation account | 1 | |
Registration fees | 371 | |
Audit | 165 | |
Legal | 91 | |
Miscellaneous | 423 | |
Total expenses before reductions | 346,478 | |
Expense reductions | (2,377) | 344,101 |
Net investment income (loss) | 290,694 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 4,085,209 | |
Other affiliated issuers | 17,213 |
|
Foreign currency transactions | (1,221) | |
Total net realized gain (loss) |
| 4,101,201 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,099,156 | |
Assets and liabilities in foreign currencies | 105 | |
Total change in net unrealized appreciation (depreciation) |
| 1,099,261 |
Net gain (loss) | 5,200,462 | |
Net increase (decrease) in net assets resulting from operations | $ 5,491,156 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 290,694 | $ 371,348 |
Net realized gain (loss) | 4,101,201 | 11,553,943 |
Change in net unrealized appreciation (depreciation) | 1,099,261 | (1,979,915) |
Net increase (decrease) in net assets resulting from operations | 5,491,156 | 9,945,376 |
Distributions to shareholders from net investment income | - | (299,409) |
Distributions to shareholders from net realized gain | (1,049,457) | (7,375,128) |
Total distributions | (1,049,457) | (7,674,537) |
Share transactions - net increase (decrease) | (2,174,841) | (3,679,049) |
Total increase (decrease) in net assets | 2,266,858 | (1,408,210) |
|
|
|
Net Assets | ||
Beginning of period | 109,536,284 | 110,944,494 |
End of period (including undistributed net investment income of $287,302 and accumulated net investment loss of $3,392, respectively) | $ 111,803,142 | $ 109,536,284 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Contrafund
| Six months ended | Years ended December 31, | ||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 97.97 | $ 96.14 | $ 77.57 | $ 67.45 | $ 67.73 | $ 58.28 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) D | .25 | .30 | .33 | .30 | .04 | (.02) |
Net realized and unrealized gain (loss) | 4.69 | 8.67 | 25.70 | 10.66 | (.13) | 9.86 |
Total from investment operations | 4.94 | 8.97 | 26.03 | 10.96 | (.09) | 9.84 |
Distributions from net investment income | - | (.25) | (.13) | (.19)G | (.04) | (.01) |
Distributions from net realized gain | (.95) | (6.89) | (7.33) | (.65)G | (.15) | (.38) |
Total distributions | (.95) | (7.14) | (7.46) | (.84) | (.19) | (.39) |
Net asset value, end of period | $ 101.96 | $ 97.97 | $ 96.14 | $ 77.57 | $ 67.45 | $ 67.73 |
Total ReturnB, C | 5.08% | 9.56% | 34.15% | 16.26% | (.14)% | 16.93% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .65%A | .64% | .67% | .74% | .81% | .92% |
Expenses net of fee waivers, if any | .65%A | .64% | .67% | .74% | .81% | .92% |
Expenses net of all reductions | .65%A | .64% | .66% | .74% | .81% | .91% |
Net investment income (loss) | .49%A | .31% | .37% | .40% | .06% | (.03)% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (in millions) | $ 77,089 | $ 75,057 | $ 74,962 | $ 58,769 | $ 54,677 | $ 60,498 |
Portfolio turnover rateF | 38%A, I | 45%I | 46% | 48% | 55% | 46% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. HExpense 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. IPortfolio turnover rate excludes securities received or delivered in-kind. |
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, | ||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 97.90 | $ 96.07 | $ 77.51 | $ 67.40 | $ 67.70 | $ 58.25 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) D | .30 | .40 | .42 | .39 | .12 | .06 |
Net realized and unrealized gain (loss) | 4.68 | 8.68 | 25.70 | 10.65 | (.14) | 9.87 |
Total from investment operations | 4.98 | 9.08 | 26.12 | 11.04 | (.02) | 9.93 |
Distributions from net investment income | - | (.36) | (.23) | (.28)G | (.13) | (.01) |
Distributions from net realized gain | (.95) | (6.89) | (7.33) | (.65)G | (.15) | (.47) |
Total distributions | (.95) | (7.25) | (7.56) | (.93) | (.28) | (.48) |
Net asset value, end of period | $ 101.93 | $ 97.90 | $ 96.07 | $ 77.51 | $ 67.40 | $ 67.70 |
Total ReturnB, C | 5.13% | 9.68% | 34.30% | 16.40% | (.02)% | 17.09% |
Ratios to Average Net Assets E, H |
|
|
|
|
| |
Expenses before reductions | .55%A | .54% | .56% | .63% | .69% | .79% |
Expenses net of fee waivers, if any | .55%A | .54% | .56% | .63% | .69% | .79% |
Expenses net of all reductions | .55%A | .54% | .56% | .62% | .69% | .78% |
Net investment income (loss) | .59%A | .41% | .48% | .51% | .18% | .10% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (in millions) | $ 34,714 | $ 34,479 | $ 35,982 | $ 25,644 | $ 18,047 | $ 14,034 |
Portfolio turnover rateF | 38%A, I | 45%I | 46% | 48% | 55% | 46% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees 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. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GThe amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown. HExpense 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. IPortfolio turnover rate excludes securities received or delivered in-kind. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2015
(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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or | Impact to |
Corporate Bonds | $ 1,402 | Replacement cost | Recovery rate | 1.0% | Increase |
Equities | $ 2,418,993 | Discounted cash flow | Discount rate | 8.0% | Decrease |
|
| Last transaction price | Transaction price | $7.04 - $93.09 / $38.41 | Increase |
|
|
| Adjusted transaction price | $31.12 - $33.32 / $32.69 | Increase |
|
| Market comparable | EV/EBITDA multiple | 8.3 - 17.7 / 17.6 | Increase |
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Asset Type | Fair Value at | Valuation | Unobservable | Amount or | Impact to |
|
|
| EV/Sales multiple | 1.3 - 12.6 / 8.3 | Increase |
|
|
| Discount rate | 10.0% - 50.0% / 14.8% | Decrease |
|
|
| P/B multiple | 2.3 | Increase |
|
|
| Discount for lack of marketability | 15.0% - 30.0% / 16.8% | Decrease |
|
| Partnership NAV | Discount for lack of marketability | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding
input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or
lower fair value measurements.
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, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, deferred trustees compensation 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 | $ 48,391,603 |
Gross unrealized depreciation | (752,950) |
Net unrealized appreciation (depreciation) on securities | $ 47,638,653 |
|
|
Tax cost | $ 64,751,667 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short term securities and in-kind transactions, aggregated $20,593,109 and $22,670,198, respectively.
Redemptions In-Kind. During the period, 12,214 shares of the Fund held by unaffiliated entities were redeemed in-kind for cash and investments with a value of $1,191,147. The net realized gain of $701,001 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 10: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Contrafund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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 Class-Level |
Contrafund | $ 56,131 | .15 |
Class K | 8,132 | .05 |
| $ 64,263 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $296 for the period.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $86 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash)against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. 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 $12,844. 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 $2,798, including $28 from securities loaned to FCM.
Semiannual Report
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $715 for the period.
In addition, the investment adviser reimbursed and/or waived a portion of the Fund's operating expenses, including certain Contrafund expenses during the period in the amount of $1,662.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Contrafund | $ - | $ 183,648 |
Class K | - | 115,761 |
Total | $ - | $ 299,409 |
From net realized gain |
|
|
Contrafund | $ 724,626 | $ 5,087,176 |
Class K | 324,831 | 2,287,952 |
Total | $ 1,049,457 | $ 7,375,128 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Contrafund |
|
|
|
|
Shares sold | 35,982 | 78,564 | $ 3,616,244 | $ 7,686,692 |
Reinvestment of distributions | 7,108 | 52,747 | 696,026 | 5,058,394 |
Shares redeemed | (53,113) A | (144,975) B | (5,341,234) A | (14,246,976) B |
Net increase (decrease) | (10,023) | (13,664) | $ (1,028,964) | $ (1,501,890) |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except percentages)
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class K |
|
|
|
|
Shares sold | 27,759 | 75,358 | $ 2,789,447 | $ 7,395,464 |
Reinvestment of distributions | 3,320 | 25,089 | 324,831 | 2,403,713 |
Shares redeemed | (42,702) A | (122,804)B | (4,260,155) A | (11,976,336)B |
Net increase (decrease) | (11,623) | (22,357) | $ (1,145,877) | $ (2,177,159) |
A Amount includes in-kind redemptions (see Note 4: Redemptions In-Kind)
B Amount includes in-kind redemptions
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, the financial position of Fidelity Contrafund (a fund of Fidelity Contrafund) at June 30, 2015, 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, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 17, 2015
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
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-0815 1.863192.106
Fidelity®
Series Opportunistic Insights Fund
Fidelity Series Opportunistic Insights
Fund
Class F
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .88% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,056.20 | $ 4.49 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.43 | $ 4.41 |
Class F | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,056.10 | $ 3.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.22 | $ 3.61 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Facebook, Inc. Class A | 7.3 | 7.4 |
Gilead Sciences, Inc. | 4.0 | 3.6 |
Apple, Inc. | 3.0 | 2.3 |
Biogen, Inc. | 2.9 | 2.7 |
Berkshire Hathaway, Inc. Class A | 2.9 | 3.1 |
Wells Fargo & Co. | 2.4 | 2.5 |
Starbucks Corp. | 2.2 | 1.5 |
MasterCard, Inc. Class A | 2.2 | 1.9 |
NIKE, Inc. Class B | 1.9 | 1.5 |
Amazon.com, Inc. | 1.7 | 1.0 |
| 30.5 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 30.3 | 29.3 |
Consumer Discretionary | 20.2 | 16.3 |
Health Care | 18.9 | 19.8 |
Financials | 11.1 | 13.7 |
Consumer Staples | 6.8 | 7.8 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 96.6% |
| ![]() | Stocks 97.7% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Other Investments 0.1% |
| ![]() | Other Investments 0.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 8.9% |
| ** Foreign investments | 9.3% |
|
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.0% | |||
Auto Components - 0.0% | |||
Delphi Automotive PLC | 28,800 | $ 2,450,592 | |
Motherson Sumi Systems Ltd. | 75,799 | 618,597 | |
| 3,069,189 | ||
Automobiles - 1.3% | |||
General Motors Co. | 526,200 | 17,538,246 | |
Mahindra & Mahindra Ltd. (a) | 258,425 | 5,213,982 | |
Maruti Suzuki India Ltd. (a) | 85,792 | 5,655,082 | |
Tesla Motors, Inc. (a)(d) | 204,616 | 54,890,288 | |
| 83,297,598 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 42,807 | 2,474,245 | |
Hotels, Restaurants & Leisure - 4.6% | |||
ARAMARK Holdings Corp. | 210,400 | 6,516,088 | |
Cara Operations Ltd. (a) | 22,000 | 607,686 | |
Chipotle Mexican Grill, Inc. (a) | 100,014 | 60,507,470 | |
Darden Restaurants, Inc. | 79,000 | 5,615,320 | |
Domino's Pizza, Inc. | 70,400 | 7,983,360 | |
Dunkin' Brands Group, Inc. | 58,400 | 3,212,000 | |
Hilton Worldwide Holdings, Inc. (a) | 184,600 | 5,085,730 | |
Marriott International, Inc. Class A | 497,600 | 37,016,464 | |
Papa John's International, Inc. | 1,484 | 112,205 | |
Starbucks Corp. | 2,553,400 | 136,900,541 | |
Whitbread PLC | 245,049 | 19,043,744 | |
Wingstop, Inc. | 11,400 | 323,760 | |
Zoe's Kitchen, Inc. (a)(d) | 16,600 | 679,604 | |
| 283,603,972 | ||
Household Durables - 0.3% | |||
Harman International Industries, Inc. | 53,300 | 6,339,502 | |
Leggett & Platt, Inc. | 38,900 | 1,893,652 | |
Lennar Corp. Class A | 49,000 | 2,500,960 | |
Mohawk Industries, Inc. (a) | 28,300 | 5,402,470 | |
Sony Corp. | 125,000 | 3,549,608 | |
| 19,686,192 | ||
Internet & Catalog Retail - 3.8% | |||
Amazon.com, Inc. (a) | 245,107 | 106,398,498 | |
ASOS PLC (a)(d) | 21,400 | 1,304,304 | |
Etsy, Inc. (d) | 46,100 | 647,705 | |
Netflix, Inc. (a) | 55,439 | 36,420,097 | |
Priceline Group, Inc. (a) | 50,450 | 58,086,617 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
TripAdvisor, Inc. (a) | 373,705 | $ 32,564,654 | |
Wayfair LLC Class A (d) | 83,800 | 3,154,232 | |
| 238,576,107 | ||
Leisure Products - 0.1% | |||
Mattel, Inc. | 132,300 | 3,398,787 | |
Media - 3.8% | |||
CBS Corp. Class B | 2,917 | 161,894 | |
Charter Communications, Inc. Class A (a)(d) | 38,700 | 6,627,375 | |
DISH Network Corp. Class A (a) | 39,200 | 2,654,232 | |
Entertainment One Ltd. | 16,597 | 92,838 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 107,600 | 4,177,032 | |
Legend Pictures LLC (g)(i) | 5,465 | 12,919,479 | |
Liberty Broadband Corp.: | |||
Class A (a) | 78,699 | 4,011,288 | |
Class C (a) | 164,374 | 8,409,374 | |
Liberty Global PLC: | |||
Class A (a) | 629,152 | 34,018,249 | |
Class C (a) | 525,252 | 26,593,509 | |
Liberty Media Corp.: | |||
Class A (a) | 16,400 | 591,056 | |
Class C (a) | 707,896 | 25,413,466 | |
Lions Gate Entertainment Corp. | 84,345 | 3,124,982 | |
Naspers Ltd. Class N | 37,400 | 5,825,497 | |
Rightmove PLC | 36,211 | 1,864,499 | |
Starz Series A (a) | 47,200 | 2,110,784 | |
The Walt Disney Co. | 822,600 | 93,891,564 | |
Time Warner, Inc. | 14,500 | 1,267,445 | |
| 233,754,563 | ||
Multiline Retail - 0.5% | |||
B&M European Value Retail S.A. | 627,077 | 3,378,576 | |
Dollar Tree, Inc. (a) | 114,800 | 9,068,052 | |
Dollarama, Inc. | 76,900 | 4,660,793 | |
Next PLC | 100,641 | 11,780,847 | |
| 28,888,268 | ||
Specialty Retail - 2.7% | |||
AutoNation, Inc. (a) | 19,700 | 1,240,706 | |
AutoZone, Inc. (a) | 23,700 | 15,805,530 | |
DavidsTea, Inc. | 7,800 | 167,622 | |
Foot Locker, Inc. | 59,400 | 3,980,394 | |
Home Depot, Inc. | 226,300 | 25,148,719 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
L Brands, Inc. | 24,100 | $ 2,066,093 | |
O'Reilly Automotive, Inc. (a) | 122,581 | 27,700,854 | |
Restoration Hardware Holdings, Inc. (a) | 100 | 9,763 | |
Signet Jewelers Ltd. | 56,688 | 7,269,669 | |
TJX Companies, Inc. | 1,098,825 | 72,709,250 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 35,300 | 5,452,085 | |
Williams-Sonoma, Inc. | 7,700 | 633,479 | |
Zumiez, Inc. (a) | 93,894 | 2,500,397 | |
| 164,684,561 | ||
Textiles, Apparel & Luxury Goods - 2.9% | |||
NIKE, Inc. Class B | 1,059,025 | 114,395,881 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(d) | 761,300 | 63,522,872 | |
| 177,918,753 | ||
TOTAL CONSUMER DISCRETIONARY | 1,239,352,235 | ||
CONSUMER STAPLES - 6.7% | |||
Beverages - 0.6% | |||
Boston Beer Co., Inc. Class A (a) | 121,332 | 28,147,811 | |
Monster Beverage Corp. (a) | 53,400 | 7,156,668 | |
| 35,304,479 | ||
Food & Staples Retailing - 1.9% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 85,800 | 3,670,372 | |
Costco Wholesale Corp. | 299,800 | 40,490,988 | |
CVS Health Corp. | 592,600 | 62,151,888 | |
Diplomat Pharmacy, Inc. (d) | 93,300 | 4,175,175 | |
Sprouts Farmers Market LLC (a) | 194,640 | 5,251,387 | |
| 115,739,810 | ||
Food Products - 1.2% | |||
Associated British Foods PLC | 978,968 | 44,161,822 | |
Kraft Foods Group, Inc. | 7,400 | 630,036 | |
Mondelez International, Inc. | 568,565 | 23,390,764 | |
Pinnacle Foods, Inc. | 68,800 | 3,133,152 | |
The Hain Celestial Group, Inc. (a) | 71,600 | 4,715,576 | |
| 76,031,350 | ||
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Household Products - 1.4% | |||
Colgate-Palmolive Co. | 1,299,015 | $ 84,968,571 | |
Procter & Gamble Co. | 48,700 | 3,810,288 | |
| 88,778,859 | ||
Personal Products - 1.6% | |||
AMOREPACIFIC Group, Inc. | 4,180 | 698,185 | |
Coty, Inc. Class A | 24,000 | 767,280 | |
Estee Lauder Companies, Inc. Class A | 1,131,716 | 98,074,509 | |
Hengan International Group Co. Ltd. | 53,000 | 629,719 | |
L'Oreal SA | 11,478 | 2,047,400 | |
| 102,217,093 | ||
TOTAL CONSUMER STAPLES | 418,071,591 | ||
ENERGY - 1.5% | |||
Energy Equipment & Services - 0.4% | |||
Schlumberger Ltd. | 285,550 | 24,611,555 | |
Oil, Gas & Consumable Fuels - 1.1% | |||
Birchcliff Energy Ltd. (a) | 77,300 | 431,370 | |
Continental Resources, Inc. (a) | 63,477 | 2,690,790 | |
EOG Resources, Inc. | 535,714 | 46,901,761 | |
Kinder Morgan, Inc. | 76,141 | 2,923,053 | |
Marathon Petroleum Corp. | 111,000 | 5,806,410 | |
Newfield Exploration Co. (a) | 5,200 | 187,824 | |
Pioneer Natural Resources Co. | 7,300 | 1,012,437 | |
TAG Oil Ltd. (a) | 1,137,300 | 1,265,690 | |
Tesoro Corp. | 42,400 | 3,578,984 | |
Valero Energy Corp. | 81,400 | 5,095,640 | |
| 69,893,959 | ||
TOTAL ENERGY | 94,505,514 | ||
FINANCIALS - 10.8% | |||
Banks - 4.9% | |||
Banco Santander Chile sponsored ADR | 175,900 | 3,561,975 | |
Bank of America Corp. | 1,326,400 | 22,575,328 | |
Citigroup, Inc. | 853,527 | 47,148,831 | |
HDFC Bank Ltd. sponsored ADR | 380,247 | 23,016,351 | |
JPMorgan Chase & Co. | 502,388 | 34,041,811 | |
Kotak Mahindra Bank Ltd. | 137,137 | 2,990,086 | |
U.S. Bancorp | 340,169 | 14,763,335 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Banks - continued | |||
Virgin Money Holdings Uk PLC (a) | 503,600 | $ 3,485,595 | |
Wells Fargo & Co. | 2,672,496 | 150,301,175 | |
| 301,884,487 | ||
Capital Markets - 1.6% | |||
BlackRock, Inc. Class A | 130,553 | 45,168,727 | |
Charles Schwab Corp. | 354,800 | 11,584,220 | |
Goldman Sachs Group, Inc. | 64,700 | 13,508,713 | |
Morgan Stanley | 499,785 | 19,386,660 | |
Oaktree Capital Group LLC Class A | 188,190 | 10,007,944 | |
| 99,656,264 | ||
Consumer Finance - 0.0% | |||
Credit Acceptance Corp. (a) | 1,541 | 379,363 | |
Springleaf Holdings, Inc. (a) | 2,800 | 128,548 | |
| 507,911 | ||
Diversified Financial Services - 3.3% | |||
Berkshire Hathaway, Inc. Class A (a) | 859 | 175,966,150 | |
McGraw Hill Financial, Inc. | 268,216 | 26,942,297 | |
| 202,908,447 | ||
Insurance - 0.7% | |||
AIA Group Ltd. | 1,354,200 | 8,866,053 | |
Direct Line Insurance Group PLC | 618,841 | 3,265,164 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 11,500 | 5,670,633 | |
Marsh & McLennan Companies, Inc. | 371,578 | 21,068,473 | |
The Chubb Corp. | 52,956 | 5,038,234 | |
The Travelers Companies, Inc. | 100 | 9,666 | |
| 43,918,223 | ||
Real Estate Investment Trusts - 0.3% | |||
American Tower Corp. | 96,300 | 8,983,827 | |
Equity Residential (SBI) | 114,500 | 8,034,465 | |
| 17,018,292 | ||
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (i) | 36,005 | 1,184,189 | |
TOTAL FINANCIALS | 667,077,813 | ||
HEALTH CARE - 18.9% | |||
Biotechnology - 9.6% | |||
Aduro Biotech, Inc. | 26,300 | 797,679 | |
Agios Pharmaceuticals, Inc. (a) | 69,097 | 7,679,441 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
Alexion Pharmaceuticals, Inc. (a) | 30,400 | $ 5,495,408 | |
Alnylam Pharmaceuticals, Inc. (a) | 17,200 | 2,061,764 | |
Amgen, Inc. | 141,187 | 21,675,028 | |
Biogen, Inc. (a) | 437,999 | 176,925,316 | |
BioMarin Pharmaceutical, Inc. (a) | 23,100 | 3,159,618 | |
Biotie Therapies Corp. sponsored ADR | 87,800 | 1,753,366 | |
bluebird bio, Inc. (a) | 29,300 | 4,933,241 | |
Blueprint Medicines Corp. | 11,200 | 296,688 | |
Celgene Corp. (a) | 262,200 | 30,345,717 | |
Celldex Therapeutics, Inc. (a) | 24,400 | 615,368 | |
Cellectis SA sponsored ADR | 37,900 | 1,367,432 | |
Cidara Therapeutics, Inc. | 19,000 | 266,380 | |
Coherus BioSciences, Inc. | 11,900 | 343,910 | |
Dyax Corp. (a) | 101,300 | 2,684,450 | |
Enanta Pharmaceuticals, Inc. (a) | 74,626 | 3,357,424 | |
Exact Sciences Corp. (a) | 110,523 | 3,286,954 | |
Genmab A/S (a) | 8,300 | 721,858 | |
Gilead Sciences, Inc. | 2,140,695 | 250,632,571 | |
Insmed, Inc. (a) | 29,800 | 727,716 | |
Karyopharm Therapeutics, Inc. (a) | 18,900 | 514,269 | |
Medivation, Inc. (a) | 95,492 | 10,905,186 | |
Neurocrine Biosciences, Inc. (a) | 71,800 | 3,429,168 | |
OvaScience, Inc. (a)(d) | 1,097,674 | 31,755,709 | |
Receptos, Inc. (a) | 60,201 | 11,441,200 | |
Regeneron Pharmaceuticals, Inc. (a) | 20,300 | 10,355,639 | |
Repligen Corp. (a) | 39,699 | 1,638,378 | |
Sage Therapeutics, Inc. | 7,500 | 547,500 | |
TESARO, Inc. (a) | 6,600 | 388,014 | |
uniQure B.V. (a) | 54,800 | 1,479,600 | |
Vertex Pharmaceuticals, Inc. (a) | 6,300 | 777,924 | |
| 592,359,916 | ||
Health Care Equipment & Supplies - 1.5% | |||
Becton, Dickinson & Co. | 71,653 | 10,149,647 | |
Boston Scientific Corp. (a) | 1,309,500 | 23,178,150 | |
C.R. Bard, Inc. | 28,578 | 4,878,265 | |
DexCom, Inc. (a) | 142,825 | 11,423,144 | |
ICU Medical, Inc. (a) | 6,500 | 621,790 | |
Medtronic PLC | 383,881 | 28,445,582 | |
Nevro Corp. | 14,616 | 785,610 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
Stryker Corp. | 21,400 | $ 2,045,198 | |
Zimmer Biomet Holdings, Inc. | 137,200 | 14,986,356 | |
| 96,513,742 | ||
Health Care Providers & Services - 4.2% | |||
Aetna, Inc. | 210,100 | 26,779,346 | |
AmerisourceBergen Corp. | 248,675 | 26,444,100 | |
Anthem, Inc. | 136,300 | 22,372,282 | |
Cardinal Health, Inc. | 40,450 | 3,383,643 | |
Cigna Corp. | 125,201 | 20,282,562 | |
HCA Holdings, Inc. (a) | 111,500 | 10,115,280 | |
Henry Schein, Inc. (a) | 403,963 | 57,411,222 | |
Team Health Holdings, Inc. (a) | 10,000 | 653,300 | |
Teladoc, Inc. | 15,200 | 288,800 | |
UnitedHealth Group, Inc. | 702,066 | 85,652,052 | |
Universal Health Services, Inc. Class B | 39,200 | 5,570,320 | |
| 258,952,907 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 621,577 | 42,926,108 | |
Life Sciences Tools & Services - 1.4% | |||
Eurofins Scientific SA | 5,600 | 1,705,007 | |
Illumina, Inc. (a) | 61,469 | 13,422,371 | |
Mettler-Toledo International, Inc. (a) | 89,038 | 30,402,915 | |
Thermo Fisher Scientific, Inc. | 228,319 | 29,626,673 | |
Waters Corp. (a) | 75,703 | 9,718,751 | |
| 84,875,717 | ||
Pharmaceuticals - 1.5% | |||
Allergan PLC (a) | 4,157 | 1,261,483 | |
Astellas Pharma, Inc. | 877,100 | 12,509,524 | |
Biodelivery Sciences International, Inc. (a)(d) | 574,066 | 4,569,565 | |
Bristol-Myers Squibb Co. | 663,032 | 44,118,149 | |
Johnson & Johnson | 85,726 | 8,354,856 | |
Novartis AG sponsored ADR | 30,300 | 2,979,702 | |
Novo Nordisk A/S Series B | 49,500 | 2,716,307 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 329,400 | 19,467,540 | |
| 95,977,126 | ||
TOTAL HEALTH CARE | 1,171,605,516 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - 6.1% | |||
Aerospace & Defense - 0.3% | |||
Rockwell Collins, Inc. | 4,200 | $ 387,870 | |
The Boeing Co. | 103,500 | 14,357,520 | |
TransDigm Group, Inc. | 15,500 | 3,482,385 | |
United Technologies Corp. | 10,400 | 1,153,672 | |
| 19,381,447 | ||
Air Freight & Logistics - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 49,445 | 3,084,874 | |
FedEx Corp. | 196,800 | 33,534,720 | |
XPO Logistics, Inc. (a)(d) | 224,596 | 10,147,247 | |
| 46,766,841 | ||
Airlines - 0.8% | |||
American Airlines Group, Inc. | 36,700 | 1,465,615 | |
Delta Air Lines, Inc. | 94,000 | 3,861,520 | |
Ryanair Holdings PLC sponsored ADR | 203,941 | 14,551,190 | |
Southwest Airlines Co. | 692,500 | 22,914,825 | |
United Continental Holdings, Inc. (a) | 126,000 | 6,679,260 | |
| 49,472,410 | ||
Building Products - 0.1% | |||
ASSA ABLOY AB (B Shares) | 36,000 | 677,889 | |
Toto Ltd. | 232,000 | 4,181,820 | |
| 4,859,709 | ||
Commercial Services & Supplies - 0.0% | |||
Stericycle, Inc. (a) | 5,285 | 707,714 | |
Electrical Equipment - 0.0% | |||
Nidec Corp. | 400 | 29,935 | |
Sensata Technologies Holding BV (a) | 7,900 | 416,646 | |
| 446,581 | ||
Industrial Conglomerates - 1.9% | |||
3M Co. | 313,477 | 48,369,501 | |
Danaher Corp. | 573,520 | 49,087,577 | |
General Electric Co. | 863,500 | 22,943,195 | |
| 120,400,273 | ||
Machinery - 0.7% | |||
Deere & Co. | 103,500 | 10,044,675 | |
Fanuc Corp. | 8,500 | 1,741,880 | |
Illinois Tool Works, Inc. | 216,632 | 19,884,651 | |
Minebea Ltd. | 109,000 | 1,799,967 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Machinery - continued | |||
PACCAR, Inc. | 137,655 | $ 8,783,766 | |
Snap-On, Inc. | 2,900 | 461,825 | |
| 42,716,764 | ||
Professional Services - 0.3% | |||
Equifax, Inc. | 44,872 | 4,356,622 | |
Robert Half International, Inc. | 102,312 | 5,678,316 | |
Verisk Analytics, Inc. (a) | 125,622 | 9,140,257 | |
| 19,175,195 | ||
Road & Rail - 1.0% | |||
Canadian Pacific Railway Ltd. (d) | 186,200 | 29,818,834 | |
J.B. Hunt Transport Services, Inc. | 39,227 | 3,220,144 | |
Union Pacific Corp. | 324,860 | 30,981,898 | |
| 64,020,876 | ||
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp. Class A | 286,119 | 9,699,434 | |
HD Supply Holdings, Inc. (a) | 21,600 | 759,888 | |
| 10,459,322 | ||
TOTAL INDUSTRIALS | 378,407,132 | ||
INFORMATION TECHNOLOGY - 29.0% | |||
Communications Equipment - 0.3% | |||
CommScope Holding Co., Inc. (a) | 79,800 | 2,434,698 | |
F5 Networks, Inc. (a) | 8,100 | 974,835 | |
Palo Alto Networks, Inc. (a) | 41,700 | 7,284,990 | |
QUALCOMM, Inc. | 104,251 | 6,529,240 | |
| 17,223,763 | ||
Electronic Equipment & Components - 1.4% | |||
Amphenol Corp. Class A | 1,371,132 | 79,484,522 | |
CDW Corp. | 24,200 | 829,576 | |
Fitbit, Inc. | 48,123 | 1,839,742 | |
IPG Photonics Corp. (a)(d) | 39,603 | 3,373,186 | |
Keyence Corp. | 5,700 | 3,076,701 | |
| 88,603,727 | ||
Internet Software & Services - 11.4% | |||
Akamai Technologies, Inc. (a) | 145,500 | 10,158,810 | |
Alibaba Group Holding Ltd. sponsored ADR | 132,600 | 10,909,002 | |
Cimpress NV (a) | 29,826 | 2,510,156 | |
Constant Contact, Inc. (a) | 50,500 | 1,452,380 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
eBay, Inc. (a) | 72,600 | $ 4,373,424 | |
Facebook, Inc. Class A (a) | 5,294,894 | 454,116,577 | |
Google, Inc.: | |||
Class A (a) | 157,461 | 85,035,238 | |
Class C | 163,243 | 84,969,614 | |
JUST EAT Ltd. (a) | 347,825 | 2,223,243 | |
LendingClub Corp. (d) | 205,400 | 3,029,650 | |
LinkedIn Corp. Class A (a) | 33,078 | 6,834,907 | |
LogMeIn, Inc. (a) | 42,700 | 2,753,723 | |
Shopify, Inc. Class A | 8,000 | 271,449 | |
Stamps.com, Inc. (a) | 2,588 | 190,399 | |
SurveyMonkey (i) | 458,038 | 7,246,161 | |
Tencent Holdings Ltd. | 288,500 | 5,769,000 | |
Yahoo!, Inc. (a) | 599,695 | 23,562,017 | |
| 705,405,750 | ||
IT Services - 5.3% | |||
Alliance Data Systems Corp. (a) | 52,304 | 15,269,630 | |
ASAC II LP (a)(i) | 1,788,160 | 29,046,824 | |
Cognizant Technology Solutions Corp. Class A (a) | 243,898 | 14,899,729 | |
Fidelity National Information Services, Inc. | 415,703 | 25,690,445 | |
Fiserv, Inc. (a) | 56,500 | 4,679,895 | |
FleetCor Technologies, Inc. (a) | 76,393 | 11,921,892 | |
Gartner, Inc. Class A (a) | 36,083 | 3,095,200 | |
Global Payments, Inc. | 34,400 | 3,558,680 | |
MasterCard, Inc. Class A | 1,451,610 | 135,696,503 | |
Total System Services, Inc. | 61,800 | 2,581,386 | |
Visa, Inc. Class A | 1,189,360 | 79,865,524 | |
| 326,305,708 | ||
Semiconductors & Semiconductor Equipment - 2.9% | |||
Analog Devices, Inc. | 174,500 | 11,200,283 | |
ARM Holdings PLC | 223,800 | 3,662,238 | |
ARM Holdings PLC sponsored ADR | 12,200 | 601,094 | |
ASML Holding NV | 45,800 | 4,769,154 | |
Avago Technologies Ltd. | 411,000 | 54,634,230 | |
Broadcom Corp. Class A | 200,800 | 10,339,192 | |
Cavium, Inc. (a) | 115,342 | 7,936,683 | |
Freescale Semiconductor, Inc. (a) | 426,749 | 17,057,158 | |
Inphi Corp. (a) | 43,666 | 998,205 | |
Linear Technology Corp. | 5,042 | 223,008 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(d) | 144,882 | 5,541,737 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
NXP Semiconductors NV (a) | 168,602 | $ 16,556,716 | |
Qorvo, Inc. (a) | 168,579 | 13,531,836 | |
Skyworks Solutions, Inc. | 183,000 | 19,050,300 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d) | 483,400 | 10,978,014 | |
| 177,079,848 | ||
Software - 4.7% | |||
Activision Blizzard, Inc. | 27,500 | 665,775 | |
Adobe Systems, Inc. (a) | 388,927 | 31,506,976 | |
Check Point Software Technologies Ltd. (a) | 49,400 | 3,929,770 | |
Electronic Arts, Inc. (a) | 124,800 | 8,299,200 | |
Fleetmatics Group PLC (a) | 15,500 | 725,865 | |
Informatica Corp. (a) | 43,600 | 2,113,292 | |
Intuit, Inc. | 232,500 | 23,429,025 | |
Microsoft Corp. | 144,722 | 6,389,476 | |
Mobileye NV (a) | 344,595 | 18,322,116 | |
Qlik Technologies, Inc. (a) | 167,732 | 5,863,911 | |
Red Hat, Inc. (a) | 62,300 | 4,730,439 | |
Salesforce.com, Inc. (a) | 1,482,945 | 103,257,460 | |
ServiceNow, Inc. (a) | 370,838 | 27,556,972 | |
Symantec Corp. | 88,400 | 2,055,300 | |
Tableau Software, Inc. (a) | 39,005 | 4,497,277 | |
Ultimate Software Group, Inc. (a) | 255,049 | 41,914,753 | |
Workday, Inc. Class A (a) | 112,960 | 8,629,014 | |
Xero Ltd. (a) | 31,474 | 384,977 | |
| 294,271,598 | ||
Technology Hardware, Storage & Peripherals - 3.0% | |||
Apple, Inc. | 1,488,663 | 186,715,557 | |
Xaar PLC | 175,812 | 1,284,537 | |
| 188,000,094 | ||
TOTAL INFORMATION TECHNOLOGY | 1,796,890,488 | ||
MATERIALS - 3.5% | |||
Chemicals - 3.0% | |||
Agrium, Inc. (d) | 25,600 | 2,713,108 | |
Air Products & Chemicals, Inc. | 35,300 | 4,830,099 | |
Celanese Corp. Class A | 12,800 | 920,064 | |
CF Industries Holdings, Inc. | 263,000 | 16,905,640 | |
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Ecolab, Inc. | 249,048 | $ 28,159,857 | |
LyondellBasell Industries NV Class A | 6,100 | 631,472 | |
Monsanto Co. | 40,569 | 4,324,250 | |
Olin Corp. (d) | 47,000 | 1,266,650 | |
Platform Specialty Products Corp. (a) | 178,400 | 4,563,472 | |
PPG Industries, Inc. | 700,564 | 80,368,702 | |
Sherwin-Williams Co. | 145,800 | 40,097,916 | |
| 184,781,230 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 32,600 | 4,613,226 | |
Containers & Packaging - 0.3% | |||
Ball Corp. | 69,200 | 4,854,380 | |
MeadWestvaco Corp. | 54,597 | 2,576,432 | |
Rock-Tenn Co. Class A | 99,700 | 6,001,940 | |
Sealed Air Corp. | 143,540 | 7,375,085 | |
| 20,807,837 | ||
Metals & Mining - 0.1% | |||
B2Gold Corp. (a) | 1,017,302 | 1,555,682 | |
Barrick Gold Corp. | 49,500 | 529,083 | |
Franco-Nevada Corp. | 25,000 | 1,192,354 | |
Ivanhoe Mines Ltd. (a) | 460,900 | 332,114 | |
Novagold Resources, Inc. (a) | 163,500 | 561,581 | |
Primero Mining Corp. (a) | 439,300 | 1,712,883 | |
Randgold Resources Ltd. sponsored ADR | 7,227 | 483,848 | |
| 6,367,545 | ||
TOTAL MATERIALS | 216,569,838 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. (a) | 86,300 | 3,345,851 | |
TOTAL COMMON STOCKS (Cost $4,033,919,788) |
| ||
Convertible Preferred Stocks - 1.9% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 0.2% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(i) | 30,930 | $ 2,879,410 | |
Series E (e)(i) | 13,964 | 1,299,970 | |
| 4,179,380 | ||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (a)(i) | 1,349,024 | 9,051,951 | |
TOTAL CONSUMER DISCRETIONARY | 13,231,331 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(i) | 240,116 | 3,200,002 | |
FINANCIALS - 0.3% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (i) | 2,372,991 | 6,756,617 | |
Real Estate Management & Development - 0.2% | |||
WeWork Companies, Inc. Series E (i) | 324,048 | 10,657,799 | |
TOTAL FINANCIALS | 17,414,416 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series E (i) | 41,008 | 444,005 | |
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (i) | 32,066 | 2,483,832 | |
INFORMATION TECHNOLOGY - 1.3% | |||
Internet Software & Services - 0.8% | |||
Dropbox, Inc. Series C (a)(i) | 394,740 | 6,422,420 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(i) | 518,803 | 18,622,672 | |
Series F, 8.00% (i) | 424,569 | 15,240,100 | |
Series G, 8.00% (i) | 73,867 | 2,651,490 | |
Uber Technologies, Inc. Series D, 8.00% (i) | 264,940 | 8,827,165 | |
| 51,763,847 | ||
IT Services - 0.1% | |||
Nutanix, Inc. Series E (i) | 171,960 | 2,899,246 | |
Convertible Preferred Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - 0.4% | |||
Cloudera, Inc. Series F (a)(i) | 70,040 | $ 1,500,957 | |
Cloudflare, Inc. Series D (i) | 246,150 | 1,733,954 | |
Magic Leap, Inc. Series B, 8.00% (i) | 1,675,597 | 18,247,251 | |
Twilio, Inc. Series E (i) | 162,109 | 1,833,453 | |
| 23,315,615 | ||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Pure Storage, Inc. Series E (a)(i) | 92,626 | 1,729,327 | |
TOTAL INFORMATION TECHNOLOGY | 79,708,035 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (i) | 146,461 | 1,800,006 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $89,887,996) |
|
Bank Loan Obligations - 0.1% | ||||
| Principal Amount |
| ||
INDUSTRIALS - 0.1% | ||||
Building Products - 0.1% | ||||
Jeld-Wen, Inc.: | ||||
Tranche B, term loan 6/26/22 (h) | $ 1,395,000 | 1,395,000 | ||
Tranche B, term loan 5.25% 10/15/21 (f) | 3,104,400 | 3,104,400 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $4,461,381) |
|
Money Market Funds - 3.8% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 109,873,004 | $ 109,873,004 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 125,880,428 | 125,880,428 | |
TOTAL MONEY MARKET FUNDS (Cost $235,753,432) |
| ||
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $4,364,022,597) | 6,344,360,437 | ||
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (148,846,774) | ||
NET ASSETS - 100% | $ 6,195,513,663 |
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) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(h) The coupon rate will be determined upon settlement of the loan after period end. |
(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 $168,678,280 or 2.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series E | 6/18/15 | $ 444,005 |
Airbnb, Inc. Series D | 4/16/14 | $ 1,259,254 |
Airbnb, Inc. Series E | 6/29/15 | $ 1,299,970 |
Altiostar Networks, Inc. Series D | 1/7/15 | $ 1,800,006 |
ASAC II LP | 10/10/13 | $ 17,881,600 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $ 6,232,491 |
Security | Acquisition Date | Acquisition Cost |
Blue Apron, Inc. Series D | 5/18/15 | $ 3,200,002 |
Cloudera, Inc. Series F | 2/5/14 | $ 1,019,782 |
Cloudflare, Inc. Series D | 11/5/14 - 6/24/15 | $ 1,533,709 |
Dropbox, Inc. Series C | 1/30/14 | $ 7,540,008 |
Legend Pictures LLC | 10/15/14 - 6/10/15 | $ 11,580,173 |
Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $ 19,369,901 |
Nutanix, Inc. Series E | 8/26/14 | $ 2,303,662 |
Oportun Finance Corp. Series H | 2/6/15 | $ 6,756,617 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 7,538,571 |
Security | Acquisition Date | Acquisition Cost |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 7,211,381 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 2,651,490 |
Pure Storage, Inc. Series E | 8/22/13 | $ 642,037 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 2,483,832 |
SurveyMonkey | 12/15/14 | $ 7,534,725 |
Twilio, Inc. | 4/24/15 | $ 1,833,453 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $ 4,110,027 |
WeWork Companies, Inc. Class A | 6/23/15 | $ 1,184,189 |
WeWork Companies, Inc. Series E | 6/23/15 | $ 10,657,799 |
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 | $ 55,525 |
Fidelity Securities Lending Cash Central Fund | 258,980 |
Total | $ 314,505 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 1,252,583,566 | $ 1,217,228,066 | $ 9,204,690 | $ 26,150,810 |
Consumer Staples | 421,271,593 | 418,071,591 | - | 3,200,002 |
Energy | 94,505,514 | 94,505,514 | - | - |
Financials | 684,492,229 | 665,893,624 | - | 18,598,605 |
Health Care | 1,172,049,521 | 1,168,889,209 | 2,716,307 | 444,005 |
Industrials | 380,890,964 | 378,377,197 | 29,935 | 2,483,832 |
Information Technology | 1,876,598,523 | 1,751,166,265 | 9,431,238 | 116,001,020 |
Materials | 216,569,838 | 216,569,838 | - | - |
Telecommunication Services | 5,145,857 | 3,345,851 | - | 1,800,006 |
Bank Loan Obligations | 4,499,400 | - | 4,499,400 | - |
Money Market Funds | 235,753,432 | 235,753,432 | - | - |
Total Investments in Securities: | $ 6,344,360,437 | $ 6,149,800,587 | $ 25,881,570 | $ 168,678,280 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $ 91,040,864 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 20,276,515 |
Cost of Purchases | 4,683,641 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 116,001,020 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 20,276,515 |
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ 16,990,393 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 5,681,436 |
Cost of Purchases | 30,005,431 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 52,677,260 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 5,681,436 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $125,749,278) - See accompanying schedule: Unaffiliated issuers (cost $4,128,269,165) | $ 6,108,607,005 |
|
Fidelity Central Funds (cost $235,753,432) | 235,753,432 |
|
Total Investments (cost $4,364,022,597) |
| $ 6,344,360,437 |
Cash |
| 49,840 |
Receivable for investments sold | 55,322,001 | |
Receivable for fund shares sold | 16,748 | |
Dividends receivable | 3,046,660 | |
Interest receivable | 453 | |
Distributions receivable from Fidelity Central Funds | 73,589 | |
Other receivables | 26,796 | |
Total assets | 6,402,896,524 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 14,083,505 |
|
Delayed delivery | 1,299,970 | |
Payable for fund shares redeemed | 61,567,483 | |
Accrued management fee | 3,789,055 | |
Other affiliated payables | 434,605 | |
Other payables and accrued expenses | 327,815 | |
Collateral on securities loaned, at value | 125,880,428 | |
Total liabilities | 207,382,861 | |
|
|
|
Net Assets | $ 6,195,513,663 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,993,302,101 | |
Undistributed net investment income | 7,370,974 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 214,743,503 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,980,097,085 | |
Net Assets | $ 6,195,513,663 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| June 30, 2015 (Unaudited) | |
|
|
|
|
| |
Series Opportunistic Insights: | $ 15.66 | |
|
|
|
Class F: | $ 15.69 |
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, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 31,475,540 |
Interest |
| 82,249 |
Income from Fidelity Central Funds |
| 314,505 |
Total income |
| 31,872,294 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 17,146,146 | |
Performance adjustment | 4,639,295 | |
Transfer agent fees | 2,059,087 | |
Accounting and security lending fees | 577,178 | |
Custodian fees and expenses | 102,978 | |
Independent trustees' compensation | 13,054 | |
Audit | 36,990 | |
Legal | 4,464 | |
Interest | 3,585 | |
Miscellaneous | 25,214 | |
Total expenses before reductions | 24,607,991 | |
Expense reductions | (106,671) | 24,501,320 |
Net investment income (loss) | 7,370,974 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 222,982,325 | |
Foreign currency transactions | (65,929) | |
Total net realized gain (loss) |
| 222,916,396 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $144,243) | 113,083,989 | |
Assets and liabilities in foreign currencies | 17,797 | |
Total change in net unrealized appreciation (depreciation) |
| 113,101,786 |
Net gain (loss) | 336,018,182 | |
Net increase (decrease) in net assets resulting from operations | $ 343,389,156 |
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, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,370,974 | $ 3,755,959 |
Net realized gain (loss) | 222,916,396 | 236,733,711 |
Change in net unrealized appreciation (depreciation) | 113,101,786 | 374,591,395 |
Net increase (decrease) in net assets resulting from operations | 343,389,156 | 615,081,065 |
Distributions to shareholders from net investment income | - | (2,943,704) |
Distributions to shareholders from net realized gain | (26,882,025) | (231,232,769) |
Total distributions | (26,882,025) | (234,176,473) |
Share transactions - net increase (decrease) | (425,290,861) | (27,458,577) |
Total increase (decrease) in net assets | (108,783,730) | 353,446,015 |
|
|
|
Net Assets | ||
Beginning of period | 6,304,297,393 | 5,950,851,378 |
End of period (including undistributed net investment income of $7,370,974 and undistributed net investment income of $0, respectively) | $ 6,195,513,663 | $ 6,304,297,393 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series Opportunistic Insights
| Six months ended June 30, 2015 | Years ended December 31, | ||
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 14.89 | $ 13.98 | $ 10.02 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .01 | (.01) | -J | - G,J |
Net realized and unrealized gain (loss) | .83 | 1.48 | 4.11 | .03 |
Total from investment operations | .84 | 1.47 | 4.11 | .03 |
Distributions from net investment income | - | - | - | (.01) |
Distributions from net realized gain | (.07) | (.56) | (.15) | - |
Total distributions | (.07) | (.56) | (.15) | (.01) |
Net asset value, end of period | $ 15.66 | $ 14.89 | $ 13.98 | $ 10.02 |
Total ReturnB, C | 5.62% | 10.47% | 41.14% | .27% |
Ratios to Average Net Assets E, I |
|
|
|
|
Expenses before reductions | .88%A | .84% | .78% | 1.00%A |
Expenses net of fee waivers, if any | .88%A | .84% | .78% | 1.00%A |
Expenses net of all reductions | .88%A | .84% | .77% | 1.00%A |
Net investment income (loss) | .14%A | (.04)% | (.04)% | .49%A,G |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,522,615 | $ 2,596,300 | $ 2,594,672 | $ 1,803,958 |
Portfolio turnover rateF | 37% A | 46% | 52% | 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 less than $.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 June 30, 2015 | Years ended December 31, | ||
| (Unaudited) | 2014 | 2013 | 2012 H |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 14.92 | $ 13.98 | $ 10.02 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .02 | .02 | .02 | - G,J |
Net realized and unrealized gain (loss) | .82 | 1.49 | 4.11 | .03 |
Total from investment operations | .84 | 1.51 | 4.13 | .03 |
Distributions from net investment income | - | (.01) | (.02) | (.01) |
Distributions from net realized gain | (.07) | (.56) | (.15) | - |
Total distributions | (.07) | (.57) | (.17) | (.01) |
Net asset value, end of period | $ 15.69 | $ 14.92 | $ 13.98 | $ 10.02 |
Total ReturnB, C | 5.61% | 10.77% | 41.33% | .28% |
Ratios to Average Net Assets E, I |
|
|
|
|
Expenses before reductions | .72%A | .67% | .60% | .80%A |
Expenses net of fee waivers, if any | .72%A | .67% | .60% | .80%A |
Expenses net of all reductions | .72%A | .67% | .58% | .80%A |
Net investment income (loss) | .30%A | .13% | .14% | .69%A,G |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,672,899 | $ 3,707,997 | $ 3,356,179 | $ 1,899,398 |
Portfolio turnover rateF | 37% A | 46% | 52% | 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 less than $.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, 2015 (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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
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. Bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 06/30/15 | Valuation Technique(s) | Unobservable | Amount or | Impact to |
Equities | $ 168,678,280 | Last transaction price | Transaction price
| $2.85 - $93.09 / $33.95 | Increase |
|
|
| Adjusted transaction price | $33.32 | Increase |
|
| Market comparable | EV/EBITDA multiple | 17.5 - 25.2 / 19.2 | Increase |
|
|
| EV/Sales multiple | 1.9 - 12.6 / 4.6 | Increase |
|
|
| Discount rate | 10.0% - 20.0% / 17.3% | Decrease |
|
|
| P/E multiple | 14.4 | Increase |
|
|
| Discount for lack of marketability | 15.0% | Decrease |
|
| Partnership NAV | Discount for lack of marketability | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Semiannual Report
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, 2015, as well as a roll forward of Level 3 investments, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, wash sales, and excise tax regulations.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 2,016,055,409 |
Gross unrealized depreciation | (40,640,948) |
Net unrealized appreciation (depreciation) on securities | $ 1,975,414,461 |
|
|
Tax cost | $ 4,368,945,976 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,143,019,849 and $1,603,661,771, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Series Opportunistic Insights as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser , is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each applicable class were as follows:
| Amount | % of |
Series Opportunistic Insights | $ 2,059,087 | .16 |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $21,553 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. 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 Rate | Interest Expense |
Borrower | $ 47,444,500 | .34% | $ 3,585 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4,952 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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. 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 $258,980. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund, include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $52,900 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 $112.
In addition, the investment adviser reimbursed and/or waived a portion of the Fund's operating expenses, including certain Series Opportunistic Insights expenses, during the period in the amount of $53,659.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class F | $ - | $ 2,943,704 |
From net realized gain |
|
|
Series Opportunistic Insights | $ 10,986,698 | $ 94,935,470 |
Class F | 15,895,327 | 136,297,299 |
Total | $ 26,882,025 | $ 231,232,769 |
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 |
Series Opportunistic Insights |
|
|
|
|
Shares sold | 6,488,551 | 13,329,341 | $ 100,176,979 | $ 191,519,878 |
Reinvestment of distributions | 721,385 | 6,327,831 | 10,986,698 | 94,935,470 |
Shares redeemed | (20,382,740) | (31,013,184) | (312,325,999) | (443,473,566) |
Net increase (decrease) | (13,172,804) | (11,356,012) | $ (201,162,322) | $ (157,018,218) |
Class F |
|
|
|
|
Shares sold | 14,057,530 | 40,013,062 | $ 216,493,630 | $ 578,524,080 |
Reinvestment of distributions | 1,041,633 | 9,265,090 | 15,895,327 | 139,241,003 |
Shares redeemed | (29,599,223) | (40,731,592) | (456,517,496) | (588,205,442) |
Net increase (decrease) | (14,500,060) | 8,546,560 | $ (224,128,539) | $ 129,559,641 |
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 the investment adviser or its affiliates 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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Limited
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-0815 1.951055.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
New Insights
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .89% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.60 | $ 4.50 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Class T | 1.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.20 | $ 5.76 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class B | 1.67% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.80 | $ 8.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.51 | $ 8.35 |
Class C | 1.64% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.50 | $ 8.28 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Institutional Class | .63% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.80 | $ 3.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.67 | $ 3.16 |
Class Z | .51% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.50 | $ 2.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Facebook, Inc. Class A | 3.5 | 2.7 |
Wells Fargo & Co. | 2.8 | 2.7 |
Bank of America Corp. | 2.0 | 2.4 |
Visa, Inc. Class A | 1.9 | 1.6 |
JPMorgan Chase & Co. | 1.8 | 1.8 |
Starbucks Corp. | 1.8 | 1.4 |
Berkshire Hathaway, Inc. Class A | 1.6 | 1.8 |
The Walt Disney Co. | 1.5 | 1.3 |
Amphenol Corp. Class A | 1.5 | 1.3 |
NIKE, Inc. Class B | 1.3 | 1.2 |
| 19.7 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 22.2 | 21.5 |
Financials | 18.4 | 21.1 |
Consumer Discretionary | 16.7 | 13.7 |
Health Care | 15.1 | 17.8 |
Consumer Staples | 7.0 | 7.8 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 95.4% |
| ![]() | Stocks 97.3% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 12.9% |
| ** Foreign investments | 12.4% |
|
†Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 16.5% | |||
Auto Components - 0.0% | |||
Delphi Automotive PLC | 132,600 | $ 11,283 | |
Motherson Sumi Systems Ltd. | 353,585 | 2,886 | |
| 14,169 | ||
Automobiles - 1.2% | |||
General Motors Co. | 2,408,500 | 80,275 | |
Tesla Motors, Inc. (a)(e) | 978,224 | 262,418 | |
| 342,693 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 196,300 | 11,346 | |
Hotels, Restaurants & Leisure - 5.1% | |||
ARAMARK Holdings Corp. | 6,448,600 | 199,713 | |
Cara Operations Ltd. (a) | 102,000 | 2,817 | |
Chipotle Mexican Grill, Inc. (a) | 286,724 | 173,465 | |
Darden Restaurants, Inc. | 344,100 | 24,459 | |
Domino's Pizza, Inc. | 1,442,218 | 163,548 | |
Dunkin' Brands Group, Inc. | 969,231 | 53,308 | |
Hilton Worldwide Holdings, Inc. (a) | 886,200 | 24,415 | |
Marriott International, Inc. Class A | 1,689,336 | 125,670 | |
Papa John's International, Inc. | 6,600 | 499 | |
Starbucks Corp. | 9,386,898 | 503,279 | |
Whitbread PLC | 2,054,781 | 159,685 | |
Wingstop, Inc. | 50,200 | 1,426 | |
Zoe's Kitchen, Inc. (a)(e) | 75,900 | 3,107 | |
| 1,435,391 | ||
Household Durables - 0.7% | |||
D.R. Horton, Inc. | 4,193,824 | 114,743 | |
Harman International Industries, Inc. | 236,468 | 28,126 | |
Leggett & Platt, Inc. | 177,700 | 8,650 | |
Lennar Corp. Class A | 167,500 | 8,549 | |
Mohawk Industries, Inc. (a) | 130,324 | 24,879 | |
Sony Corp. | 565,100 | 16,047 | |
| 200,994 | ||
Internet & Catalog Retail - 1.6% | |||
Amazon.com, Inc. (a) | 381,640 | 165,666 | |
ASOS PLC (a)(e) | 99,100 | 6,040 | |
Etsy, Inc. (e) | 764,751 | 10,745 | |
Netflix, Inc. (a) | 95,300 | 62,606 | |
Priceline Group, Inc. (a) | 165,317 | 190,341 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
TripAdvisor, Inc. (a) | 32,700 | $ 2,849 | |
Wayfair LLC Class A | 22,100 | 832 | |
| 439,079 | ||
Leisure Products - 0.1% | |||
Mattel, Inc. | 614,100 | 15,776 | |
Media - 3.4% | |||
Charter Communications, Inc. Class A (a)(e) | 175,700 | 30,089 | |
Comcast Corp. Class A | 2,680,200 | 161,187 | |
DISH Network Corp. Class A (a) | 40,700 | 2,756 | |
Entertainment One Ltd. | 75,701 | 423 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 493,935 | 19,175 | |
Legend Pictures LLC (a)(g)(h) | 13,925 | 32,919 | |
Liberty Broadband Corp. Class A (a) | 108,100 | 5,510 | |
Liberty Global PLC Class A (a) | 1,956,705 | 105,799 | |
Liberty Media Corp. Class A (a) | 74,900 | 2,699 | |
Lions Gate Entertainment Corp. | 378,566 | 14,026 | |
Naspers Ltd. Class N | 119,300 | 18,582 | |
Rightmove PLC | 165,322 | 8,512 | |
Starz Series A (a) | 218,000 | 9,749 | |
The Walt Disney Co. | 3,828,838 | 437,024 | |
Time Warner, Inc. | 65,900 | 5,760 | |
Viacom, Inc. Class B (non-vtg.) | 1,531,400 | 98,990 | |
Weinstein Co. Holdings LLC Class A-1 (a)(g)(h) | 2,267 | 644 | |
| 953,844 | ||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 521,700 | 41,209 | |
Dollarama, Inc. | 503,900 | 30,541 | |
| 71,750 | ||
Specialty Retail - 2.1% | |||
AutoNation, Inc. (a) | 89,900 | 5,662 | |
AutoZone, Inc. (a) | 84,134 | 56,109 | |
Cabela's, Inc. Class A (a)(e) | 761,200 | 38,045 | |
DavidsTea, Inc. | 35,500 | 763 | |
Foot Locker, Inc. | 271,700 | 18,207 | |
Home Depot, Inc. | 699,000 | 77,680 | |
O'Reilly Automotive, Inc. (a) | 338,716 | 76,543 | |
Restoration Hardware Holdings, Inc. (a) | 243 | 24 | |
Signet Jewelers Ltd. | 255,700 | 32,791 | |
TJX Companies, Inc. | 3,936,167 | 260,456 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 200,100 | $ 30,905 | |
Williams-Sonoma, Inc. | 35,300 | 2,904 | |
| 600,089 | ||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Brunello Cucinelli SpA (e) | 1,809,352 | 33,888 | |
China Hongxing Sports Ltd. (a) | 6,000,000 | 256 | |
Hermes International SCA | 269,900 | 100,680 | |
NIKE, Inc. Class B | 3,516,989 | 379,905 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 724,838 | 60,480 | |
| 575,209 | ||
TOTAL CONSUMER DISCRETIONARY | 4,660,340 | ||
CONSUMER STAPLES - 6.9% | |||
Beverages - 1.0% | |||
Boston Beer Co., Inc. Class A (a) | 376,003 | 87,229 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 1,590,100 | 184,483 | |
| 271,712 | ||
Food & Staples Retailing - 2.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 382,200 | 16,350 | |
Costco Wholesale Corp. | 1,142,825 | 154,350 | |
CVS Health Corp. | 3,556,877 | 373,045 | |
Diplomat Pharmacy, Inc. (e) | 423,900 | 18,970 | |
Sprouts Farmers Market LLC (a) | 197,605 | 5,331 | |
Tesco PLC | 27,802,300 | 92,631 | |
| 660,677 | ||
Food Products - 1.6% | |||
Associated British Foods PLC | 3,502,192 | 157,986 | |
Kraft Foods Group, Inc. | 33,600 | 2,861 | |
Mead Johnson Nutrition Co. Class A | 1,866,100 | 168,360 | |
Mondelez International, Inc. | 1,889,943 | 77,752 | |
Pinnacle Foods, Inc. | 315,600 | 14,372 | |
The Hain Celestial Group, Inc. (a) | 416,500 | 27,431 | |
| 448,762 | ||
Household Products - 0.7% | |||
Colgate-Palmolive Co. | 2,877,849 | 188,240 | |
Procter & Gamble Co. | 191,500 | 14,983 | |
| 203,223 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.3% | |||
Coty, Inc. Class A | 109,300 | $ 3,494 | |
Estee Lauder Companies, Inc. Class A | 3,264,444 | 282,897 | |
Hengan International Group Co. Ltd. | 238,500 | 2,834 | |
L'Oreal SA | 445,101 | 79,395 | |
| 368,620 | ||
TOTAL CONSUMER STAPLES | 1,952,994 | ||
ENERGY - 6.3% | |||
Energy Equipment & Services - 1.5% | |||
Oceaneering International, Inc. | 1,798,799 | 83,806 | |
Schlumberger Ltd. | 4,023,423 | 346,779 | |
| 430,585 | ||
Oil, Gas & Consumable Fuels - 4.8% | |||
Anadarko Petroleum Corp. | 2,142,246 | 167,224 | |
Antero Resources Corp. (a)(e) | 3,359,456 | 115,364 | |
Birchcliff Energy Ltd. (a) | 50,300 | 281 | |
Birchcliff Energy Ltd. (a)(f) | 585,400 | 3,267 | |
Cabot Oil & Gas Corp. | 4,152,780 | 130,979 | |
Chevron Corp. | 2,841,100 | 274,081 | |
Concho Resources, Inc. (a) | 78,980 | 8,993 | |
ConocoPhillips Co. | 1,000,000 | 61,410 | |
EOG Resources, Inc. | 2,413,860 | 211,333 | |
Golar LNG Ltd. | 1,200,000 | 56,160 | |
Kinder Morgan, Inc. | 449,000 | 17,237 | |
Marathon Petroleum Corp. | 503,900 | 26,359 | |
Memorial Resource Development Corp. | 1,226,100 | 23,259 | |
Noble Energy, Inc. | 2,985,961 | 127,441 | |
Pioneer Natural Resources Co. | 553,300 | 76,737 | |
Tesoro Corp. | 193,400 | 16,325 | |
Valero Energy Corp. | 370,800 | 23,212 | |
| 1,339,662 | ||
TOTAL ENERGY | 1,770,247 | ||
FINANCIALS - 18.3% | |||
Banks - 9.0% | |||
Bank of America Corp. | 32,496,427 | 553,089 | |
Bank of Ireland (a) | 248,940,628 | 100,640 | |
Citigroup, Inc. | 1,211,600 | 66,929 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Banks - continued | |||
HDFC Bank Ltd. sponsored ADR | 1,938,472 | $ 117,336 | |
JPMorgan Chase & Co. | 7,618,400 | 516,223 | |
Kotak Mahindra Bank Ltd. | 136,517 | 2,977 | |
Metro Bank PLC Class A (a)(h) | 419,395 | 9,568 | |
PNC Financial Services Group, Inc. | 1,177,489 | 112,627 | |
U.S. Bancorp | 6,073,814 | 263,604 | |
Virgin Money Holdings Uk PLC (a) | 2,335,800 | 16,167 | |
Wells Fargo & Co. | 14,093,656 | 792,627 | |
| 2,551,787 | ||
Capital Markets - 3.0% | |||
Ameriprise Financial, Inc. | 365,439 | 45,654 | |
BlackRock, Inc. Class A | 490,046 | 169,546 | |
Charles Schwab Corp. | 4,648,264 | 151,766 | |
Goldman Sachs Group, Inc. | 299,716 | 62,578 | |
KKR & Co. LP | 1,570,300 | 35,881 | |
Morgan Stanley | 7,907,377 | 306,727 | |
Oaktree Capital Group LLC Class A | 1,290,176 | 68,612 | |
| 840,764 | ||
Consumer Finance - 0.0% | |||
Credit Acceptance Corp. (a) | 6,700 | 1,649 | |
Diversified Financial Services - 2.0% | |||
Berkshire Hathaway, Inc. Class A (a) | 2,238 | 458,454 | |
McGraw Hill Financial, Inc. | 984,800 | 98,923 | |
| 557,377 | ||
Insurance - 3.2% | |||
ACE Ltd. | 658,995 | 67,007 | |
AIA Group Ltd. | 27,856,000 | 182,375 | |
American International Group, Inc. | 5,339,500 | 330,088 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 159,000 | 78,403 | |
Marsh & McLennan Companies, Inc. | 1,451,541 | 82,302 | |
The Chubb Corp. | 1,370,036 | 130,345 | |
The Travelers Companies, Inc. | 423,763 | 40,961 | |
| 911,481 | ||
Real Estate Investment Trusts - 0.6% | |||
American Tower Corp. | 1,441,475 | 134,475 | |
Equity Residential (SBI) | 519,200 | 36,432 | |
| 170,907 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Real Estate Management & Development - 0.5% | |||
Realogy Holdings Corp. (a) | 2,812,300 | $ 131,391 | |
TOTAL FINANCIALS | 5,165,356 | ||
HEALTH CARE - 14.9% | |||
Biotechnology - 4.0% | |||
Agios Pharmaceuticals, Inc. (a)(e) | 846,562 | 94,087 | |
Amgen, Inc. | 1,025,049 | 157,366 | |
Biogen, Inc. (a) | 619,786 | 250,356 | |
BioMarin Pharmaceutical, Inc. (a) | 104,600 | 14,307 | |
bluebird bio, Inc. (a) | 133,800 | 22,528 | |
Blueprint Medicines Corp. | 45,300 | 1,200 | |
Celgene Corp. (a) | 1,270,300 | 147,018 | |
Cellectis SA sponsored ADR | 162,900 | 5,877 | |
Cidara Therapeutics, Inc. | 88,300 | 1,238 | |
Coherus BioSciences, Inc. | 54,100 | 1,563 | |
Dyax Corp. (a) | 469,600 | 12,444 | |
Genmab A/S (a) | 38,800 | 3,374 | |
Gilead Sciences, Inc. | 2,584,520 | 302,596 | |
Insmed, Inc. (a) | 136,900 | 3,343 | |
Karyopharm Therapeutics, Inc. (a) | 8,801 | 239 | |
Light Sciences Oncology, Inc. (a) | 2,708,254 | 0 | |
Medivation, Inc. (a) | 429,792 | 49,082 | |
Receptos, Inc. (a) | 244,700 | 46,505 | |
Repligen Corp. (a) | 169,600 | 6,999 | |
Sage Therapeutics, Inc. | 35,000 | 2,555 | |
TESARO, Inc. (a) | 27,400 | 1,611 | |
| 1,124,288 | ||
Health Care Equipment & Supplies - 2.4% | |||
Align Technology, Inc. (a) | 1,632,258 | 102,359 | |
Becton, Dickinson & Co. | 318,496 | 45,115 | |
Boston Scientific Corp. (a) | 9,534,924 | 168,768 | |
C.R. Bard, Inc. | 17,000 | 2,902 | |
DexCom, Inc. (a) | 668,038 | 53,430 | |
Edwards Lifesciences Corp. (a) | 308,300 | 43,911 | |
I-Pulse, Inc. (a) | 58,562 | 504 | |
ICU Medical, Inc. (a) | 29,800 | 2,851 | |
Medtronic PLC | 1,243,700 | 92,158 | |
Nevro Corp. | 49,504 | 2,661 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
The Cooper Companies, Inc. | 592,851 | $ 105,510 | |
Zimmer Biomet Holdings, Inc. | 676,169 | 73,858 | |
| 694,027 | ||
Health Care Providers & Services - 3.1% | |||
Aetna, Inc. | 849,648 | 108,296 | |
AmerisourceBergen Corp. | 179,000 | 19,035 | |
Anthem, Inc. | 592,500 | 97,253 | |
Cigna Corp. | 563,100 | 91,222 | |
HCA Holdings, Inc. (a) | 474,500 | 43,047 | |
Henry Schein, Inc. (a) | 1,279,962 | 181,908 | |
Team Health Holdings, Inc. (a) | 46,700 | 3,051 | |
Teladoc, Inc. | 68,800 | 1,307 | |
UnitedHealth Group, Inc. | 2,426,400 | 296,021 | |
Universal Health Services, Inc. Class B | 253,400 | 36,008 | |
| 877,148 | ||
Health Care Technology - 0.7% | |||
Castlight Health, Inc. | 1,325,100 | 10,786 | |
Cerner Corp. (a) | 2,535,730 | 175,118 | |
| 185,904 | ||
Life Sciences Tools & Services - 2.1% | |||
Eurofins Scientific SA | 460,684 | 140,262 | |
Illumina, Inc. (a) | 290,251 | 63,379 | |
Mettler-Toledo International, Inc. (a) | 536,798 | 183,295 | |
Thermo Fisher Scientific, Inc. | 1,311,935 | 170,237 | |
Waters Corp. (a) | 358,012 | 45,962 | |
| 603,135 | ||
Pharmaceuticals - 2.6% | |||
Astellas Pharma, Inc. | 7,127,800 | 101,659 | |
Bristol-Myers Squibb Co. | 3,164,400 | 210,559 | |
Johnson & Johnson | 1,519,356 | 148,076 | |
Novartis AG sponsored ADR | 140,800 | 13,846 | |
Novo Nordisk A/S Series B | 1,430,301 | 78,488 | |
Perrigo Co. PLC | 518,185 | 95,776 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,489,700 | 88,041 | |
| 736,445 | ||
TOTAL HEALTH CARE | 4,220,947 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - 6.4% | |||
Aerospace & Defense - 0.8% | |||
Esterline Technologies Corp. (a) | 305,800 | $ 29,155 | |
Teledyne Technologies, Inc. (a) | 269,600 | 28,445 | |
The Boeing Co. | 812,164 | 112,663 | |
TransDigm Group, Inc. | 292,200 | 65,649 | |
| 235,912 | ||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 332,600 | 20,751 | |
FedEx Corp. | 796,010 | 135,640 | |
XPO Logistics, Inc. (a)(e) | 113,600 | 5,132 | |
| 161,523 | ||
Airlines - 0.9% | |||
Ryanair Holdings PLC sponsored ADR | 2,168,295 | 154,708 | |
Southwest Airlines Co. | 2,833,500 | 93,761 | |
| 248,469 | ||
Building Products - 0.5% | |||
Fortune Brands Home & Security, Inc. | 947,708 | 43,424 | |
Toto Ltd. | 6,114,000 | 110,205 | |
| 153,629 | ||
Industrial Conglomerates - 0.7% | |||
Danaher Corp. | 1,201,668 | 102,851 | |
General Electric Co. | 3,970,200 | 105,488 | |
| 208,339 | ||
Machinery - 0.4% | |||
Deere & Co. | 469,000 | 45,516 | |
Fanuc Corp. | 39,100 | 8,013 | |
Minebea Ltd. | 503,000 | 8,306 | |
PACCAR, Inc. | 604,713 | 38,587 | |
Snap-On, Inc. | 14,100 | 2,245 | |
| 102,667 | ||
Professional Services - 0.5% | |||
Equifax, Inc. | 205,098 | 19,913 | |
Robert Half International, Inc. | 388,500 | 21,562 | |
Verisk Analytics, Inc. (a) | 1,361,595 | 99,070 | |
| 140,545 | ||
Road & Rail - 1.2% | |||
Canadian Pacific Railway Ltd. (e) | 1,002,132 | 160,486 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Road & Rail - continued | |||
J.B. Hunt Transport Services, Inc. | 792,030 | $ 65,018 | |
Union Pacific Corp. | 1,044,532 | 99,617 | |
| 325,121 | ||
Trading Companies & Distributors - 0.8% | |||
Air Lease Corp.: | |||
Class A (f) | 320,800 | 10,875 | |
Class A | 2,403,511 | 81,479 | |
United Rentals, Inc. (a) | 1,573,200 | 137,844 | |
| 230,198 | ||
TOTAL INDUSTRIALS | 1,806,403 | ||
INFORMATION TECHNOLOGY - 21.5% | |||
Communications Equipment - 0.4% | |||
CommScope Holding Co., Inc. (a) | 361,040 | 11,015 | |
F5 Networks, Inc. (a) | 38,545 | 4,639 | |
QUALCOMM, Inc. | 1,580,700 | 98,999 | |
| 114,653 | ||
Electronic Equipment & Components - 1.7% | |||
Amphenol Corp. Class A | 7,296,972 | 423,005 | |
CDW Corp. | 802,900 | 27,523 | |
Fitbit, Inc. | 212,500 | 8,124 | |
IPG Photonics Corp. (a)(e) | 176,700 | 15,050 | |
Keyence Corp. | 20,400 | 11,011 | |
| 484,713 | ||
Internet Software & Services - 6.7% | |||
Akamai Technologies, Inc. (a) | 1,911,700 | 133,475 | |
Alibaba Group Holding Ltd. sponsored ADR | 95,600 | 7,865 | |
Cimpress NV (a) | 167,636 | 14,108 | |
Dropbox, Inc. (a)(h) | 1,289,836 | 20,986 | |
eBay, Inc. (a) | 278,500 | 16,777 | |
Endurance International Group Holdings, Inc. (a) | 3,983,000 | 82,289 | |
Facebook, Inc. Class A (a) | 11,387,459 | 976,650 | |
GoDaddy, Inc. (a) | 1,418,900 | 39,999 | |
Google, Inc.: | |||
Class A (a) | 401,046 | 216,581 | |
Class C | 440,898 | 229,492 | |
JUST EAT Ltd. (a) | 1,707,625 | 10,915 | |
LendingClub Corp. (e) | 1,087,740 | 16,044 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
LogMeIn, Inc. (a) | 184,125 | $ 11,874 | |
Shopify, Inc. Class A | 36,700 | 1,245 | |
Shutterstock, Inc. (a)(e) | 540,350 | 31,686 | |
SurveyMonkey (h) | 2,069,881 | 32,746 | |
Tencent Holdings Ltd. | 477,200 | 9,542 | |
Yahoo!, Inc. (a) | 1,036,624 | 40,729 | |
| 1,893,003 | ||
IT Services - 5.9% | |||
Alliance Data Systems Corp. (a) | 394,559 | 115,188 | |
ASAC II LP (a)(h) | 9,408,021 | 152,824 | |
Cognizant Technology Solutions Corp. Class A (a) | 1,107,500 | 67,657 | |
Fidelity National Information Services, Inc. | 1,443,730 | 89,223 | |
Fiserv, Inc. (a) | 1,577,692 | 130,680 | |
FleetCor Technologies, Inc. (a) | 340,500 | 53,138 | |
Gartner, Inc. Class A (a) | 645,700 | 55,388 | |
IBM Corp. | 889,000 | 144,605 | |
MasterCard, Inc. Class A | 2,430,035 | 227,160 | |
Total System Services, Inc. | 2,534,960 | 105,885 | |
Visa, Inc. Class A | 7,836,496 | 526,221 | |
| 1,667,969 | ||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Analog Devices, Inc. | 801,500 | 51,444 | |
ARM Holdings PLC | 168,000 | 2,749 | |
ASML Holding NV | 26,200 | 2,728 | |
Avago Technologies Ltd. | 1,062,645 | 141,257 | |
Broadcom Corp. Class A | 901,400 | 46,413 | |
Cavium, Inc. (a) | 133,300 | 9,172 | |
Freescale Semiconductor, Inc. (a) | 1,883,730 | 75,293 | |
Inphi Corp. (a) | 106,758 | 2,440 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(e) | 688,479 | 26,334 | |
NXP Semiconductors NV (a) | 707,000 | 69,427 | |
Qorvo, Inc. (a) | 647,564 | 51,980 | |
Skyworks Solutions, Inc. | 577,900 | 60,159 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,091,800 | 24,795 | |
| 564,191 | ||
Software - 3.8% | |||
Activision Blizzard, Inc. | 1,455,453 | 35,237 | |
Adobe Systems, Inc. (a) | 1,589,361 | 128,754 | |
Check Point Software Technologies Ltd. (a) | 118,712 | 9,444 | |
Electronic Arts, Inc. (a) | 575,700 | 38,284 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Fleetmatics Group PLC (a) | 71,629 | $ 3,354 | |
Informatica Corp. (a) | 197,800 | 9,587 | |
Intuit, Inc. | 1,105,000 | 111,351 | |
Microsoft Corp. | 2,871,613 | 126,782 | |
Mobileye NV (a) | 1,844,320 | 98,062 | |
NetSuite, Inc. (a) | 611,589 | 56,113 | |
Qlik Technologies, Inc. (a) | 762,024 | 26,640 | |
Red Hat, Inc. (a) | 280,503 | 21,299 | |
Salesforce.com, Inc. (a) | 4,417,412 | 307,584 | |
ServiceNow, Inc. (a) | 35,500 | 2,638 | |
Symantec Corp. | 395,500 | 9,195 | |
Tableau Software, Inc. (a) | 180,200 | 20,777 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(h) | 18,952 | 0* | |
warrants 10/3/18 (a)(h) | 27,736 | 0* | |
Ultimate Software Group, Inc. (a) | 339,566 | 55,804 | |
Workday, Inc. Class A (a) | 35,800 | 2,735 | |
| 1,063,640 | ||
Technology Hardware, Storage & Peripherals - 1.0% | |||
Apple, Inc. | 1,798,100 | 225,527 | |
First Data Holdings, Inc. Class B (h) | 15,456,860 | 72,802 | |
| 298,329 | ||
TOTAL INFORMATION TECHNOLOGY | 6,086,498 | ||
MATERIALS - 4.6% | |||
Chemicals - 3.3% | |||
Air Products & Chemicals, Inc. | 158,100 | 21,633 | |
Airgas, Inc. | 778,700 | 82,371 | |
Celanese Corp. Class A | 58,900 | 4,234 | |
CF Industries Holdings, Inc. | 1,135,000 | 72,958 | |
Ecolab, Inc. | 748,313 | 84,612 | |
LyondellBasell Industries NV Class A | 1,034,500 | 107,091 | |
Monsanto Co. | 1,029,567 | 109,742 | |
Olin Corp. (e) | 215,280 | 5,802 | |
PPG Industries, Inc. | 2,211,162 | 253,665 | |
Sherwin-Williams Co. | 702,236 | 193,129 | |
| 935,237 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 151,200 | 21,396 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Containers & Packaging - 0.6% | |||
Ball Corp. | 321,200 | $ 22,532 | |
MeadWestvaco Corp. | 247,401 | 11,675 | |
Rock-Tenn Co. Class A | 1,731,846 | 104,257 | |
Sealed Air Corp. | 656,300 | 33,721 | |
| 172,185 | ||
Metals & Mining - 0.3% | |||
B2Gold Corp. (a) | 20,610,932 | 31,519 | |
Barrick Gold Corp. | 229,800 | 2,456 | |
Franco-Nevada Corp. | 640,261 | 30,537 | |
GoviEx Uranium, Inc. (a) | 851,865 | 89 | |
GoviEx Uranium, Inc. (f) | 23,200 | 2 | |
GoviEx Uranium, Inc. (f) | 2,625,135 | 273 | |
Ivanhoe Mines Ltd. (a) | 855,400 | 616 | |
Novagold Resources, Inc. (a) | 760,612 | 2,613 | |
Randgold Resources Ltd. sponsored ADR | 30,265 | 2,026 | |
Tahoe Resources, Inc. | 1,708,174 | 20,706 | |
| 90,837 | ||
Paper & Forest Products - 0.3% | |||
International Paper Co. | 1,825,883 | 86,894 | |
TOTAL MATERIALS | 1,306,549 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. (a) | 311,700 | 12,085 | |
TOTAL COMMON STOCKS (Cost $19,208,227) |
| ||
Convertible Preferred Stocks - 1.3% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.2% | |||
Household Durables - 0.2% | |||
Blu Homes, Inc. Series A, 5.00% (a)(h) | 7,091,632 | 47,585 | |
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(h) | 165,366 | 296 | |
TOTAL CONSUMER DISCRETIONARY | 47,881 | ||
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(h) | 1,110,537 | $ 14,800 | |
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (h) | 10,791,166 | 30,726 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (h) | 166,247 | 1,800 | |
Intarcia Therapeutics, Inc. Series CC (a)(h) | 516,522 | 16,074 | |
| 17,874 | ||
Life Sciences Tools & Services - 0.1% | |||
Living Proof, Inc. 8.00% (a)(h) | 10,369,703 | 30,383 | |
TOTAL HEALTH CARE | 48,257 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (h) | 145,254 | 11,251 | |
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.6% | |||
Dropbox, Inc.: | |||
Series A (a)(h) | 299,518 | 4,873 | |
Series C (a)(h) | 161,770 | 2,632 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(h) | 2,640,631 | 94,787 | |
Series F, 8.00% (h) | 1,761,729 | 63,238 | |
Series G, 8.00% (h) | 335,293 | 12,035 | |
| 177,565 | ||
IT Services - 0.0% | |||
Nutanix, Inc. Series E (h) | 783,938 | 13,217 | |
Software - 0.1% | |||
Cloudera, Inc. Series F (a)(h) | 312,284 | 6,692 | |
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(h) | 602,295 | 349 | |
Series C-1, 8.00% (a)(h) | 47,380 | 27 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc.: - continued | |||
Series D, 8.00% (a)(h) | 50,840 | $ 29 | |
Twilio, Inc. Series E (h) | 751,240 | 8,497 | |
| 15,594 | ||
TOTAL INFORMATION TECHNOLOGY | 206,376 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $233,796) |
|
Corporate Bonds - 0.0% | ||||
| Principal |
| ||
Convertible Bonds - 0.0% | ||||
INFORMATION TECHNOLOGY - 0.0% | ||||
Software - 0.0% | ||||
Trion World Network, Inc. 15% 10/10/15 pay-in-kind (h) | $ 199 | 214 | ||
Nonconvertible Bonds - 0.0% | ||||
FINANCIALS - 0.0% | ||||
Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 3,571 | 4,230 | |
TOTAL CORPORATE BONDS (Cost $4,895) |
|
Money Market Funds - 5.9% | |||
Shares | Value (000s) | ||
Fidelity Cash Central Fund, 0.15% (b) | 951,364,874 | $ 951,365 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 724,895,565 | 724,896 | |
TOTAL MONEY MARKET FUNDS (Cost $1,676,261) |
| ||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $21,123,179) | 29,021,415 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (738,012) | ||
NET ASSETS - 100% | $ 28,283,403 |
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) 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 $14,417,000 or 0.1% of net assets. |
(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(h) 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 $681,994,000 or 2.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $ 1,800 |
ASAC II LP | 10/10/13 | $ 94,080 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $ 32,763 |
Security | Acquisition Date | Acquisition Cost (000s) |
Blue Apron, Inc. Series D | 5/18/15 | $ 14,800 |
Cloudera, Inc. Series F | 2/5/14 | $ 4,547 |
Dropbox, Inc. | 5/2/12 | $ 11,672 |
Dropbox, Inc. Series A | 5/29/12 | $ 2,710 |
Dropbox, Inc. Series C | 1/30/14 | $ 3,090 |
First Data Holdings, Inc. Class B | 6/26/14 | $ 61,827 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $ 7,040 |
Legend Pictures LLC | 9/23/10 - 6/10/15 | $ 18,474 |
Living Proof, Inc. 8.00% | 2/13/13 | $ 18,400 |
Metro Bank PLC Class A | 5/21/12 - 12/6/13 | $ 7,616 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $ 3,508 |
Nutanix, Inc. Series E | 8/26/14 | $ 10,502 |
Oportun Finance Corp. Series H | 2/6/15 | $ 30,726 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 38,370 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 29,923 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 12,035 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 11,251 |
SurveyMonkey | 12/15/14 | $ 34,050 |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $ 0* |
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 |
Trion World Network, Inc. Series D, 8.00% | 3/20/13 | $ 267 |
Trion World Network, Inc. 15% 10/10/15 pay-in-kind | 10/10/13 - 10/10/14 | $ 199 |
Twilio, Inc. Series E | 4/24/15 | $ 8,497 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 2,299 |
* 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 | $ 328 |
Fidelity Securities Lending Cash Central Fund | 1,928 |
Total | $ 2,256 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 4,708,221 | $ 4,610,474 | $ 16,047 | $ 81,700 |
Consumer Staples | 1,967,794 | 1,860,363 | 92,631 | 14,800 |
Energy | 1,770,247 | 1,770,247 | - | - |
Financials | 5,196,082 | 5,055,148 | 100,640 | 40,294 |
Health Care | 4,269,204 | 4,141,955 | 78,488 | 48,761 |
Industrials | 1,817,654 | 1,806,403 | - | 11,251 |
Information Technology | 6,292,874 | 5,794,849 | 12,291 | 485,734 |
Materials | 1,306,549 | 1,306,549 | - | - |
Telecommunication Services | 12,085 | 12,085 | - | - |
Corporate Bonds | 4,444 | - | 4,230 | 214 |
Money Market Funds | 1,676,261 | 1,676,261 | - | - |
Total Investments in Securities: | $ 29,021,415 | $ 28,034,334 | $ 304,327 | $ 682,754 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2015. 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 | $ 324,916 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $ 334,440 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 130,762 |
Cost of Purchases | 20,532 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 485,734 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 130,762 |
Other Investments in Securities | |
Beginning Balance | $ 138,746 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | (4,371) |
Cost of Purchases | 64,152 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | (1,507) |
Ending Balance | $ 197,020 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ (4,371) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 87.1% |
United Kingdom | 2.0% |
Ireland | 1.6% |
Canada | 1.5% |
Curacao | 1.2% |
Netherlands | 1.1% |
Others (Individually Less Than 1%) | 5.5% |
| 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $707,853) - See accompanying schedule: Unaffiliated issuers (cost $19,446,918) | $ 27,345,154 |
|
Fidelity Central Funds (cost $1,676,261) | 1,676,261 |
|
Total Investments (cost $21,123,179) |
| $ 29,021,415 |
Receivable for investments sold | 101,626 | |
Receivable for fund shares sold | 21,062 | |
Dividends receivable | 18,668 | |
Interest receivable | 366 | |
Distributions receivable from Fidelity Central Funds | 522 | |
Other receivables | 665 | |
Total assets | 29,164,324 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 67 | |
Payable for investments purchased | 89,234 | |
Payable for fund shares redeemed | 43,579 | |
Accrued management fee | 11,869 | |
Distribution and service plan fees payable | 6,166 | |
Other affiliated payables | 4,423 | |
Other payables and accrued expenses | 687 | |
Collateral on securities loaned, at value | 724,896 | |
Total liabilities | 880,921 | |
|
|
|
Net Assets | $ 28,283,403 | |
Net Assets consist of: |
| |
Paid in capital | $ 19,400,959 | |
Undistributed net investment income | 39,948 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 944,216 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 7,898,280 | |
Net Assets | $ 28,283,403 |
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, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($8,354,313 ÷ 302,992 shares) | $ 27.57 | |
|
|
|
Maximum offering price per share (100/94.25 of $27.57) | $ 29.25 | |
Class T: | ||
Net Asset Value and redemption price per share ($2,200,705 ÷ 81,689 shares) | $ 26.94 | |
|
|
|
Maximum offering price per share (100/96.50 of $26.94) | $ 27.92 | |
Class B: | ||
Net Asset Value and offering price per share ($143,286 ÷ 5,743 shares)A | $ 24.95 | |
|
|
|
Class C: | ||
Net Asset Value and offering price per share ($3,959,930 ÷ 157,370 shares)A | $ 25.16 | |
|
|
|
Institutional Class: | ||
Net Asset Value, offering price and redemption price per share ($13,089,262 ÷ 465,777 shares) | $ 28.10 | |
|
|
|
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($535,907 ÷ 19,043 shares) | $ 28.14 |
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, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 165,334 |
Interest |
| 207 |
Income from Fidelity Central Funds |
| 2,256 |
Total income |
| 167,797 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 78,528 | |
Performance adjustment | (14,541) | |
Transfer agent fees | 25,484 | |
Distribution and service plan fees | 36,860 | |
Accounting and security lending fees | 1,056 | |
Custodian fees and expenses | 277 | |
Independent trustees' compensation | 60 | |
Registration fees | 290 | |
Audit | 49 | |
Legal | 21 | |
Miscellaneous | 110 | |
Total expenses before reductions | 128,194 | |
Expense reductions | (876) | 127,318 |
Net investment income (loss) | 40,479 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,025,102 | |
Foreign currency transactions | (757) | |
Total net realized gain (loss) |
| 1,024,345 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 47,667 | |
Assets and liabilities in foreign currencies | 57 | |
Total change in net unrealized appreciation (depreciation) |
| 47,724 |
Net gain (loss) | 1,072,069 | |
Net increase (decrease) in net assets resulting from operations | $ 1,112,548 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 40,479 | $ 34,475 |
Net realized gain (loss) | 1,024,345 | 2,437,996 |
Change in net unrealized appreciation (depreciation) | 47,724 | (58,375) |
Net increase (decrease) in net assets resulting from operations | 1,112,548 | 2,414,096 |
Distributions to shareholders from net investment income | - | (31,791) |
Distributions to shareholders from net realized gain | (164,048) | (2,046,943) |
Total distributions | (164,048) | (2,078,734) |
Share transactions - net increase (decrease) | (1,172,315) | 2,177,978 |
Total increase (decrease) in net assets | (223,815) | 2,513,340 |
|
|
|
Net Assets | ||
Beginning of period | 28,507,218 | 25,993,878 |
End of period (including undistributed net investment income of $39,948 and accumulated net investment loss of $531, respectively) | $ 28,283,403 | $ 28,507,218 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 26.67 | $ 26.32 | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .04 | .01 | .03 | (.05) | (.05) |
Net realized and unrealized gain (loss) | 1.01 | 2.34 | 7.21 | 3.09 | (.15) | 2.81 |
Total from investment operations | 1.05 | 2.38 | 7.22 | 3.12 | (.20) | 2.76 |
Distributions from net realized gain | (.15) | (2.03) | (3.65) | (.09) | (.04) | (.04) |
Net asset value, end of period | $ 27.57 | $ 26.67 | $ 26.32 | $ 22.75 | $ 19.72 | $ 19.96 |
Total ReturnB, C, D | 3.96% | 9.20% | 32.36% | 15.84% | (1.04)% | 16.07% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .89%A | .92% | .94% | 1.01% | 1.08% | 1.14% |
Expenses net of fee waivers, if any | .89%A | .92% | .94% | 1.01% | 1.08% | 1.14% |
Expenses net of all reductions | .89%A | .92% | .94% | 1.00% | 1.07% | 1.13% |
Net investment income (loss) | .29%A | .13% | .02% | .13% | (.23)% | (.28)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 8,354 | $ 8,475 | $ 8,634 | $ 6,459 | $ 5,809 | $ 5,603 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 26.10 | $ 25.84 | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | (.03) | (.06) | (.02) | (.10) | (.09) |
Net realized and unrealized gain (loss) | .98 | 2.31 | 7.11 | 3.04 | (.14) | 2.78 |
Total from investment operations | .99 | 2.28 | 7.05 | 3.02 | (.24) | 2.69 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | (.04) | (.04) | (.03) |
Net asset value, end of period | $ 26.94 | $ 26.10 | $ 25.84 | $ 22.44 | $ 19.46 | $ 19.74 |
Total ReturnB, C, D | 3.82% | 8.98% | 32.05% | 15.52% | (1.25)% | 15.81% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.14%A | 1.17% | 1.18% | 1.25% | 1.32% | 1.38% |
Expenses net of fee waivers, if any | 1.14%A | 1.17% | 1.18% | 1.25% | 1.32% | 1.38% |
Expenses net of all reductions | 1.13%A | 1.17% | 1.18% | 1.24% | 1.32% | 1.38% |
Net investment income (loss) | .04%A | (.11)% | (.22)% | (.11)% | (.48)% | (.52)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2,201 | $ 2,219 | $ 2,134 | $ 1,795 | $ 1,640 | $ 1,756 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 24.24 | $ 24.27 | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.06) | (.16) | (.19) | (.14) | (.20) | (.19) |
Net realized and unrealized gain (loss) | .92 | 2.15 | 6.74 | 2.91 | (.15) | 2.68 |
Total from investment operations | .86 | 1.99 | 6.55 | 2.77 | (.35) | 2.49 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | - | - | (.03) |
Net asset value, end of period | $ 24.95 | $ 24.24 | $ 24.27 | $ 21.37 | $ 18.60 | $ 18.95 |
Total ReturnB, C, D | 3.58% | 8.36% | 31.31% | 14.89% | (1.85)% | 15.14% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.67%A | 1.71% | 1.75% | 1.82% | 1.89% | 1.96% |
Expenses net of fee waivers, if any | 1.67%A | 1.71% | 1.75% | 1.82% | 1.89% | 1.96% |
Expenses net of all reductions | 1.67%A | 1.71% | 1.75% | 1.81% | 1.89% | 1.95% |
Net investment income (loss) | (.49)%A | (.66)% | (.79)% | (.68)% | (1.05)% | (1.10)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 143 | $ 182 | $ 213 | $ 239 | $ 309 | $ 410 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 24.45 | $ 24.45 | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.06) | (.16) | (.18) | (.13) | (.19) | (.17) |
Net realized and unrealized gain (loss) | .92 | 2.18 | 6.79 | 2.92 | (.14) | 2.68 |
Total from investment operations | .86 | 2.02 | 6.61 | 2.79 | (.33) | 2.51 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | - | - | (.03) |
Net asset value, end of period | $ 25.16 | $ 24.45 | $ 24.45 | $ 21.49 | $ 18.70 | $ 19.03 |
Total ReturnB, C, D | 3.55% | 8.43% | 31.41% | 14.92% | (1.73)% | 15.21% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.64%A | 1.67% | 1.69% | 1.75% | 1.83% | 1.88% |
Expenses net of fee waivers, if any | 1.64%A | 1.67% | 1.69% | 1.75% | 1.83% | 1.88% |
Expenses net of all reductions | 1.64%A | 1.67% | 1.69% | 1.75% | 1.82% | 1.88% |
Net investment income (loss) | (.46)%A | (.62)% | (.73)% | (.62)% | (.98)% | (1.02)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,960 | $ 3,889 | $ 3,459 | $ 2,515 | $ 2,133 | $ 2,138 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 27.15 | $ 26.76 | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .11 | .07 | .09 | .01 | (.01) |
Net realized and unrealized gain (loss) | 1.02 | 2.39 | 7.32 | 3.12 | (.15) | 2.85 |
Total from investment operations | 1.10 | 2.50 | 7.39 | 3.21 | (.14) | 2.84 |
Distributions from net investment income | - | (.07) | - | (.02) | - | - |
Distributions from net realized gain | (.15) | (2.04) | (3.65) | (.13) | (.04) | (.09) |
Total distributions | (.15) | (2.11) | (3.65) | (.15) | (.04) | (.09) |
Net asset value, end of period | $ 28.10 | $ 27.15 | $ 26.76 | $ 23.02 | $ 19.96 | $ 20.14 |
Total ReturnB, C | 4.08% | 9.51% | 32.73% | 16.11% | (.73)% | 16.34% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .64%A | .67% | .68% | .74% | .81% | .89% |
Expenses net of fee waivers, if any | .63%A | .67% | .68% | .74% | .81% | .89% |
Expenses net of all reductions | .63%A | .67% | .68% | .74% | .81% | .89% |
Net investment income (loss) | .54%A | .39% | .28% | .39% | .03% | (.04)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 13,089 | $ 13,449 | $ 11,477 | $ 9,898 | $ 7,169 | $ 5,898 |
Portfolio turnover rate F | 49%A | 62% | 79% | 47% | 58% | 47%H |
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
Financial Highlights - Class Z
| Six months ended | Years ended | |
| (Unaudited) | 2014 | 2013 G |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period | $ 27.17 | $ 26.78 | $ 27.42 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D | .09 | .15 | .01 |
Net realized and unrealized gain (loss) | 1.03 | 2.39 | 3.00 |
Total from investment operations | 1.12 | 2.54 | 3.01 |
Distributions from net investment income | - | (.10) | - |
Distributions from net realized gain | (.15) | (2.04) | (3.65) |
Total distributions | (.15) | (2.15)I | (3.65) |
Net asset value, end of period | $ 28.14 | $ 27.17 | $ 26.78 |
Total ReturnB, C | 4.15% | 9.65% | 11.50% |
Ratios to Average Net Assets E, H |
|
|
|
Expenses before reductions | .51%A | .54% | .55%A |
Expenses net of fee waivers, if any | .51%A | .54% | .55%A |
Expenses net of all reductions | .50%A | .53% | .55%A |
Net investment income (loss) | .67%A | .52% | .14%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) | $ 536 | $ 294 | $ 77 |
Portfolio turnover rate F | 49%A | 62% | 79% |
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 August 13, 2013 (commencement of sale of shares) to December 31, 2013.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $2.15 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.041 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, 2015 (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. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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.
During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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
3. Significant Accounting Policies - continued
Investment Valuation - continued
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or Range/ | Impact to |
Corporate | $ 214 | Replacement cost | Recovery rate | 1.0% | Increase |
Equities | $ 682,541 | Discounted cash flow | Free cash flow multiple | 17.7 | Increase |
|
|
| Discount rate | 8.0% | Decrease |
|
| Expected distribution | Recovery rate | 0.0% | Increase |
|
| Last transaction price | Transaction price | $2.85 - $77.46 / $31.06 | Increase |
|
|
| Discount rate | 50.0% | Decrease |
|
|
| Adjusted transaction price | $31.12 | Increase |
|
| Market comparable | EV/EBITDA multiple | 8.3 - 25.2 | Increase |
|
|
| EV/Sales multiple | 1.3 - 12.6 / 8.4 | Increase |
|
|
| Discount rate | 10.0% - 50.0% / 15.4% | Decrease |
|
|
| P/B multiple | 2.3 | Increase |
|
|
| P/E multiple | 14.4 | Increase |
|
|
| EBITDA multiple | 15.9 | Increase |
|
|
| Discount for lack | 15.0% - 30.0% / 15.1% | Decrease |
|
| Partnership NAV | Discount for lack | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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, 2015, including information on transfers between levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes.
Semiannual Report
3. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 8,336,501 |
Gross unrealized depreciation | (473,004) |
Net unrealized appreciation (depreciation) on securities | $ 7,863,497 |
|
|
Tax cost | $ 21,157,918 |
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 | $ (1,979) |
The Fund acquired $1,979 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.
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.
Semiannual Report
4. Purchase and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,804,641 and $8,471,998, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | - % | .25% | $ 10,628 | $ 175 |
Class T | .25% | .25% | 5,576 | 61 |
Class B | .75% | .25% | 819 | 617 |
Class C | .75% | .25% | 19,837 | 2,463 |
|
|
| $ 36,860 | $ 3,316 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 | $ 708 |
Class T | 104 |
Class B* | 29 |
Class C* | 131 |
| $ 972 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 7,724 | .18 |
Class T | 2,007 | .18 |
Class B | 173 | .21 |
Class C | 3,598 | .18 |
Institutional Class | 11,879 | .18 |
Class Z | 103 | .05 |
| $ 25,484 |
|
* Annualized
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser.. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $103 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $22 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 $1,928, including $6 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $283 for the period.
In addition, during the period the following classes were reimbursed and/or waived by the investment adviser for a portion of operating expenses.
| Amount |
Class A | $ 190 |
Class T | 49 |
Class B | 5 |
Class C | 80 |
Institutional Class | 269 |
| $ 593 |
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Institutional Class | - | 30,759 |
Class Z | - | 1,032 |
Total | $ - | $ 31,791 |
From net realized gain |
|
|
Class A | $ 48,422 | $ 606,361 |
Class T | 12,971 | 160,563 |
Class B | 1,089 | 14,434 |
Class C | 24,498 | 297,255 |
Institutional Class | 75,069 | 948,474 |
Class Z | 1,999 | 19,856 |
Total | $ 164,048 | $ 2,046,943 |
Semiannual Report
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 22,108 | 56,480 | $ 601,918 | $ 1,535,803 |
Reinvestment of distributions | 1,725 | 22,207 | 46,522 | 581,082 |
Shares redeemed | (38,550) | (89,074) | (1,052,701) | (2,443,351) |
Net increase (decrease) | (14,717) | (10,387) | $ (404,261) | $ (326,466) |
Class T |
|
|
|
|
Shares sold | 4,387 | 10,880 | $ 116,847 | $ 289,917 |
Reinvestment of distributions | 458 | 5,820 | 12,065 | 149,046 |
Shares redeemed | (8,172) | (14,283) | (217,927) | (381,835) |
Net increase (decrease) | (3,327) | 2,417 | $ (89,015) | $ 57,128 |
Class B |
|
|
|
|
Shares sold | 46 | 194 | $ 1,141 | $ 4,762 |
Reinvestment of distributions | 40 | 541 | 977 | 12,886 |
Shares redeemed | (1,846) | (1,988) | (45,619) | (49,648) |
Net increase (decrease) | (1,760) | (1,253) | $ (43,501) | $ (32,000) |
Class C |
|
|
|
|
Shares sold | 9,873 | 25,077 | $ 245,575 | $ 628,846 |
Reinvestment of distributions | 825 | 10,237 | 20,353 | 245,714 |
Shares redeemed | (12,399) | (17,713) | (309,538) | (446,482) |
Net increase (decrease) | (1,701) | 17,601 | $ (43,610) | $ 428,078 |
Institutional Class |
|
|
|
|
Shares sold | 52,335 | 132,665 | $ 1,452,906 | $ 3,697,269 |
Reinvestment of distributions | 2,337 | 30,790 | 64,161 | 819,710 |
Shares redeemed | (84,272) | (97,045) | (2,338,883) | (2,684,332) |
Net increase (decrease) | (29,600) | 66,410 | $ (821,816) | $ 1,832,647 |
Class Z |
|
|
|
|
Shares sold | 9,336 | 8,291 | $ 261,022 | $ 229,233 |
Reinvestment of distributions | 72 | 772 | 1,975 | 20,561 |
Shares redeemed | (1,185) | (1,117) | (33,109) | (31,203) |
Net increase (decrease) | 8,223 | 7,946 | $ 229,888 | $ 218,591 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
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-0815 1.803541.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor ®
New Insights
Fund - Institutional Class
(To be renamed Class I
effective July 1, 2015)
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .89% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.60 | $ 4.50 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Class T | 1.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.20 | $ 5.76 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class B | 1.67% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.80 | $ 8.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.51 | $ 8.35 |
Class C | 1.64% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.50 | $ 8.28 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Institutional Class | .63% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.80 | $ 3.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.67 | $ 3.16 |
Class Z | .51% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.50 | $ 2.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Facebook, Inc. Class A | 3.5 | 2.7 |
Wells Fargo & Co. | 2.8 | 2.7 |
Bank of America Corp. | 2.0 | 2.4 |
Visa, Inc. Class A | 1.9 | 1.6 |
JPMorgan Chase & Co. | 1.8 | 1.8 |
Starbucks Corp. | 1.8 | 1.4 |
Berkshire Hathaway, Inc. Class A | 1.6 | 1.8 |
The Walt Disney Co. | 1.5 | 1.3 |
Amphenol Corp. Class A | 1.5 | 1.3 |
NIKE, Inc. Class B | 1.3 | 1.2 |
| 19.7 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 22.2 | 21.5 |
Financials | 18.4 | 21.1 |
Consumer Discretionary | 16.7 | 13.7 |
Health Care | 15.1 | 17.8 |
Consumer Staples | 7.0 | 7.8 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 95.4% |
| ![]() | Stocks 97.3% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 12.9% |
| ** Foreign investments | 12.4% |
|
†Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 16.5% | |||
Auto Components - 0.0% | |||
Delphi Automotive PLC | 132,600 | $ 11,283 | |
Motherson Sumi Systems Ltd. | 353,585 | 2,886 | |
| 14,169 | ||
Automobiles - 1.2% | |||
General Motors Co. | 2,408,500 | 80,275 | |
Tesla Motors, Inc. (a)(e) | 978,224 | 262,418 | |
| 342,693 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 196,300 | 11,346 | |
Hotels, Restaurants & Leisure - 5.1% | |||
ARAMARK Holdings Corp. | 6,448,600 | 199,713 | |
Cara Operations Ltd. (a) | 102,000 | 2,817 | |
Chipotle Mexican Grill, Inc. (a) | 286,724 | 173,465 | |
Darden Restaurants, Inc. | 344,100 | 24,459 | |
Domino's Pizza, Inc. | 1,442,218 | 163,548 | |
Dunkin' Brands Group, Inc. | 969,231 | 53,308 | |
Hilton Worldwide Holdings, Inc. (a) | 886,200 | 24,415 | |
Marriott International, Inc. Class A | 1,689,336 | 125,670 | |
Papa John's International, Inc. | 6,600 | 499 | |
Starbucks Corp. | 9,386,898 | 503,279 | |
Whitbread PLC | 2,054,781 | 159,685 | |
Wingstop, Inc. | 50,200 | 1,426 | |
Zoe's Kitchen, Inc. (a)(e) | 75,900 | 3,107 | |
| 1,435,391 | ||
Household Durables - 0.7% | |||
D.R. Horton, Inc. | 4,193,824 | 114,743 | |
Harman International Industries, Inc. | 236,468 | 28,126 | |
Leggett & Platt, Inc. | 177,700 | 8,650 | |
Lennar Corp. Class A | 167,500 | 8,549 | |
Mohawk Industries, Inc. (a) | 130,324 | 24,879 | |
Sony Corp. | 565,100 | 16,047 | |
| 200,994 | ||
Internet & Catalog Retail - 1.6% | |||
Amazon.com, Inc. (a) | 381,640 | 165,666 | |
ASOS PLC (a)(e) | 99,100 | 6,040 | |
Etsy, Inc. (e) | 764,751 | 10,745 | |
Netflix, Inc. (a) | 95,300 | 62,606 | |
Priceline Group, Inc. (a) | 165,317 | 190,341 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
TripAdvisor, Inc. (a) | 32,700 | $ 2,849 | |
Wayfair LLC Class A | 22,100 | 832 | |
| 439,079 | ||
Leisure Products - 0.1% | |||
Mattel, Inc. | 614,100 | 15,776 | |
Media - 3.4% | |||
Charter Communications, Inc. Class A (a)(e) | 175,700 | 30,089 | |
Comcast Corp. Class A | 2,680,200 | 161,187 | |
DISH Network Corp. Class A (a) | 40,700 | 2,756 | |
Entertainment One Ltd. | 75,701 | 423 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 493,935 | 19,175 | |
Legend Pictures LLC (a)(g)(h) | 13,925 | 32,919 | |
Liberty Broadband Corp. Class A (a) | 108,100 | 5,510 | |
Liberty Global PLC Class A (a) | 1,956,705 | 105,799 | |
Liberty Media Corp. Class A (a) | 74,900 | 2,699 | |
Lions Gate Entertainment Corp. | 378,566 | 14,026 | |
Naspers Ltd. Class N | 119,300 | 18,582 | |
Rightmove PLC | 165,322 | 8,512 | |
Starz Series A (a) | 218,000 | 9,749 | |
The Walt Disney Co. | 3,828,838 | 437,024 | |
Time Warner, Inc. | 65,900 | 5,760 | |
Viacom, Inc. Class B (non-vtg.) | 1,531,400 | 98,990 | |
Weinstein Co. Holdings LLC Class A-1 (a)(g)(h) | 2,267 | 644 | |
| 953,844 | ||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 521,700 | 41,209 | |
Dollarama, Inc. | 503,900 | 30,541 | |
| 71,750 | ||
Specialty Retail - 2.1% | |||
AutoNation, Inc. (a) | 89,900 | 5,662 | |
AutoZone, Inc. (a) | 84,134 | 56,109 | |
Cabela's, Inc. Class A (a)(e) | 761,200 | 38,045 | |
DavidsTea, Inc. | 35,500 | 763 | |
Foot Locker, Inc. | 271,700 | 18,207 | |
Home Depot, Inc. | 699,000 | 77,680 | |
O'Reilly Automotive, Inc. (a) | 338,716 | 76,543 | |
Restoration Hardware Holdings, Inc. (a) | 243 | 24 | |
Signet Jewelers Ltd. | 255,700 | 32,791 | |
TJX Companies, Inc. | 3,936,167 | 260,456 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 200,100 | $ 30,905 | |
Williams-Sonoma, Inc. | 35,300 | 2,904 | |
| 600,089 | ||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Brunello Cucinelli SpA (e) | 1,809,352 | 33,888 | |
China Hongxing Sports Ltd. (a) | 6,000,000 | 256 | |
Hermes International SCA | 269,900 | 100,680 | |
NIKE, Inc. Class B | 3,516,989 | 379,905 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 724,838 | 60,480 | |
| 575,209 | ||
TOTAL CONSUMER DISCRETIONARY | 4,660,340 | ||
CONSUMER STAPLES - 6.9% | |||
Beverages - 1.0% | |||
Boston Beer Co., Inc. Class A (a) | 376,003 | 87,229 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 1,590,100 | 184,483 | |
| 271,712 | ||
Food & Staples Retailing - 2.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 382,200 | 16,350 | |
Costco Wholesale Corp. | 1,142,825 | 154,350 | |
CVS Health Corp. | 3,556,877 | 373,045 | |
Diplomat Pharmacy, Inc. (e) | 423,900 | 18,970 | |
Sprouts Farmers Market LLC (a) | 197,605 | 5,331 | |
Tesco PLC | 27,802,300 | 92,631 | |
| 660,677 | ||
Food Products - 1.6% | |||
Associated British Foods PLC | 3,502,192 | 157,986 | |
Kraft Foods Group, Inc. | 33,600 | 2,861 | |
Mead Johnson Nutrition Co. Class A | 1,866,100 | 168,360 | |
Mondelez International, Inc. | 1,889,943 | 77,752 | |
Pinnacle Foods, Inc. | 315,600 | 14,372 | |
The Hain Celestial Group, Inc. (a) | 416,500 | 27,431 | |
| 448,762 | ||
Household Products - 0.7% | |||
Colgate-Palmolive Co. | 2,877,849 | 188,240 | |
Procter & Gamble Co. | 191,500 | 14,983 | |
| 203,223 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.3% | |||
Coty, Inc. Class A | 109,300 | $ 3,494 | |
Estee Lauder Companies, Inc. Class A | 3,264,444 | 282,897 | |
Hengan International Group Co. Ltd. | 238,500 | 2,834 | |
L'Oreal SA | 445,101 | 79,395 | |
| 368,620 | ||
TOTAL CONSUMER STAPLES | 1,952,994 | ||
ENERGY - 6.3% | |||
Energy Equipment & Services - 1.5% | |||
Oceaneering International, Inc. | 1,798,799 | 83,806 | |
Schlumberger Ltd. | 4,023,423 | 346,779 | |
| 430,585 | ||
Oil, Gas & Consumable Fuels - 4.8% | |||
Anadarko Petroleum Corp. | 2,142,246 | 167,224 | |
Antero Resources Corp. (a)(e) | 3,359,456 | 115,364 | |
Birchcliff Energy Ltd. (a) | 50,300 | 281 | |
Birchcliff Energy Ltd. (a)(f) | 585,400 | 3,267 | |
Cabot Oil & Gas Corp. | 4,152,780 | 130,979 | |
Chevron Corp. | 2,841,100 | 274,081 | |
Concho Resources, Inc. (a) | 78,980 | 8,993 | |
ConocoPhillips Co. | 1,000,000 | 61,410 | |
EOG Resources, Inc. | 2,413,860 | 211,333 | |
Golar LNG Ltd. | 1,200,000 | 56,160 | |
Kinder Morgan, Inc. | 449,000 | 17,237 | |
Marathon Petroleum Corp. | 503,900 | 26,359 | |
Memorial Resource Development Corp. | 1,226,100 | 23,259 | |
Noble Energy, Inc. | 2,985,961 | 127,441 | |
Pioneer Natural Resources Co. | 553,300 | 76,737 | |
Tesoro Corp. | 193,400 | 16,325 | |
Valero Energy Corp. | 370,800 | 23,212 | |
| 1,339,662 | ||
TOTAL ENERGY | 1,770,247 | ||
FINANCIALS - 18.3% | |||
Banks - 9.0% | |||
Bank of America Corp. | 32,496,427 | 553,089 | |
Bank of Ireland (a) | 248,940,628 | 100,640 | |
Citigroup, Inc. | 1,211,600 | 66,929 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Banks - continued | |||
HDFC Bank Ltd. sponsored ADR | 1,938,472 | $ 117,336 | |
JPMorgan Chase & Co. | 7,618,400 | 516,223 | |
Kotak Mahindra Bank Ltd. | 136,517 | 2,977 | |
Metro Bank PLC Class A (a)(h) | 419,395 | 9,568 | |
PNC Financial Services Group, Inc. | 1,177,489 | 112,627 | |
U.S. Bancorp | 6,073,814 | 263,604 | |
Virgin Money Holdings Uk PLC (a) | 2,335,800 | 16,167 | |
Wells Fargo & Co. | 14,093,656 | 792,627 | |
| 2,551,787 | ||
Capital Markets - 3.0% | |||
Ameriprise Financial, Inc. | 365,439 | 45,654 | |
BlackRock, Inc. Class A | 490,046 | 169,546 | |
Charles Schwab Corp. | 4,648,264 | 151,766 | |
Goldman Sachs Group, Inc. | 299,716 | 62,578 | |
KKR & Co. LP | 1,570,300 | 35,881 | |
Morgan Stanley | 7,907,377 | 306,727 | |
Oaktree Capital Group LLC Class A | 1,290,176 | 68,612 | |
| 840,764 | ||
Consumer Finance - 0.0% | |||
Credit Acceptance Corp. (a) | 6,700 | 1,649 | |
Diversified Financial Services - 2.0% | |||
Berkshire Hathaway, Inc. Class A (a) | 2,238 | 458,454 | |
McGraw Hill Financial, Inc. | 984,800 | 98,923 | |
| 557,377 | ||
Insurance - 3.2% | |||
ACE Ltd. | 658,995 | 67,007 | |
AIA Group Ltd. | 27,856,000 | 182,375 | |
American International Group, Inc. | 5,339,500 | 330,088 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 159,000 | 78,403 | |
Marsh & McLennan Companies, Inc. | 1,451,541 | 82,302 | |
The Chubb Corp. | 1,370,036 | 130,345 | |
The Travelers Companies, Inc. | 423,763 | 40,961 | |
| 911,481 | ||
Real Estate Investment Trusts - 0.6% | |||
American Tower Corp. | 1,441,475 | 134,475 | |
Equity Residential (SBI) | 519,200 | 36,432 | |
| 170,907 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Real Estate Management & Development - 0.5% | |||
Realogy Holdings Corp. (a) | 2,812,300 | $ 131,391 | |
TOTAL FINANCIALS | 5,165,356 | ||
HEALTH CARE - 14.9% | |||
Biotechnology - 4.0% | |||
Agios Pharmaceuticals, Inc. (a)(e) | 846,562 | 94,087 | |
Amgen, Inc. | 1,025,049 | 157,366 | |
Biogen, Inc. (a) | 619,786 | 250,356 | |
BioMarin Pharmaceutical, Inc. (a) | 104,600 | 14,307 | |
bluebird bio, Inc. (a) | 133,800 | 22,528 | |
Blueprint Medicines Corp. | 45,300 | 1,200 | |
Celgene Corp. (a) | 1,270,300 | 147,018 | |
Cellectis SA sponsored ADR | 162,900 | 5,877 | |
Cidara Therapeutics, Inc. | 88,300 | 1,238 | |
Coherus BioSciences, Inc. | 54,100 | 1,563 | |
Dyax Corp. (a) | 469,600 | 12,444 | |
Genmab A/S (a) | 38,800 | 3,374 | |
Gilead Sciences, Inc. | 2,584,520 | 302,596 | |
Insmed, Inc. (a) | 136,900 | 3,343 | |
Karyopharm Therapeutics, Inc. (a) | 8,801 | 239 | |
Light Sciences Oncology, Inc. (a) | 2,708,254 | 0 | |
Medivation, Inc. (a) | 429,792 | 49,082 | |
Receptos, Inc. (a) | 244,700 | 46,505 | |
Repligen Corp. (a) | 169,600 | 6,999 | |
Sage Therapeutics, Inc. | 35,000 | 2,555 | |
TESARO, Inc. (a) | 27,400 | 1,611 | |
| 1,124,288 | ||
Health Care Equipment & Supplies - 2.4% | |||
Align Technology, Inc. (a) | 1,632,258 | 102,359 | |
Becton, Dickinson & Co. | 318,496 | 45,115 | |
Boston Scientific Corp. (a) | 9,534,924 | 168,768 | |
C.R. Bard, Inc. | 17,000 | 2,902 | |
DexCom, Inc. (a) | 668,038 | 53,430 | |
Edwards Lifesciences Corp. (a) | 308,300 | 43,911 | |
I-Pulse, Inc. (a) | 58,562 | 504 | |
ICU Medical, Inc. (a) | 29,800 | 2,851 | |
Medtronic PLC | 1,243,700 | 92,158 | |
Nevro Corp. | 49,504 | 2,661 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
The Cooper Companies, Inc. | 592,851 | $ 105,510 | |
Zimmer Biomet Holdings, Inc. | 676,169 | 73,858 | |
| 694,027 | ||
Health Care Providers & Services - 3.1% | |||
Aetna, Inc. | 849,648 | 108,296 | |
AmerisourceBergen Corp. | 179,000 | 19,035 | |
Anthem, Inc. | 592,500 | 97,253 | |
Cigna Corp. | 563,100 | 91,222 | |
HCA Holdings, Inc. (a) | 474,500 | 43,047 | |
Henry Schein, Inc. (a) | 1,279,962 | 181,908 | |
Team Health Holdings, Inc. (a) | 46,700 | 3,051 | |
Teladoc, Inc. | 68,800 | 1,307 | |
UnitedHealth Group, Inc. | 2,426,400 | 296,021 | |
Universal Health Services, Inc. Class B | 253,400 | 36,008 | |
| 877,148 | ||
Health Care Technology - 0.7% | |||
Castlight Health, Inc. | 1,325,100 | 10,786 | |
Cerner Corp. (a) | 2,535,730 | 175,118 | |
| 185,904 | ||
Life Sciences Tools & Services - 2.1% | |||
Eurofins Scientific SA | 460,684 | 140,262 | |
Illumina, Inc. (a) | 290,251 | 63,379 | |
Mettler-Toledo International, Inc. (a) | 536,798 | 183,295 | |
Thermo Fisher Scientific, Inc. | 1,311,935 | 170,237 | |
Waters Corp. (a) | 358,012 | 45,962 | |
| 603,135 | ||
Pharmaceuticals - 2.6% | |||
Astellas Pharma, Inc. | 7,127,800 | 101,659 | |
Bristol-Myers Squibb Co. | 3,164,400 | 210,559 | |
Johnson & Johnson | 1,519,356 | 148,076 | |
Novartis AG sponsored ADR | 140,800 | 13,846 | |
Novo Nordisk A/S Series B | 1,430,301 | 78,488 | |
Perrigo Co. PLC | 518,185 | 95,776 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,489,700 | 88,041 | |
| 736,445 | ||
TOTAL HEALTH CARE | 4,220,947 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - 6.4% | |||
Aerospace & Defense - 0.8% | |||
Esterline Technologies Corp. (a) | 305,800 | $ 29,155 | |
Teledyne Technologies, Inc. (a) | 269,600 | 28,445 | |
The Boeing Co. | 812,164 | 112,663 | |
TransDigm Group, Inc. | 292,200 | 65,649 | |
| 235,912 | ||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 332,600 | 20,751 | |
FedEx Corp. | 796,010 | 135,640 | |
XPO Logistics, Inc. (a)(e) | 113,600 | 5,132 | |
| 161,523 | ||
Airlines - 0.9% | |||
Ryanair Holdings PLC sponsored ADR | 2,168,295 | 154,708 | |
Southwest Airlines Co. | 2,833,500 | 93,761 | |
| 248,469 | ||
Building Products - 0.5% | |||
Fortune Brands Home & Security, Inc. | 947,708 | 43,424 | |
Toto Ltd. | 6,114,000 | 110,205 | |
| 153,629 | ||
Industrial Conglomerates - 0.7% | |||
Danaher Corp. | 1,201,668 | 102,851 | |
General Electric Co. | 3,970,200 | 105,488 | |
| 208,339 | ||
Machinery - 0.4% | |||
Deere & Co. | 469,000 | 45,516 | |
Fanuc Corp. | 39,100 | 8,013 | |
Minebea Ltd. | 503,000 | 8,306 | |
PACCAR, Inc. | 604,713 | 38,587 | |
Snap-On, Inc. | 14,100 | 2,245 | |
| 102,667 | ||
Professional Services - 0.5% | |||
Equifax, Inc. | 205,098 | 19,913 | |
Robert Half International, Inc. | 388,500 | 21,562 | |
Verisk Analytics, Inc. (a) | 1,361,595 | 99,070 | |
| 140,545 | ||
Road & Rail - 1.2% | |||
Canadian Pacific Railway Ltd. (e) | 1,002,132 | 160,486 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Road & Rail - continued | |||
J.B. Hunt Transport Services, Inc. | 792,030 | $ 65,018 | |
Union Pacific Corp. | 1,044,532 | 99,617 | |
| 325,121 | ||
Trading Companies & Distributors - 0.8% | |||
Air Lease Corp.: | |||
Class A (f) | 320,800 | 10,875 | |
Class A | 2,403,511 | 81,479 | |
United Rentals, Inc. (a) | 1,573,200 | 137,844 | |
| 230,198 | ||
TOTAL INDUSTRIALS | 1,806,403 | ||
INFORMATION TECHNOLOGY - 21.5% | |||
Communications Equipment - 0.4% | |||
CommScope Holding Co., Inc. (a) | 361,040 | 11,015 | |
F5 Networks, Inc. (a) | 38,545 | 4,639 | |
QUALCOMM, Inc. | 1,580,700 | 98,999 | |
| 114,653 | ||
Electronic Equipment & Components - 1.7% | |||
Amphenol Corp. Class A | 7,296,972 | 423,005 | |
CDW Corp. | 802,900 | 27,523 | |
Fitbit, Inc. | 212,500 | 8,124 | |
IPG Photonics Corp. (a)(e) | 176,700 | 15,050 | |
Keyence Corp. | 20,400 | 11,011 | |
| 484,713 | ||
Internet Software & Services - 6.7% | |||
Akamai Technologies, Inc. (a) | 1,911,700 | 133,475 | |
Alibaba Group Holding Ltd. sponsored ADR | 95,600 | 7,865 | |
Cimpress NV (a) | 167,636 | 14,108 | |
Dropbox, Inc. (a)(h) | 1,289,836 | 20,986 | |
eBay, Inc. (a) | 278,500 | 16,777 | |
Endurance International Group Holdings, Inc. (a) | 3,983,000 | 82,289 | |
Facebook, Inc. Class A (a) | 11,387,459 | 976,650 | |
GoDaddy, Inc. (a) | 1,418,900 | 39,999 | |
Google, Inc.: | |||
Class A (a) | 401,046 | 216,581 | |
Class C | 440,898 | 229,492 | |
JUST EAT Ltd. (a) | 1,707,625 | 10,915 | |
LendingClub Corp. (e) | 1,087,740 | 16,044 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
LogMeIn, Inc. (a) | 184,125 | $ 11,874 | |
Shopify, Inc. Class A | 36,700 | 1,245 | |
Shutterstock, Inc. (a)(e) | 540,350 | 31,686 | |
SurveyMonkey (h) | 2,069,881 | 32,746 | |
Tencent Holdings Ltd. | 477,200 | 9,542 | |
Yahoo!, Inc. (a) | 1,036,624 | 40,729 | |
| 1,893,003 | ||
IT Services - 5.9% | |||
Alliance Data Systems Corp. (a) | 394,559 | 115,188 | |
ASAC II LP (a)(h) | 9,408,021 | 152,824 | |
Cognizant Technology Solutions Corp. Class A (a) | 1,107,500 | 67,657 | |
Fidelity National Information Services, Inc. | 1,443,730 | 89,223 | |
Fiserv, Inc. (a) | 1,577,692 | 130,680 | |
FleetCor Technologies, Inc. (a) | 340,500 | 53,138 | |
Gartner, Inc. Class A (a) | 645,700 | 55,388 | |
IBM Corp. | 889,000 | 144,605 | |
MasterCard, Inc. Class A | 2,430,035 | 227,160 | |
Total System Services, Inc. | 2,534,960 | 105,885 | |
Visa, Inc. Class A | 7,836,496 | 526,221 | |
| 1,667,969 | ||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Analog Devices, Inc. | 801,500 | 51,444 | |
ARM Holdings PLC | 168,000 | 2,749 | |
ASML Holding NV | 26,200 | 2,728 | |
Avago Technologies Ltd. | 1,062,645 | 141,257 | |
Broadcom Corp. Class A | 901,400 | 46,413 | |
Cavium, Inc. (a) | 133,300 | 9,172 | |
Freescale Semiconductor, Inc. (a) | 1,883,730 | 75,293 | |
Inphi Corp. (a) | 106,758 | 2,440 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(e) | 688,479 | 26,334 | |
NXP Semiconductors NV (a) | 707,000 | 69,427 | |
Qorvo, Inc. (a) | 647,564 | 51,980 | |
Skyworks Solutions, Inc. | 577,900 | 60,159 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,091,800 | 24,795 | |
| 564,191 | ||
Software - 3.8% | |||
Activision Blizzard, Inc. | 1,455,453 | 35,237 | |
Adobe Systems, Inc. (a) | 1,589,361 | 128,754 | |
Check Point Software Technologies Ltd. (a) | 118,712 | 9,444 | |
Electronic Arts, Inc. (a) | 575,700 | 38,284 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Fleetmatics Group PLC (a) | 71,629 | $ 3,354 | |
Informatica Corp. (a) | 197,800 | 9,587 | |
Intuit, Inc. | 1,105,000 | 111,351 | |
Microsoft Corp. | 2,871,613 | 126,782 | |
Mobileye NV (a) | 1,844,320 | 98,062 | |
NetSuite, Inc. (a) | 611,589 | 56,113 | |
Qlik Technologies, Inc. (a) | 762,024 | 26,640 | |
Red Hat, Inc. (a) | 280,503 | 21,299 | |
Salesforce.com, Inc. (a) | 4,417,412 | 307,584 | |
ServiceNow, Inc. (a) | 35,500 | 2,638 | |
Symantec Corp. | 395,500 | 9,195 | |
Tableau Software, Inc. (a) | 180,200 | 20,777 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(h) | 18,952 | 0* | |
warrants 10/3/18 (a)(h) | 27,736 | 0* | |
Ultimate Software Group, Inc. (a) | 339,566 | 55,804 | |
Workday, Inc. Class A (a) | 35,800 | 2,735 | |
| 1,063,640 | ||
Technology Hardware, Storage & Peripherals - 1.0% | |||
Apple, Inc. | 1,798,100 | 225,527 | |
First Data Holdings, Inc. Class B (h) | 15,456,860 | 72,802 | |
| 298,329 | ||
TOTAL INFORMATION TECHNOLOGY | 6,086,498 | ||
MATERIALS - 4.6% | |||
Chemicals - 3.3% | |||
Air Products & Chemicals, Inc. | 158,100 | 21,633 | |
Airgas, Inc. | 778,700 | 82,371 | |
Celanese Corp. Class A | 58,900 | 4,234 | |
CF Industries Holdings, Inc. | 1,135,000 | 72,958 | |
Ecolab, Inc. | 748,313 | 84,612 | |
LyondellBasell Industries NV Class A | 1,034,500 | 107,091 | |
Monsanto Co. | 1,029,567 | 109,742 | |
Olin Corp. (e) | 215,280 | 5,802 | |
PPG Industries, Inc. | 2,211,162 | 253,665 | |
Sherwin-Williams Co. | 702,236 | 193,129 | |
| 935,237 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 151,200 | 21,396 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Containers & Packaging - 0.6% | |||
Ball Corp. | 321,200 | $ 22,532 | |
MeadWestvaco Corp. | 247,401 | 11,675 | |
Rock-Tenn Co. Class A | 1,731,846 | 104,257 | |
Sealed Air Corp. | 656,300 | 33,721 | |
| 172,185 | ||
Metals & Mining - 0.3% | |||
B2Gold Corp. (a) | 20,610,932 | 31,519 | |
Barrick Gold Corp. | 229,800 | 2,456 | |
Franco-Nevada Corp. | 640,261 | 30,537 | |
GoviEx Uranium, Inc. (a) | 851,865 | 89 | |
GoviEx Uranium, Inc. (f) | 23,200 | 2 | |
GoviEx Uranium, Inc. (f) | 2,625,135 | 273 | |
Ivanhoe Mines Ltd. (a) | 855,400 | 616 | |
Novagold Resources, Inc. (a) | 760,612 | 2,613 | |
Randgold Resources Ltd. sponsored ADR | 30,265 | 2,026 | |
Tahoe Resources, Inc. | 1,708,174 | 20,706 | |
| 90,837 | ||
Paper & Forest Products - 0.3% | |||
International Paper Co. | 1,825,883 | 86,894 | |
TOTAL MATERIALS | 1,306,549 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. (a) | 311,700 | 12,085 | |
TOTAL COMMON STOCKS (Cost $19,208,227) |
| ||
Convertible Preferred Stocks - 1.3% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.2% | |||
Household Durables - 0.2% | |||
Blu Homes, Inc. Series A, 5.00% (a)(h) | 7,091,632 | 47,585 | |
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(h) | 165,366 | 296 | |
TOTAL CONSUMER DISCRETIONARY | 47,881 | ||
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(h) | 1,110,537 | $ 14,800 | |
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (h) | 10,791,166 | 30,726 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (h) | 166,247 | 1,800 | |
Intarcia Therapeutics, Inc. Series CC (a)(h) | 516,522 | 16,074 | |
| 17,874 | ||
Life Sciences Tools & Services - 0.1% | |||
Living Proof, Inc. 8.00% (a)(h) | 10,369,703 | 30,383 | |
TOTAL HEALTH CARE | 48,257 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (h) | 145,254 | 11,251 | |
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.6% | |||
Dropbox, Inc.: | |||
Series A (a)(h) | 299,518 | 4,873 | |
Series C (a)(h) | 161,770 | 2,632 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(h) | 2,640,631 | 94,787 | |
Series F, 8.00% (h) | 1,761,729 | 63,238 | |
Series G, 8.00% (h) | 335,293 | 12,035 | |
| 177,565 | ||
IT Services - 0.0% | |||
Nutanix, Inc. Series E (h) | 783,938 | 13,217 | |
Software - 0.1% | |||
Cloudera, Inc. Series F (a)(h) | 312,284 | 6,692 | |
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(h) | 602,295 | 349 | |
Series C-1, 8.00% (a)(h) | 47,380 | 27 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc.: - continued | |||
Series D, 8.00% (a)(h) | 50,840 | $ 29 | |
Twilio, Inc. Series E (h) | 751,240 | 8,497 | |
| 15,594 | ||
TOTAL INFORMATION TECHNOLOGY | 206,376 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $233,796) |
|
Corporate Bonds - 0.0% | ||||
| Principal |
| ||
Convertible Bonds - 0.0% | ||||
INFORMATION TECHNOLOGY - 0.0% | ||||
Software - 0.0% | ||||
Trion World Network, Inc. 15% 10/10/15 pay-in-kind (h) | $ 199 | 214 | ||
Nonconvertible Bonds - 0.0% | ||||
FINANCIALS - 0.0% | ||||
Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 3,571 | 4,230 | |
TOTAL CORPORATE BONDS (Cost $4,895) |
|
Money Market Funds - 5.9% | |||
Shares | Value (000s) | ||
Fidelity Cash Central Fund, 0.15% (b) | 951,364,874 | $ 951,365 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 724,895,565 | 724,896 | |
TOTAL MONEY MARKET FUNDS (Cost $1,676,261) |
| ||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $21,123,179) | 29,021,415 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (738,012) | ||
NET ASSETS - 100% | $ 28,283,403 |
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) 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 $14,417,000 or 0.1% of net assets. |
(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(h) 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 $681,994,000 or 2.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $ 1,800 |
ASAC II LP | 10/10/13 | $ 94,080 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $ 32,763 |
Security | Acquisition Date | Acquisition Cost (000s) |
Blue Apron, Inc. Series D | 5/18/15 | $ 14,800 |
Cloudera, Inc. Series F | 2/5/14 | $ 4,547 |
Dropbox, Inc. | 5/2/12 | $ 11,672 |
Dropbox, Inc. Series A | 5/29/12 | $ 2,710 |
Dropbox, Inc. Series C | 1/30/14 | $ 3,090 |
First Data Holdings, Inc. Class B | 6/26/14 | $ 61,827 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $ 7,040 |
Legend Pictures LLC | 9/23/10 - 6/10/15 | $ 18,474 |
Living Proof, Inc. 8.00% | 2/13/13 | $ 18,400 |
Metro Bank PLC Class A | 5/21/12 - 12/6/13 | $ 7,616 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $ 3,508 |
Nutanix, Inc. Series E | 8/26/14 | $ 10,502 |
Oportun Finance Corp. Series H | 2/6/15 | $ 30,726 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 38,370 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 29,923 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 12,035 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 11,251 |
SurveyMonkey | 12/15/14 | $ 34,050 |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $ 0* |
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 |
Trion World Network, Inc. Series D, 8.00% | 3/20/13 | $ 267 |
Trion World Network, Inc. 15% 10/10/15 pay-in-kind | 10/10/13 - 10/10/14 | $ 199 |
Twilio, Inc. Series E | 4/24/15 | $ 8,497 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 2,299 |
* 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 | $ 328 |
Fidelity Securities Lending Cash Central Fund | 1,928 |
Total | $ 2,256 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 4,708,221 | $ 4,610,474 | $ 16,047 | $ 81,700 |
Consumer Staples | 1,967,794 | 1,860,363 | 92,631 | 14,800 |
Energy | 1,770,247 | 1,770,247 | - | - |
Financials | 5,196,082 | 5,055,148 | 100,640 | 40,294 |
Health Care | 4,269,204 | 4,141,955 | 78,488 | 48,761 |
Industrials | 1,817,654 | 1,806,403 | - | 11,251 |
Information Technology | 6,292,874 | 5,794,849 | 12,291 | 485,734 |
Materials | 1,306,549 | 1,306,549 | - | - |
Telecommunication Services | 12,085 | 12,085 | - | - |
Corporate Bonds | 4,444 | - | 4,230 | 214 |
Money Market Funds | 1,676,261 | 1,676,261 | - | - |
Total Investments in Securities: | $ 29,021,415 | $ 28,034,334 | $ 304,327 | $ 682,754 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2015. 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 | $ 324,916 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $ 334,440 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 130,762 |
Cost of Purchases | 20,532 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 485,734 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 130,762 |
Other Investments in Securities | |
Beginning Balance | $ 138,746 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | (4,371) |
Cost of Purchases | 64,152 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | (1,507) |
Ending Balance | $ 197,020 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ (4,371) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 87.1% |
United Kingdom | 2.0% |
Ireland | 1.6% |
Canada | 1.5% |
Curacao | 1.2% |
Netherlands | 1.1% |
Others (Individually Less Than 1%) | 5.5% |
| 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $707,853) - See accompanying schedule: Unaffiliated issuers (cost $19,446,918) | $ 27,345,154 |
|
Fidelity Central Funds (cost $1,676,261) | 1,676,261 |
|
Total Investments (cost $21,123,179) |
| $ 29,021,415 |
Receivable for investments sold | 101,626 | |
Receivable for fund shares sold | 21,062 | |
Dividends receivable | 18,668 | |
Interest receivable | 366 | |
Distributions receivable from Fidelity Central Funds | 522 | |
Other receivables | 665 | |
Total assets | 29,164,324 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 67 | |
Payable for investments purchased | 89,234 | |
Payable for fund shares redeemed | 43,579 | |
Accrued management fee | 11,869 | |
Distribution and service plan fees payable | 6,166 | |
Other affiliated payables | 4,423 | |
Other payables and accrued expenses | 687 | |
Collateral on securities loaned, at value | 724,896 | |
Total liabilities | 880,921 | |
|
|
|
Net Assets | $ 28,283,403 | |
Net Assets consist of: |
| |
Paid in capital | $ 19,400,959 | |
Undistributed net investment income | 39,948 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 944,216 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 7,898,280 | |
Net Assets | $ 28,283,403 |
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, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($8,354,313 ÷ 302,992 shares) | $ 27.57 | |
|
|
|
Maximum offering price per share (100/94.25 of $27.57) | $ 29.25 | |
Class T: | ||
Net Asset Value and redemption price per share ($2,200,705 ÷ 81,689 shares) | $ 26.94 | |
|
|
|
Maximum offering price per share (100/96.50 of $26.94) | $ 27.92 | |
Class B: | ||
Net Asset Value and offering price per share ($143,286 ÷ 5,743 shares)A | $ 24.95 | |
|
|
|
Class C: | ||
Net Asset Value and offering price per share ($3,959,930 ÷ 157,370 shares)A | $ 25.16 | |
|
|
|
Institutional Class: | ||
Net Asset Value, offering price and redemption price per share ($13,089,262 ÷ 465,777 shares) | $ 28.10 | |
|
|
|
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($535,907 ÷ 19,043 shares) | $ 28.14 |
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, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 165,334 |
Interest |
| 207 |
Income from Fidelity Central Funds |
| 2,256 |
Total income |
| 167,797 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 78,528 | |
Performance adjustment | (14,541) | |
Transfer agent fees | 25,484 | |
Distribution and service plan fees | 36,860 | |
Accounting and security lending fees | 1,056 | |
Custodian fees and expenses | 277 | |
Independent trustees' compensation | 60 | |
Registration fees | 290 | |
Audit | 49 | |
Legal | 21 | |
Miscellaneous | 110 | |
Total expenses before reductions | 128,194 | |
Expense reductions | (876) | 127,318 |
Net investment income (loss) | 40,479 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,025,102 | |
Foreign currency transactions | (757) | |
Total net realized gain (loss) |
| 1,024,345 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 47,667 | |
Assets and liabilities in foreign currencies | 57 | |
Total change in net unrealized appreciation (depreciation) |
| 47,724 |
Net gain (loss) | 1,072,069 | |
Net increase (decrease) in net assets resulting from operations | $ 1,112,548 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 40,479 | $ 34,475 |
Net realized gain (loss) | 1,024,345 | 2,437,996 |
Change in net unrealized appreciation (depreciation) | 47,724 | (58,375) |
Net increase (decrease) in net assets resulting from operations | 1,112,548 | 2,414,096 |
Distributions to shareholders from net investment income | - | (31,791) |
Distributions to shareholders from net realized gain | (164,048) | (2,046,943) |
Total distributions | (164,048) | (2,078,734) |
Share transactions - net increase (decrease) | (1,172,315) | 2,177,978 |
Total increase (decrease) in net assets | (223,815) | 2,513,340 |
|
|
|
Net Assets | ||
Beginning of period | 28,507,218 | 25,993,878 |
End of period (including undistributed net investment income of $39,948 and accumulated net investment loss of $531, respectively) | $ 28,283,403 | $ 28,507,218 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 26.67 | $ 26.32 | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .04 | .01 | .03 | (.05) | (.05) |
Net realized and unrealized gain (loss) | 1.01 | 2.34 | 7.21 | 3.09 | (.15) | 2.81 |
Total from investment operations | 1.05 | 2.38 | 7.22 | 3.12 | (.20) | 2.76 |
Distributions from net realized gain | (.15) | (2.03) | (3.65) | (.09) | (.04) | (.04) |
Net asset value, end of period | $ 27.57 | $ 26.67 | $ 26.32 | $ 22.75 | $ 19.72 | $ 19.96 |
Total ReturnB, C, D | 3.96% | 9.20% | 32.36% | 15.84% | (1.04)% | 16.07% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .89%A | .92% | .94% | 1.01% | 1.08% | 1.14% |
Expenses net of fee waivers, if any | .89%A | .92% | .94% | 1.01% | 1.08% | 1.14% |
Expenses net of all reductions | .89%A | .92% | .94% | 1.00% | 1.07% | 1.13% |
Net investment income (loss) | .29%A | .13% | .02% | .13% | (.23)% | (.28)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 8,354 | $ 8,475 | $ 8,634 | $ 6,459 | $ 5,809 | $ 5,603 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 26.10 | $ 25.84 | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | (.03) | (.06) | (.02) | (.10) | (.09) |
Net realized and unrealized gain (loss) | .98 | 2.31 | 7.11 | 3.04 | (.14) | 2.78 |
Total from investment operations | .99 | 2.28 | 7.05 | 3.02 | (.24) | 2.69 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | (.04) | (.04) | (.03) |
Net asset value, end of period | $ 26.94 | $ 26.10 | $ 25.84 | $ 22.44 | $ 19.46 | $ 19.74 |
Total ReturnB, C, D | 3.82% | 8.98% | 32.05% | 15.52% | (1.25)% | 15.81% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.14%A | 1.17% | 1.18% | 1.25% | 1.32% | 1.38% |
Expenses net of fee waivers, if any | 1.14%A | 1.17% | 1.18% | 1.25% | 1.32% | 1.38% |
Expenses net of all reductions | 1.13%A | 1.17% | 1.18% | 1.24% | 1.32% | 1.38% |
Net investment income (loss) | .04%A | (.11)% | (.22)% | (.11)% | (.48)% | (.52)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2,201 | $ 2,219 | $ 2,134 | $ 1,795 | $ 1,640 | $ 1,756 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 24.24 | $ 24.27 | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.06) | (.16) | (.19) | (.14) | (.20) | (.19) |
Net realized and unrealized gain (loss) | .92 | 2.15 | 6.74 | 2.91 | (.15) | 2.68 |
Total from investment operations | .86 | 1.99 | 6.55 | 2.77 | (.35) | 2.49 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | - | - | (.03) |
Net asset value, end of period | $ 24.95 | $ 24.24 | $ 24.27 | $ 21.37 | $ 18.60 | $ 18.95 |
Total ReturnB, C, D | 3.58% | 8.36% | 31.31% | 14.89% | (1.85)% | 15.14% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.67%A | 1.71% | 1.75% | 1.82% | 1.89% | 1.96% |
Expenses net of fee waivers, if any | 1.67%A | 1.71% | 1.75% | 1.82% | 1.89% | 1.96% |
Expenses net of all reductions | 1.67%A | 1.71% | 1.75% | 1.81% | 1.89% | 1.95% |
Net investment income (loss) | (.49)%A | (.66)% | (.79)% | (.68)% | (1.05)% | (1.10)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 143 | $ 182 | $ 213 | $ 239 | $ 309 | $ 410 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 24.45 | $ 24.45 | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.06) | (.16) | (.18) | (.13) | (.19) | (.17) |
Net realized and unrealized gain (loss) | .92 | 2.18 | 6.79 | 2.92 | (.14) | 2.68 |
Total from investment operations | .86 | 2.02 | 6.61 | 2.79 | (.33) | 2.51 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | - | - | (.03) |
Net asset value, end of period | $ 25.16 | $ 24.45 | $ 24.45 | $ 21.49 | $ 18.70 | $ 19.03 |
Total ReturnB, C, D | 3.55% | 8.43% | 31.41% | 14.92% | (1.73)% | 15.21% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.64%A | 1.67% | 1.69% | 1.75% | 1.83% | 1.88% |
Expenses net of fee waivers, if any | 1.64%A | 1.67% | 1.69% | 1.75% | 1.83% | 1.88% |
Expenses net of all reductions | 1.64%A | 1.67% | 1.69% | 1.75% | 1.82% | 1.88% |
Net investment income (loss) | (.46)%A | (.62)% | (.73)% | (.62)% | (.98)% | (1.02)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,960 | $ 3,889 | $ 3,459 | $ 2,515 | $ 2,133 | $ 2,138 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 27.15 | $ 26.76 | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .11 | .07 | .09 | .01 | (.01) |
Net realized and unrealized gain (loss) | 1.02 | 2.39 | 7.32 | 3.12 | (.15) | 2.85 |
Total from investment operations | 1.10 | 2.50 | 7.39 | 3.21 | (.14) | 2.84 |
Distributions from net investment income | - | (.07) | - | (.02) | - | - |
Distributions from net realized gain | (.15) | (2.04) | (3.65) | (.13) | (.04) | (.09) |
Total distributions | (.15) | (2.11) | (3.65) | (.15) | (.04) | (.09) |
Net asset value, end of period | $ 28.10 | $ 27.15 | $ 26.76 | $ 23.02 | $ 19.96 | $ 20.14 |
Total ReturnB, C | 4.08% | 9.51% | 32.73% | 16.11% | (.73)% | 16.34% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .64%A | .67% | .68% | .74% | .81% | .89% |
Expenses net of fee waivers, if any | .63%A | .67% | .68% | .74% | .81% | .89% |
Expenses net of all reductions | .63%A | .67% | .68% | .74% | .81% | .89% |
Net investment income (loss) | .54%A | .39% | .28% | .39% | .03% | (.04)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 13,089 | $ 13,449 | $ 11,477 | $ 9,898 | $ 7,169 | $ 5,898 |
Portfolio turnover rate F | 49%A | 62% | 79% | 47% | 58% | 47%H |
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
Financial Highlights - Class Z
| Six months ended | Years ended | |
| (Unaudited) | 2014 | 2013 G |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period | $ 27.17 | $ 26.78 | $ 27.42 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D | .09 | .15 | .01 |
Net realized and unrealized gain (loss) | 1.03 | 2.39 | 3.00 |
Total from investment operations | 1.12 | 2.54 | 3.01 |
Distributions from net investment income | - | (.10) | - |
Distributions from net realized gain | (.15) | (2.04) | (3.65) |
Total distributions | (.15) | (2.15)I | (3.65) |
Net asset value, end of period | $ 28.14 | $ 27.17 | $ 26.78 |
Total ReturnB, C | 4.15% | 9.65% | 11.50% |
Ratios to Average Net Assets E, H |
|
|
|
Expenses before reductions | .51%A | .54% | .55%A |
Expenses net of fee waivers, if any | .51%A | .54% | .55%A |
Expenses net of all reductions | .50%A | .53% | .55%A |
Net investment income (loss) | .67%A | .52% | .14%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) | $ 536 | $ 294 | $ 77 |
Portfolio turnover rate F | 49%A | 62% | 79% |
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 August 13, 2013 (commencement of sale of shares) to December 31, 2013.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $2.15 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.041 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, 2015 (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. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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.
During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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
3. Significant Accounting Policies - continued
Investment Valuation - continued
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or Range/ | Impact to |
Corporate | $ 214 | Replacement cost | Recovery rate | 1.0% | Increase |
Equities | $ 682,541 | Discounted cash flow | Free cash flow multiple | 17.7 | Increase |
|
|
| Discount rate | 8.0% | Decrease |
|
| Expected distribution | Recovery rate | 0.0% | Increase |
|
| Last transaction price | Transaction price | $2.85 - $77.46 / $31.06 | Increase |
|
|
| Discount rate | 50.0% | Decrease |
|
|
| Adjusted transaction price | $31.12 | Increase |
|
| Market comparable | EV/EBITDA multiple | 8.3 - 25.2 | Increase |
|
|
| EV/Sales multiple | 1.3 - 12.6 / 8.4 | Increase |
|
|
| Discount rate | 10.0% - 50.0% / 15.4% | Decrease |
|
|
| P/B multiple | 2.3 | Increase |
|
|
| P/E multiple | 14.4 | Increase |
|
|
| EBITDA multiple | 15.9 | Increase |
|
|
| Discount for lack | 15.0% - 30.0% / 15.1% | Decrease |
|
| Partnership NAV | Discount for lack | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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, 2015, including information on transfers between levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes.
Semiannual Report
3. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 8,336,501 |
Gross unrealized depreciation | (473,004) |
Net unrealized appreciation (depreciation) on securities | $ 7,863,497 |
|
|
Tax cost | $ 21,157,918 |
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 | $ (1,979) |
The Fund acquired $1,979 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.
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.
Semiannual Report
4. Purchase and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,804,641 and $8,471,998, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | - % | .25% | $ 10,628 | $ 175 |
Class T | .25% | .25% | 5,576 | 61 |
Class B | .75% | .25% | 819 | 617 |
Class C | .75% | .25% | 19,837 | 2,463 |
|
|
| $ 36,860 | $ 3,316 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 | $ 708 |
Class T | 104 |
Class B* | 29 |
Class C* | 131 |
| $ 972 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 7,724 | .18 |
Class T | 2,007 | .18 |
Class B | 173 | .21 |
Class C | 3,598 | .18 |
Institutional Class | 11,879 | .18 |
Class Z | 103 | .05 |
| $ 25,484 |
|
* Annualized
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser.. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $103 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $22 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 $1,928, including $6 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $283 for the period.
In addition, during the period the following classes were reimbursed and/or waived by the investment adviser for a portion of operating expenses.
| Amount |
Class A | $ 190 |
Class T | 49 |
Class B | 5 |
Class C | 80 |
Institutional Class | 269 |
| $ 593 |
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Institutional Class | - | 30,759 |
Class Z | - | 1,032 |
Total | $ - | $ 31,791 |
From net realized gain |
|
|
Class A | $ 48,422 | $ 606,361 |
Class T | 12,971 | 160,563 |
Class B | 1,089 | 14,434 |
Class C | 24,498 | 297,255 |
Institutional Class | 75,069 | 948,474 |
Class Z | 1,999 | 19,856 |
Total | $ 164,048 | $ 2,046,943 |
Semiannual Report
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 22,108 | 56,480 | $ 601,918 | $ 1,535,803 |
Reinvestment of distributions | 1,725 | 22,207 | 46,522 | 581,082 |
Shares redeemed | (38,550) | (89,074) | (1,052,701) | (2,443,351) |
Net increase (decrease) | (14,717) | (10,387) | $ (404,261) | $ (326,466) |
Class T |
|
|
|
|
Shares sold | 4,387 | 10,880 | $ 116,847 | $ 289,917 |
Reinvestment of distributions | 458 | 5,820 | 12,065 | 149,046 |
Shares redeemed | (8,172) | (14,283) | (217,927) | (381,835) |
Net increase (decrease) | (3,327) | 2,417 | $ (89,015) | $ 57,128 |
Class B |
|
|
|
|
Shares sold | 46 | 194 | $ 1,141 | $ 4,762 |
Reinvestment of distributions | 40 | 541 | 977 | 12,886 |
Shares redeemed | (1,846) | (1,988) | (45,619) | (49,648) |
Net increase (decrease) | (1,760) | (1,253) | $ (43,501) | $ (32,000) |
Class C |
|
|
|
|
Shares sold | 9,873 | 25,077 | $ 245,575 | $ 628,846 |
Reinvestment of distributions | 825 | 10,237 | 20,353 | 245,714 |
Shares redeemed | (12,399) | (17,713) | (309,538) | (446,482) |
Net increase (decrease) | (1,701) | 17,601 | $ (43,610) | $ 428,078 |
Institutional Class |
|
|
|
|
Shares sold | 52,335 | 132,665 | $ 1,452,906 | $ 3,697,269 |
Reinvestment of distributions | 2,337 | 30,790 | 64,161 | 819,710 |
Shares redeemed | (84,272) | (97,045) | (2,338,883) | (2,684,332) |
Net increase (decrease) | (29,600) | 66,410 | $ (821,816) | $ 1,832,647 |
Class Z |
|
|
|
|
Shares sold | 9,336 | 8,291 | $ 261,022 | $ 229,233 |
Reinvestment of distributions | 72 | 772 | 1,975 | 20,561 |
Shares redeemed | (1,185) | (1,117) | (33,109) | (31,203) |
Net increase (decrease) | 8,223 | 7,946 | $ 229,888 | $ 218,591 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
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-0815 1.803544.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor ®
New Insights
Fund - Class Z
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .89% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.60 | $ 4.50 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.38 | $ 4.46 |
Class T | 1.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.20 | $ 5.76 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.14 | $ 5.71 |
Class B | 1.67% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.80 | $ 8.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.51 | $ 8.35 |
Class C | 1.64% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.50 | $ 8.28 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Institutional Class | .63% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.80 | $ 3.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.67 | $ 3.16 |
Class Z | .51% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.50 | $ 2.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Facebook, Inc. Class A | 3.5 | 2.7 |
Wells Fargo & Co. | 2.8 | 2.7 |
Bank of America Corp. | 2.0 | 2.4 |
Visa, Inc. Class A | 1.9 | 1.6 |
JPMorgan Chase & Co. | 1.8 | 1.8 |
Starbucks Corp. | 1.8 | 1.4 |
Berkshire Hathaway, Inc. Class A | 1.6 | 1.8 |
The Walt Disney Co. | 1.5 | 1.3 |
Amphenol Corp. Class A | 1.5 | 1.3 |
NIKE, Inc. Class B | 1.3 | 1.2 |
| 19.7 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 22.2 | 21.5 |
Financials | 18.4 | 21.1 |
Consumer Discretionary | 16.7 | 13.7 |
Health Care | 15.1 | 17.8 |
Consumer Staples | 7.0 | 7.8 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 95.4% |
| ![]() | Stocks 97.3% |
| ||
![]() | Bonds† 0.0% |
| ![]() | Bonds† 0.0% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 12.9% |
| ** Foreign investments | 12.4% |
|
†Amount represents less than 0.1% |
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 16.5% | |||
Auto Components - 0.0% | |||
Delphi Automotive PLC | 132,600 | $ 11,283 | |
Motherson Sumi Systems Ltd. | 353,585 | 2,886 | |
| 14,169 | ||
Automobiles - 1.2% | |||
General Motors Co. | 2,408,500 | 80,275 | |
Tesla Motors, Inc. (a)(e) | 978,224 | 262,418 | |
| 342,693 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 196,300 | 11,346 | |
Hotels, Restaurants & Leisure - 5.1% | |||
ARAMARK Holdings Corp. | 6,448,600 | 199,713 | |
Cara Operations Ltd. (a) | 102,000 | 2,817 | |
Chipotle Mexican Grill, Inc. (a) | 286,724 | 173,465 | |
Darden Restaurants, Inc. | 344,100 | 24,459 | |
Domino's Pizza, Inc. | 1,442,218 | 163,548 | |
Dunkin' Brands Group, Inc. | 969,231 | 53,308 | |
Hilton Worldwide Holdings, Inc. (a) | 886,200 | 24,415 | |
Marriott International, Inc. Class A | 1,689,336 | 125,670 | |
Papa John's International, Inc. | 6,600 | 499 | |
Starbucks Corp. | 9,386,898 | 503,279 | |
Whitbread PLC | 2,054,781 | 159,685 | |
Wingstop, Inc. | 50,200 | 1,426 | |
Zoe's Kitchen, Inc. (a)(e) | 75,900 | 3,107 | |
| 1,435,391 | ||
Household Durables - 0.7% | |||
D.R. Horton, Inc. | 4,193,824 | 114,743 | |
Harman International Industries, Inc. | 236,468 | 28,126 | |
Leggett & Platt, Inc. | 177,700 | 8,650 | |
Lennar Corp. Class A | 167,500 | 8,549 | |
Mohawk Industries, Inc. (a) | 130,324 | 24,879 | |
Sony Corp. | 565,100 | 16,047 | |
| 200,994 | ||
Internet & Catalog Retail - 1.6% | |||
Amazon.com, Inc. (a) | 381,640 | 165,666 | |
ASOS PLC (a)(e) | 99,100 | 6,040 | |
Etsy, Inc. (e) | 764,751 | 10,745 | |
Netflix, Inc. (a) | 95,300 | 62,606 | |
Priceline Group, Inc. (a) | 165,317 | 190,341 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Internet & Catalog Retail - continued | |||
TripAdvisor, Inc. (a) | 32,700 | $ 2,849 | |
Wayfair LLC Class A | 22,100 | 832 | |
| 439,079 | ||
Leisure Products - 0.1% | |||
Mattel, Inc. | 614,100 | 15,776 | |
Media - 3.4% | |||
Charter Communications, Inc. Class A (a)(e) | 175,700 | 30,089 | |
Comcast Corp. Class A | 2,680,200 | 161,187 | |
DISH Network Corp. Class A (a) | 40,700 | 2,756 | |
Entertainment One Ltd. | 75,701 | 423 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 493,935 | 19,175 | |
Legend Pictures LLC (a)(g)(h) | 13,925 | 32,919 | |
Liberty Broadband Corp. Class A (a) | 108,100 | 5,510 | |
Liberty Global PLC Class A (a) | 1,956,705 | 105,799 | |
Liberty Media Corp. Class A (a) | 74,900 | 2,699 | |
Lions Gate Entertainment Corp. | 378,566 | 14,026 | |
Naspers Ltd. Class N | 119,300 | 18,582 | |
Rightmove PLC | 165,322 | 8,512 | |
Starz Series A (a) | 218,000 | 9,749 | |
The Walt Disney Co. | 3,828,838 | 437,024 | |
Time Warner, Inc. | 65,900 | 5,760 | |
Viacom, Inc. Class B (non-vtg.) | 1,531,400 | 98,990 | |
Weinstein Co. Holdings LLC Class A-1 (a)(g)(h) | 2,267 | 644 | |
| 953,844 | ||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 521,700 | 41,209 | |
Dollarama, Inc. | 503,900 | 30,541 | |
| 71,750 | ||
Specialty Retail - 2.1% | |||
AutoNation, Inc. (a) | 89,900 | 5,662 | |
AutoZone, Inc. (a) | 84,134 | 56,109 | |
Cabela's, Inc. Class A (a)(e) | 761,200 | 38,045 | |
DavidsTea, Inc. | 35,500 | 763 | |
Foot Locker, Inc. | 271,700 | 18,207 | |
Home Depot, Inc. | 699,000 | 77,680 | |
O'Reilly Automotive, Inc. (a) | 338,716 | 76,543 | |
Restoration Hardware Holdings, Inc. (a) | 243 | 24 | |
Signet Jewelers Ltd. | 255,700 | 32,791 | |
TJX Companies, Inc. | 3,936,167 | 260,456 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 200,100 | $ 30,905 | |
Williams-Sonoma, Inc. | 35,300 | 2,904 | |
| 600,089 | ||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Brunello Cucinelli SpA (e) | 1,809,352 | 33,888 | |
China Hongxing Sports Ltd. (a) | 6,000,000 | 256 | |
Hermes International SCA | 269,900 | 100,680 | |
NIKE, Inc. Class B | 3,516,989 | 379,905 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 724,838 | 60,480 | |
| 575,209 | ||
TOTAL CONSUMER DISCRETIONARY | 4,660,340 | ||
CONSUMER STAPLES - 6.9% | |||
Beverages - 1.0% | |||
Boston Beer Co., Inc. Class A (a) | 376,003 | 87,229 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 1,590,100 | 184,483 | |
| 271,712 | ||
Food & Staples Retailing - 2.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 382,200 | 16,350 | |
Costco Wholesale Corp. | 1,142,825 | 154,350 | |
CVS Health Corp. | 3,556,877 | 373,045 | |
Diplomat Pharmacy, Inc. (e) | 423,900 | 18,970 | |
Sprouts Farmers Market LLC (a) | 197,605 | 5,331 | |
Tesco PLC | 27,802,300 | 92,631 | |
| 660,677 | ||
Food Products - 1.6% | |||
Associated British Foods PLC | 3,502,192 | 157,986 | |
Kraft Foods Group, Inc. | 33,600 | 2,861 | |
Mead Johnson Nutrition Co. Class A | 1,866,100 | 168,360 | |
Mondelez International, Inc. | 1,889,943 | 77,752 | |
Pinnacle Foods, Inc. | 315,600 | 14,372 | |
The Hain Celestial Group, Inc. (a) | 416,500 | 27,431 | |
| 448,762 | ||
Household Products - 0.7% | |||
Colgate-Palmolive Co. | 2,877,849 | 188,240 | |
Procter & Gamble Co. | 191,500 | 14,983 | |
| 203,223 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - continued | |||
Personal Products - 1.3% | |||
Coty, Inc. Class A | 109,300 | $ 3,494 | |
Estee Lauder Companies, Inc. Class A | 3,264,444 | 282,897 | |
Hengan International Group Co. Ltd. | 238,500 | 2,834 | |
L'Oreal SA | 445,101 | 79,395 | |
| 368,620 | ||
TOTAL CONSUMER STAPLES | 1,952,994 | ||
ENERGY - 6.3% | |||
Energy Equipment & Services - 1.5% | |||
Oceaneering International, Inc. | 1,798,799 | 83,806 | |
Schlumberger Ltd. | 4,023,423 | 346,779 | |
| 430,585 | ||
Oil, Gas & Consumable Fuels - 4.8% | |||
Anadarko Petroleum Corp. | 2,142,246 | 167,224 | |
Antero Resources Corp. (a)(e) | 3,359,456 | 115,364 | |
Birchcliff Energy Ltd. (a) | 50,300 | 281 | |
Birchcliff Energy Ltd. (a)(f) | 585,400 | 3,267 | |
Cabot Oil & Gas Corp. | 4,152,780 | 130,979 | |
Chevron Corp. | 2,841,100 | 274,081 | |
Concho Resources, Inc. (a) | 78,980 | 8,993 | |
ConocoPhillips Co. | 1,000,000 | 61,410 | |
EOG Resources, Inc. | 2,413,860 | 211,333 | |
Golar LNG Ltd. | 1,200,000 | 56,160 | |
Kinder Morgan, Inc. | 449,000 | 17,237 | |
Marathon Petroleum Corp. | 503,900 | 26,359 | |
Memorial Resource Development Corp. | 1,226,100 | 23,259 | |
Noble Energy, Inc. | 2,985,961 | 127,441 | |
Pioneer Natural Resources Co. | 553,300 | 76,737 | |
Tesoro Corp. | 193,400 | 16,325 | |
Valero Energy Corp. | 370,800 | 23,212 | |
| 1,339,662 | ||
TOTAL ENERGY | 1,770,247 | ||
FINANCIALS - 18.3% | |||
Banks - 9.0% | |||
Bank of America Corp. | 32,496,427 | 553,089 | |
Bank of Ireland (a) | 248,940,628 | 100,640 | |
Citigroup, Inc. | 1,211,600 | 66,929 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Banks - continued | |||
HDFC Bank Ltd. sponsored ADR | 1,938,472 | $ 117,336 | |
JPMorgan Chase & Co. | 7,618,400 | 516,223 | |
Kotak Mahindra Bank Ltd. | 136,517 | 2,977 | |
Metro Bank PLC Class A (a)(h) | 419,395 | 9,568 | |
PNC Financial Services Group, Inc. | 1,177,489 | 112,627 | |
U.S. Bancorp | 6,073,814 | 263,604 | |
Virgin Money Holdings Uk PLC (a) | 2,335,800 | 16,167 | |
Wells Fargo & Co. | 14,093,656 | 792,627 | |
| 2,551,787 | ||
Capital Markets - 3.0% | |||
Ameriprise Financial, Inc. | 365,439 | 45,654 | |
BlackRock, Inc. Class A | 490,046 | 169,546 | |
Charles Schwab Corp. | 4,648,264 | 151,766 | |
Goldman Sachs Group, Inc. | 299,716 | 62,578 | |
KKR & Co. LP | 1,570,300 | 35,881 | |
Morgan Stanley | 7,907,377 | 306,727 | |
Oaktree Capital Group LLC Class A | 1,290,176 | 68,612 | |
| 840,764 | ||
Consumer Finance - 0.0% | |||
Credit Acceptance Corp. (a) | 6,700 | 1,649 | |
Diversified Financial Services - 2.0% | |||
Berkshire Hathaway, Inc. Class A (a) | 2,238 | 458,454 | |
McGraw Hill Financial, Inc. | 984,800 | 98,923 | |
| 557,377 | ||
Insurance - 3.2% | |||
ACE Ltd. | 658,995 | 67,007 | |
AIA Group Ltd. | 27,856,000 | 182,375 | |
American International Group, Inc. | 5,339,500 | 330,088 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 159,000 | 78,403 | |
Marsh & McLennan Companies, Inc. | 1,451,541 | 82,302 | |
The Chubb Corp. | 1,370,036 | 130,345 | |
The Travelers Companies, Inc. | 423,763 | 40,961 | |
| 911,481 | ||
Real Estate Investment Trusts - 0.6% | |||
American Tower Corp. | 1,441,475 | 134,475 | |
Equity Residential (SBI) | 519,200 | 36,432 | |
| 170,907 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
FINANCIALS - continued | |||
Real Estate Management & Development - 0.5% | |||
Realogy Holdings Corp. (a) | 2,812,300 | $ 131,391 | |
TOTAL FINANCIALS | 5,165,356 | ||
HEALTH CARE - 14.9% | |||
Biotechnology - 4.0% | |||
Agios Pharmaceuticals, Inc. (a)(e) | 846,562 | 94,087 | |
Amgen, Inc. | 1,025,049 | 157,366 | |
Biogen, Inc. (a) | 619,786 | 250,356 | |
BioMarin Pharmaceutical, Inc. (a) | 104,600 | 14,307 | |
bluebird bio, Inc. (a) | 133,800 | 22,528 | |
Blueprint Medicines Corp. | 45,300 | 1,200 | |
Celgene Corp. (a) | 1,270,300 | 147,018 | |
Cellectis SA sponsored ADR | 162,900 | 5,877 | |
Cidara Therapeutics, Inc. | 88,300 | 1,238 | |
Coherus BioSciences, Inc. | 54,100 | 1,563 | |
Dyax Corp. (a) | 469,600 | 12,444 | |
Genmab A/S (a) | 38,800 | 3,374 | |
Gilead Sciences, Inc. | 2,584,520 | 302,596 | |
Insmed, Inc. (a) | 136,900 | 3,343 | |
Karyopharm Therapeutics, Inc. (a) | 8,801 | 239 | |
Light Sciences Oncology, Inc. (a) | 2,708,254 | 0 | |
Medivation, Inc. (a) | 429,792 | 49,082 | |
Receptos, Inc. (a) | 244,700 | 46,505 | |
Repligen Corp. (a) | 169,600 | 6,999 | |
Sage Therapeutics, Inc. | 35,000 | 2,555 | |
TESARO, Inc. (a) | 27,400 | 1,611 | |
| 1,124,288 | ||
Health Care Equipment & Supplies - 2.4% | |||
Align Technology, Inc. (a) | 1,632,258 | 102,359 | |
Becton, Dickinson & Co. | 318,496 | 45,115 | |
Boston Scientific Corp. (a) | 9,534,924 | 168,768 | |
C.R. Bard, Inc. | 17,000 | 2,902 | |
DexCom, Inc. (a) | 668,038 | 53,430 | |
Edwards Lifesciences Corp. (a) | 308,300 | 43,911 | |
I-Pulse, Inc. (a) | 58,562 | 504 | |
ICU Medical, Inc. (a) | 29,800 | 2,851 | |
Medtronic PLC | 1,243,700 | 92,158 | |
Nevro Corp. | 49,504 | 2,661 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
HEALTH CARE - continued | |||
Health Care Equipment & Supplies - continued | |||
The Cooper Companies, Inc. | 592,851 | $ 105,510 | |
Zimmer Biomet Holdings, Inc. | 676,169 | 73,858 | |
| 694,027 | ||
Health Care Providers & Services - 3.1% | |||
Aetna, Inc. | 849,648 | 108,296 | |
AmerisourceBergen Corp. | 179,000 | 19,035 | |
Anthem, Inc. | 592,500 | 97,253 | |
Cigna Corp. | 563,100 | 91,222 | |
HCA Holdings, Inc. (a) | 474,500 | 43,047 | |
Henry Schein, Inc. (a) | 1,279,962 | 181,908 | |
Team Health Holdings, Inc. (a) | 46,700 | 3,051 | |
Teladoc, Inc. | 68,800 | 1,307 | |
UnitedHealth Group, Inc. | 2,426,400 | 296,021 | |
Universal Health Services, Inc. Class B | 253,400 | 36,008 | |
| 877,148 | ||
Health Care Technology - 0.7% | |||
Castlight Health, Inc. | 1,325,100 | 10,786 | |
Cerner Corp. (a) | 2,535,730 | 175,118 | |
| 185,904 | ||
Life Sciences Tools & Services - 2.1% | |||
Eurofins Scientific SA | 460,684 | 140,262 | |
Illumina, Inc. (a) | 290,251 | 63,379 | |
Mettler-Toledo International, Inc. (a) | 536,798 | 183,295 | |
Thermo Fisher Scientific, Inc. | 1,311,935 | 170,237 | |
Waters Corp. (a) | 358,012 | 45,962 | |
| 603,135 | ||
Pharmaceuticals - 2.6% | |||
Astellas Pharma, Inc. | 7,127,800 | 101,659 | |
Bristol-Myers Squibb Co. | 3,164,400 | 210,559 | |
Johnson & Johnson | 1,519,356 | 148,076 | |
Novartis AG sponsored ADR | 140,800 | 13,846 | |
Novo Nordisk A/S Series B | 1,430,301 | 78,488 | |
Perrigo Co. PLC | 518,185 | 95,776 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,489,700 | 88,041 | |
| 736,445 | ||
TOTAL HEALTH CARE | 4,220,947 | ||
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - 6.4% | |||
Aerospace & Defense - 0.8% | |||
Esterline Technologies Corp. (a) | 305,800 | $ 29,155 | |
Teledyne Technologies, Inc. (a) | 269,600 | 28,445 | |
The Boeing Co. | 812,164 | 112,663 | |
TransDigm Group, Inc. | 292,200 | 65,649 | |
| 235,912 | ||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 332,600 | 20,751 | |
FedEx Corp. | 796,010 | 135,640 | |
XPO Logistics, Inc. (a)(e) | 113,600 | 5,132 | |
| 161,523 | ||
Airlines - 0.9% | |||
Ryanair Holdings PLC sponsored ADR | 2,168,295 | 154,708 | |
Southwest Airlines Co. | 2,833,500 | 93,761 | |
| 248,469 | ||
Building Products - 0.5% | |||
Fortune Brands Home & Security, Inc. | 947,708 | 43,424 | |
Toto Ltd. | 6,114,000 | 110,205 | |
| 153,629 | ||
Industrial Conglomerates - 0.7% | |||
Danaher Corp. | 1,201,668 | 102,851 | |
General Electric Co. | 3,970,200 | 105,488 | |
| 208,339 | ||
Machinery - 0.4% | |||
Deere & Co. | 469,000 | 45,516 | |
Fanuc Corp. | 39,100 | 8,013 | |
Minebea Ltd. | 503,000 | 8,306 | |
PACCAR, Inc. | 604,713 | 38,587 | |
Snap-On, Inc. | 14,100 | 2,245 | |
| 102,667 | ||
Professional Services - 0.5% | |||
Equifax, Inc. | 205,098 | 19,913 | |
Robert Half International, Inc. | 388,500 | 21,562 | |
Verisk Analytics, Inc. (a) | 1,361,595 | 99,070 | |
| 140,545 | ||
Road & Rail - 1.2% | |||
Canadian Pacific Railway Ltd. (e) | 1,002,132 | 160,486 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INDUSTRIALS - continued | |||
Road & Rail - continued | |||
J.B. Hunt Transport Services, Inc. | 792,030 | $ 65,018 | |
Union Pacific Corp. | 1,044,532 | 99,617 | |
| 325,121 | ||
Trading Companies & Distributors - 0.8% | |||
Air Lease Corp.: | |||
Class A (f) | 320,800 | 10,875 | |
Class A | 2,403,511 | 81,479 | |
United Rentals, Inc. (a) | 1,573,200 | 137,844 | |
| 230,198 | ||
TOTAL INDUSTRIALS | 1,806,403 | ||
INFORMATION TECHNOLOGY - 21.5% | |||
Communications Equipment - 0.4% | |||
CommScope Holding Co., Inc. (a) | 361,040 | 11,015 | |
F5 Networks, Inc. (a) | 38,545 | 4,639 | |
QUALCOMM, Inc. | 1,580,700 | 98,999 | |
| 114,653 | ||
Electronic Equipment & Components - 1.7% | |||
Amphenol Corp. Class A | 7,296,972 | 423,005 | |
CDW Corp. | 802,900 | 27,523 | |
Fitbit, Inc. | 212,500 | 8,124 | |
IPG Photonics Corp. (a)(e) | 176,700 | 15,050 | |
Keyence Corp. | 20,400 | 11,011 | |
| 484,713 | ||
Internet Software & Services - 6.7% | |||
Akamai Technologies, Inc. (a) | 1,911,700 | 133,475 | |
Alibaba Group Holding Ltd. sponsored ADR | 95,600 | 7,865 | |
Cimpress NV (a) | 167,636 | 14,108 | |
Dropbox, Inc. (a)(h) | 1,289,836 | 20,986 | |
eBay, Inc. (a) | 278,500 | 16,777 | |
Endurance International Group Holdings, Inc. (a) | 3,983,000 | 82,289 | |
Facebook, Inc. Class A (a) | 11,387,459 | 976,650 | |
GoDaddy, Inc. (a) | 1,418,900 | 39,999 | |
Google, Inc.: | |||
Class A (a) | 401,046 | 216,581 | |
Class C | 440,898 | 229,492 | |
JUST EAT Ltd. (a) | 1,707,625 | 10,915 | |
LendingClub Corp. (e) | 1,087,740 | 16,044 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
LogMeIn, Inc. (a) | 184,125 | $ 11,874 | |
Shopify, Inc. Class A | 36,700 | 1,245 | |
Shutterstock, Inc. (a)(e) | 540,350 | 31,686 | |
SurveyMonkey (h) | 2,069,881 | 32,746 | |
Tencent Holdings Ltd. | 477,200 | 9,542 | |
Yahoo!, Inc. (a) | 1,036,624 | 40,729 | |
| 1,893,003 | ||
IT Services - 5.9% | |||
Alliance Data Systems Corp. (a) | 394,559 | 115,188 | |
ASAC II LP (a)(h) | 9,408,021 | 152,824 | |
Cognizant Technology Solutions Corp. Class A (a) | 1,107,500 | 67,657 | |
Fidelity National Information Services, Inc. | 1,443,730 | 89,223 | |
Fiserv, Inc. (a) | 1,577,692 | 130,680 | |
FleetCor Technologies, Inc. (a) | 340,500 | 53,138 | |
Gartner, Inc. Class A (a) | 645,700 | 55,388 | |
IBM Corp. | 889,000 | 144,605 | |
MasterCard, Inc. Class A | 2,430,035 | 227,160 | |
Total System Services, Inc. | 2,534,960 | 105,885 | |
Visa, Inc. Class A | 7,836,496 | 526,221 | |
| 1,667,969 | ||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Analog Devices, Inc. | 801,500 | 51,444 | |
ARM Holdings PLC | 168,000 | 2,749 | |
ASML Holding NV | 26,200 | 2,728 | |
Avago Technologies Ltd. | 1,062,645 | 141,257 | |
Broadcom Corp. Class A | 901,400 | 46,413 | |
Cavium, Inc. (a) | 133,300 | 9,172 | |
Freescale Semiconductor, Inc. (a) | 1,883,730 | 75,293 | |
Inphi Corp. (a) | 106,758 | 2,440 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(e) | 688,479 | 26,334 | |
NXP Semiconductors NV (a) | 707,000 | 69,427 | |
Qorvo, Inc. (a) | 647,564 | 51,980 | |
Skyworks Solutions, Inc. | 577,900 | 60,159 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,091,800 | 24,795 | |
| 564,191 | ||
Software - 3.8% | |||
Activision Blizzard, Inc. | 1,455,453 | 35,237 | |
Adobe Systems, Inc. (a) | 1,589,361 | 128,754 | |
Check Point Software Technologies Ltd. (a) | 118,712 | 9,444 | |
Electronic Arts, Inc. (a) | 575,700 | 38,284 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Fleetmatics Group PLC (a) | 71,629 | $ 3,354 | |
Informatica Corp. (a) | 197,800 | 9,587 | |
Intuit, Inc. | 1,105,000 | 111,351 | |
Microsoft Corp. | 2,871,613 | 126,782 | |
Mobileye NV (a) | 1,844,320 | 98,062 | |
NetSuite, Inc. (a) | 611,589 | 56,113 | |
Qlik Technologies, Inc. (a) | 762,024 | 26,640 | |
Red Hat, Inc. (a) | 280,503 | 21,299 | |
Salesforce.com, Inc. (a) | 4,417,412 | 307,584 | |
ServiceNow, Inc. (a) | 35,500 | 2,638 | |
Symantec Corp. | 395,500 | 9,195 | |
Tableau Software, Inc. (a) | 180,200 | 20,777 | |
Trion World Network, Inc.: | |||
warrants 8/10/17 (a)(h) | 18,952 | 0* | |
warrants 10/3/18 (a)(h) | 27,736 | 0* | |
Ultimate Software Group, Inc. (a) | 339,566 | 55,804 | |
Workday, Inc. Class A (a) | 35,800 | 2,735 | |
| 1,063,640 | ||
Technology Hardware, Storage & Peripherals - 1.0% | |||
Apple, Inc. | 1,798,100 | 225,527 | |
First Data Holdings, Inc. Class B (h) | 15,456,860 | 72,802 | |
| 298,329 | ||
TOTAL INFORMATION TECHNOLOGY | 6,086,498 | ||
MATERIALS - 4.6% | |||
Chemicals - 3.3% | |||
Air Products & Chemicals, Inc. | 158,100 | 21,633 | |
Airgas, Inc. | 778,700 | 82,371 | |
Celanese Corp. Class A | 58,900 | 4,234 | |
CF Industries Holdings, Inc. | 1,135,000 | 72,958 | |
Ecolab, Inc. | 748,313 | 84,612 | |
LyondellBasell Industries NV Class A | 1,034,500 | 107,091 | |
Monsanto Co. | 1,029,567 | 109,742 | |
Olin Corp. (e) | 215,280 | 5,802 | |
PPG Industries, Inc. | 2,211,162 | 253,665 | |
Sherwin-Williams Co. | 702,236 | 193,129 | |
| 935,237 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 151,200 | 21,396 | |
Common Stocks - continued | |||
Shares | Value (000s) | ||
MATERIALS - continued | |||
Containers & Packaging - 0.6% | |||
Ball Corp. | 321,200 | $ 22,532 | |
MeadWestvaco Corp. | 247,401 | 11,675 | |
Rock-Tenn Co. Class A | 1,731,846 | 104,257 | |
Sealed Air Corp. | 656,300 | 33,721 | |
| 172,185 | ||
Metals & Mining - 0.3% | |||
B2Gold Corp. (a) | 20,610,932 | 31,519 | |
Barrick Gold Corp. | 229,800 | 2,456 | |
Franco-Nevada Corp. | 640,261 | 30,537 | |
GoviEx Uranium, Inc. (a) | 851,865 | 89 | |
GoviEx Uranium, Inc. (f) | 23,200 | 2 | |
GoviEx Uranium, Inc. (f) | 2,625,135 | 273 | |
Ivanhoe Mines Ltd. (a) | 855,400 | 616 | |
Novagold Resources, Inc. (a) | 760,612 | 2,613 | |
Randgold Resources Ltd. sponsored ADR | 30,265 | 2,026 | |
Tahoe Resources, Inc. | 1,708,174 | 20,706 | |
| 90,837 | ||
Paper & Forest Products - 0.3% | |||
International Paper Co. | 1,825,883 | 86,894 | |
TOTAL MATERIALS | 1,306,549 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. (a) | 311,700 | 12,085 | |
TOTAL COMMON STOCKS (Cost $19,208,227) |
| ||
Convertible Preferred Stocks - 1.3% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.2% | |||
Household Durables - 0.2% | |||
Blu Homes, Inc. Series A, 5.00% (a)(h) | 7,091,632 | 47,585 | |
Media - 0.0% | |||
Mode Media Corp. Series M-1, 8.00% (a)(h) | 165,366 | 296 | |
TOTAL CONSUMER DISCRETIONARY | 47,881 | ||
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(h) | 1,110,537 | $ 14,800 | |
FINANCIALS - 0.1% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (h) | 10,791,166 | 30,726 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
23andMe, Inc. Series E (h) | 166,247 | 1,800 | |
Intarcia Therapeutics, Inc. Series CC (a)(h) | 516,522 | 16,074 | |
| 17,874 | ||
Life Sciences Tools & Services - 0.1% | |||
Living Proof, Inc. 8.00% (a)(h) | 10,369,703 | 30,383 | |
TOTAL HEALTH CARE | 48,257 | ||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (h) | 145,254 | 11,251 | |
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.6% | |||
Dropbox, Inc.: | |||
Series A (a)(h) | 299,518 | 4,873 | |
Series C (a)(h) | 161,770 | 2,632 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(h) | 2,640,631 | 94,787 | |
Series F, 8.00% (h) | 1,761,729 | 63,238 | |
Series G, 8.00% (h) | 335,293 | 12,035 | |
| 177,565 | ||
IT Services - 0.0% | |||
Nutanix, Inc. Series E (h) | 783,938 | 13,217 | |
Software - 0.1% | |||
Cloudera, Inc. Series F (a)(h) | 312,284 | 6,692 | |
Trion World Network, Inc.: | |||
Series C, 8.00% (a)(h) | 602,295 | 349 | |
Series C-1, 8.00% (a)(h) | 47,380 | 27 | |
Convertible Preferred Stocks - continued | |||
Shares | Value (000s) | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Trion World Network, Inc.: - continued | |||
Series D, 8.00% (a)(h) | 50,840 | $ 29 | |
Twilio, Inc. Series E (h) | 751,240 | 8,497 | |
| 15,594 | ||
TOTAL INFORMATION TECHNOLOGY | 206,376 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $233,796) |
|
Corporate Bonds - 0.0% | ||||
| Principal |
| ||
Convertible Bonds - 0.0% | ||||
INFORMATION TECHNOLOGY - 0.0% | ||||
Software - 0.0% | ||||
Trion World Network, Inc. 15% 10/10/15 pay-in-kind (h) | $ 199 | 214 | ||
Nonconvertible Bonds - 0.0% | ||||
FINANCIALS - 0.0% | ||||
Banks - 0.0% | ||||
Bank of Ireland 10% 7/30/16 | EUR | 3,571 | 4,230 | |
TOTAL CORPORATE BONDS (Cost $4,895) |
|
Money Market Funds - 5.9% | |||
Shares | Value (000s) | ||
Fidelity Cash Central Fund, 0.15% (b) | 951,364,874 | $ 951,365 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 724,895,565 | 724,896 | |
TOTAL MONEY MARKET FUNDS (Cost $1,676,261) |
| ||
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $21,123,179) | 29,021,415 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (738,012) | ||
NET ASSETS - 100% | $ 28,283,403 |
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) 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 $14,417,000 or 0.1% of net assets. |
(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(h) 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 $681,994,000 or 2.4% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
23andMe, Inc. Series E | 6/18/15 | $ 1,800 |
ASAC II LP | 10/10/13 | $ 94,080 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $ 32,763 |
Security | Acquisition Date | Acquisition Cost (000s) |
Blue Apron, Inc. Series D | 5/18/15 | $ 14,800 |
Cloudera, Inc. Series F | 2/5/14 | $ 4,547 |
Dropbox, Inc. | 5/2/12 | $ 11,672 |
Dropbox, Inc. Series A | 5/29/12 | $ 2,710 |
Dropbox, Inc. Series C | 1/30/14 | $ 3,090 |
First Data Holdings, Inc. Class B | 6/26/14 | $ 61,827 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $ 7,040 |
Legend Pictures LLC | 9/23/10 - 6/10/15 | $ 18,474 |
Living Proof, Inc. 8.00% | 2/13/13 | $ 18,400 |
Metro Bank PLC Class A | 5/21/12 - 12/6/13 | $ 7,616 |
Mode Media Corp. Series M-1, 8.00% | 3/19/08 | $ 3,508 |
Nutanix, Inc. Series E | 8/26/14 | $ 10,502 |
Oportun Finance Corp. Series H | 2/6/15 | $ 30,726 |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 38,370 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 29,923 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 12,035 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 11,251 |
SurveyMonkey | 12/15/14 | $ 34,050 |
Security | Acquisition Date | Acquisition Cost (000s) |
Trion World Network, Inc. warrants 8/10/17 | 8/10/10 | $ 0* |
Trion World Network, Inc. warrants 10/3/18 | 10/10/13 | $ 0* |
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 |
Trion World Network, Inc. Series D, 8.00% | 3/20/13 | $ 267 |
Trion World Network, Inc. 15% 10/10/15 pay-in-kind | 10/10/13 - 10/10/14 | $ 199 |
Twilio, Inc. Series E | 4/24/15 | $ 8,497 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $ 2,299 |
* 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 | $ 328 |
Fidelity Securities Lending Cash Central Fund | 1,928 |
Total | $ 2,256 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 4,708,221 | $ 4,610,474 | $ 16,047 | $ 81,700 |
Consumer Staples | 1,967,794 | 1,860,363 | 92,631 | 14,800 |
Energy | 1,770,247 | 1,770,247 | - | - |
Financials | 5,196,082 | 5,055,148 | 100,640 | 40,294 |
Health Care | 4,269,204 | 4,141,955 | 78,488 | 48,761 |
Industrials | 1,817,654 | 1,806,403 | - | 11,251 |
Information Technology | 6,292,874 | 5,794,849 | 12,291 | 485,734 |
Materials | 1,306,549 | 1,306,549 | - | - |
Telecommunication Services | 12,085 | 12,085 | - | - |
Corporate Bonds | 4,444 | - | 4,230 | 214 |
Money Market Funds | 1,676,261 | 1,676,261 | - | - |
Total Investments in Securities: | $ 29,021,415 | $ 28,034,334 | $ 304,327 | $ 682,754 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended June 30, 2015. 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 | $ 324,916 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
(Amounts in thousands) |
|
Investments in Securities: | |
Equities - Information Technology | |
Beginning Balance | $ 334,440 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 130,762 |
Cost of Purchases | 20,532 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 485,734 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 130,762 |
Other Investments in Securities | |
Beginning Balance | $ 138,746 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | (4,371) |
Cost of Purchases | 64,152 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | (1,507) |
Ending Balance | $ 197,020 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ (4,371) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 87.1% |
United Kingdom | 2.0% |
Ireland | 1.6% |
Canada | 1.5% |
Curacao | 1.2% |
Netherlands | 1.1% |
Others (Individually Less Than 1%) | 5.5% |
| 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $707,853) - See accompanying schedule: Unaffiliated issuers (cost $19,446,918) | $ 27,345,154 |
|
Fidelity Central Funds (cost $1,676,261) | 1,676,261 |
|
Total Investments (cost $21,123,179) |
| $ 29,021,415 |
Receivable for investments sold | 101,626 | |
Receivable for fund shares sold | 21,062 | |
Dividends receivable | 18,668 | |
Interest receivable | 366 | |
Distributions receivable from Fidelity Central Funds | 522 | |
Other receivables | 665 | |
Total assets | 29,164,324 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 67 | |
Payable for investments purchased | 89,234 | |
Payable for fund shares redeemed | 43,579 | |
Accrued management fee | 11,869 | |
Distribution and service plan fees payable | 6,166 | |
Other affiliated payables | 4,423 | |
Other payables and accrued expenses | 687 | |
Collateral on securities loaned, at value | 724,896 | |
Total liabilities | 880,921 | |
|
|
|
Net Assets | $ 28,283,403 | |
Net Assets consist of: |
| |
Paid in capital | $ 19,400,959 | |
Undistributed net investment income | 39,948 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 944,216 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 7,898,280 | |
Net Assets | $ 28,283,403 |
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, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($8,354,313 ÷ 302,992 shares) | $ 27.57 | |
|
|
|
Maximum offering price per share (100/94.25 of $27.57) | $ 29.25 | |
Class T: | ||
Net Asset Value and redemption price per share ($2,200,705 ÷ 81,689 shares) | $ 26.94 | |
|
|
|
Maximum offering price per share (100/96.50 of $26.94) | $ 27.92 | |
Class B: | ||
Net Asset Value and offering price per share ($143,286 ÷ 5,743 shares)A | $ 24.95 | |
|
|
|
Class C: | ||
Net Asset Value and offering price per share ($3,959,930 ÷ 157,370 shares)A | $ 25.16 | |
|
|
|
Institutional Class: | ||
Net Asset Value, offering price and redemption price per share ($13,089,262 ÷ 465,777 shares) | $ 28.10 | |
|
|
|
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($535,907 ÷ 19,043 shares) | $ 28.14 |
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, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 165,334 |
Interest |
| 207 |
Income from Fidelity Central Funds |
| 2,256 |
Total income |
| 167,797 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 78,528 | |
Performance adjustment | (14,541) | |
Transfer agent fees | 25,484 | |
Distribution and service plan fees | 36,860 | |
Accounting and security lending fees | 1,056 | |
Custodian fees and expenses | 277 | |
Independent trustees' compensation | 60 | |
Registration fees | 290 | |
Audit | 49 | |
Legal | 21 | |
Miscellaneous | 110 | |
Total expenses before reductions | 128,194 | |
Expense reductions | (876) | 127,318 |
Net investment income (loss) | 40,479 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,025,102 | |
Foreign currency transactions | (757) | |
Total net realized gain (loss) |
| 1,024,345 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 47,667 | |
Assets and liabilities in foreign currencies | 57 | |
Total change in net unrealized appreciation (depreciation) |
| 47,724 |
Net gain (loss) | 1,072,069 | |
Net increase (decrease) in net assets resulting from operations | $ 1,112,548 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 40,479 | $ 34,475 |
Net realized gain (loss) | 1,024,345 | 2,437,996 |
Change in net unrealized appreciation (depreciation) | 47,724 | (58,375) |
Net increase (decrease) in net assets resulting from operations | 1,112,548 | 2,414,096 |
Distributions to shareholders from net investment income | - | (31,791) |
Distributions to shareholders from net realized gain | (164,048) | (2,046,943) |
Total distributions | (164,048) | (2,078,734) |
Share transactions - net increase (decrease) | (1,172,315) | 2,177,978 |
Total increase (decrease) in net assets | (223,815) | 2,513,340 |
|
|
|
Net Assets | ||
Beginning of period | 28,507,218 | 25,993,878 |
End of period (including undistributed net investment income of $39,948 and accumulated net investment loss of $531, respectively) | $ 28,283,403 | $ 28,507,218 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 26.67 | $ 26.32 | $ 22.75 | $ 19.72 | $ 19.96 | $ 17.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .04 | .01 | .03 | (.05) | (.05) |
Net realized and unrealized gain (loss) | 1.01 | 2.34 | 7.21 | 3.09 | (.15) | 2.81 |
Total from investment operations | 1.05 | 2.38 | 7.22 | 3.12 | (.20) | 2.76 |
Distributions from net realized gain | (.15) | (2.03) | (3.65) | (.09) | (.04) | (.04) |
Net asset value, end of period | $ 27.57 | $ 26.67 | $ 26.32 | $ 22.75 | $ 19.72 | $ 19.96 |
Total ReturnB, C, D | 3.96% | 9.20% | 32.36% | 15.84% | (1.04)% | 16.07% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .89%A | .92% | .94% | 1.01% | 1.08% | 1.14% |
Expenses net of fee waivers, if any | .89%A | .92% | .94% | 1.01% | 1.08% | 1.14% |
Expenses net of all reductions | .89%A | .92% | .94% | 1.00% | 1.07% | 1.13% |
Net investment income (loss) | .29%A | .13% | .02% | .13% | (.23)% | (.28)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 8,354 | $ 8,475 | $ 8,634 | $ 6,459 | $ 5,809 | $ 5,603 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 26.10 | $ 25.84 | $ 22.44 | $ 19.46 | $ 19.74 | $ 17.08 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | (.03) | (.06) | (.02) | (.10) | (.09) |
Net realized and unrealized gain (loss) | .98 | 2.31 | 7.11 | 3.04 | (.14) | 2.78 |
Total from investment operations | .99 | 2.28 | 7.05 | 3.02 | (.24) | 2.69 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | (.04) | (.04) | (.03) |
Net asset value, end of period | $ 26.94 | $ 26.10 | $ 25.84 | $ 22.44 | $ 19.46 | $ 19.74 |
Total ReturnB, C, D | 3.82% | 8.98% | 32.05% | 15.52% | (1.25)% | 15.81% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.14%A | 1.17% | 1.18% | 1.25% | 1.32% | 1.38% |
Expenses net of fee waivers, if any | 1.14%A | 1.17% | 1.18% | 1.25% | 1.32% | 1.38% |
Expenses net of all reductions | 1.13%A | 1.17% | 1.18% | 1.24% | 1.32% | 1.38% |
Net investment income (loss) | .04%A | (.11)% | (.22)% | (.11)% | (.48)% | (.52)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2,201 | $ 2,219 | $ 2,134 | $ 1,795 | $ 1,640 | $ 1,756 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 24.24 | $ 24.27 | $ 21.37 | $ 18.60 | $ 18.95 | $ 16.49 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.06) | (.16) | (.19) | (.14) | (.20) | (.19) |
Net realized and unrealized gain (loss) | .92 | 2.15 | 6.74 | 2.91 | (.15) | 2.68 |
Total from investment operations | .86 | 1.99 | 6.55 | 2.77 | (.35) | 2.49 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | - | - | (.03) |
Net asset value, end of period | $ 24.95 | $ 24.24 | $ 24.27 | $ 21.37 | $ 18.60 | $ 18.95 |
Total ReturnB, C, D | 3.58% | 8.36% | 31.31% | 14.89% | (1.85)% | 15.14% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.67%A | 1.71% | 1.75% | 1.82% | 1.89% | 1.96% |
Expenses net of fee waivers, if any | 1.67%A | 1.71% | 1.75% | 1.82% | 1.89% | 1.96% |
Expenses net of all reductions | 1.67%A | 1.71% | 1.75% | 1.81% | 1.89% | 1.95% |
Net investment income (loss) | (.49)%A | (.66)% | (.79)% | (.68)% | (1.05)% | (1.10)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 143 | $ 182 | $ 213 | $ 239 | $ 309 | $ 410 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 24.45 | $ 24.45 | $ 21.49 | $ 18.70 | $ 19.03 | $ 16.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.06) | (.16) | (.18) | (.13) | (.19) | (.17) |
Net realized and unrealized gain (loss) | .92 | 2.18 | 6.79 | 2.92 | (.14) | 2.68 |
Total from investment operations | .86 | 2.02 | 6.61 | 2.79 | (.33) | 2.51 |
Distributions from net realized gain | (.15) | (2.02) | (3.65) | - | - | (.03) |
Net asset value, end of period | $ 25.16 | $ 24.45 | $ 24.45 | $ 21.49 | $ 18.70 | $ 19.03 |
Total ReturnB, C, D | 3.55% | 8.43% | 31.41% | 14.92% | (1.73)% | 15.21% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.64%A | 1.67% | 1.69% | 1.75% | 1.83% | 1.88% |
Expenses net of fee waivers, if any | 1.64%A | 1.67% | 1.69% | 1.75% | 1.83% | 1.88% |
Expenses net of all reductions | 1.64%A | 1.67% | 1.69% | 1.75% | 1.82% | 1.88% |
Net investment income (loss) | (.46)%A | (.62)% | (.73)% | (.62)% | (.98)% | (1.02)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,960 | $ 3,889 | $ 3,459 | $ 2,515 | $ 2,133 | $ 2,138 |
Portfolio turnover rate G | 49%A | 62% | 79% | 47% | 58% | 47%I |
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 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 27.15 | $ 26.76 | $ 23.02 | $ 19.96 | $ 20.14 | $ 17.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .11 | .07 | .09 | .01 | (.01) |
Net realized and unrealized gain (loss) | 1.02 | 2.39 | 7.32 | 3.12 | (.15) | 2.85 |
Total from investment operations | 1.10 | 2.50 | 7.39 | 3.21 | (.14) | 2.84 |
Distributions from net investment income | - | (.07) | - | (.02) | - | - |
Distributions from net realized gain | (.15) | (2.04) | (3.65) | (.13) | (.04) | (.09) |
Total distributions | (.15) | (2.11) | (3.65) | (.15) | (.04) | (.09) |
Net asset value, end of period | $ 28.10 | $ 27.15 | $ 26.76 | $ 23.02 | $ 19.96 | $ 20.14 |
Total ReturnB, C | 4.08% | 9.51% | 32.73% | 16.11% | (.73)% | 16.34% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .64%A | .67% | .68% | .74% | .81% | .89% |
Expenses net of fee waivers, if any | .63%A | .67% | .68% | .74% | .81% | .89% |
Expenses net of all reductions | .63%A | .67% | .68% | .74% | .81% | .89% |
Net investment income (loss) | .54%A | .39% | .28% | .39% | .03% | (.04)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 13,089 | $ 13,449 | $ 11,477 | $ 9,898 | $ 7,169 | $ 5,898 |
Portfolio turnover rate F | 49%A | 62% | 79% | 47% | 58% | 47%H |
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
Financial Highlights - Class Z
| Six months ended | Years ended | |
| (Unaudited) | 2014 | 2013 G |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period | $ 27.17 | $ 26.78 | $ 27.42 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D | .09 | .15 | .01 |
Net realized and unrealized gain (loss) | 1.03 | 2.39 | 3.00 |
Total from investment operations | 1.12 | 2.54 | 3.01 |
Distributions from net investment income | - | (.10) | - |
Distributions from net realized gain | (.15) | (2.04) | (3.65) |
Total distributions | (.15) | (2.15)I | (3.65) |
Net asset value, end of period | $ 28.14 | $ 27.17 | $ 26.78 |
Total ReturnB, C | 4.15% | 9.65% | 11.50% |
Ratios to Average Net Assets E, H |
|
|
|
Expenses before reductions | .51%A | .54% | .55%A |
Expenses net of fee waivers, if any | .51%A | .54% | .55%A |
Expenses net of all reductions | .50%A | .53% | .55%A |
Net investment income (loss) | .67%A | .52% | .14%A |
Supplemental Data |
|
|
|
Net assets, end of period (in millions) | $ 536 | $ 294 | $ 77 |
Portfolio turnover rate F | 49%A | 62% | 79% |
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 August 13, 2013 (commencement of sale of shares) to December 31, 2013.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Total distributions of $2.15 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $2.041 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, 2015 (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. The Fund offers Class A, Class T, Class C, Institutional Class and Class Z 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.
During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The 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
Semiannual Report
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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
3. Significant Accounting Policies - continued
Investment Valuation - continued
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or Range/ | Impact to |
Corporate | $ 214 | Replacement cost | Recovery rate | 1.0% | Increase |
Equities | $ 682,541 | Discounted cash flow | Free cash flow multiple | 17.7 | Increase |
|
|
| Discount rate | 8.0% | Decrease |
|
| Expected distribution | Recovery rate | 0.0% | Increase |
|
| Last transaction price | Transaction price | $2.85 - $77.46 / $31.06 | Increase |
|
|
| Discount rate | 50.0% | Decrease |
|
|
| Adjusted transaction price | $31.12 | Increase |
|
| Market comparable | EV/EBITDA multiple | 8.3 - 25.2 | Increase |
|
|
| EV/Sales multiple | 1.3 - 12.6 / 8.4 | Increase |
|
|
| Discount rate | 10.0% - 50.0% / 15.4% | Decrease |
|
|
| P/B multiple | 2.3 | Increase |
|
|
| P/E multiple | 14.4 | Increase |
|
|
| EBITDA multiple | 15.9 | Increase |
|
|
| Discount for lack | 15.0% - 30.0% / 15.1% | Decrease |
|
| Partnership NAV | Discount for lack | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
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, 2015, including information on transfers between levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes.
Semiannual Report
3. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 8,336,501 |
Gross unrealized depreciation | (473,004) |
Net unrealized appreciation (depreciation) on securities | $ 7,863,497 |
|
|
Tax cost | $ 21,157,918 |
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 | $ (1,979) |
The Fund acquired $1,979 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.
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.
Semiannual Report
4. Purchase and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,804,641 and $8,471,998, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | - % | .25% | $ 10,628 | $ 175 |
Class T | .25% | .25% | 5,576 | 61 |
Class B | .75% | .25% | 819 | 617 |
Class C | .75% | .25% | 19,837 | 2,463 |
|
|
| $ 36,860 | $ 3,316 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 | $ 708 |
Class T | 104 |
Class B* | 29 |
Class C* | 131 |
| $ 972 |
* 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 the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 7,724 | .18 |
Class T | 2,007 | .18 |
Class B | 173 | .21 |
Class C | 3,598 | .18 |
Institutional Class | 11,879 | .18 |
Class Z | 103 | .05 |
| $ 25,484 |
|
* Annualized
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser.. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $103 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $22 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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 $1,928, including $6 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $283 for the period.
In addition, during the period the following classes were reimbursed and/or waived by the investment adviser for a portion of operating expenses.
| Amount |
Class A | $ 190 |
Class T | 49 |
Class B | 5 |
Class C | 80 |
Institutional Class | 269 |
| $ 593 |
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Institutional Class | - | 30,759 |
Class Z | - | 1,032 |
Total | $ - | $ 31,791 |
From net realized gain |
|
|
Class A | $ 48,422 | $ 606,361 |
Class T | 12,971 | 160,563 |
Class B | 1,089 | 14,434 |
Class C | 24,498 | 297,255 |
Institutional Class | 75,069 | 948,474 |
Class Z | 1,999 | 19,856 |
Total | $ 164,048 | $ 2,046,943 |
Semiannual Report
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 22,108 | 56,480 | $ 601,918 | $ 1,535,803 |
Reinvestment of distributions | 1,725 | 22,207 | 46,522 | 581,082 |
Shares redeemed | (38,550) | (89,074) | (1,052,701) | (2,443,351) |
Net increase (decrease) | (14,717) | (10,387) | $ (404,261) | $ (326,466) |
Class T |
|
|
|
|
Shares sold | 4,387 | 10,880 | $ 116,847 | $ 289,917 |
Reinvestment of distributions | 458 | 5,820 | 12,065 | 149,046 |
Shares redeemed | (8,172) | (14,283) | (217,927) | (381,835) |
Net increase (decrease) | (3,327) | 2,417 | $ (89,015) | $ 57,128 |
Class B |
|
|
|
|
Shares sold | 46 | 194 | $ 1,141 | $ 4,762 |
Reinvestment of distributions | 40 | 541 | 977 | 12,886 |
Shares redeemed | (1,846) | (1,988) | (45,619) | (49,648) |
Net increase (decrease) | (1,760) | (1,253) | $ (43,501) | $ (32,000) |
Class C |
|
|
|
|
Shares sold | 9,873 | 25,077 | $ 245,575 | $ 628,846 |
Reinvestment of distributions | 825 | 10,237 | 20,353 | 245,714 |
Shares redeemed | (12,399) | (17,713) | (309,538) | (446,482) |
Net increase (decrease) | (1,701) | 17,601 | $ (43,610) | $ 428,078 |
Institutional Class |
|
|
|
|
Shares sold | 52,335 | 132,665 | $ 1,452,906 | $ 3,697,269 |
Reinvestment of distributions | 2,337 | 30,790 | 64,161 | 819,710 |
Shares redeemed | (84,272) | (97,045) | (2,338,883) | (2,684,332) |
Net increase (decrease) | (29,600) | 66,410 | $ (821,816) | $ 1,832,647 |
Class Z |
|
|
|
|
Shares sold | 9,336 | 8,291 | $ 261,022 | $ 229,233 |
Reinvestment of distributions | 72 | 772 | 1,975 | 20,561 |
Shares redeemed | (1,185) | (1,117) | (33,109) | (31,203) |
Net increase (decrease) | 8,223 | 7,946 | $ 229,888 | $ 218,591 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
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)
ANIFZ-USAN-0815 1.9585876.101
Fidelity Advisor®
Series Opportunistic Insights Fund
Semiannual Report
June 30, 2015
(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. © 2015 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, 2015 to June 30, 2015).
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 | .92% | $ 1,000.00 | $ 1,055.90 | $ 4.69 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.23 | $ 4.61 |
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, 2015 | ||
| % of fund's | % of fund's net assets |
Facebook, Inc. Class A | 7.4 | 7.5 |
Gilead Sciences, Inc. | 4.1 | 3.6 |
Apple, Inc. | 3.0 | 2.3 |
Biogen, Inc. | 2.9 | 2.8 |
Berkshire Hathaway, Inc. Class A | 2.7 | 2.9 |
Wells Fargo & Co. | 2.4 | 2.5 |
Starbucks Corp. | 2.2 | 1.6 |
MasterCard, Inc. Class A | 2.2 | 1.9 |
NIKE, Inc. Class B | 1.9 | 1.5 |
Amazon.com, Inc. | 1.7 | 1.0 |
| 30.5 | |
Top Five Market Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Information Technology | 30.2 | 29.2 |
Consumer Discretionary | 20.0 | 16.1 |
Health Care | 19.2 | 19.8 |
Financials | 10.9 | 13.5 |
Consumer Staples | 6.9 | 7.9 |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015* | As of December 31, 2014** | ||||||
![]() | Stocks 96.5% |
| ![]() | Stocks 97.3% |
| ||
![]() | Convertible |
| ![]() | Convertible |
| ||
![]() | Other Investments 0.1% |
| ![]() | Other Investments 0.0%† |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
| ||
* Foreign investments | 9.1% |
| ** Foreign investments | 9.0% |
|
† Amount represents less than 0.1%
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 19.8% | |||
Auto Components - 0.0% | |||
Delphi Automotive PLC | 4,000 | $ 340,360 | |
Automobiles - 1.2% | |||
General Motors Co. | 73,600 | 2,453,088 | |
Tesla Motors, Inc. (a)(d) | 29,069 | 7,798,050 | |
| 10,251,138 | ||
Diversified Consumer Services - 0.0% | |||
Bright Horizons Family Solutions, Inc. (a) | 6,000 | 346,800 | |
Hotels, Restaurants & Leisure - 4.6% | |||
ARAMARK Holdings Corp. | 29,000 | 898,130 | |
Cara Operations Ltd. (a) | 3,100 | 85,629 | |
Chipotle Mexican Grill, Inc. (a) | 13,329 | 8,063,912 | |
Darden Restaurants, Inc. | 10,800 | 767,664 | |
Domino's Pizza, Inc. | 10,100 | 1,145,340 | |
Dunkin' Brands Group, Inc. | 8,100 | 445,500 | |
Hilton Worldwide Holdings, Inc. (a) | 25,600 | 705,280 | |
Marriott International, Inc. Class A | 69,300 | 5,155,227 | |
Papa John's International, Inc. | 200 | 15,122 | |
Starbucks Corp. | 353,820 | 18,970,059 | |
Whitbread PLC | 33,904 | 2,634,816 | |
Wingstop, Inc. | 3,100 | 88,040 | |
Zoe's Kitchen, Inc. (a)(d) | 2,300 | 94,162 | |
| 39,068,881 | ||
Household Durables - 0.3% | |||
Harman International Industries, Inc. | 8,106 | 964,128 | |
Leggett & Platt, Inc. | 5,400 | 262,872 | |
Lennar Corp. Class A | 6,900 | 352,176 | |
Mohawk Industries, Inc. (a) | 4,000 | 763,600 | |
Sony Corp. | 17,300 | 491,266 | |
| 2,834,042 | ||
Internet & Catalog Retail - 3.8% | |||
Amazon.com, Inc. (a) | 34,093 | 14,799,430 | |
ASOS PLC (a)(d) | 3,000 | 182,846 | |
Etsy, Inc. (d) | 7,000 | 98,350 | |
Netflix, Inc. (a) | 7,361 | 4,835,735 | |
Priceline Group, Inc. (a) | 6,900 | 7,944,453 | |
TripAdvisor, Inc. (a) | 50,534 | 4,403,533 | |
Wayfair LLC Class A (d) | 13,500 | 508,140 | |
| 32,772,487 | ||
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Leisure Products - 0.1% | |||
Mattel, Inc. | 18,500 | $ 475,265 | |
Media - 3.7% | |||
CBS Corp. Class B | 488 | 27,084 | |
Charter Communications, Inc. Class A (a)(d) | 5,400 | 924,750 | |
DISH Network Corp. Class A (a) | 5,200 | 352,092 | |
Entertainment One Ltd. | 4,500 | 25,171 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 15,400 | 597,828 | |
Legend Pictures LLC (g)(i) | 755 | 1,784,850 | |
Liberty Broadband Corp.: | |||
Class A (a) | 9,525 | 485,489 | |
Class C (a) | 19,951 | 1,020,693 | |
Liberty Global PLC: | |||
Class A (a) | 87,548 | 4,733,720 | |
Class C (a) | 72,048 | 3,647,790 | |
Liberty Media Corp.: | |||
Class A (a) | 2,300 | 82,892 | |
Class C (a) | 86,604 | 3,109,084 | |
Lions Gate Entertainment Corp. | 12,500 | 463,125 | |
Naspers Ltd. Class N | 5,200 | 809,962 | |
Rightmove PLC | 5,606 | 288,652 | |
Starz Series A (a) | 7,300 | 326,456 | |
The Walt Disney Co. | 115,000 | 13,126,100 | |
Time Warner, Inc. | 2,000 | 174,820 | |
| 31,980,558 | ||
Multiline Retail - 0.5% | |||
B&M European Value Retail S.A. | 85,397 | 460,103 | |
Dollar Tree, Inc. (a) | 16,000 | 1,263,840 | |
Dollarama, Inc. | 10,600 | 642,450 | |
Next PLC | 13,900 | 1,627,108 | |
| 3,993,501 | ||
Specialty Retail - 2.7% | |||
AutoNation, Inc. (a) | 2,700 | 170,046 | |
AutoZone, Inc. (a) | 3,100 | 2,067,390 | |
DavidsTea, Inc. | 1,100 | 23,639 | |
Foot Locker, Inc. | 8,300 | 556,183 | |
Home Depot, Inc. | 31,800 | 3,533,934 | |
L Brands, Inc. | 3,300 | 282,909 | |
O'Reilly Automotive, Inc. (a) | 17,526 | 3,960,525 | |
Restoration Hardware Holdings, Inc. (a) | 100 | 9,763 | |
Signet Jewelers Ltd. | 7,800 | 1,000,272 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - continued | |||
Specialty Retail - continued | |||
TJX Companies, Inc. | 151,888 | $ 10,050,429 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 5,100 | 787,695 | |
Williams-Sonoma, Inc. | 1,100 | 90,497 | |
Zumiez, Inc. (a) | 13,269 | 353,353 | |
| 22,886,635 | ||
Textiles, Apparel & Luxury Goods - 2.9% | |||
NIKE, Inc. Class B | 146,345 | 15,808,187 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 104,900 | 8,752,856 | |
| 24,561,043 | ||
TOTAL CONSUMER DISCRETIONARY | 169,510,710 | ||
CONSUMER STAPLES - 6.8% | |||
Beverages - 0.5% | |||
Boston Beer Co., Inc. Class A (a) | 15,231 | 3,533,440 | |
Monster Beverage Corp. (a) | 7,400 | 991,748 | |
| 4,525,188 | ||
Food & Staples Retailing - 1.9% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 11,800 | 504,783 | |
Costco Wholesale Corp. | 41,758 | 5,639,835 | |
CVS Health Corp. | 82,524 | 8,655,117 | |
Diplomat Pharmacy, Inc. | 13,800 | 617,550 | |
Sprouts Farmers Market LLC (a) | 27,149 | 732,480 | |
| 16,149,765 | ||
Food Products - 1.3% | |||
Associated British Foods PLC | 148,232 | 6,686,833 | |
Kraft Foods Group, Inc. | 1,000 | 85,140 | |
Mondelez International, Inc. | 78,635 | 3,235,044 | |
Pinnacle Foods, Inc. | 9,600 | 437,184 | |
The Hain Celestial Group, Inc. (a) | 10,100 | 665,186 | |
| 11,109,387 | ||
Household Products - 1.4% | |||
Colgate-Palmolive Co. | 178,335 | 11,664,892 | |
Procter & Gamble Co. | 6,200 | 485,088 | |
| 12,149,980 | ||
Personal Products - 1.7% | |||
AMOREPACIFIC Group, Inc. | 580 | 96,877 | |
Coty, Inc. Class A | 3,300 | 105,501 | |
Estee Lauder Companies, Inc. Class A | 157,744 | 13,670,095 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Personal Products - continued | |||
Hengan International Group Co. Ltd. | 7,500 | $ 89,111 | |
L'Oreal SA | 1,322 | 235,813 | |
| 14,197,397 | ||
TOTAL CONSUMER STAPLES | 58,131,717 | ||
ENERGY - 1.5% | |||
Energy Equipment & Services - 0.4% | |||
Schlumberger Ltd. | 39,150 | 3,374,339 | |
Oil, Gas & Consumable Fuels - 1.1% | |||
Birchcliff Energy Ltd. (a) | 13,200 | 73,662 | |
Continental Resources, Inc. (a) | 9,810 | 415,846 | |
EOG Resources, Inc. | 73,086 | 6,398,679 | |
Kinder Morgan, Inc. | 11,100 | 426,129 | |
Marathon Petroleum Corp. | 15,700 | 821,267 | |
Newfield Exploration Co. (a) | 700 | 25,284 | |
Pioneer Natural Resources Co. | 1,000 | 138,690 | |
TAG Oil Ltd. (a) | 158,192 | 176,050 | |
Tesoro Corp. | 6,100 | 514,901 | |
Valero Energy Corp. | 11,600 | 726,160 | |
| 9,716,668 | ||
TOTAL ENERGY | 13,091,007 | ||
FINANCIALS - 10.6% | |||
Banks - 4.8% | |||
Banco Santander Chile sponsored ADR | 24,100 | 488,025 | |
Bank of America Corp. | 194,700 | 3,313,794 | |
Citigroup, Inc. | 116,873 | 6,456,065 | |
HDFC Bank Ltd. sponsored ADR | 53,587 | 3,243,621 | |
JPMorgan Chase & Co. | 69,000 | 4,675,440 | |
U.S. Bancorp | 47,131 | 2,045,485 | |
Virgin Money Holdings Uk PLC (a) | 70,700 | 489,340 | |
Wells Fargo & Co. | 366,104 | 20,589,689 | |
| 41,301,459 | ||
Capital Markets - 1.6% | |||
BlackRock, Inc. Class A | 17,647 | 6,105,509 | |
Charles Schwab Corp. | 48,500 | 1,583,525 | |
Goldman Sachs Group, Inc. | 8,600 | 1,795,594 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Capital Markets - continued | |||
Morgan Stanley | 69,458 | $ 2,694,276 | |
Oaktree Capital Group LLC Class A | 26,108 | 1,388,423 | |
| 13,567,327 | ||
Consumer Finance - 0.0% | |||
Credit Acceptance Corp. (a) | 900 | 221,562 | |
Springleaf Holdings, Inc. (a) | 400 | 18,364 | |
| 239,926 | ||
Diversified Financial Services - 3.1% | |||
Berkshire Hathaway, Inc. Class A (a) | 111 | 22,738,350 | |
McGraw Hill Financial, Inc. | 37,453 | 3,762,154 | |
| 26,500,504 | ||
Insurance - 0.8% | |||
AIA Group Ltd. | 188,400 | 1,233,469 | |
Direct Line Insurance Group PLC | 85,800 | 452,703 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,600 | 788,958 | |
Marsh & McLennan Companies, Inc. | 56,022 | 3,176,447 | |
The Chubb Corp. | 6,538 | 622,025 | |
The Travelers Companies, Inc. | 100 | 9,666 | |
| 6,283,268 | ||
Real Estate Investment Trusts - 0.3% | |||
American Tower Corp. | 14,000 | 1,306,060 | |
Equity Residential (SBI) | 15,900 | 1,115,703 | |
| 2,421,763 | ||
Real Estate Management & Development - 0.0% | |||
WeWork Companies, Inc. Class A (i) | 4,986 | 163,987 | |
TOTAL FINANCIALS | 90,478,234 | ||
HEALTH CARE - 19.2% | |||
Biotechnology - 9.6% | |||
Aduro Biotech, Inc. | 3,700 | 112,221 | |
Agios Pharmaceuticals, Inc. (a) | 8,800 | 978,032 | |
Alexion Pharmaceuticals, Inc. (a) | 4,568 | 825,757 | |
Alnylam Pharmaceuticals, Inc. (a) | 2,400 | 287,688 | |
Amgen, Inc. | 19,811 | 3,041,385 | |
Biogen, Inc. (a) | 60,751 | 24,539,759 | |
BioMarin Pharmaceutical, Inc. (a) | 3,000 | 410,340 | |
Biotie Therapies Corp. sponsored ADR | 12,200 | 243,634 | |
bluebird bio, Inc. (a) | 4,100 | 690,317 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Biotechnology - continued | |||
Blueprint Medicines Corp. | 3,200 | $ 84,768 | |
Celgene Corp. (a) | 36,000 | 4,166,460 | |
Celldex Therapeutics, Inc. (a) | 3,400 | 85,748 | |
Cellectis SA sponsored ADR | 5,300 | 191,224 | |
Cidara Therapeutics, Inc. | 2,700 | 37,854 | |
Coherus BioSciences, Inc. | 1,900 | 54,910 | |
Dyax Corp. (a) | 14,100 | 373,650 | |
Enanta Pharmaceuticals, Inc. (a) | 10,374 | 466,726 | |
Exact Sciences Corp. (a) | 14,900 | 443,126 | |
Genmab A/S (a) | 1,200 | 104,365 | |
Gilead Sciences, Inc. | 297,605 | 34,843,593 | |
Insmed, Inc. (a) | 4,200 | 102,564 | |
Karyopharm Therapeutics, Inc. (a) | 2,900 | 78,909 | |
Medivation, Inc. (a) | 13,800 | 1,575,960 | |
Neurocrine Biosciences, Inc. (a) | 10,500 | 501,480 | |
OvaScience, Inc. (a) | 144,180 | 4,171,127 | |
Receptos, Inc. (a) | 8,300 | 1,577,415 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,900 | 1,479,377 | |
Repligen Corp. (a) | 8,807 | 363,465 | |
Sage Therapeutics, Inc. | 1,100 | 80,300 | |
TESARO, Inc. (a) | 1,900 | 111,701 | |
uniQure B.V. (a) | 7,700 | 207,900 | |
Vertex Pharmaceuticals, Inc. (a) | 900 | 111,132 | |
| 82,342,887 | ||
Health Care Equipment & Supplies - 1.6% | |||
Becton, Dickinson & Co. | 10,074 | 1,426,982 | |
Boston Scientific Corp. (a) | 182,300 | 3,226,710 | |
C.R. Bard, Inc. | 4,400 | 751,080 | |
DexCom, Inc. (a) | 22,972 | 1,837,301 | |
ICU Medical, Inc. (a) | 900 | 86,094 | |
Medtronic PLC | 53,266 | 3,947,011 | |
Nevro Corp. | 2,700 | 145,125 | |
Stryker Corp. | 3,000 | 286,710 | |
Zimmer Biomet Holdings, Inc. | 18,900 | 2,064,447 | |
| 13,771,460 | ||
Health Care Providers & Services - 4.2% | |||
Aetna, Inc. | 29,214 | 3,723,616 | |
AmerisourceBergen Corp. | 34,325 | 3,650,121 | |
Anthem, Inc. | 18,600 | 3,053,004 | |
Cardinal Health, Inc. | 5,750 | 480,988 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - continued | |||
Cigna Corp. | 17,900 | $ 2,899,800 | |
HCA Holdings, Inc. (a) | 15,600 | 1,415,232 | |
Henry Schein, Inc. (a) | 55,993 | 7,957,725 | |
Team Health Holdings, Inc. (a) | 1,400 | 91,462 | |
Teladoc, Inc. | 2,100 | 39,900 | |
UnitedHealth Group, Inc. | 96,234 | 11,740,548 | |
Universal Health Services, Inc. Class B | 5,600 | 795,760 | |
| 35,848,156 | ||
Health Care Technology - 0.7% | |||
Cerner Corp. (a) | 84,870 | 5,861,122 | |
Life Sciences Tools & Services - 1.5% | |||
Eurofins Scientific SA | 1,600 | 487,145 | |
Illumina, Inc. (a) | 8,686 | 1,896,675 | |
Mettler-Toledo International, Inc. (a) | 12,955 | 4,423,614 | |
Thermo Fisher Scientific, Inc. | 31,481 | 4,084,975 | |
Waters Corp. (a) | 11,300 | 1,450,694 | |
| 12,343,103 | ||
Pharmaceuticals - 1.6% | |||
Allergan PLC (a) | 633 | 192,090 | |
Astellas Pharma, Inc. | 120,400 | 1,717,189 | |
Biodelivery Sciences International, Inc. (a)(d) | 80,233 | 638,655 | |
Bristol-Myers Squibb Co. | 91,568 | 6,092,935 | |
Johnson & Johnson | 16,239 | 1,582,653 | |
Novartis AG sponsored ADR | 4,200 | 413,028 | |
Novo Nordisk A/S Series B | 6,900 | 378,637 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 45,200 | 2,671,320 | |
| 13,686,507 | ||
TOTAL HEALTH CARE | 163,853,235 | ||
INDUSTRIALS - 6.1% | |||
Aerospace & Defense - 0.3% | |||
Rockwell Collins, Inc. | 647 | 59,750 | |
The Boeing Co. | 14,700 | 2,039,184 | |
TransDigm Group, Inc. | 2,300 | 516,741 | |
United Technologies Corp. | 1,400 | 155,302 | |
| 2,770,977 | ||
Air Freight & Logistics - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 6,900 | 430,491 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Air Freight & Logistics - continued | |||
FedEx Corp. | 27,200 | $ 4,634,880 | |
XPO Logistics, Inc. (a)(d) | 31,661 | 1,430,444 | |
| 6,495,815 | ||
Airlines - 0.8% | |||
American Airlines Group, Inc. | 4,900 | 195,682 | |
Delta Air Lines, Inc. | 13,000 | 534,040 | |
Ryanair Holdings PLC sponsored ADR | 28,600 | 2,040,610 | |
Southwest Airlines Co. | 96,000 | 3,176,640 | |
United Continental Holdings, Inc. (a) | 17,600 | 932,976 | |
| 6,879,948 | ||
Building Products - 0.1% | |||
ASSA ABLOY AB (B Shares) | 4,800 | 90,385 | |
Toto Ltd. | 32,000 | 576,803 | |
| 667,188 | ||
Commercial Services & Supplies - 0.0% | |||
Stericycle, Inc. (a) | 1,000 | 133,910 | |
Electrical Equipment - 0.0% | |||
Sensata Technologies Holding BV (a) | 1,300 | 68,562 | |
Industrial Conglomerates - 1.9% | |||
3M Co. | 43,323 | 6,684,739 | |
Danaher Corp. | 78,520 | 6,720,527 | |
General Electric Co. | 120,400 | 3,199,028 | |
| 16,604,294 | ||
Machinery - 0.7% | |||
Deere & Co. | 14,400 | 1,397,520 | |
Fanuc Corp. | 1,200 | 245,912 | |
Illinois Tool Works, Inc. | 29,893 | 2,743,878 | |
Minebea Ltd. | 16,000 | 264,215 | |
PACCAR, Inc. | 19,500 | 1,244,295 | |
Snap-On, Inc. | 500 | 79,625 | |
| 5,975,445 | ||
Professional Services - 0.3% | |||
Equifax, Inc. | 6,400 | 621,376 | |
Robert Half International, Inc. | 14,300 | 793,650 | |
Verisk Analytics, Inc. (a) | 17,778 | 1,293,527 | |
| 2,708,553 | ||
Road & Rail - 1.0% | |||
Canadian Pacific Railway Ltd. | 25,200 | 4,035,632 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Road & Rail - continued | |||
J.B. Hunt Transport Services, Inc. | 5,700 | $ 467,913 | |
Union Pacific Corp. | 45,140 | 4,305,002 | |
| 8,808,547 | ||
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp. Class A | 39,650 | 1,344,135 | |
HD Supply Holdings, Inc. (a) | 3,600 | 126,648 | |
| 1,470,783 | ||
TOTAL INDUSTRIALS | 52,584,022 | ||
INFORMATION TECHNOLOGY - 28.9% | |||
Communications Equipment - 0.3% | |||
CommScope Holding Co., Inc. (a) | 11,600 | 353,916 | |
F5 Networks, Inc. (a) | 822 | 98,928 | |
Palo Alto Networks, Inc. (a) | 5,900 | 1,030,730 | |
QUALCOMM, Inc. | 12,649 | 792,207 | |
| 2,275,781 | ||
Electronic Equipment & Components - 1.5% | |||
Amphenol Corp. Class A | 189,300 | 10,973,721 | |
CDW Corp. | 3,388 | 116,141 | |
Fitbit, Inc. | 7,300 | 279,079 | |
IPG Photonics Corp. (a)(d) | 7,400 | 630,295 | |
Keyence Corp. | 900 | 485,795 | |
| 12,485,031 | ||
Internet Software & Services - 11.2% | |||
Akamai Technologies, Inc. (a) | 20,300 | 1,417,346 | |
Alibaba Group Holding Ltd. sponsored ADR | 18,300 | 1,505,541 | |
Cimpress NV (a) | 4,300 | 361,888 | |
Constant Contact, Inc. (a) | 8,202 | 235,890 | |
eBay, Inc. (a) | 10,000 | 602,400 | |
Facebook, Inc. Class A (a) | 740,206 | 63,483,771 | |
Google, Inc.: | |||
Class A (a) | 19,339 | 10,443,834 | |
Class C | 20,300 | 10,566,353 | |
JUST EAT Ltd. (a) | 48,181 | 307,965 | |
LendingClub Corp. (d) | 29,423 | 433,989 | |
LinkedIn Corp. Class A (a) | 4,622 | 955,044 | |
LogMeIn, Inc. (a) | 6,913 | 445,819 | |
Shopify, Inc. Class A | 1,100 | 37,324 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - continued | |||
Stamps.com, Inc. (a) | 600 | $ 44,142 | |
SurveyMonkey (i) | 62,998 | 996,628 | |
Tencent Holdings Ltd. | 39,700 | 793,862 | |
Yahoo!, Inc. (a) | 83,405 | 3,276,982 | |
| 95,908,778 | ||
IT Services - 5.2% | |||
Alliance Data Systems Corp. (a) | 7,830 | 2,285,890 | |
ASAC II LP (a)(i) | 224,957 | 3,654,196 | |
Cognizant Technology Solutions Corp. Class A (a) | 34,100 | 2,083,169 | |
Fidelity National Information Services, Inc. | 56,997 | 3,522,415 | |
Fiserv, Inc. (a) | 7,900 | 654,357 | |
FleetCor Technologies, Inc. (a) | 11,000 | 1,716,660 | |
Gartner, Inc. Class A (a) | 5,400 | 463,212 | |
Global Payments, Inc. | 4,800 | 496,560 | |
MasterCard, Inc. Class A | 199,390 | 18,638,977 | |
Total System Services, Inc. | 9,000 | 375,930 | |
Visa, Inc. Class A | 162,240 | 10,894,416 | |
| 44,785,782 | ||
Semiconductors & Semiconductor Equipment - 2.9% | |||
Analog Devices, Inc. | 24,400 | 1,566,114 | |
ARM Holdings PLC | 31,100 | 508,917 | |
ARM Holdings PLC sponsored ADR | 1,700 | 83,759 | |
ASML Holding NV | 6,200 | 645,606 | |
Avago Technologies Ltd. | 57,400 | 7,630,182 | |
Broadcom Corp. Class A | 27,600 | 1,421,124 | |
Cavium, Inc. (a) | 17,100 | 1,176,651 | |
Freescale Semiconductor, Inc. (a) | 59,351 | 2,372,259 | |
Inphi Corp. (a) | 9,245 | 211,341 | |
Linear Technology Corp. | 206 | 9,111 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(d) | 21,008 | 803,556 | |
NXP Semiconductors NV (a) | 23,698 | 2,327,144 | |
Qorvo, Inc. (a) | 24,062 | 1,931,457 | |
Skyworks Solutions, Inc. | 25,571 | 2,661,941 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d) | 76,900 | 1,746,399 | |
| 25,095,561 | ||
Software - 4.8% | |||
Activision Blizzard, Inc. | 3,500 | 84,735 | |
Adobe Systems, Inc. (a) | 54,073 | 4,380,454 | |
Check Point Software Technologies Ltd. (a) | 7,200 | 572,760 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - continued | |||
Electronic Arts, Inc. (a) | 17,500 | $ 1,163,750 | |
Fleetmatics Group PLC (a) | 2,300 | 107,709 | |
Informatica Corp. (a) | 6,100 | 295,667 | |
Intuit, Inc. | 31,900 | 3,214,563 | |
Microsoft Corp. | 22,007 | 971,609 | |
Mobileye NV (a) | 42,865 | 2,279,132 | |
Qlik Technologies, Inc. (a) | 24,546 | 858,128 | |
Red Hat, Inc. (a) | 8,900 | 675,777 | |
Salesforce.com, Inc. (a) | 208,126 | 14,491,813 | |
ServiceNow, Inc. (a) | 52,411 | 3,894,661 | |
Symantec Corp. | 12,000 | 279,000 | |
Tableau Software, Inc. (a) | 6,100 | 703,330 | |
Ultimate Software Group, Inc. (a) | 36,141 | 5,939,412 | |
Workday, Inc. Class A (a) | 15,400 | 1,176,406 | |
Xero Ltd. (a) | 3,977 | 48,645 | |
| 41,137,551 | ||
Technology Hardware, Storage & Peripherals - 3.0% | |||
Apple, Inc. | 204,941 | 25,704,725 | |
Xaar PLC | 24,188 | 176,725 | |
| 25,881,450 | ||
TOTAL INFORMATION TECHNOLOGY | 247,569,934 | ||
MATERIALS - 3.5% | |||
Chemicals - 3.0% | |||
Agrium, Inc. (d) | 3,600 | 381,531 | |
Air Products & Chemicals, Inc. | 4,900 | 670,467 | |
Celanese Corp. Class A | 1,800 | 129,384 | |
CF Industries Holdings, Inc. | 37,000 | 2,378,360 | |
Ecolab, Inc. | 34,193 | 3,866,203 | |
LyondellBasell Industries NV Class A | 800 | 82,816 | |
Monsanto Co. | 5,531 | 589,549 | |
Olin Corp. (d) | 7,400 | 199,430 | |
Platform Specialty Products Corp. (a) | 24,600 | 629,268 | |
PPG Industries, Inc. | 97,362 | 11,169,369 | |
Sherwin-Williams Co. | 20,200 | 5,555,404 | |
| 25,651,781 | ||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 4,600 | 650,946 | |
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Containers & Packaging - 0.3% | |||
Ball Corp. | 9,700 | $ 680,455 | |
MeadWestvaco Corp. | 8,914 | 420,652 | |
Rock-Tenn Co. Class A | 14,434 | 868,927 | |
Sealed Air Corp. | 19,804 | 1,017,530 | |
| 2,987,564 | ||
Metals & Mining - 0.1% | |||
B2Gold Corp. (a) | 139,000 | 212,562 | |
Barrick Gold Corp. | 6,900 | 73,751 | |
Franco-Nevada Corp. | 3,200 | 152,621 | |
Ivanhoe Mines Ltd. (a) | 64,200 | 46,261 | |
Novagold Resources, Inc. (a) | 23,138 | 79,473 | |
Primero Mining Corp. (a) | 60,700 | 236,677 | |
Randgold Resources Ltd. sponsored ADR | 917 | 61,393 | |
| 862,738 | ||
TOTAL MATERIALS | 30,153,029 | ||
TELECOMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. (a) | 11,900 | 461,363 | |
TOTAL COMMON STOCKS (Cost $559,476,869) |
| ||
Convertible Preferred Stocks - 1.9% | |||
|
|
|
|
CONSUMER DISCRETIONARY - 0.2% | |||
Diversified Consumer Services - 0.1% | |||
Airbnb, Inc.: | |||
Series D (a)(i) | 4,308 | 401,051 | |
Series E (e)(i) | 2,148 | 199,967 | |
| 601,018 | ||
Household Durables - 0.1% | |||
Blu Homes, Inc. Series A, 5.00% (a)(i) | 174,063 | 1,167,963 | |
TOTAL CONSUMER DISCRETIONARY | 1,768,981 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Blue Apron, Inc. Series D (a)(i) | 30,015 | 400,007 | |
Convertible Preferred Stocks - continued | |||
Shares | Value | ||
FINANCIALS - 0.3% | |||
Consumer Finance - 0.1% | |||
Oportun Finance Corp. Series H (i) | 331,477 | $ 943,814 | |
Real Estate Management & Development - 0.2% | |||
WeWork Companies, Inc. Series E (i) | 44,875 | 1,475,919 | |
TOTAL FINANCIALS | 2,419,733 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
23andMe, Inc. Series E (i) | 5,172 | 55,999 | |
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series G (i) | 4,394 | 340,359 | |
INFORMATION TECHNOLOGY - 1.3% | |||
Internet Software & Services - 0.8% | |||
Dropbox, Inc. Series C (a)(i) | 53,923 | 877,327 | |
Pinterest, Inc.: | |||
Series E, 8.00% (a)(i) | 63,759 | 2,288,659 | |
Series F, 8.00% (i) | 66,300 | 2,379,869 | |
Series G, 8.00% (i) | 10,394 | 373,097 | |
Uber Technologies, Inc. Series D, 8.00% (i) | 36,744 | 1,224,222 | |
| 7,143,174 | ||
IT Services - 0.1% | |||
Nutanix, Inc. Series E (i) | 24,249 | 408,838 | |
Software - 0.4% | |||
Cloudera, Inc. Series F (a)(i) | 9,618 | 206,114 | |
Cloudflare, Inc. Series D (i) | 34,105 | 240,246 | |
Magic Leap, Inc. Series B, 8.00% (i) | 231,802 | 2,524,324 | |
Twilio, Inc. Series E (i) | 22,702 | 256,760 | |
| 3,227,444 | ||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Pure Storage, Inc. Series E (a)(i) | 11,508 | 214,854 | |
TOTAL INFORMATION TECHNOLOGY | 10,994,310 | ||
Convertible Preferred Stocks - continued | |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series D (i) | 20,342 | $ 250,003 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,364,862) |
|
Bank Loan Obligations - 0.1% | ||||
| Principal Amount |
| ||
INDUSTRIALS - 0.1% | ||||
Building Products - 0.1% | ||||
Jeld-Wen, Inc.: | ||||
Tranche B, term loan 6/26/22 (h) | $ 195,000 | 195,000 | ||
Tranche B, term loan 5.25% 10/15/21 (f) | 427,850 | 427,850 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $617,597) |
|
Money Market Funds - 4.0% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.15% (b) | 19,414,950 | 19,414,950 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 14,338,218 | 14,338,218 | |
TOTAL MONEY MARKET FUNDS (Cost $33,753,168) |
| ||
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $606,212,496) | 876,438,661 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (20,959,621) | ||
NET ASSETS - 100% | $ 855,479,040 |
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) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund. |
(h) The coupon rate will be determined upon settlement of the loan after period end. |
(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 $22,829,053 or 2.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
23andMe, Inc. Series E | 6/18/15 | $ 55,999 |
Airbnb, Inc. Series D | 4/16/14 | $ 175,392 |
Airbnb, Inc. Series E | 6/29/15 | $ 199,967 |
Altiostar Networks, Inc. Series D | 1/7/15 | $ 250,003 |
ASAC II LP | 10/10/13 | $ 2,249,570 |
Blu Homes, Inc. Series A, 5.00% | 6/10/13 - 12/30/14 | $ 804,171 |
Blue Apron, Inc. Series D | 5/18/15 | $ 400,007 |
Cloudera, Inc. Series F | 2/5/14 | $ 140,038 |
Cloudflare, Inc. Series D | 11/5/14 - 6/24/15 | $ 212,499 |
Dropbox, Inc. Series C | 1/30/14 | $ 1,029,994 |
Legend Pictures LLC | 10/15/14 - 6/10/15 | $ 1,602,681 |
Magic Leap, Inc. Series B, 8.00% | 10/17/14 | $ 2,679,631 |
Nutanix, Inc. Series E | 8/26/14 | $ 324,852 |
Oportun Finance Corp. Series H | 2/6/15 | $ 943,814 |
Security | Acquisition Date | Acquisition Cost |
Pinterest, Inc. Series E, 8.00% | 10/23/13 | $ 926,463 |
Pinterest, Inc. Series F, 8.00% | 5/15/14 | $ 1,126,117 |
Pinterest, Inc. Series G, 8.00% | 2/27/15 | $ 373,097 |
Pure Storage, Inc. Series E | 8/22/13 | $ 79,768 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $ 340,359 |
SurveyMonkey | 12/15/14 | $ 1,036,317 |
Twilio, Inc. Series E | 4/24/15 | $ 256,760 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $ 570,012 |
WeWork Companies, Inc. Class A | 6/23/15 | $ 163,987 |
WeWork Companies, Inc. Series E | 6/23/15 | $ 1,475,919 |
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 | $ 13,956 |
Fidelity Securities Lending Cash Central Fund | 33,042 |
Total | $ 46,998 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 | $ 171,279,691 | $ 167,234,594 | $ 491,266 | $ 3,553,831 |
Consumer Staples | 58,531,724 | 58,131,717 | - | 400,007 |
Energy | 13,091,007 | 13,091,007 | - | - |
Financials | 92,897,967 | 90,314,247 | - | 2,583,720 |
Health Care | 163,909,234 | 163,474,598 | 378,637 | 55,999 |
Industrials | 52,924,381 | 52,584,022 | - | 340,359 |
Information Technology | 258,564,244 | 241,616,331 | 1,302,779 | 15,645,134 |
Materials | 30,153,029 | 30,153,029 | - | - |
Telecommunication Services | 711,366 | 461,363 | - | 250,003 |
Bank Loan Obligations | 622,850 | - | 622,850 | - |
Money Market Funds | 33,753,168 | 33,753,168 | - | - |
Total Investments in Securities: | $ 876,438,661 | $ 850,814,076 | $ 2,795,532 | $ 22,829,053 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Equities - Information Technology | |
Beginning Balance | $ 12,244,002 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 2,743,760 |
Cost of Purchases | 657,372 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 15,645,134 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 2,743,760 |
Other Investments in Securities | |
Beginning Balance | $ 2,289,109 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 763,318 |
Cost of Purchases | 4,131,492 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 7,183,919 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2015 | $ 763,318 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
June 30, 2015 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $14,346,409) - See accompanying schedule: Unaffiliated issuers (cost $572,459,328) | $ 842,685,493 |
|
Fidelity Central Funds (cost $33,753,168) | 33,753,168 |
|
Total Investments (cost $606,212,496) |
| $ 876,438,661 |
Cash |
| 6,767 |
Receivable for investments sold | 7,734,504 | |
Receivable for fund shares sold | 8,377 | |
Dividends receivable | 433,624 | |
Interest receivable | 62 | |
Distributions receivable from Fidelity Central Funds | 8,736 | |
Other receivables | 4,063 | |
Total assets | 884,634,794 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 2,012,747 |
|
Delayed delivery | 199,967 | |
Payable for fund shares redeemed | 11,879,359 | |
Accrued management fee | 522,010 | |
Other affiliated payables | 150,150 | |
Other payables and accrued expenses | 53,303 | |
Collateral on securities loaned, at value | 14,338,218 | |
Total liabilities | 29,155,754 | |
|
|
|
Net Assets | $ 855,479,040 | |
Net Assets consist of: |
| |
Paid in capital | $ 557,507,098 | |
Undistributed net investment income | 436,358 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 27,308,231 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 270,227,353 | |
Net Assets, for 54,109,941 shares outstanding | $ 855,479,040 | |
Net Asset Value, offering price and redemption price per share ($855,479,040 ÷ 54,109,941 shares) | $ 15.81 |
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, 2015 (Unaudited) | ||
Investment Income |
|
|
Dividends |
| $ 4,368,940 |
Interest |
| 11,336 |
Income from Fidelity Central Funds |
| 46,998 |
Total income |
| 4,427,274 |
|
|
|
Expenses | ||
Management fee |
|
|
Basic fee | $ 2,387,517 | |
Performance adjustment | 618,844 | |
Transfer agent fees | 759,252 | |
Accounting and security lending fees | 149,651 | |
Custodian fees and expenses | 54,183 | |
Independent trustees' compensation | 1,814 | |
Audit | 31,592 | |
Legal | 621 | |
Miscellaneous | 3,926 | |
Total expenses before reductions | 4,007,400 | |
Expense reductions | (24,195) | 3,983,205 |
Net investment income (loss) | 444,069 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 28,580,608 | |
Foreign currency transactions | (8,532) | |
Total net realized gain (loss) |
| 28,572,076 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 18,563,697 | |
Assets and liabilities in foreign currencies | 2,507 | |
Total change in net unrealized appreciation (depreciation) |
| 18,566,204 |
Net gain (loss) | 47,138,280 | |
Net increase (decrease) in net assets resulting from operations | $ 47,582,349 |
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, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 444,069 | $ (549,730) |
Net realized gain (loss) | 28,572,076 | 25,042,444 |
Change in net unrealized appreciation (depreciation) | 18,566,204 | 58,940,005 |
Net increase (decrease) in net assets resulting from operations | 47,582,349 | 83,432,719 |
Distributions to shareholders from net realized gain | (2,751,428) | (23,957,426) |
Share transactions |
|
|
Proceeds from sales of shares | 36,768,286 | 120,892,848 |
Reinvestment of distributions | 2,751,428 | 23,957,426 |
Cost of shares redeemed | (99,205,421) | (142,839,168) |
Net increase (decrease) in net assets resulting from share transactions | (59,685,707) | 2,011,106 |
Total increase (decrease) in net assets | (14,854,786) | 61,486,399 |
|
|
|
Net Assets | ||
Beginning of period | 870,333,826 | 808,847,427 |
End of period (including undistributed net investment income of $436,358 and accumulated net investment loss of $7,711, respectively) | $ 855,479,040 | $ 870,333,826 |
Other Information Shares | ||
Sold | 2,374,506 | 8,384,345 |
Issued in reinvestment of distributions | 178,896 | 1,579,199 |
Redeemed | (6,369,225) | (9,862,931) |
Net increase (decrease) | (3,815,823) | 100,613 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2015 | Years ended December 31, | ||
| (Unaudited) | 2014 | 2013 | 2012 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 15.02 | $ 13.99 | $ 10.05 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .01 | (.01) | (.01) | - I |
Net realized and unrealized gain (loss) | .83 | 1.46 | 4.14 | .05 |
Total from investment operations | .84 | 1.45 | 4.13 | .05 |
Distributions from net investment income | - | - | - | - I |
Distributions from net realized gain | (.05) | (.42) | (.19) | - |
Total distributions | (.05) | (.42) | (.19) | - I |
Net asset value, end of period | $ 15.81 | $ 15.02 | $ 13.99 | $ 10.05 |
Total ReturnB, C | 5.59% | 10.34% | 41.23% | .54% |
Ratios to Average Net AssetsE, H |
|
|
|
|
Expenses before reductions | .92%A | .88% | .82% | 1.18% A |
Expenses net of fee waivers, if any | .92%A | .88% | .82% | 1.18% A |
Expenses net of all reductions | .91%A | .87% | .80% | 1.17% A |
Net investment income (loss) | .10% A | (.07)% | (.07)% | .04% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 855,479 | $ 870,334 | $ 808,847 | $ 481,477 |
Portfolio turnover rate F | 38% A | 47% | 52% | 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, 2015 (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 the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
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. Bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 06/30/15 | Valuation Technique(s) | Unobservable | Amount or | Impact to |
Equities | $ 22,829,053 | Last transaction price | Transaction price
| $2.85 - $93.09 / $34.14 | Increase |
|
|
| Adjusted transaction price | $33.32 | Increase |
|
| Market comparable | EV/EBITDA multiple | 17.5 - 25.2 / 19.2 | Increase |
|
|
| EV/Sales multiple |
| Increase |
|
|
| Discount rate | 10.0% - 20.0% / 17.4% | Decrease |
|
|
| P/E multiple | 14.4 | Increase |
|
|
| Discount for lack of marketability | 15.0% | Decrease |
|
| Partnership NAV | Discount for lack of marketability | 10.0% | Decrease |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Semiannual Report
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, 2015, as well as a roll forward of Level 3 investments, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, net operating losses, 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 | $ 275,113,645 |
Gross unrealized depreciation | (5,682,310) |
Net unrealized appreciation (depreciation) on securities | $ 269,431,335 |
|
|
Tax cost | $ 607,007,326 |
The Fund elected to defer to its next fiscal year approximately $7,711 of currency losses recognized during the period November 1, 2014 to December 31,2014.
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $162,455,706 and $223,699,892, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .69% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the 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 .17% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,006 for the period.
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $686 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $33,042, including $12 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $7,140 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 $3.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
In addition, the investment adviser reimbursed and/or waived a portion of the Fund's operating expenses, during the period in the amount of $17,052.
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 the investment adviser or its affiliates 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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Limited
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-0815 1.950954.102
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Contrafund's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Contrafund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Contrafund
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | August 26, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | August 26, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | August 26, 2015 |