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 811-01400
Fidelity Contrafund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2022 |
Item 1.
Reports to Stockholders
Fidelity® Contrafund®
Semi-Annual Report
June 30, 2022
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2022
% of fund's net assets | |
Berkshire Hathaway, Inc. Class A | 8.0 |
Meta Platforms, Inc. Class A | 6.9 |
Microsoft Corp. | 6.8 |
Amazon.com, Inc. | 6.6 |
UnitedHealth Group, Inc. | 5.6 |
Apple, Inc. | 4.2 |
Alphabet, Inc. Class A | 3.5 |
Alphabet, Inc. Class C | 3.1 |
Eli Lilly & Co. | 2.2 |
NVIDIA Corp. | 2.2 |
49.1 |
Market Sectors as of June 30, 2022
% of fund's net assets | |
Information Technology | 24.3 |
Health Care | 15.9 |
Communication Services | 14.8 |
Financials | 14.5 |
Consumer Discretionary | 10.9 |
Industrials | 5.0 |
Energy | 4.3 |
Consumer Staples | 3.6 |
Materials | 3.2 |
Real Estate | 0.3 |
Utilities | 0.3 |
Asset Allocation (% of fund's net assets)
As of June 30, 2022 * | ||
Stocks | 95.6% | |
Convertible Securities | 1.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.9% |
* Foreign investments - 7.7%
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 14.8% | |||
Entertainment - 1.0% | |||
Activision Blizzard, Inc. | 961,018 | $74,825 | |
Netflix, Inc. (a) | 3,482,590 | 609,001 | |
The Walt Disney Co. (a) | 1,194,556 | 112,766 | |
Universal Music Group NV | 6,117,347 | 122,567 | |
Warner Music Group Corp. Class A | 1,257,357 | 30,629 | |
949,788 | |||
Interactive Media & Services - 13.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,548,593 | 3,374,787 | |
Class C (a) | 1,392,398 | 3,045,801 | |
Bumble, Inc. (a) | 2,881,656 | 81,119 | |
Meta Platforms, Inc. Class A (a) | 41,728,146 | 6,728,664 | |
Zoominfo Technologies, Inc. (a) | 746,693 | 24,820 | |
13,255,191 | |||
Media - 0.2% | |||
Liberty Media Corp. Liberty Formula One Group Series C (a) | 2,951,982 | 187,362 | |
TOTAL COMMUNICATION SERVICES | 14,392,341 | ||
CONSUMER DISCRETIONARY - 10.8% | |||
Automobiles - 0.6% | |||
General Motors Co. (a) | 3,627,308 | 115,203 | |
Hyundai Motor Co. | 651,600 | 91,248 | |
Rad Power Bikes, Inc. (a)(b)(c) | 2,588,458 | 13,486 | |
Rivian Automotive, Inc. (d) | 636,792 | 16,391 | |
Tesla, Inc. (a) | 77,039 | 51,880 | |
Toyota Motor Corp. | 16,113,951 | 248,627 | |
536,835 | |||
Diversified Consumer Services - 0.0% | |||
Duolingo, Inc. (a) | 10,993 | 962 | |
Hotels, Restaurants & Leisure - 0.5% | |||
Airbnb, Inc. Class A (a) | 2,855,642 | 254,381 | |
Chipotle Mexican Grill, Inc. (a) | 30,818 | 40,287 | |
Hilton Worldwide Holdings, Inc. | 1,431,150 | 159,487 | |
Marriott International, Inc. Class A | 270,751 | 36,825 | |
490,980 | |||
Household Durables - 0.1% | |||
Lennar Corp. Class A | 1,105,942 | 78,046 | |
Internet & Direct Marketing Retail - 6.8% | |||
Amazon.com, Inc. (a) | 59,926,860 | 6,364,832 | |
Cazoo Group Ltd. Class A(a) | 7,166,741 | 5,160 | |
Coupang, Inc. Class A (a)(e) | 11,361,771 | 144,863 | |
Deliveroo PLC Class A (a)(d) | 51,348,664 | 56,494 | |
Doordash, Inc. (a) | 164,002 | 10,524 | |
Wayfair LLC Class A (a) | 68,354 | 2,978 | |
Zomato Ltd. (a)(b) | 36,025,900 | 23,339 | |
6,608,190 | |||
Leisure Products - 0.0% | |||
Thule Group AB (d)(e) | 544,721 | 13,381 | |
Multiline Retail - 0.2% | |||
Dollar Tree, Inc. (a) | 1,206,508 | 188,034 | |
Dollarama, Inc. | 399,334 | 22,995 | |
211,029 | |||
Specialty Retail - 2.0% | |||
Academy Sports & Outdoors, Inc. | 3,837,259 | 136,376 | |
AutoZone, Inc. (a) | 118,360 | 254,370 | |
Dick's Sporting Goods, Inc. (e) | 2,123,484 | 160,047 | |
Fanatics, Inc. Class A (b)(c) | 2,461,391 | 148,865 | |
National Vision Holdings, Inc. (a)(e) | 1,558,187 | 42,850 | |
O'Reilly Automotive, Inc. (a) | 403,069 | 254,643 | |
The Home Depot, Inc. | 2,439,938 | 669,202 | |
TJX Companies, Inc. | 445,785 | 24,897 | |
Ulta Beauty, Inc. (a) | 202,522 | 78,068 | |
Williams-Sonoma, Inc. | 1,642,692 | 182,257 | |
1,951,575 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Deckers Outdoor Corp. (a) | 118,140 | 30,167 | |
Dr. Martens Ltd. | 14,107,213 | 40,768 | |
lululemon athletica, Inc. (a) | 92,036 | 25,090 | |
NIKE, Inc. Class B | 2,850,217 | 291,292 | |
On Holding AG (e) | 8,277,204 | 146,424 | |
Tapestry, Inc. | 388,751 | 11,865 | |
545,606 | |||
TOTAL CONSUMER DISCRETIONARY | 10,436,604 | ||
CONSUMER STAPLES - 3.6% | |||
Beverages - 1.1% | |||
Anheuser-Busch InBev SA NV | 1,142,349 | 61,518 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 127,137 | 29,631 | |
Diageo PLC | 2,210,853 | 95,493 | |
Keurig Dr. Pepper, Inc. | 308,847 | 10,930 | |
PepsiCo, Inc. | 2,039,888 | 339,968 | |
The Coca-Cola Co. | 9,013,595 | 567,045 | |
The Vita Coco Co., Inc. (e) | 446,246 | 4,369 | |
1,108,954 | |||
Food & Staples Retailing - 1.5% | |||
Albertsons Companies, Inc. | 1,081,716 | 28,903 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 998,564 | 38,951 | |
Costco Wholesale Corp. | 2,813,145 | 1,348,284 | |
Kroger Co. | 600,071 | 28,401 | |
Walmart, Inc. | 999 | 121 | |
1,444,660 | |||
Food Products - 0.0% | |||
Mondelez International, Inc. | 328,393 | 20,390 | |
Nestle SA (Reg. S) | 184,732 | 21,590 | |
41,980 | |||
Household Products - 0.1% | |||
Procter & Gamble Co. | 336,636 | 48,405 | |
Personal Products - 0.9% | |||
Estee Lauder Companies, Inc. Class A | 2,592,851 | 660,321 | |
L'Oreal SA (a) | 187,200 | 64,997 | |
L'Oreal SA (a) | 187,900 | 65,240 | |
Olaplex Holdings, Inc. | 2,292,829 | 32,306 | |
822,864 | |||
TOTAL CONSUMER STAPLES | 3,466,863 | ||
ENERGY - 4.2% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes Co. Class A | 3,158,265 | 91,179 | |
Halliburton Co. | 2,464,352 | 77,282 | |
Schlumberger Ltd. | 214,978 | 7,688 | |
Technip Energies NV | 321,184 | 4,004 | |
180,153 | |||
Oil, Gas & Consumable Fuels - 4.0% | |||
Antero Resources Corp. (a) | 608,853 | 18,661 | |
Canadian Natural Resources Ltd. | 6,243,175 | 335,488 | |
Cenovus Energy, Inc. (Canada) | 1,967,455 | 37,432 | |
Cheniere Energy, Inc. | 1,579,074 | 210,064 | |
Chevron Corp. | 2,291,027 | 331,695 | |
ConocoPhillips Co. | 6,001,043 | 538,954 | |
Continental Resources, Inc. (e) | 1,289,695 | 84,282 | |
Devon Energy Corp. | 3,976,459 | 219,143 | |
Diamondback Energy, Inc. | 1,235,737 | 149,710 | |
EOG Resources, Inc. | 2,925,188 | 323,058 | |
Exxon Mobil Corp. | 5,458,173 | 467,438 | |
Hess Corp. | 2,017,496 | 213,734 | |
Imperial Oil Ltd. | 165,395 | 7,797 | |
Occidental Petroleum Corp. | 4,668,528 | 274,883 | |
Phillips 66 Co. | 612,406 | 50,211 | |
Pioneer Natural Resources Co. | 1,399,432 | 312,185�� | |
Reliance Industries Ltd. | 2,515,739 | 82,695 | |
Suncor Energy, Inc. | 2,148,280 | 75,370 | |
Tourmaline Oil Corp. | 120,823 | 6,282 | |
Valero Energy Corp. | 1,420,657 | 150,987 | |
3,890,069 | |||
TOTAL ENERGY | 4,070,222 | ||
FINANCIALS - 14.5% | |||
Banks - 3.1% | |||
Banco Santander SA (Spain) | 3,988,500 | 11,285 | |
Bank of America Corp. | 32,318,673 | 1,006,080 | |
JPMorgan Chase & Co. | 5,951,469 | 670,195 | |
Kotak Mahindra Bank Ltd. (a) | 320,666 | 6,745 | |
Nu Holdings Ltd. (e) | 2,707,259 | 10,125 | |
Royal Bank of Canada | 5,234,454 | 506,854 | |
Starling Bank Ltd. Series D (a)(b)(c) | 26,724,113 | 76,709 | |
The Toronto-Dominion Bank (e) | 6,636,165 | 435,176 | |
Wells Fargo & Co. | 5,935,445 | 232,491 | |
2,955,660 | |||
Capital Markets - 1.0% | |||
BlackRock, Inc. Class A | 8,064 | 4,911 | |
Blackstone, Inc. | 100,200 | 9,141 | |
Brookfield Asset Management, Inc. (Canada) Class A | 1,586,719 | 70,584 | |
Charles Schwab Corp. | 2,806,103 | 177,290 | |
CME Group, Inc. | 120,940 | 24,756 | |
Coinbase Global, Inc. (a)(e) | 162,080 | 7,621 | |
Goldman Sachs Group, Inc. | 208,761 | 62,006 | |
Morgan Stanley | 7,593,768 | 577,582 | |
MSCI, Inc. | 115,337 | 47,536 | |
981,427 | |||
Consumer Finance - 0.1% | |||
American Express Co. | 236,290 | 32,755 | |
Capital One Financial Corp. | 562,103 | 58,566 | |
91,321 | |||
Diversified Financial Services - 8.0% | |||
Berkshire Hathaway, Inc. Class A (a)(e) | 18,936 | 7,743,878 | |
Rapyd Financial Network 2016 Ltd. (a)(b)(c) | 340,545 | 21,070 | |
7,764,948 | |||
Insurance - 2.3% | |||
Admiral Group PLC | 5,693,781 | 155,533 | |
American International Group, Inc. | 7,288,772 | 372,675 | |
Aon PLC | 79,120 | 21,337 | |
Arthur J. Gallagher & Co. | 809,254 | 131,941 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 7,648 | 341 | |
Chubb Ltd. | 2,377,191 | 467,308 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 141,319 | 74,886 | |
Hartford Financial Services Group, Inc. | 1,719,537 | 112,509 | |
Intact Financial Corp. | 662,283 | 93,415 | |
Marsh & McLennan Companies, Inc. | 524,453 | 81,421 | |
Progressive Corp. | 3,338,461 | 388,163 | |
The Travelers Companies, Inc. | 2,106,074 | 356,200 | |
W.R. Berkley Corp. | 133,062 | 9,083 | |
2,264,812 | |||
TOTAL FINANCIALS | 14,058,168 | ||
HEALTH CARE - 15.8% | |||
Biotechnology - 3.2% | |||
AbbVie, Inc. | 3,171,637 | 485,768 | |
Argenx SE ADR (a) | 127,543 | 48,323 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 49,462 | 7,207 | |
BioNTech SE ADR (e) | 76,598 | 11,421 | |
Galapagos NV sponsored ADR (a) | 1,191,671 | 66,495 | |
Horizon Therapeutics PLC (a) | 2,478,631 | 197,696 | |
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(c) | 105,983 | 0 | |
Intellia Therapeutics, Inc. (a) | 377,113 | 19,519 | |
Moderna, Inc. (a) | 65,654 | 9,379 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,453,080 | 1,450,089 | |
United Therapeutics Corp. (a) | 254,749 | 60,029 | |
Vertex Pharmaceuticals, Inc. (a) | 2,770,493 | 780,697 | |
Zai Lab Ltd. (a) | 3,653,161 | 12,454 | |
3,149,077 | |||
Health Care Equipment & Supplies - 0.7% | |||
Abbott Laboratories | 991,936 | 107,774 | |
DexCom, Inc. (a) | 3,989 | 297 | |
Edwards Lifesciences Corp. (a) | 2,264,065 | 215,290 | |
Envista Holdings Corp. (a) | 794,546 | 30,622 | |
Intuitive Surgical, Inc. (a) | 1,080,549 | 216,877 | |
Sonova Holding AG | 301,921 | 96,144 | |
Straumann Holding AG | 49,547 | 5,969 | |
672,973 | |||
Health Care Providers & Services - 6.5% | |||
23andMe Holding Co. Class B (d) | 11,320,291 | 28,074 | |
AmerisourceBergen Corp. | 785,712 | 111,163 | |
Cano Health, Inc. (a) | 2,586,384 | 11,328 | |
Centene Corp. (a) | 461,386 | 39,038 | |
Cigna Corp. | 80,049 | 21,095 | |
dentalcorp Holdings Ltd. (a) | 3,294,390 | 30,482 | |
Elevance Health, Inc. | 663,373 | 320,131 | |
Guardant Health, Inc. (a) | 84,851 | 3,423 | |
HCA Holdings, Inc. | 1,074,143 | 180,520 | |
Henry Schein, Inc. (a) | 662,002 | 50,802 | |
McKesson Corp. | 19,366 | 6,317 | |
Option Care Health, Inc. (a) | 2,830,198 | 78,651 | |
P3 Health Partners, Inc. (a)(b)(f) | 2,735,364 | 9,667 | |
UnitedHealth Group, Inc. | 10,560,113 | 5,423,991 | |
6,314,682 | |||
Health Care Technology - 0.0% | |||
Doximity, Inc. (e) | 1,187,726 | 41,357 | |
Life Sciences Tools & Services - 1.2% | |||
Danaher Corp. | 2,329,059 | 590,463 | |
ICON PLC (a) | 46,670 | 10,113 | |
Mettler-Toledo International, Inc. (a) | 185,201 | 212,753 | |
Thermo Fisher Scientific, Inc. | 387,111 | 210,310 | |
Veterinary Emergency Group LLC Class A (b)(c)(g) | 1,029,105 | 53,898 | |
Waters Corp. (a) | 139,980 | 46,331 | |
1,123,868 | |||
Pharmaceuticals - 4.2% | |||
AstraZeneca PLC sponsored ADR | 723,409 | 47,796 | |
Bristol-Myers Squibb Co. | 5,672,839 | 436,809 | |
Eli Lilly & Co. | 6,621,731 | 2,146,964 | |
GSK PLC sponsored ADR | 252,733 | 11,001 | |
Intra-Cellular Therapies, Inc. (a) | 442,385 | 25,251 | |
Johnson & Johnson | 1,914,975 | 339,927 | |
Merck & Co., Inc. | 3,548,367 | 323,505 | |
Nuvation Bio, Inc. (a)(e) | 10,502,545 | 34,028 | |
Pfizer, Inc. | 3,655,078 | 191,636 | |
Roche Holding AG (participation certificate) | 342,579 | 114,524 | |
Royalty Pharma PLC | 5,209,544 | 219,009 | |
UCB SA | 102,158 | 8,633 | |
Zoetis, Inc. Class A | 732,723 | 125,948 | |
4,025,031 | |||
TOTAL HEALTH CARE | 15,326,988 | ||
INDUSTRIALS - 4.0% | |||
Aerospace & Defense - 1.2% | |||
Lockheed Martin Corp. | 831,697 | 357,596 | |
Northrop Grumman Corp. | 1,068,459 | 511,332 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 3,585,070 | 250,955 | |
Class C (a)(b)(c) | 129,910 | 9,094 | |
1,128,977 | |||
Air Freight & Logistics - 1.0% | |||
Delhivery Private Ltd. (b) | 5,594,700 | 32,316 | |
United Parcel Service, Inc. Class B | 5,316,998 | 970,565 | |
Zipline International, Inc. (b)(c) | 515,816 | 14,489 | |
1,017,370 | |||
Building Products - 0.2% | |||
Carlisle Companies, Inc. | 42,471 | 10,134 | |
Carrier Global Corp. | 668,303 | 23,832 | |
Fortune Brands Home & Security, Inc. | 1,532,586 | 91,771 | |
Toto Ltd. | 3,095,677 | 102,502 | |
228,239 | |||
Commercial Services & Supplies - 0.2% | |||
Aurora Innovation, Inc. (a)(e) | 6,109,029 | 11,668 | |
Cintas Corp. | 84,106 | 31,416 | |
Clean TeQ Water Pty Ltd. (a)(e) | 2,136,781 | 612 | |
GFL Environmental, Inc. (e) | 630,050 | 16,255 | |
TulCo LLC (a)(b)(c)(g) | 140,771 | 82,375 | |
ZenPayroll, Inc. (b)(c) | 289,200 | 8,792 | |
151,118 | |||
Electrical Equipment - 0.0% | |||
Acuity Brands, Inc. | 63,100 | 9,720 | |
SES AI Corp. Class A (a)(e) | 9,067 | 36 | |
9,756 | |||
Industrial Conglomerates - 0.4% | |||
General Electric Co. | 6,262,301 | 398,721 | |
Machinery - 0.4% | |||
AutoStore Holdings Ltd. (d)(e) | 1,278,700 | 1,817 | |
Deere & Co. | 775,869 | 232,349 | |
Ingersoll Rand, Inc. | 1,367,250 | 57,534 | |
PACCAR, Inc. | 637,179 | 52,465 | |
344,165 | |||
Professional Services - 0.0% | |||
FTI Consulting, Inc. (a) | 19,224 | 3,477 | |
Road & Rail - 0.6% | |||
Canadian Pacific Railway Ltd. | 1,820,791 | 127,181 | |
J.B. Hunt Transport Services, Inc. | 850,857 | 133,984 | |
Old Dominion Freight Lines, Inc. | 310,195 | 79,497 | |
Union Pacific Corp. | 1,089,461 | 232,360 | |
573,022 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 82,584 | 9,237 | |
TOTAL INDUSTRIALS | 3,864,082 | ||
INFORMATION TECHNOLOGY - 24.1% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 895,656 | 83,959 | |
Electronic Equipment & Components - 1.4% | |||
Amphenol Corp. Class A | 21,324,440 | 1,372,867 | |
CDW Corp. | 151,108 | 23,809 | |
1,396,676 | |||
IT Services - 3.0% | |||
Accenture PLC Class A | 3,429,840 | 952,295 | |
Adyen BV (a)(d) | 79,153 | 114,228 | |
Affirm Holdings, Inc. (a) | 997 | 18 | |
ASAC II LP (a)(b)(c) | 39,494,500 | 6,635 | |
Cloudflare, Inc. (a) | 2,006,142 | 87,769 | |
Cognizant Technology Solutions Corp. Class A | 1,720,335 | 116,105 | |
MasterCard, Inc. Class A | 609,957 | 192,429 | |
MongoDB, Inc. Class A (a) | 372,383 | 96,633 | |
Okta, Inc. (a) | 989 | 89 | |
PayPal Holdings, Inc. (a) | 56,354 | 3,936 | |
Shopify, Inc. Class A (a) | 9,990 | 312 | |
Snowflake, Inc. (a) | 60,751 | 8,448 | |
Visa, Inc. Class A (e) | 6,747,472 | 1,328,510 | |
2,907,407 | |||
Semiconductors & Semiconductor Equipment - 5.2% | |||
Advanced Micro Devices, Inc. (a) | 8,612,335 | 658,585 | |
Analog Devices, Inc. | 1,265,836 | 184,926 | |
Applied Materials, Inc. | 113,559 | 10,332 | |
Broadcom, Inc. | 140,420 | 68,217 | |
Enphase Energy, Inc. (a) | 118,993 | 23,232 | |
Lam Research Corp. | 38,372 | 16,352 | |
Lattice Semiconductor Corp. (a) | 522,923 | 25,362 | |
Marvell Technology, Inc. | 3,400,465 | 148,022 | |
Monolithic Power Systems, Inc. | 73,051 | 28,055 | |
NVIDIA Corp. | 13,878,953 | 2,103,910 | |
onsemi (a) | 4,225,969 | 212,609 | |
Qualcomm, Inc. | 9,746,980 | 1,245,079 | |
Semtech Corp. (a) | 201,370 | 11,069 | |
Skyworks Solutions, Inc. | 103,200 | 9,560 | |
Synaptics, Inc. (a)(f) | 2,146,586 | 253,404 | |
4,998,714 | |||
Software - 10.1% | |||
Adobe, Inc. (a) | 2,516,253 | 921,100 | |
Aspen Technology, Inc. (a) | 30,176 | 5,543 | |
Atlassian Corp. PLC (a) | 1,118,625 | 209,630 | |
Bill.Com Holdings, Inc. (a) | 997 | 110 | |
Cadence Design Systems, Inc. (a) | 803,053 | 120,482 | |
Check Point Software Technologies Ltd. (a) | 424,371 | 51,680 | |
Clear Secure, Inc. (e) | 655,902 | 13,118 | |
Confluent, Inc. | 997 | 23 | |
Datadog, Inc. Class A (a) | 718,103 | 68,392 | |
Dynatrace, Inc. (a) | 97,015 | 3,826 | |
Epic Games, Inc. (a)(b)(c) | 123,700 | 115,041 | |
Fortinet, Inc. (a) | 407,445 | 23,053 | |
Intuit, Inc. | 372,919 | 143,738 | |
KnowBe4, Inc. (a) | 1,354,974 | 21,165 | |
Microsoft Corp. | 25,644,522 | 6,586,283 | |
Roper Technologies, Inc. | 23,836 | 9,407 | |
Salesforce.com, Inc. (a) | 8,761,905 | 1,446,065 | |
Stripe, Inc. Class B (a)(b)(c) | 455,600 | 11,650 | |
Tanium, Inc. Class B (a)(b)(c) | 6,742,751 | 67,293 | |
9,817,599 | |||
Technology Hardware, Storage & Peripherals - 4.3% | |||
Apple, Inc. | 30,032,660 | 4,106,065 | |
Dell Technologies, Inc. | 2,090,671 | 96,610 | |
Pure Storage, Inc. Class A (a) | 245,065 | 6,301 | |
4,208,976 | |||
TOTAL INFORMATION TECHNOLOGY | 23,413,331 | ||
MATERIALS - 3.1% | |||
Chemicals - 0.5% | |||
CF Industries Holdings, Inc. | 1,684,061 | 144,375 | |
Corteva, Inc. | 1,357,132 | 73,475 | |
Nutrien Ltd. | 1,154,346 | 91,990 | |
Olin Corp. | 162,996 | 7,543 | |
Sherwin-Williams Co. | 307,855 | 68,932 | |
The Mosaic Co. | 763,472 | 36,059 | |
Westlake Corp. | 784,800 | 76,926 | |
499,300 | |||
Metals & Mining - 2.6% | |||
Agnico Eagle Mines Ltd. (Canada) | 518,292 | 23,724 | |
B2Gold Corp. | 43,313,109 | 146,710 | |
Barrick Gold Corp. (Canada) | 10,386,413 | 183,650 | |
Cleveland-Cliffs, Inc. (a) | 4,048,176 | 62,220 | |
First Quantum Minerals Ltd. | 519,060 | 9,847 | |
Franco-Nevada Corp. | 4,017,863 | 528,515 | |
Freeport-McMoRan, Inc. | 14,066,857 | 411,596 | |
Glencore Xstrata PLC | 5,704,471 | 30,898 | |
Ivanhoe Electric, Inc. (f) | 668,800 | 5,819 | |
Ivanhoe Electric, Inc. (f) | 4,718,028 | 36,942 | |
Ivanhoe Mines Ltd. (a) | 40,739,777 | 234,526 | |
Ivanhoe Mines Ltd. (a)(d) | 11,924,516 | 68,646 | |
MP Materials Corp. (a)(e) | 138,602 | 4,446 | |
Newmont Corp. | 3,411,599 | 203,570 | |
Novagold Resources, Inc. (a) | 7,093,111 | 33,890 | |
Nucor Corp. | 3,266,616 | 341,067 | |
Steel Dynamics, Inc. | 2,103,885 | 139,172 | |
Stelco Holdings, Inc. | 474,022 | 11,851 | |
Sunrise Energy Metals Ltd. (a) | 4,273,565 | 6,637 | |
Wheaton Precious Metals Corp. | 724,749 | 26,114 | |
2,509,840 | |||
TOTAL MATERIALS | 3,009,140 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Equity Commonwealth (a) | 2,123,169 | 58,451 | |
Equity Residential (SBI) | 129,208 | 9,331 | |
Prologis (REIT), Inc. | 1,574,183 | 185,203 | |
Welltower, Inc. | 624,748 | 51,448 | |
304,433 | |||
UTILITIES - 0.3% | |||
Electric Utilities - 0.3% | |||
Constellation Energy Corp. | 873,350 | 50,008 | |
Exelon Corp. | 621,622 | 28,172 | |
NextEra Energy, Inc. | 426,829 | 33,062 | |
NRG Energy, Inc. | 484,090 | 18,478 | |
PG&E Corp. (a) | 7,098,714 | 70,845 | |
Southern Co. | 899,856 | 64,169 | |
264,734 | |||
TOTAL COMMON STOCKS | |||
(Cost $43,448,703) | 92,606,906 | ||
Preferred Stocks - 1.6% | |||
Convertible Preferred Stocks - 1.5% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc.: | |||
Series E (a)(b)(c) | 165,300 | 6,496 | |
Series F (b)(c) | 878,650 | 34,531 | |
41,027 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A (a)(b)(c) | 337,463 | 1,758 | |
Series C (a)(b)(c) | 1,327,879 | 6,918 | |
Series D (b)(c) | 2,329,100 | 12,135 | |
20,811 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (b)(c) | 15,500 | 5,792 | |
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series F (b) | 637,828 | 30,779 | |
GoBrands, Inc.: | |||
Series G (a)(b)(c) | 55,517 | 11,927 | |
Series H (b)(c) | 69,898 | 15,017 | |
57,723 | |||
TOTAL CONSUMER DISCRETIONARY | 84,326 | ||
CONSUMER STAPLES - 0.0% | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 226,491 | 7,499 | |
FINANCIALS - 0.0% | |||
Thrifts & Mortgage Finance - 0.0% | |||
Acrisure Holdings, Inc. Series B (a)(b)(c) | 379,681 | 8,156 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 3,224,900 | 14,747 | |
Intarcia Therapeutics, Inc. Series CC (a)(b)(c) | 2,100,446 | 0 | |
14,747 | |||
Health Care Providers & Services - 0.1% | |||
Get Heal, Inc. Series B (a)(b)(c) | 35,877,127 | 969 | |
Lyra Health, Inc.: | |||
Series E (a)(b)(c) | 1,478,100 | 26,946 | |
Series F (b)(c) | 69,520 | 1,267 | |
Somatus, Inc. Series E (b)(c) | 15,253 | 13,310 | |
42,492 | |||
TOTAL HEALTH CARE | 57,239 | ||
INDUSTRIALS - 1.0% | |||
Aerospace & Defense - 0.8% | |||
Relativity Space, Inc.: | |||
Series D (a)(b)(c) | 1,673,085 | 26,267 | |
Series E (a)(b)(c) | 436,722 | 7,966 | |
Space Exploration Technologies Corp.: | |||
Series G (a)(b)(c) | 558,215 | 390,751 | |
Series H (a)(b)(c) | 120,282 | 84,197 | |
Series N (a)(b)(c) | 428,458 | 299,921 | |
809,102 | |||
Air Freight & Logistics - 0.1% | |||
Zipline International, Inc. Series E (a)(b)(c) | 1,317,166 | 36,999 | |
Commercial Services & Supplies - 0.1% | |||
ZenPayroll, Inc.: | |||
Series D (a)(b)(c) | 2,436,137 | 74,059 | |
Series E (b)(c) | 167,099 | 5,080 | |
79,139 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (b)(c) | 259,581 | 26,781 | |
TOTAL INDUSTRIALS | 952,021 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 653,587 | 99,633 | |
Software - 0.1% | |||
ASAPP, Inc. Series C (a)(b)(c) | 1,300,504 | 4,526 | |
Carbon, Inc.: | |||
Series D (a)(b)(c) | 915,425 | 11,241 | |
Series E (a)(b)(c) | 81,735 | 1,191 | |
Delphix Corp. Series D (a)(b)(c) | 3,712,687 | 24,429 | |
Nuro, Inc.: | |||
Series C (a)(b)(c) | 3,293,118 | 39,946 | |
Series D (b)(c) | 643,113 | 7,801 | |
Stripe, Inc. Series H (a)(b)(c) | 190,300 | 4,866 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 200,200 | 11,267 | |
105,267 | |||
TOTAL INFORMATION TECHNOLOGY | 204,900 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
High Power Exploration, Inc. Series A (a)(b)(c) | 14,154,085 | 62,844 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 1,418,012 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
Circle Internet Financial Ltd. Series E (b) | 1,059,433 | 51,124 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 9,086,766 | 106,133 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 157,257 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $1,015,617) | 1,575,269 | ||
Principal Amount (000s) | Value (000s) | ||
Preferred Securities - 0.0% | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. 6% 7/18/22 (b)(c) | 9,273 | 1,388 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(h) | 11,130 | 11,130 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $20,403) | 12,518 | ||
Shares | Value (000s) | ||
Money Market Funds - 3.7% | |||
Fidelity Cash Central Fund 1.58% (i) | 2,650,794,956 | 2,651,325 | |
Fidelity Securities Lending Cash Central Fund 1.58% (i)(j) | 866,086,459 | 866,173 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,517,497) | 3,517,498 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $48,002,220) | 97,712,191 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (732,555) | ||
NET ASSETS - 100% | $96,979,636 |
Legend
(a) Non-income producing
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,427,328,000 or 2.5% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $299,031,000 or 0.3% of net assets.
(e) Security or a portion of the security is on loan at period end.
(f) Affiliated company
(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(h) Security is perpetual in nature with no stated maturity date.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Acrisure Holdings, Inc. Series B | 3/22/21 | $6,918 |
ASAC II LP | 10/10/13 | $3,041 |
ASAPP, Inc. Series C | 4/30/21 | $8,580 |
Beta Technologies, Inc. Series B, 6.00% | 4/4/22 | $26,781 |
Bowery Farming, Inc. Series C1 | 5/18/21 | $13,646 |
ByteDance Ltd. Series E1 | 11/18/20 | $71,616 |
Carbon, Inc. Series D | 12/15/17 | $21,376 |
Carbon, Inc. Series E | 3/22/19 | $2,288 |
Circle Internet Financial Ltd. Series E | 5/11/21 | $17,195 |
Circle Internet Financial Ltd. Series F | 5/9/22 | $26,878 |
Delhivery Private Ltd. | 5/20/21 | $27,309 |
Delphix Corp. Series D | 7/10/15 | $33,414 |
Discord, Inc. Series I | 9/15/21 | $8,535 |
ElevateBio LLC Series C | 3/9/21 | $13,528 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | $71,128 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | $82,369 |
Get Heal, Inc. Series B | 11/7/16 | $10,944 |
GoBrands, Inc. Series G | 3/2/21 | $13,864 |
GoBrands, Inc. Series H | 7/22/21 | $27,155 |
High Power Exploration, Inc. Series A | 11/15/19 - 3/4/21 | $74,592 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
Intarcia Therapeutics, Inc. 6% 7/18/22 | 1/3/20 | $9,273 |
Lyra Health, Inc. Series E | 1/14/21 | $13,534 |
Lyra Health, Inc. Series F | 6/4/21 | $1,092 |
Nuro, Inc. Series C | 10/30/20 | $42,990 |
Nuro, Inc. Series D | 10/29/21 | $13,406 |
P3 Health Partners, Inc. | 5/25/21 | $27,354 |
Rad Power Bikes, Inc. | 1/21/21 | $12,486 |
Rad Power Bikes, Inc. Series A | 1/21/21 | $1,628 |
Rad Power Bikes, Inc. Series C | 1/21/21 | $6,405 |
Rad Power Bikes, Inc. Series D | 9/17/21 | $22,322 |
Rapyd Financial Network 2016 Ltd. | 3/30/21 | $25,000 |
Reddit, Inc. Series E | 5/18/21 | $7,021 |
Reddit, Inc. Series F | 8/11/21 | $54,296 |
Relativity Space, Inc. Series D | 11/20/20 | $24,974 |
Relativity Space, Inc. Series E | 5/27/21 | $9,973 |
Somatus, Inc. Series E | 1/31/22 | $13,310 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 5/24/22 | $60,159 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $1,754 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $16,238 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $115,684 |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $52,246 |
Stripe, Inc. Class B | 5/18/21 | $18,282 |
Stripe, Inc. Series H | 3/15/21 | $7,636 |
Tanium, Inc. Class B | 4/21/17 - 9/18/20 | $57,901 |
Tenstorrent, Inc. Series C1 | 4/23/21 | $11,903 |
Tenstorrent, Inc. 0% | 4/23/21 | $11,130 |
TulCo LLC | 8/24/17 - 9/7/18 | $51,985 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | $39,452 |
ZenPayroll, Inc. | 10/1/21 | $8,326 |
ZenPayroll, Inc. Series D | 7/16/19 | $32,431 |
ZenPayroll, Inc. Series E | 7/13/21 | $5,079 |
Zipline International, Inc. | 10/12/21 | $18,569 |
Zipline International, Inc. Series E | 12/21/20 | $42,978 |
Zomato Ltd. | 12/9/20 - 2/5/21 | $22,002 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 1.58% | $1,364,187 | $9,185,046 | $7,897,908 | $6,633 | $-- | $-- | $2,651,325 | 4.9% |
Fidelity Securities Lending Cash Central Fund 1.58% | 435,183 | 2,602,367 | 2,171,377 | 1,027 | -- | -- | 866,173 | 2.2% |
Total | $1,799,370 | $11,787,413 | $10,069,285 | $7,660 | $-- | $-- | $3,517,498 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable.
Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Ivanhoe Electric, Inc. | $-- | $7,859 | $-- | $-- | $-- | $(2,040) | $5,819 |
Ivanhoe Electric, Inc. | -- | -- | -- | -- | -- | 25,194 | 36,942 |
P3 Health Partners, Inc. | 18,294 | -- | -- | -- | -- | (8,627) | 9,667 |
Synaptics, Inc. | 696,243 | 2,056 | 53,013 | -- | 1,445 | (393,327) | 253,404 |
Total | $714,537 | $9,915 | $53,013 | $-- | $1,445 | $(378,800) | $305,832 |
(a) Includes the value of securities delivered through in-kind transactions, as applicable.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $14,433,368 | $14,269,774 | $122,567 | $41,027 |
Consumer Discretionary | 10,572,054 | 10,002,287 | 353,869 | 215,898 |
Consumer Staples | 3,474,362 | 3,158,025 | 308,838 | 7,499 |
Energy | 4,176,355 | 4,176,355 | -- | -- |
Financials | 14,066,324 | 13,949,104 | 11,285 | 105,935 |
Health Care | 15,384,227 | 15,142,930 | 130,160 | 111,137 |
Industrials | 4,816,103 | 3,363,559 | 134,818 | 1,317,726 |
Information Technology | 23,618,231 | 23,098,484 | 114,228 | 405,519 |
Materials | 3,071,984 | 2,941,300 | 67,840 | 62,844 |
Real Estate | 304,433 | 304,433 | -- | -- |
Utilities | 264,734 | 264,734 | -- | -- |
Preferred Securities | 12,518 | -- | -- | 12,518 |
Money Market Funds | 3,517,498 | 3,517,498 | -- | -- |
Total Investments in Securities: | $97,712,191 | $94,188,483 | $1,243,605 | $2,280,103 |
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 - Industrials | ||
Beginning Balance | $1,226,738 | |
Net Realized Gain (Loss) on Investment Securities | 60,362 | |
Net Unrealized Gain (Loss) on Investment Securities | 82,954 | |
Cost of Purchases | 34,815 | |
Proceeds of Sales | (60,362) | |
Amortization/Accretion | -- | |
Transfers into Level 3 | -- | |
Transfers of of Level 3 | (26,781) | |
Ending Balance | $1,317,726 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $82,954 | |
Other Investments in Securities | ||
Beginning Balance | $1,072,249 | |
Net Realized Gain (Loss) on Investment Securities | -- | |
Net Unrealized Gain (Loss) on Investment Securities | (138,558) | |
Cost of Purchases | 40,434 | |
Proceeds of Sales | -- | |
Amortization/Accretion | -- | |
Transfers into Level 3 | -- | |
Transfers out of Level 3 | (11,748) | |
Ending Balance | $962,377 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $(138,558) |
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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2022 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $824,480) — See accompanying schedule: Unaffiliated issuers (cost $44,281,968) | $93,888,861 | |
Fidelity Central Funds (cost $3,517,497) | 3,517,498 | |
Other affiliated issuers (cost $202,755) | 305,832 | |
Total Investment in Securities (cost $48,002,220) | $97,712,191 | |
Restricted cash | 5,297 | |
Foreign currency held at value (cost $37) | 36 | |
Receivable for investments sold | 336,014 | |
Receivable for fund shares sold | 18,739 | |
Dividends receivable | 39,855 | |
Distributions receivable from Fidelity Central Funds | 3,156 | |
Other receivables | 9,632 | |
Total assets | 98,124,920 | |
Liabilities | ||
Payable for investments purchased | $149,277 | |
Payable for fund shares redeemed | 59,805 | |
Accrued management fee | 28,492 | |
Other affiliated payables | 10,182 | |
Other payables and accrued expenses | 31,538 | |
Collateral on securities loaned | 865,990 | |
Total liabilities | 1,145,284 | |
Net Assets | $96,979,636 | |
Net Assets consist of: | ||
Paid in capital | $39,765,229 | |
Total accumulated earnings (loss) | 57,214,407 | |
Net Assets | $96,979,636 | |
Net Asset Value and Maximum Offering Price | ||
Contrafund: | ||
Net Asset Value, offering price and redemption price per share ($87,105,776 ÷ 6,548,829 shares) | $13.30 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($9,873,860 ÷ 739,693 shares) | $13.35 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended June 30, 2022 (Unaudited) | |
Investment Income | ||
Dividends | $455,718 | |
Income from Fidelity Central Funds (including $1,027 from security lending) | 7,660 | |
Total income | 463,378 | |
Expenses | ||
Management fee | ||
Basic fee | $311,396 | |
Performance adjustment | (33,566) | |
Transfer agent fees | 63,412 | |
Accounting fees | 1,829 | |
Custodian fees and expenses | 491 | |
Independent trustees' fees and expenses | 214 | |
Registration fees | 187 | |
Audit | 133 | |
Legal | 61 | |
Miscellaneous | 250 | |
Total expenses before reductions | 344,407 | |
Expense reductions | (2,000) | |
Total expenses after reductions | 342,407 | |
Net investment income (loss) | 120,971 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $2,206) | 7,980,122 | |
Affiliated issuers | 1,445 | |
Foreign currency transactions | (581) | |
Total net realized gain (loss) | 7,980,986 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,453) | (47,344,272) | |
Affiliated issuers | (378,800) | |
Unfunded commitments | 872 | |
Assets and liabilities in foreign currencies | (386) | |
Total change in net unrealized appreciation (depreciation) | (47,722,586) | |
Net gain (loss) | (39,741,600) | |
Net increase (decrease) in net assets resulting from operations | $(39,620,629) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $120,971 | $(346,574) |
Net realized gain (loss) | 7,980,986 | 20,719,123 |
Change in net unrealized appreciation (depreciation) | (47,722,586) | 10,179,892 |
Net increase (decrease) in net assets resulting from operations | (39,620,629) | 30,552,441 |
Distributions to shareholders | (1,641,234) | (14,927,529) |
Share transactions - net increase (decrease) | (6,923,645) | (6,755,026) |
Total increase (decrease) in net assets | (48,185,508) | 8,869,886 |
Net Assets | ||
Beginning of period | 145,165,144 | 136,295,258 |
End of period | $96,979,636 | $145,165,144 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 A | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.76 | $16.77 | $13.71 | $11.01 | $12.24 | $9.85 |
Income from Investment Operations | ||||||
Net investment income (loss)B,C | .02 | (.05) | (.04) | –D | –D | .01 |
Net realized and unrealized gain (loss) | (5.26) | 4.07 | 4.44 | 3.27 | (.22) | 3.14 |
Total from investment operations | (5.24) | 4.02 | 4.40 | 3.27 | (.22) | 3.15 |
Distributions from net investment income | – | – | – | – | – | (.01) |
Distributions from net realized gain | (.22) | (2.03) | (1.34) | (.57) | (1.01) | (.75) |
Total distributions | (.22) | (2.03) | (1.34) | (.57) | (1.01) | (.76) |
Net asset value, end of period | $13.30 | $18.76 | $16.77 | $13.71 | $11.01 | $12.24 |
Total ReturnE,F | (28.19)% | 24.36% | 32.58% | 29.98% | (2.13)% | 32.21% |
Ratios to Average Net AssetsC,G,H | ||||||
Expenses before reductions | .59%I | .81% | .86% | .85% | .82% | .74% |
Expenses net of fee waivers, if any | .59%I | .81% | .86% | .85% | .81% | .74% |
Expenses net of all reductions | .59%I | .81% | .85% | .85% | .81% | .74% |
Net investment income (loss) | .20%I | (.26)% | (.23)% | (.02)% | .01% | .08% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $87,106 | $128,577 | $113,100 | $97,098 | $82,628 | $89,874 |
Portfolio turnover rateJ | 28%I,K | 27%K | 32%K | 26%K | 32%K | 29%K |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Contrafund Class K
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 A | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.82 | $16.81 | $13.73 | $11.01 | $12.24 | $9.84 |
Income from Investment Operations | ||||||
Net investment income (loss)B,C | .02 | (.03) | (.02) | .01 | .01 | .02 |
Net realized and unrealized gain (loss) | (5.27) | 4.07 | 4.44 | 3.28 | (.23) | 3.14 |
Total from investment operations | (5.25) | 4.04 | 4.42 | 3.29 | (.22) | 3.16 |
Distributions from net investment income | – | – | – | – | – | (.02) |
Distributions from net realized gain | (.22) | (2.03) | (1.34) | (.57) | (1.01) | (.74) |
Total distributions | (.22) | (2.03) | (1.34) | (.57) | (1.01) | (.76) |
Net asset value, end of period | $13.35 | $18.82 | $16.81 | $13.73 | $11.01 | $12.24 |
Total ReturnD,E | (28.15)% | 24.42% | 32.68% | 30.17% | (2.07)% | 32.34% |
Ratios to Average Net AssetsC,F,G | ||||||
Expenses before reductions | .52%H | .74% | .78% | .77% | .73% | .65% |
Expenses net of fee waivers, if any | .51%H | .74% | .78% | .76% | .73% | .65% |
Expenses net of all reductions | .51%H | .74% | .78% | .76% | .72% | .65% |
Net investment income (loss) | .27%H | (.18)% | (.16)% | .06% | .10% | .17% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $9,874 | $16,588 | $23,196 | $22,626 | $25,502 | $32,699 |
Portfolio turnover rateI | 28%H,J | 27%J | 32%J | 26%J | 32%J | 29%J |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2022
(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.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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. Preferred securities 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 | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $2,267,585 | Market approach | Transaction price | $0.03 - $872.63 / $456.64 | Increase |
Discount rate | 5.3% - 6.1% / 5.4% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Parity price | $4.44 | Increase | |||
Recovery value | Recovery value | $0.00 - $0.17 / $0.17 | Increase | ||
Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.0 - 22.6 / 8.7 | Increase | ||
Term | 2.0 | Increase | |||
Volatility | 70.0% | Increase | |||
Premium rate | 29.6% | Increase | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 30.0% | Decrease | ||
Term | 5.0 | Increase | |||
Volatility | 80.0% | Increase | |||
Exit multiple | 2.5 | Increase | |||
Black scholes | Discount rate | 2.8% | Increase | ||
Term | 1.1 | Increase | |||
Volatility | 60.0% | Increase | |||
Preferred Securities | $12,518 | Market approach | Transaction price | $100.00 | Increase |
Recovery value | Recovery value | $0.00 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Contrafund | $3,885 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustee compensation, net operating losses and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $53,000,535 |
Gross unrealized depreciation | (3,439,502) |
Net unrealized appreciation (depreciation) | $49,561,033 |
Tax cost | $48,151,158 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
Investment to be Acquired | Commitment Amount | |
Fidelity Contrafund | Twitter, Inc. | $53,470 |
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Contrafund | 141,570 | .15 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Contrafund | 16,673,354 | 25,514,311 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Contrafund | 77,233 | 776,314 | 1,256,260 | Contrafund, Class K |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Contrafund | 407,509 | 5,049,090 | 7,291,329 | Contrafund, Class K |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The 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 .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .47% 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 LLC (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 K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Contrafund | $60,865 | .12 |
Class K | 2,547 | .04 |
$63,412 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Contrafund | –(a) |
(a) Amount represents less than .005%.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Contrafund | $297 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Contrafund | 1,017,413 | 2,454,601 | 861,787 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Contrafund | $112 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers 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. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Contrafund | $108 | $10 | $– |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,000.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
Fidelity Contrafund | ||
Distributions to shareholders | ||
Contrafund | $1,460,845 | $13,046,053 |
Class K | 180,389 | 1,881,476 |
Total | $1,641,234 | $14,927,529 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
Fidelity Contrafund | ||||
Contrafund | ||||
Shares sold | 182,541 | 460,572 | $2,879,828 | $8,438,992 |
Reinvestment of distributions | 81,672 | 659,076 | 1,364,687 | 12,171,042 |
Shares redeemed | (568,308) | (1,009,147) | (8,905,585) | (18,328,322) |
Net increase (decrease) | (304,095) | 110,501 | $(4,661,070) | $2,281,712 |
Class K | ||||
Shares sold | 38,789 | 121,469 | $615,692 | $2,200,613 |
Reinvestment of distributions | 10,763 | 102,076 | 180,386 | 1,881,455 |
Shares redeemed | (191,176) | (722,074) | (3,058,653) | (13,118,806) |
Net increase (decrease) | (141,624) | (498,529) | $(2,262,575) | $(9,036,738) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2022 to June 30, 2022).
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
Fidelity Contrafund | ||||
Contrafund | .59% | |||
Actual | $1,000.00 | $718.10 | $2.51 | |
Hypothetical-C | $1,000.00 | $1,021.87 | $2.96 | |
Class K | .51% | |||
Actual | $1,000.00 | $718.50 | $2.17 | |
Hypothetical-C | $1,000.00 | $1,022.27 | $2.56 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Contrafund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity Contrafund
![](https://capedge.com/proxy/N-CSRS/0001379491-22-003116/img821457847.jpg)
Fidelity Contrafund
![](https://capedge.com/proxy/N-CSRS/0001379491-22-003116/img821458794.jpg)
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
CON-SANN-0822
1.705711.124
Fidelity Advisor® New Insights Fund
Semi-Annual Report
June 30, 2022
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2022
% of fund's net assets | |
Alphabet, Inc. Class A | 6.9 |
Microsoft Corp. | 6.2 |
Meta Platforms, Inc. Class A | 5.5 |
Amazon.com, Inc. | 5.1 |
Berkshire Hathaway, Inc. Class A | 4.4 |
UnitedHealth Group, Inc. | 4.1 |
Apple, Inc. | 3.3 |
NVIDIA Corp. | 3.1 |
Eli Lilly & Co. | 2.6 |
Adobe, Inc. | 1.5 |
42.7 |
Market Sectors as of June 30, 2022
% of fund's net assets | |
Information Technology | 24.0 |
Health Care | 15.6 |
Communication Services | 14.3 |
Financials | 11.8 |
Consumer Discretionary | 11.0 |
Industrials | 7.3 |
Energy | 6.0 |
Materials | 3.6 |
Consumer Staples | 2.5 |
Utilities | 0.4 |
Real Estate | 0.2 |
Asset Allocation (% of fund's net assets)
As of June 30, 2022 | ||
Stocks | 95.0% | |
Convertible Securities | 1.6% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.3% |
Geographic Diversification (% of fund's net assets)
As of June 30, 2022 | ||
United States of America* | 87.9% | |
Canada | 4.5% | |
Switzerland | 1.4% | |
Ireland | 1.0% | |
United Kingdom | 1.0% | |
France | 0.8% | |
Netherlands | 0.7% | |
India | 0.5% | |
Korea (South) | 0.5% | |
Other | 1.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 14.3% | |||
Entertainment - 0.8% | |||
Activision Blizzard, Inc. | 44,200 | $3,441 | |
Netflix, Inc. (a) | 647,990 | 113,314 | |
Universal Music Group NV | 691,409 | 13,853 | |
Warner Music Group Corp. Class A | 157,657 | 3,841 | |
134,449 | |||
Interactive Media & Services - 12.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 547,996 | 1,194,221 | |
Class C (a) | 1,806 | 3,951 | |
Bumble, Inc. (a) | 330,784 | 9,312 | |
Meta Platforms, Inc. Class A (a) | 5,988,716 | 965,680 | |
Tencent Holdings Ltd. | 174,400 | 7,894 | |
Zoominfo Technologies, Inc. (a) | 90,609 | 3,012 | |
2,184,070 | |||
Media - 0.5% | |||
Charter Communications, Inc. Class A (a) | 62,600 | 29,330 | |
Comcast Corp. Class A | 793,100 | 31,121 | |
Liberty Media Corp. Liberty Formula One Group Series C (a) | 350,433 | 22,242 | |
82,693 | |||
Wireless Telecommunication Services - 0.5% | |||
T-Mobile U.S., Inc. (a) | 642,000 | 86,375 | |
TOTAL COMMUNICATION SERVICES | 2,487,587 | ||
CONSUMER DISCRETIONARY - 10.5% | |||
Automobiles - 0.4% | |||
General Motors Co. (a) | 389,540 | 12,372 | |
Hyundai Motor Co. | 77,337 | 10,830 | |
Rad Power Bikes, Inc. (a)(b)(c) | 474,452 | 2,472 | |
Rivian Automotive, Inc. (d) | 99,005 | 2,548 | |
Tesla, Inc. (a) | 8,184 | 5,511 | |
Toyota Motor Corp. | 1,849,402 | 28,535 | |
62,268 | |||
Diversified Consumer Services - 0.0% | |||
Duolingo, Inc. (a) | 5,000 | 438 | |
Hotels, Restaurants & Leisure - 0.6% | |||
Airbnb, Inc. Class A (a) | 186,996 | 16,658 | |
Caesars Entertainment, Inc. (a) | 270,000 | 10,341 | |
Chipotle Mexican Grill, Inc. (a) | 5,027 | 6,572 | |
Hilton Worldwide Holdings, Inc. | 550,968 | 61,400 | |
Marriott International, Inc. Class A | 29,683 | 4,037 | |
Sweetgreen, Inc. Class A | 938,200 | 10,930 | |
109,938 | |||
Household Durables - 0.1% | |||
Blu Investments LLC (a)(b)(c) | 98,215,581 | 30 | |
D.R. Horton, Inc. | 110,675 | 7,326 | |
Lennar Corp. Class A | 175,518 | 12,386 | |
19,742 | |||
Internet & Direct Marketing Retail - 5.6% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 43,100 | 4,900 | |
Amazon.com, Inc. (a) | 8,409,200 | 893,141 | |
Cazoo Group Ltd. Class A (a) | 822,619 | 592 | |
Coupang, Inc. Class A (a) | 1,376,465 | 17,550 | |
Deliveroo PLC Class A (a)(d) | 5,264,631 | 5,792 | |
Doordash, Inc. (a) | 17,572 | 1,128 | |
FSN E-Commerce Ventures Private Ltd. | 1,779 | 32 | |
Global-e Online Ltd. (a) | 443,800 | 8,951 | |
JD.com, Inc. sponsored ADR | 65,300 | 4,194 | |
Pinduoduo, Inc. ADR (a) | 335,000 | 20,703 | |
Uber Technologies, Inc. (a) | 321,900 | 6,586 | |
Wayfair LLC Class A (a) | 96,078 | 4,185 | |
Zomato Ltd. (a)(b) | 6,787,100 | 4,397 | |
972,151 | |||
Leisure Products - 0.0% | |||
Thule Group AB (d) | 62,354 | 1,532 | |
Multiline Retail - 0.4% | |||
Dollar Tree, Inc. (a) | 361,607 | 56,356 | |
Dollarama, Inc. | 48,472 | 2,791 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 312,935 | 18,385 | |
77,532 | |||
Specialty Retail - 2.3% | |||
Academy Sports & Outdoors, Inc. | 652,206 | 23,179 | |
American Eagle Outfitters, Inc. | 443,300 | 4,956 | |
Auto1 Group SE (a)(d) | 51,600 | 378 | |
AutoZone, Inc. (a) | 13,686 | 29,413 | |
Dick's Sporting Goods, Inc. (e) | 284,445 | 21,439 | |
Fanatics, Inc. Class A (b)(c) | 372,921 | 22,554 | |
Floor & Decor Holdings, Inc. Class A (a) | 217,500 | 13,694 | |
Lowe's Companies, Inc. | 583,900 | 101,990 | |
National Vision Holdings, Inc. (a) | 206,889 | 5,689 | |
O'Reilly Automotive, Inc. (a) | 48,171 | 30,433 | |
The Home Depot, Inc. | 444,013 | 121,779 | |
TJX Companies, Inc. | 81,703 | 4,563 | |
Ulta Beauty, Inc. (a) | 21,800 | 8,403 | |
Williams-Sonoma, Inc. | 199,133 | 22,094 | |
410,564 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Allbirds, Inc. Class A (e) | 730,289 | 2,870 | |
Brunello Cucinelli SpA | 958,800 | 43,185 | |
Capri Holdings Ltd. (a) | 344,100 | 14,112 | |
China Hongxing Sports Ltd. (a)(c) | 5,977,800 | 244 | |
Deckers Outdoor Corp. (a) | 21,482 | 5,485 | |
Dr. Martens Ltd. | 1,909,605 | 5,519 | |
lululemon athletica, Inc. (a) | 14,144 | 3,856 | |
LVMH Moet Hennessy Louis Vuitton SE | 69,000 | 42,289 | |
NIKE, Inc. Class B | 217,503 | 22,229 | |
On Holding AG (e) | 597,100 | 10,563 | |
PVH Corp. | 187,390 | 10,662 | |
Ralph Lauren Corp. (e) | 53,300 | 4,778 | |
Tapestry, Inc. | 638,829 | 19,497 | |
185,289 | |||
TOTAL CONSUMER DISCRETIONARY | 1,839,454 | ||
CONSUMER STAPLES - 2.5% | |||
Beverages - 1.1% | |||
Anheuser-Busch InBev SA NV | 128,113 | 6,899 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 13,500 | 3,146 | |
Diageo PLC | 257,190 | 11,109 | |
Keurig Dr. Pepper, Inc. | 33,371 | 1,181 | |
PepsiCo, Inc. | 161,060 | 26,842 | |
The Coca-Cola Co. | 2,098,618 | 132,024 | |
The Vita Coco Co., Inc. (e) | 63,489 | 622 | |
181,823 | |||
Food & Staples Retailing - 1.0% | |||
Albertsons Companies, Inc. | 116,760 | 3,120 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 107,500 | 4,193 | |
Costco Wholesale Corp. | 347,500 | 166,550 | |
Kroger Co. | 64,591 | 3,057 | |
176,920 | |||
Food Products - 0.0% | |||
Mondelez International, Inc. | 35,200 | 2,186 | |
Nestle SA (Reg. S) | 19,982 | 2,335 | |
4,521 | |||
Household Products - 0.1% | |||
Procter & Gamble Co. | 163,873 | 23,563 | |
Personal Products - 0.3% | |||
Estee Lauder Companies, Inc. Class A | 125,004 | 31,835 | |
L'Oreal SA (a) | 29,812 | 10,351 | |
Olaplex Holdings, Inc. | 348,100 | 4,905 | |
47,091 | |||
TOTAL CONSUMER STAPLES | 433,918 | ||
ENERGY - 5.8% | |||
Energy Equipment & Services - 0.1% | |||
Baker Hughes Co. Class A | 339,700 | 9,807 | |
Halliburton Co. | 300,300 | 9,417 | |
Noble Corp. (d) | 4,432 | 112 | |
Schlumberger Ltd. | 23,200 | 830 | |
Technip Energies NV | 57,700 | 719 | |
20,885 | |||
Oil, Gas & Consumable Fuels - 5.7% | |||
Antero Resources Corp. (a) | 416,200 | 12,757 | |
Canadian Natural Resources Ltd. | 1,773,688 | 95,312 | |
Cenovus Energy, Inc. | 2,455,100 | 46,671 | |
Cenovus Energy, Inc. (Canada) | 211,891 | 4,031 | |
Cheniere Energy, Inc. | 783,717 | 104,258 | |
Chevron Corp. | 249,205 | 36,080 | |
ConocoPhillips Co. | 662,611 | 59,509 | |
Continental Resources, Inc. | 141,900 | 9,273 | |
Devon Energy Corp. | 442,158 | 24,367 | |
Diamondback Energy, Inc. | 141,243 | 17,112 | |
EOG Resources, Inc. | 320,216 | 35,365 | |
Exxon Mobil Corp. | 2,167,707 | 185,642 | |
GoviEx Uranium, Inc. (a) | 642,355 | 117 | |
GoviEx Uranium, Inc. (a)(d) | 23,200 | 4 | |
GoviEx Uranium, Inc. Class A (a)(d) | 2,625,135 | 479 | |
Hess Corp. | 1,350,990 | 143,124 | |
Imperial Oil Ltd. | 22,600 | 1,065 | |
Occidental Petroleum Corp. | 510,518 | 30,059 | |
Phillips 66 Co. | 66,340 | 5,439 | |
Pioneer Natural Resources Co. | 153,665 | 34,280 | |
Reliance Industries Ltd. | 923,331 | 30,351 | |
Reliance Industries Ltd. sponsored GDR (d) | 313,600 | 20,400 | |
Suncor Energy, Inc. | 2,357,778 | 82,720 | |
Tourmaline Oil Corp. | 21,000 | 1,092 | |
Valero Energy Corp. | 152,600 | 16,218 | |
995,725 | |||
TOTAL ENERGY | 1,016,610 | ||
FINANCIALS - 11.8% | |||
Banks - 3.3% | |||
Banco Santander SA (Spain) | 428,500 | 1,212 | |
Bank of America Corp. | 5,012,365 | 156,035 | |
Citigroup, Inc. | 173,300 | 7,970 | |
Comerica, Inc. | 80,300 | 5,892 | |
HDFC Bank Ltd. sponsored ADR | 643,371 | 35,360 | |
JPMorgan Chase & Co. | 596,059 | 67,122 | |
Kotak Mahindra Bank Ltd. (a) | 169,082 | 3,557 | |
Nu Holdings Ltd. (e) | 381,766 | 1,428 | |
Royal Bank of Canada | 634,460 | 61,435 | |
Starling Bank Ltd. Series D (a)(b)(c) | 3,787,848 | 10,873 | |
The Toronto-Dominion Bank | 794,367 | 52,092 | |
Wells Fargo & Co. | 4,261,216 | 166,912 | |
569,888 | |||
Capital Markets - 1.2% | |||
BlackRock, Inc. Class A | 15,700 | 9,562 | |
Blackstone, Inc. | 10,700 | 976 | |
Brookfield Asset Management, Inc. (Canada) Class A | 183,850 | 8,178 | |
Charles Schwab Corp. | 323,781 | 20,456 | |
CME Group, Inc. | 13,834 | 2,832 | |
Coinbase Global, Inc. (a)(e) | 17,421 | 819 | |
Goldman Sachs Group, Inc. | 98,873 | 29,367 | |
Morgan Stanley | 1,533,547 | 116,642 | |
MSCI, Inc. | 45,119 | 18,596 | |
207,428 | |||
Consumer Finance - 0.7% | |||
American Express Co. | 470,008 | 65,153 | |
Capital One Financial Corp. | 553,142 | 57,632 | |
122,785 | |||
Diversified Financial Services - 4.4% | |||
Berkshire Hathaway, Inc. Class A (a) | 1,888 | 772,098 | |
Insurance - 2.2% | |||
Admiral Group PLC | 705,449 | 19,270 | |
American International Group, Inc. | 788,226 | 40,302 | |
Aon PLC | 8,770 | 2,365 | |
Arthur J. Gallagher & Co. | 128,400 | 20,934 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 889 | 40 | |
Chubb Ltd. | 595,907 | 117,143 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 43,767 | 23,193 | |
Hartford Financial Services Group, Inc. | 208,053 | 13,613 | |
Hiscox Ltd. | 2,665,843 | 30,582 | |
Intact Financial Corp. | 91,974 | 12,973 | |
Marsh & McLennan Companies, Inc. | 57,937 | 8,995 | |
Progressive Corp. | 418,410 | 48,649 | |
The Travelers Companies, Inc. | 263,738 | 44,606 | |
W.R. Berkley Corp. | 15,500 | 1,058 | |
383,723 | |||
TOTAL FINANCIALS | 2,055,922 | ||
HEALTH CARE - 15.6% | |||
Biotechnology - 2.4% | |||
AbbVie, Inc. | 281,889 | 43,174 | |
Alnylam Pharmaceuticals, Inc. (a) | 16,484 | 2,404 | |
Argenx SE ADR (a) | 82,485 | 31,252 | |
Ascendis Pharma A/S sponsored ADR (a) | 29,200 | 2,714 | |
Avid Bioservices, Inc. (a) | 546,400 | 8,338 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 8,900 | 1,297 | |
BioNTech SE ADR | 8,300 | 1,238 | |
Erasca, Inc. | 145,300 | 809 | |
Galapagos NV sponsored ADR (a) | 161,969 | 9,038 | |
Horizon Therapeutics PLC (a) | 339,692 | 27,094 | |
Instil Bio, Inc. (a) | 562,300 | 2,598 | |
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(c) | 26,062 | 0 | |
Intellia Therapeutics, Inc. (a) | 46,814 | 2,423 | |
Light Sciences Oncology, Inc. (a)(c) | 2,708,254 | 0 | |
Moderna, Inc. (a) | 7,400 | 1,057 | |
Regeneron Pharmaceuticals, Inc. (a) | 329,999 | 195,072 | |
Relay Therapeutics, Inc. (a) | 167,800 | 2,811 | |
United Therapeutics Corp. (a) | 32,302 | 7,612 | |
Vertex Pharmaceuticals, Inc. (a) | 285,346 | 80,408 | |
Zai Lab Ltd. (a) | 522,520 | 1,781 | |
421,120 | |||
Health Care Equipment & Supplies - 1.0% | |||
Abbott Laboratories | 161,476 | 17,544 | |
Boston Scientific Corp. (a) | 1,143,708 | 42,626 | |
Edwards Lifesciences Corp. (a) | 259,650 | 24,690 | |
Envista Holdings Corp. (a) | 217,255 | 8,373 | |
Hologic, Inc. (a) | 410,700 | 28,462 | |
I-Pulse, Inc. (a)(b)(c) | 58,562 | 632 | |
Intuitive Surgical, Inc. (a) | 158,251 | 31,763 | |
Sonova Holding AG | 41,274 | 13,143 | |
Straumann Holding AG | 8,860 | 1,067 | |
168,300 | |||
Health Care Providers & Services - 5.6% | |||
23andMe Holding Co. Class B (d) | 1,750,133 | 4,340 | |
AmerisourceBergen Corp. | 93,820 | 13,274 | |
Cano Health, Inc. (a) | 1,143,817 | 5,010 | |
Centene Corp. (a) | 634,318 | 53,670 | |
Cigna Corp. | 396,100 | 104,380 | |
dentalcorp Holdings Ltd. (a) | 378,915 | 3,506 | |
Elevance Health, Inc. | 73,015 | 35,236 | |
Guardant Health, Inc. (a) | 22,680 | 915 | |
HCA Holdings, Inc. | 136,557 | 22,950 | |
Henry Schein, Inc. (a) | 75,667 | 5,807 | |
McKesson Corp. | 2,710 | 884 | |
Option Care Health, Inc. (a) | 327,491 | 9,101 | |
P3 Health Partners, Inc. (a)(b) | 395,420 | 1,397 | |
UnitedHealth Group, Inc. | 1,398,524 | 718,324 | |
978,794 | |||
Health Care Technology - 0.0% | |||
Doximity, Inc. (e) | 162,068 | 5,643 | |
Life Sciences Tools & Services - 1.8% | |||
Avantor, Inc. (a) | 1,106,000 | 34,397 | |
Danaher Corp. | 791,489 | 200,658 | |
ICON PLC (a) | 5,000 | 1,084 | |
Mettler-Toledo International, Inc. (a) | 7,754 | 8,908 | |
Olink Holding AB ADR (a) | 172,800 | 2,627 | |
Sartorius Stedim Biotech | 51,600 | 16,184 | |
Seer, Inc. (a) | 59,354 | 531 | |
Thermo Fisher Scientific, Inc. | 73,808 | 40,098 | |
Veterinary Emergency Group LLC Class A (b)(c)(f) | 175,933 | 9,214 | |
Waters Corp. (a) | 19,022 | 6,296 | |
319,997 | |||
Pharmaceuticals - 4.8% | |||
AstraZeneca PLC: | |||
(United Kingdom) | 270,800 | 35,724 | |
sponsored ADR | 78,000 | 5,153 | |
Bristol-Myers Squibb Co. | 618,282 | 47,608 | |
Eli Lilly & Co. | 1,365,483 | 442,731 | |
Euroapi SASU (a)(e) | 23,468 | 370 | |
GSK PLC sponsored ADR | 27,100 | 1,180 | |
Intra-Cellular Therapies, Inc. (a) | 54,417 | 3,106 | |
Johnson & Johnson | 208,728 | 37,051 | |
Merck & Co., Inc. | 385,092 | 35,109 | |
Nuvation Bio, Inc. (a) | 212,427 | 688 | |
Pfizer, Inc. | 411,777 | 21,589 | |
Roche Holding AG (participation certificate) | 264,590 | 88,452 | |
Royalty Pharma PLC | 776,850 | 32,659 | |
Sanofi SA | 539,800 | 54,437 | |
UCB SA | 51,900 | 4,386 | |
Zoetis, Inc. Class A | 136,081 | 23,391 | |
833,634 | |||
TOTAL HEALTH CARE | 2,727,488 | ||
INDUSTRIALS - 6.2% | |||
Aerospace & Defense - 2.7% | |||
Lockheed Martin Corp. | 91,114 | 39,175 | |
Northrop Grumman Corp. | 344,586 | 164,909 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 2,573,450 | 180,142 | |
Class C (a)(b)(c) | 45,460 | 3,182 | |
The Boeing Co. (a) | 278,000 | 38,008 | |
TransDigm Group, Inc. (a) | 69,300 | 37,191 | |
Woodward, Inc. | 177,700 | 16,435 | |
479,042 | |||
Air Freight & Logistics - 0.8% | |||
Delhivery Private Ltd. (b) | 1,057,200 | 6,107 | |
GXO Logistics, Inc. (a) | 428,170 | 18,527 | |
United Parcel Service, Inc. Class B | 636,582 | 116,202 | |
Zipline International, Inc. (b)(c) | 74,930 | 2,105 | |
142,941 | |||
Airlines - 0.2% | |||
Ryanair Holdings PLC sponsored ADR (a) | 424,625 | 28,556 | |
Building Products - 0.4% | |||
Carlisle Companies, Inc. | 4,500 | 1,074 | |
Carrier Global Corp. | 108,707 | 3,876 | |
Fortune Brands Home & Security, Inc. | 718,524 | 43,025 | |
Toto Ltd. | 885,376 | 29,316 | |
77,291 | |||
Commercial Services & Supplies - 0.1% | |||
Aurora Innovation, Inc. (a) | 224,727 | 429 | |
Cintas Corp. | 24,312 | 9,081 | |
Clean TeQ Water Pty Ltd. (a) | 3,189 | 1 | |
GFL Environmental, Inc. | 92,774 | 2,394 | |
TulCo LLC (a)(b)(c)(f) | 17,377 | 10,168 | |
22,073 | |||
Electrical Equipment - 0.2% | |||
Acuity Brands, Inc. | 229,800 | 35,398 | |
SES AI Corp. Class A (a)(e) | 2,200 | 9 | |
35,407 | |||
Industrial Conglomerates - 0.6% | |||
General Electric Co. | 1,540,950 | 98,112 | |
Machinery - 0.3% | |||
AutoStore Holdings Ltd. (d) | 146,700 | 209 | |
Caterpillar, Inc. | 60,400 | 10,797 | |
Deere & Co. | 64,498 | 19,315 | |
Ingersoll Rand, Inc. | 207,896 | 8,748 | |
PACCAR, Inc. | 68,828 | 5,667 | |
44,736 | |||
Professional Services - 0.1% | |||
CACI International, Inc. Class A (a) | 81,000 | 22,824 | |
FTI Consulting, Inc. (a) | 3,400 | 615 | |
23,439 | |||
Road & Rail - 0.8% | |||
Canadian Pacific Railway Ltd. | 857,564 | 59,900 | |
J.B. Hunt Transport Services, Inc. | 104,376 | 16,436 | |
Old Dominion Freight Lines, Inc. | 45,700 | 11,712 | |
Union Pacific Corp. | 116,308 | 24,806 | |
XPO Logistics, Inc. (a) | 428,170 | 20,621 | |
133,475 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 7,925 | 886 | |
TOTAL INDUSTRIALS | 1,085,958 | ||
INFORMATION TECHNOLOGY - 23.8% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 101,085 | 9,476 | |
Electronic Equipment & Components - 0.6% | |||
Amphenol Corp. Class A | 1,657,238 | 106,693 | |
CDW Corp. | 13,479 | 2,124 | |
108,817 | |||
IT Services - 2.2% | |||
Accenture PLC Class A | 371,511 | 103,150 | |
Adyen BV (a)(d) | 11,452 | 16,527 | |
ASAC II LP (a)(b)(c) | 9,408,021 | 1,581 | |
Cognizant Technology Solutions Corp. Class A | 441,028 | 29,765 | |
Dlocal Ltd. | 633,300 | 16,624 | |
Gartner, Inc. (a) | 66,781 | 16,150 | |
MasterCard, Inc. Class A | 459,500 | 144,963 | |
MongoDB, Inc. Class A (a) | 74,849 | 19,423 | |
PayPal Holdings, Inc. (a) | 347,100 | 24,241 | |
Snowflake, Inc. (a) | 6,400 | 890 | |
Visa, Inc. Class A | 8,170 | 1,609 | |
374,923 | |||
Semiconductors & Semiconductor Equipment - 6.7% | |||
Advanced Micro Devices, Inc. (a) | 1,478,134 | 113,033 | |
AEHR Test Systems (a) | 87,709 | 658 | |
Analog Devices, Inc. | 157,492 | 23,008 | |
Applied Materials, Inc. | 437,017 | 39,760 | |
ASML Holding NV (Netherlands) | 47,200 | 22,299 | |
Broadcom, Inc. | 15,921 | 7,735 | |
Enphase Energy, Inc. (a) | 12,700 | 2,480 | |
Lam Research Corp. | 103,115 | 43,942 | |
Lattice Semiconductor Corp. (a) | 83,805 | 4,065 | |
Marvell Technology, Inc. | 1,656,587 | 72,111 | |
Micron Technology, Inc. | 278,247 | 15,381 | |
Monolithic Power Systems, Inc. | 8,132 | 3,123 | |
NVIDIA Corp. | 3,548,686 | 537,945 | |
NXP Semiconductors NV | 238,213 | 35,263 | |
onsemi (a) | 473,748 | 23,834 | |
Qualcomm, Inc. | 1,158,404 | 147,975 | |
Semtech Corp. (a) | 41,498 | 2,281 | |
Skyworks Solutions, Inc. | 11,000 | 1,019 | |
Synaptics, Inc. (a) | 322,349 | 38,053 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 362,000 | 29,594 | |
1,163,559 | |||
Software - 10.5% | |||
Adobe, Inc. (a) | 687,856 | 251,797 | |
Aspen Technology, Inc. (a) | 5,400 | 992 | |
Atlassian Corp. PLC (a) | 250,921 | 47,023 | |
Autodesk, Inc. (a) | 217,731 | 37,441 | |
Cadence Design Systems, Inc. (a) | 107,043 | 16,060 | |
Check Point Software Technologies Ltd. (a) | 46,023 | 5,605 | |
Clear Secure, Inc. (e) | 85,156 | 1,703 | |
Datadog, Inc. Class A (a) | 89,439 | 8,518 | |
Dynatrace, Inc. (a) | 17,500 | 690 | |
Epic Games, Inc. (a)(b)(c) | 23,900 | 22,227 | |
Fortinet, Inc. (a) | 59,965 | 3,393 | |
HashiCorp, Inc. | 7,000 | 206 | |
Intuit, Inc. | 164,362 | 63,352 | |
KnowBe4, Inc. (a) | 201,037 | 3,140 | |
Magic Leap, Inc.: | |||
Class A (c) | 30,863 | 380 | |
warrants (a)(c) | 46,794 | 576 | |
Microsoft Corp. | 4,231,215 | 1,086,703 | |
Qualtrics International, Inc. (a) | 281,600 | 3,523 | |
Rapid7, Inc. (a) | 237,000 | 15,832 | |
Roper Technologies, Inc. | 106,700 | 42,109 | |
Salesforce.com, Inc. (a) | 1,008,493 | 166,442 | |
ServiceNow, Inc. (a) | 50,299 | 23,918 | |
Stripe, Inc. Class B (a)(b)(c) | 83,200 | 2,127 | |
Tanium, Inc. Class B (a)(b)(c) | 1,259,978 | 12,575 | |
Tenable Holdings, Inc. (a) | 353,700 | 16,062 | |
Volue A/S (a) | 365,396 | 883 | |
1,833,277 | |||
Technology Hardware, Storage & Peripherals - 3.7% | |||
Apple, Inc. | 4,192,510 | 573,200 | |
Dell Technologies, Inc. | 251,960 | 11,643 | |
Pure Storage, Inc. Class A (a) | 40,900 | 1,052 | |
Samsung Electronics Co. Ltd. | 1,515,620 | 67,024 | |
652,919 | |||
TOTAL INFORMATION TECHNOLOGY | 4,142,971 | ||
MATERIALS - 3.6% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 335,982 | 28,804 | |
Corteva, Inc. | 145,900 | 7,899 | |
Nutrien Ltd. | 44,600 | 3,552 | |
Nutrien Ltd. | 129,900 | 10,352 | |
Olin Corp. | 17,500 | 810 | |
Sherwin-Williams Co. | 261,369 | 58,523 | |
The Mosaic Co. | 439,584 | 20,762 | |
Tronox Holdings PLC | 1,072,200 | 18,013 | |
Westlake Corp. | 90,987 | 8,919 | |
157,634 | |||
Metals & Mining - 2.7% | |||
Agnico Eagle Mines Ltd. (Canada) | 61,600 | 2,820 | |
B2Gold Corp. | 13,035,880 | 44,155 | |
Barrick Gold Corp. (Canada) | 1,168,869 | 20,668 | |
Cleveland-Cliffs, Inc. (a) | 477,770 | 7,343 | |
First Quantum Minerals Ltd. | 63,000 | 1,195 | |
Franco-Nevada Corp. | 1,059,736 | 139,399 | |
Freeport-McMoRan, Inc. | 2,696,900 | 78,911 | |
Glencore Xstrata PLC | 617,400 | 3,344 | |
Ivanhoe Electric, Inc. (a) | 71,500 | 622 | |
Ivanhoe Electric, Inc. | 5,497 | 43 | |
Ivanhoe Mines Ltd. (a) | 8,031,618 | 46,235 | |
MP Materials Corp. (a) | 25,564 | 820 | |
Newmont Corp. | 457,100 | 27,275 | |
Novagold Resources, Inc. (a) | 3,168,401 | 15,138 | |
Nucor Corp. | 374,225 | 39,073 | |
Steel Dynamics, Inc. | 262,748 | 17,381 | |
Stelco Holdings, Inc. | 59,147 | 1,479 | |
Sunrise Energy Metals Ltd. (a) | 6,378 | 10 | |
Wheaton Precious Metals Corp. | 846,200 | 30,490 | |
476,401 | |||
TOTAL MATERIALS | 634,035 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
Equity Commonwealth (a) | 255,024 | 7,021 | |
Equity Residential (SBI) | 13,900 | 1,004 | |
Gaming & Leisure Properties | 4,888 | 224 | |
Prologis (REIT), Inc. | 170,202 | 20,024 | |
Welltower, Inc. | 71,700 | 5,904 | |
34,177 | |||
UTILITIES - 0.4% | |||
Electric Utilities - 0.4% | |||
Constellation Energy Corp. | 262,600 | 15,036 | |
Exelon Corp. | 111,900 | 5,071 | |
NextEra Energy, Inc. | 50,462 | 3,909 | |
NRG Energy, Inc. | 52,000 | 1,985 | |
PG&E Corp. (a) | 2,866,200 | 28,605 | |
Southern Co. | 145,600 | 10,383 | |
64,989 | |||
TOTAL COMMON STOCKS | |||
(Cost $9,162,339) | 16,523,109 | ||
Preferred Stocks - 1.9% | |||
Convertible Preferred Stocks - 1.6% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc.: | |||
Series E (a)(b)(c) | 30,200 | 1,187 | |
Series F (b)(c) | 127,549 | 5,013 | |
6,200 | |||
CONSUMER DISCRETIONARY - 0.3% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A (a)(b)(c) | 61,855 | 322 | |
Series C (a)(b)(c) | 243,394 | 1,268 | |
Series D (b)(c) | 411,659 | 2,145 | |
3,735 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (b)(c) | 2,800 | 1,046 | |
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series F (b) | 68,639 | 3,312 | |
GoBrands, Inc.: | |||
Series G (a)(b)(c) | 8,102 | 1,741 | |
Series H (b)(c) | 10,223 | 2,196 | |
7,249 | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
Bolt Threads, Inc.: | |||
Series D (a)(b)(c) | 1,324,673 | 22,877 | |
Series E (b)(c) | 627,820 | 10,842 | |
33,719 | |||
TOTAL CONSUMER DISCRETIONARY | 45,749 | ||
CONSUMER STAPLES - 0.0% | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 82,543 | 2,733 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 594,600 | 2,719 | |
Intarcia Therapeutics, Inc. Series CC (a)(b)(c) | 516,522 | 0 | |
2,719 | |||
Health Care Providers & Services - 0.0% | |||
Lyra Health, Inc.: | |||
Series E (a)(b)(c) | 270,000 | 4,922 | |
Series F (b)(c) | 10,070 | 184 | |
Somatus, Inc. Series E (b)(c) | 2,206 | 1,925 | |
7,031 | |||
TOTAL HEALTH CARE | 9,750 | ||
INDUSTRIALS - 1.1% | |||
Aerospace & Defense - 1.1% | |||
Relativity Space, Inc. Series E (a)(b)(c) | 308,359 | 5,624 | |
Space Exploration Technologies Corp.: | |||
Series G (a)(b)(c) | 145,254 | 101,678 | |
Series H (a)(b)(c) | 42,094 | 29,466 | |
Series N (a)(b)(c) | 66,208 | 46,346 | |
183,114 | |||
Air Freight & Logistics - 0.0% | |||
Zipline International, Inc. Series E (a)(b)(c) | 208,789 | 5,865 | |
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (b)(c) | 52,096 | 5,375 | |
TOTAL INDUSTRIALS | 194,354 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 130,945 | 19,961 | |
Software - 0.1% | |||
Nuro, Inc.: | |||
Series C (a)(b)(c) | 491,080 | 5,957 | |
Series D (b)(c) | 94,265 | 1,143 | |
Stripe, Inc. Series H (a)(b)(c) | 34,900 | 892 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 36,600 | 2,060 | |
10,052 | |||
TOTAL INFORMATION TECHNOLOGY | 30,013 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 288,799 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Internet & Direct Marketing Retail - 0.2% | |||
Circle Internet Financial Ltd. Series E (b) | 615,508 | 29,702 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 997,647 | 11,653 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Magic Leap, Inc. Series AA (c) | 325,855 | 5,846 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 47,201 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $184,140) | 336,000 | ||
Principal Amount (000s) | Value (000s) | ||
Preferred Securities - 0.0% | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Intarcia Therapeutics, Inc. 6% 7/18/22 (b)(c) | 2,280 | 341 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(g) | 2,040 | 2,040 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $4,320) | 2,381 | ||
Shares | Value (000s) | ||
Other - 0.1% | |||
Energy - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(f) | |||
(Cost $50,430) | 50,430,153 | 15,679 | |
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund 1.58% (h) | 560,487,267 | 560,599 | |
Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) | 26,535,353 | 26,538 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $587,137) | 587,137 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $9,988,366) | 17,464,306 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (19,580) | ||
NET ASSETS - 100% | $17,444,726 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $628,344,000 or 3.6% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $52,321,000 or 0.3% of net assets.
(e) Security or a portion of the security is on loan at period end.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Security is perpetual in nature with no stated maturity date.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
ASAC II LP | 10/10/13 | $725 |
Beta Technologies, Inc. Series B, 6.00% | 4/4/22 | $5,375 |
Blu Investments LLC | 5/21/20 | $170 |
Bolt Threads, Inc. Series D | 12/13/17 | $21,247 |
Bolt Threads, Inc. Series E | 2/7/20 | $9,657 |
Bowery Farming, Inc. Series C1 | 5/18/21 | $4,973 |
ByteDance Ltd. Series E1 | 11/18/20 | $14,348 |
Circle Internet Financial Ltd. Series E | 5/11/21 | $9,990 |
Circle Internet Financial Ltd. Series F | 5/9/22 | $2,892 |
Delhivery Private Ltd. | 5/20/21 | $5,160 |
Discord, Inc. Series I | 9/15/21 | $1,542 |
ElevateBio LLC Series C | 3/9/21 | $2,494 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | $13,743 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | $12,264 |
GoBrands, Inc. Series G | 3/2/21 | $2,023 |
GoBrands, Inc. Series H | 7/22/21 | $3,972 |
I-Pulse, Inc. | 3/18/10 | $81 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $7,040 |
Intarcia Therapeutics, Inc. 6% 7/18/22 | 1/3/20 | $2,280 |
Lyra Health, Inc. Series E | 1/14/21 | $2,472 |
Lyra Health, Inc. Series F | 6/4/21 | $158 |
Nuro, Inc. Series C | 10/30/20 | $6,411 |
Nuro, Inc. Series D | 10/29/21 | $1,965 |
P3 Health Partners, Inc. | 5/25/21 | $3,954 |
Rad Power Bikes, Inc. | 1/21/21 | $2,289 |
Rad Power Bikes, Inc. Series A | 1/21/21 | $298 |
Rad Power Bikes, Inc. Series C | 1/21/21 | $1,174 |
Rad Power Bikes, Inc. Series D | 9/17/21 | $3,945 |
Reddit, Inc. Series E | 5/18/21 | $1,283 |
Reddit, Inc. Series F | 8/11/21 | $7,882 |
Relativity Space, Inc. Series E | 5/27/21 | $7,041 |
Somatus, Inc. Series E | 1/31/22 | $1,925 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 2/16/21 | $29,628 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $614 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $11,251 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $5,683 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $17,876 |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $7,252 |
Stripe, Inc. Class B | 5/18/21 | $3,339 |
Stripe, Inc. Series H | 3/15/21 | $1,400 |
Tanium, Inc. Class B | 4/21/17 - 9/18/20 | $9,907 |
Tenstorrent, Inc. Series C1 | 4/23/21 | $2,176 |
Tenstorrent, Inc. 0% | 4/23/21 | $2,040 |
TulCo LLC | 8/24/17 | $5,885 |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $50,430 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | $6,556 |
Zipline International, Inc. | 10/12/21 | $2,697 |
Zipline International, Inc. Series E | 12/21/20 | $6,813 |
Zomato Ltd. | 12/9/20 - 2/5/21 | $4,146 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 1.58% | $218,233 | $3,595,926 | $3,253,560 | $1,206 | $-- | $-- | $560,599 | 1.0% |
Fidelity Securities Lending Cash Central Fund 1.58% | 23,793 | 384,117 | 381,372 | 1,864 | -- | -- | 26,538 | 0.1% |
Total | $242,026 | $3,980,043 | $3,634,932 | $3,070 | $-- | $-- | $587,137 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $2,493,787 | $2,465,840 | $21,747 | $6,200 |
Consumer Discretionary | 1,914,905 | 1,738,933 | 108,235 | 67,737 |
Consumer Staples | 436,651 | 403,224 | 30,694 | 2,733 |
Energy | 1,028,263 | 1,028,263 | -- | -- |
Financials | 2,055,922 | 2,043,837 | 1,212 | 10,873 |
Health Care | 2,737,238 | 2,536,565 | 181,077 | 19,596 |
Industrials | 1,280,312 | 854,938 | 35,423 | 389,951 |
Information Technology | 4,178,830 | 4,064,679 | 38,826 | 75,325 |
Materials | 634,035 | 630,648 | 3,387 | -- |
Real Estate | 34,177 | 34,177 | -- | -- |
Utilities | 64,989 | 64,989 | -- | -- |
Preferred Securities | 2,381 | -- | -- | 2,381 |
Other | 15,679 | -- | -- | 15,679 |
Money Market Funds | 587,137 | 587,137 | -- | -- |
Total Investments in Securities: | $17,464,306 | $16,453,230 | $420,601 | $590,475 |
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 - Industrials | |
Beginning Balance | $332,694 |
Net Realized Gain (Loss) on Investment Securities | 7,971 |
Net Unrealized Gain (Loss) on Investment Securities | 56,886 |
Cost of Purchases | 5,432 |
Proceeds of Sales | (7,971) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (5,061) |
Ending Balance | $389,951 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $56,886 |
Other Investments in Securities | |
Beginning Balance | $217,060 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (21,923) |
Cost of Purchases | 5,401 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (14) |
Ending Balance | $200,524 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $(21,923) |
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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2022 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $25,415) — See accompanying schedule: Unaffiliated issuers (cost $9,401,229) | $16,877,169 | |
Fidelity Central Funds (cost $587,137) | 587,137 | |
Total Investment in Securities (cost $9,988,366) | $17,464,306 | |
Restricted cash | 1,519 | |
Foreign currency held at value (cost $92) | 92 | |
Receivable for investments sold | 40,195 | |
Receivable for fund shares sold | 4,475 | |
Dividends receivable | 8,647 | |
Distributions receivable from Fidelity Central Funds | 540 | |
Other receivables | 1,481 | |
Total assets | 17,521,255 | |
Liabilities | ||
Payable to custodian bank | $860 | |
Payable for investments purchased | 17,837 | |
Payable for fund shares redeemed | 17,782 | |
Accrued management fee | 3,929 | |
Distribution and service plan fees payable | 2,541 | |
Other affiliated payables | 2,605 | |
Other payables and accrued expenses | 4,467 | |
Collateral on securities loaned | 26,508 | |
Total liabilities | 76,529 | |
Net Assets | $17,444,726 | |
Net Assets consist of: | ||
Paid in capital | $8,204,486 | |
Total accumulated earnings (loss) | 9,240,240 | |
Net Assets | $17,444,726 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($5,549,732 ÷ 193,920 shares)(a) | $28.62 | |
Maximum offering price per share (100/94.25 of $28.62) | $30.37 | |
Class M: | ||
Net Asset Value and redemption price per share ($1,382,709 ÷ 51,338 shares)(a) | $26.93 | |
Maximum offering price per share (100/96.50 of $26.93) | $27.91 | |
Class C: | ||
Net Asset Value and offering price per share ($827,941 ÷ 36,773 shares)(a),(b) | $22.52 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($8,190,387 ÷ 275,331 shares) | $29.75 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($1,493,957 ÷ 50,003 shares) | $29.88 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b) Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended June 30, 2022 (Unaudited) | |
Investment Income | ||
Dividends | $92,599 | |
Income from Fidelity Central Funds (including $1,864 from security lending) | 3,070 | |
Total income | 95,669 | |
Expenses | ||
Management fee | ||
Basic fee | $56,046 | |
Performance adjustment | (25,086) | |
Transfer agent fees | 16,051 | |
Distribution and service plan fees | 17,890 | |
Accounting fees | 865 | |
Custodian fees and expenses | 181 | |
Independent trustees' fees and expenses | 39 | |
Registration fees | 135 | |
Audit | 105 | |
Legal | 15 | |
Miscellaneous | 44 | |
Total expenses before reductions | 66,285 | |
Expense reductions | (361) | |
Total expenses after reductions | 65,924 | |
Net investment income (loss) | 29,745 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $523) | 1,860,270 | |
Foreign currency transactions | (370) | |
Total net realized gain (loss) | 1,859,900 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $976) | (8,948,449) | |
Unfunded commitments | 127 | |
Assets and liabilities in foreign currencies | (86) | |
Total change in net unrealized appreciation (depreciation) | (8,948,408) | |
Net gain (loss) | (7,088,508) | |
Net increase (decrease) in net assets resulting from operations | $(7,058,763) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $29,745 | $(81,474) |
Net realized gain (loss) | 1,859,900 | 3,366,658 |
Change in net unrealized appreciation (depreciation) | (8,948,408) | 2,337,916 |
Net increase (decrease) in net assets resulting from operations | (7,058,763) | 5,623,100 |
Distributions to shareholders | (341,476) | (3,135,641) |
Share transactions - net increase (decrease) | (1,590,426) | (953,584) |
Total increase (decrease) in net assets | (8,990,665) | 1,533,875 |
Net Assets | ||
Beginning of period | 26,435,391 | 24,901,516 |
End of period | $17,444,726 | $26,435,391 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor New Insights Fund Class A
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $40.22 | $36.57 | $32.08 | $26.50 | $31.38 | $26.44 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .03 | (.16) | (.10) | .06 | .03 | .04 |
Net realized and unrealized gain (loss) | (11.09) | 8.90 | 7.57 | 7.60 | (1.26) | 7.29 |
Total from investment operations | (11.06) | 8.74 | 7.47 | 7.66 | (1.23) | 7.33 |
Distributions from net investment income | – | – | –C | (.04) | – | –C |
Distributions from net realized gain | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Total distributions | (.54) | (5.09) | (2.98)D | (2.08) | (3.65) | (2.39) |
Net asset value, end of period | $28.62 | $40.22 | $36.57 | $32.08 | $26.50 | $31.38 |
Total ReturnE,F,G | (27.77)% | 24.30% | 23.64% | 29.15% | (4.42)% | 27.98% |
Ratios to Average Net AssetsB,H,I | ||||||
Expenses before reductions | .72%J | .93% | 1.10% | 1.08% | 1.04% | .94% |
Expenses net of fee waivers, if any | .71%J | .93% | 1.10% | 1.08% | 1.04% | .94% |
Expenses net of all reductions | .71%J | .93% | 1.10% | 1.07% | 1.04% | .93% |
Net investment income (loss) | .19%J | (.40)% | (.30)% | .20% | .08% | .12% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $5,550 | $8,124 | $6,753 | $6,156 | $4,747 | $5,612 |
Portfolio turnover rateK | 43%J,L | 29% | 53% | 27%L | 36% | 30% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class M
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $37.93 | $34.81 | $30.73 | $25.49 | $30.39 | $25.73 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.01) | (.25) | (.17) | (.01) | (.05) | (.04) |
Net realized and unrealized gain (loss) | (10.45) | 8.46 | 7.22 | 7.29 | (1.20) | 7.09 |
Total from investment operations | (10.46) | 8.21 | 7.05 | 7.28 | (1.25) | 7.05 |
Distributions from net investment income | – | – | – | – | – | –C |
Distributions from net realized gain | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Total distributions | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Net asset value, end of period | $26.93 | $37.93 | $34.81 | $30.73 | $25.49 | $30.39 |
Total ReturnD,E,F | (27.87)% | 24.00% | 23.33% | 28.79% | (4.64)% | 27.66% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | .96%I | 1.18% | 1.35% | 1.32% | 1.29% | 1.18% |
Expenses net of fee waivers, if any | .96%I | 1.18% | 1.35% | 1.32% | 1.29% | 1.18% |
Expenses net of all reductions | .96%I | 1.18% | 1.35% | 1.32% | 1.29% | 1.18% |
Net investment income (loss) | (.06)%I | (.65)% | (.54)% | (.05)% | (.17)% | (.13)% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $1,383 | $2,027 | $1,856 | $1,844 | $1,638 | $1,926 |
Portfolio turnover rateJ | 43%I,K | 29% | 53% | 27%K | 36% | 30% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class C
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $31.89 | $30.09 | $27.03 | $22.73 | $27.63 | $23.69 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | (.08) | (.38) | (.29) | (.15) | (.19) | (.17) |
Net realized and unrealized gain (loss) | (8.75) | 7.27 | 6.32 | 6.49 | (1.06) | 6.50 |
Total from investment operations | (8.83) | 6.89 | 6.03 | 6.34 | (1.25) | 6.33 |
Distributions from net investment income | – | – | – | – | – | –C |
Distributions from net realized gain | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Total distributions | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Net asset value, end of period | $22.52 | $31.89 | $30.09 | $27.03 | $22.73 | $27.63 |
Total ReturnD,E,F | (28.04)% | 23.36% | 22.74% | 28.15% | (5.11)% | 26.99% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | 1.48%I | 1.70% | 1.86% | 1.83% | 1.79% | 1.68% |
Expenses net of fee waivers, if any | 1.47%I | 1.69% | 1.86% | 1.83% | 1.79% | 1.68% |
Expenses net of all reductions | 1.47%I | 1.69% | 1.86% | 1.83% | 1.79% | 1.68% |
Net investment income (loss) | (.58)%I | (1.17)% | (1.05)% | (.55)% | (.67)% | (.63)% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $828 | $1,376 | $1,973 | $2,228 | $2,932 | $3,718 |
Portfolio turnover rateJ | 43%I,K | 29% | 53% | 27%K | 36% | 30% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class I
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $41.73 | $37.69 | $32.90 | $27.14 | $32.03 | $26.95 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .08 | (.06) | (.01) | .15 | .11 | .12 |
Net realized and unrealized gain (loss) | (11.52) | 9.19 | 7.78 | 7.77 | (1.27) | 7.44 |
Total from investment operations | (11.44) | 9.13 | 7.77 | 7.92 | (1.16) | 7.56 |
Distributions from net investment income | – | – | –C | (.12) | (.07) | (.09) |
Distributions from net realized gain | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Total distributions | (.54) | (5.09) | (2.98)D | (2.16) | (3.73)D | (2.48) |
Net asset value, end of period | $29.75 | $41.73 | $37.69 | $32.90 | $27.14 | $32.03 |
Total ReturnE,F | (27.68)% | 24.62% | 23.96% | 29.42% | (4.14)% | 28.30% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | .46%I | .68% | .85% | .82% | .79% | .68% |
Expenses net of fee waivers, if any | .46%I | .68% | .85% | .82% | .79% | .68% |
Expenses net of all reductions | .46%I | .68% | .84% | .82% | .78% | .67% |
Net investment income (loss) | .44%I | (.15)% | (.04)% | .46% | .33% | .38% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $8,190 | $12,335 | $12,219 | $13,870 | $12,581 | $14,894 |
Portfolio turnover rateJ | 43%I,K | 29% | 53% | 27%K | 36% | 30% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor New Insights Fund Class Z
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $41.89 | $37.77 | $32.93 | $27.16 | $32.06 | $26.97 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .10 | (.01) | .03 | .18 | .15 | .16 |
Net realized and unrealized gain (loss) | (11.57) | 9.22 | 7.79 | 7.79 | (1.28) | 7.45 |
Total from investment operations | (11.47) | 9.21 | 7.82 | 7.97 | (1.13) | 7.61 |
Distributions from net investment income | – | – | –C | (.17) | (.12) | (.13) |
Distributions from net realized gain | (.54) | (5.09) | (2.97) | (2.04) | (3.65) | (2.39) |
Total distributions | (.54) | (5.09) | (2.98)D | (2.20)D | (3.77) | (2.52) |
Net asset value, end of period | $29.88 | $41.89 | $37.77 | $32.93 | $27.16 | $32.06 |
Total ReturnE,F | (27.64)% | 24.79% | 24.09% | 29.60% | (4.03)% | 28.49% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | .34%I | .56% | .73% | .70% | .66% | .55% |
Expenses net of fee waivers, if any | .34%I | .56% | .73% | .70% | .66% | .55% |
Expenses net of all reductions | .34%I | .56% | .72% | .70% | .66% | .55% |
Net investment income (loss) | .56%I | (.03)% | .08% | .58% | .46% | .50% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $1,494 | $2,572 | $2,101 | $2,306 | $1,741 | $1,626 |
Portfolio turnover rateJ | 43%I,K | 29% | 53% | 27%K | 36% | 30% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Amount represents less than $.005 per share.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2022
(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 M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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. Preferred securities 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 | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $572,415 | Market approach | Transaction price | $2.87 - $872.63 / $351.27 | Increase |
Discount rate | 5.3% - 50.0% / 10.1% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Recovery value | Recovery value | $0.00 - $0.17 / $0.16 | Increase | ||
Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.0 - 20.0 / 8.7 | Increase | ||
Term | 3.0 | Increase | |||
Volatility | 70.0% | Increase | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 30.0% | Decrease | ||
Term | 5.0 | Increase | |||
Volatility | 80.0% | Increase | |||
Exit multiple | 2.5 | Increase | |||
Preferred Securities | $2,381 | Market approach | Transaction price | $100.00 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Other | $15,679 | Discounted cash flow | Discount rate | 15.3% | Decrease |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Advisor New Insights Fund | $783 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, deferred Trustees compensation, net operating losses and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $8,162,423 |
Gross unrealized depreciation | (801,035) |
Net unrealized appreciation (depreciation) | $7,361,388 |
Tax cost | $10,102,918 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
Investment to be Acquired | Commitment Amount | |
Fidelity Advisor New Insights Fund | Twitter, Inc. | $9,711 |
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Advisor New Insights Fund | 36,580 | .21 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor New Insights Fund | 4,538,655 | 6,564,727 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Advisor New Insights Fund | 7,454 | 226,546 | 257,752 | Class I |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The 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 .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 Class I 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 .29% 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 Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $8,386 | $114 |
Class M | .25% | .25% | 4,166 | 42 |
Class C | .75% | .25% | 5,338 | 323 |
$17,890 | $479 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $357 |
Class M | 37 |
Class C(a) | 5 |
$399 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $5,399 | .16 |
Class M | 1,325 | .16 |
Class C | 911 | .17 |
Class I | 8,043 | .16 |
Class Z | 373 | .04 |
$16,051 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor New Insights Fund | .01 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor New Insights Fund | $84 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor New Insights Fund | 291,269 | 531,582 | 97,574 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor New Insights Fund | $20 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers 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. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor New Insights Fund | $198 | $45 | $– |
8. Expense Reductions.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $361.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2022 | Year ended December 31, 2021 | |
Fidelity Advisor New Insights Fund | ||
Distributions to shareholders | ||
Class A | $107,318 | $938,651 |
Class M | 28,305 | 250,672 |
Class C | 22,417 | 220,661 |
Class I | 156,042 | 1,435,702 |
Class Z | 27,394 | 289,955 |
Total | $341,476 | $3,135,641 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2022 | Year ended December 31, 2021 | Six months ended June 30, 2022 | Year ended December 31, 2021 | |
Fidelity Advisor New Insights Fund | ||||
Class A | ||||
Shares sold | 7,589 | 27,998 | $256,090 | $1,105,291 |
Reinvestment of distributions | 2,826 | 22,076 | 100,802 | 879,805 |
Shares redeemed | (18,487) | (32,747) | (611,245) | (1,304,741) |
Net increase (decrease) | (8,072) | 17,327 | $(254,353) | $680,355 |
Class M | ||||
Shares sold | 1,288 | 2,632 | $41,032 | $100,144 |
Reinvestment of distributions | 823 | 6,501 | 27,663 | 244,606 |
Shares redeemed | (4,216) | (8,999) | (132,971) | (340,462) |
Net increase (decrease) | (2,105) | 134 | $(64,276) | $4,288 |
Class C | ||||
Shares sold | 1,290 | 2,799 | $34,553 | $91,154 |
Reinvestment of distributions | 784 | 6,852 | 22,077 | 217,347 |
Shares redeemed | (8,465) | (32,074) | (224,281) | (1,026,544) |
Net increase (decrease) | (6,391) | (22,423) | $(167,651) | $(718,043) |
Class I | ||||
Shares sold | 20,979 | 25,638 | $720,353 | $1,053,539 |
Reinvestment of distributions | 3,847 | 31,697 | 142,488 | 1,307,410 |
Shares redeemed | (45,069) | (85,931) | (1,557,227) | (3,549,097) |
Net increase (decrease) | (20,243) | (28,596) | $(694,386) | $(1,188,148) |
Class Z | ||||
Shares sold | 4,922 | 20,438 | $173,358 | $859,645 |
Reinvestment of distributions | 628 | 6,053 | 23,335 | 251,120 |
Shares redeemed | (16,952) | (20,701) | (606,453) | (842,801) |
Net increase (decrease) | (11,402) | 5,790 | $(409,760) | $267,964 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2022 to June 30, 2022).
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
Fidelity Advisor New Insights Fund | ||||
Class A | .71% | |||
Actual | $1,000.00 | $722.30 | $3.03 | |
Hypothetical-C | $1,000.00 | $1,021.27 | $3.56 | |
Class M | .96% | |||
Actual | $1,000.00 | $721.30 | $4.10 | |
Hypothetical-C | $1,000.00 | $1,020.03 | $4.81 | |
Class C | 1.47% | |||
Actual | $1,000.00 | $719.60 | $6.27 | |
Hypothetical-C | $1,000.00 | $1,017.50 | $7.35 | |
Class I | .46% | |||
Actual | $1,000.00 | $723.20 | $1.97 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.31 | |
Class Z | .34% | |||
Actual | $1,000.00 | $723.60 | $1.45 | |
Hypothetical-C | $1,000.00 | $1,023.11 | $1.71 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor New Insights Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Class I); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had a portfolio manager change in June 2020 and September 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager changes.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity Advisor New Insights Fund
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Fidelity Advisor New Insights Fund
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Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
ANIF-SANN-0822
1.803542.118
Fidelity® Series Opportunistic Insights Fund
Semi-Annual Report
June 30, 2022
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2022
% of fund's net assets | |
Berkshire Hathaway, Inc. Class A | 5.9 |
Meta Platforms, Inc. Class A | 5.5 |
Microsoft Corp. | 4.3 |
Amazon.com, Inc. | 4.2 |
Apple, Inc. | 3.8 |
UnitedHealth Group, Inc. | 3.5 |
Alphabet, Inc. Class C | 2.8 |
NVIDIA Corp. | 2.6 |
Alphabet, Inc. Class A | 2.2 |
Eli Lilly & Co. | 1.8 |
36.6 |
Market Sectors as of June 30, 2022
% of fund's net assets | |
Information Technology | 22.0 |
Financials | 15.0 |
Health Care | 13.7 |
Communication Services | 11.3 |
Consumer Discretionary | 9.1 |
Energy | 8.9 |
Industrials | 4.9 |
Consumer Staples | 3.4 |
Materials | 3.0 |
Real Estate | 0.3 |
Utilities | 0.2 |
Asset Allocation (% of fund's net assets)
As of June 30, 2022 | ||
Stocks | 90.7% | |
Convertible Securities | 1.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 8.2% |
Foreign investments - 7.8%
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 90.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 11.3% | |||
Entertainment - 0.5% | |||
Activision Blizzard, Inc. | 26,400 | $2,055,504 | |
Netflix, Inc. (a) | 88,609 | 15,495,056 | |
The Walt Disney Co. (a) | 13,872 | 1,309,517 | |
Universal Music Group NV | 629,252 | 12,607,712 | |
Warner Music Group Corp. Class A | 230,804 | 5,622,385 | |
37,090,174 | |||
Interactive Media & Services - 10.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 72,217 | 157,379,619 | |
Class C (a) | 90,010 | 196,892,375 | |
Bumble, Inc. (a) | 175,500 | 4,940,325 | |
Meta Platforms, Inc. Class A (a) | 2,378,754 | 383,574,083 | |
Zoominfo Technologies, Inc. (a) | 40,000 | 1,329,600 | |
744,116,002 | |||
Media - 0.2% | |||
Liberty Media Corp. Liberty Formula One Group Series C (a) | 174,352 | 11,066,121 | |
TOTAL COMMUNICATION SERVICES | 792,272,297 | ||
CONSUMER DISCRETIONARY - 9.0% | |||
Automobiles - 1.4% | |||
General Motors Co. (a) | 248,700 | 7,898,712 | |
Hyundai Motor Co. | 86,200 | 12,071,143 | |
Rad Power Bikes, Inc. (a)(b)(c) | 145,919 | 760,238 | |
Rivian Automotive, Inc. (d) | 11,042 | 284,221 | |
Tesla, Inc. (a) | 65,800 | 44,311,036 | |
Toyota Motor Corp. | 1,960,000 | 30,241,439 | |
95,566,789 | |||
Diversified Consumer Services - 0.0% | |||
Duolingo, Inc. (a) | 826 | 72,316 | |
Hotels, Restaurants & Leisure - 0.8% | |||
Airbnb, Inc. Class A (a) | 265,100 | 23,615,108 | |
Chipotle Mexican Grill, Inc. (a) | 5,754 | 7,521,974 | |
Hilton Worldwide Holdings, Inc. | 160,013 | 17,831,849 | |
Marriott International, Inc. Class A | 51,600 | 7,018,116 | |
55,987,047 | |||
Household Durables - 0.1% | |||
Blu Investments LLC (a)(b)(c) | 21,093,998 | 6,539 | |
Lennar Corp. Class A | 141,948 | 10,017,270 | |
10,023,809 | |||
Internet & Direct Marketing Retail - 4.4% | |||
Amazon.com, Inc. (a) | 2,791,340 | 296,468,221 | |
Cazoo Group Ltd. Class A (a) | 422,493 | 304,195 | |
Coupang, Inc. Class A (a)(e) | 531,626 | 6,778,232 | |
Deliveroo PLC Class A (a)(d) | 2,615,200 | 2,877,232 | |
Doordash, Inc. (a) | 10,505 | 674,106 | |
Wayfair LLC Class A (a) | 6,160 | 268,330 | |
Zomato Ltd. (a)(b) | 1,929,600 | 1,250,092 | |
308,620,408 | |||
Leisure Products - 0.0% | |||
Thule Group AB (d) | 32,000 | 786,099 | |
Multiline Retail - 0.4% | |||
Dollar Tree, Inc. (a) | 181,051 | 28,216,798 | |
Dollarama, Inc. | 24,200 | 1,393,493 | |
29,610,291 | |||
Specialty Retail - 1.6% | |||
Academy Sports & Outdoors, Inc. | 239,768 | 8,521,355 | |
AutoZone, Inc. (a) | 5,841 | 12,553,010 | |
Dick's Sporting Goods, Inc. (e) | 134,185 | 10,113,523 | |
Fanatics, Inc. Class A (b)(c) | 139,938 | 8,463,450 | |
National Vision Holdings, Inc. (a)(e) | 100,296 | 2,758,140 | |
O'Reilly Automotive, Inc. (a) | 25,046 | 15,823,061 | |
The Home Depot, Inc. | 123,766 | 33,945,301 | |
TJX Companies, Inc. | 22,300 | 1,245,455 | |
Ulta Beauty, Inc. (a) | 12,700 | 4,895,596 | |
Williams-Sonoma, Inc. | 104,614 | 11,606,923 | |
109,925,814 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
China Hongxing Sports Ltd. (a)(c) | 22,200 | 906 | |
Deckers Outdoor Corp. (a) | 13,384 | 3,417,604 | |
Dr. Martens Ltd. | 866,188 | 2,503,171 | |
lululemon athletica, Inc. (a) | 10,834 | 2,953,457 | |
NIKE, Inc. Class B | 78,543 | 8,027,095 | |
On Holding AG | 301,800 | 5,338,842 | |
Tapestry, Inc. | 24,800 | 756,896 | |
22,997,971 | |||
TOTAL CONSUMER DISCRETIONARY | 633,590,544 | ||
CONSUMER STAPLES - 3.4% | |||
Beverages - 1.6% | |||
Anheuser-Busch InBev SA NV | 64,700 | 3,484,222 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 8,300 | 1,934,398 | |
Diageo PLC | 133,707 | 5,775,169 | |
Keurig Dr. Pepper, Inc. | 18,900 | 668,871 | |
PepsiCo, Inc. | 232,800 | 38,798,448 | |
The Coca-Cola Co. | 987,450 | 62,120,480 | |
The Vita Coco Co., Inc. (e) | 25,900 | 253,561 | |
113,035,149 | |||
Food & Staples Retailing - 1.3% | |||
Albertsons Companies, Inc. | 65,800 | 1,758,176 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 62,700 | 2,445,748 | |
Costco Wholesale Corp. | 175,137 | 83,939,661 | |
Kroger Co. | 37,000 | 1,751,210 | |
89,894,795 | |||
Food Products - 0.0% | |||
Mondelez International, Inc. | 21,900 | 1,359,771 | |
Nestle SA (Reg. S) | 11,180 | 1,306,637 | |
2,666,408 | |||
Household Products - 0.3% | |||
Procter & Gamble Co. | 122,300 | 17,585,517 | |
Personal Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 19,752 | 5,030,242 | |
L'Oreal SA (a) | 13,125 | 4,557,073 | |
L'Oreal SA (a) | 12,803 | 4,445,273 | |
Olaplex Holdings, Inc. | 141,120 | 1,988,381 | |
16,020,969 | |||
TOTAL CONSUMER STAPLES | 239,202,838 | ||
ENERGY - 8.8% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes Co. Class A | 479,400 | 13,840,278 | |
Halliburton Co. | 406,800 | 12,757,248 | |
Schlumberger Ltd. | 12,200 | 436,272 | |
Technip Energies NV | 22,207 | 276,818 | |
27,310,616 | |||
Oil, Gas & Consumable Fuels - 8.4% | |||
Antero Resources Corp. (a) | 37,800 | 1,158,570 | |
Canadian Natural Resources Ltd. | 436,100 | 23,434,615 | |
Cenovus Energy, Inc. (Canada) | 119,900 | 2,281,193 | |
Cheniere Energy, Inc. | 139,800 | 18,597,594 | |
Chevron Corp. | 553,900 | 80,193,642 | |
ConocoPhillips Co. | 1,035,777 | 93,023,132 | |
Continental Resources, Inc. (e) | 230,400 | 15,056,640 | |
Devon Energy Corp. | 472,000 | 26,011,920 | |
Diamondback Energy, Inc. | 189,046 | 22,902,923 | |
EOG Resources, Inc. | 335,200 | 37,019,488 | |
Exxon Mobil Corp. | 1,331,300 | 114,012,532 | |
Hess Corp. | 181,844 | 19,264,553 | |
Imperial Oil Ltd. | 10,500 | 494,981 | |
Occidental Petroleum Corp. | 905,800 | 53,333,504 | |
Phillips 66 Co. | 173,000 | 14,184,270 | |
Pioneer Natural Resources Co. | 148,400 | 33,105,072 | |
Reliance Industries Ltd. | 15,425 | 507,034 | |
Suncor Energy, Inc. | 412,900 | 14,486,144 | |
Tourmaline Oil Corp. | 7,800 | 405,573 | |
Valero Energy Corp. | 245,300 | 26,070,484 | |
595,543,864 | |||
TOTAL ENERGY | 622,854,480 | ||
FINANCIALS - 15.0% | |||
Banks - 3.4% | |||
Banco Santander SA (Spain) | 253,000 | 715,842 | |
Bank of America Corp. | 3,388,462 | 105,482,822 | |
JPMorgan Chase & Co. | 491,724 | 55,373,040 | |
Kotak Mahindra Bank Ltd. (a) | 158,087 | 3,325,503 | |
Nu Holdings Ltd. (e) | 147,800 | 552,772 | |
Royal Bank of Canada | 315,400 | 30,540,286 | |
Starling Bank Ltd. Series D (a)(b)(c) | 1,611,012 | 4,624,238 | |
The Toronto-Dominion Bank | 377,900 | 24,781,339 | |
Wells Fargo & Co. | 374,200 | 14,657,414 | |
240,053,256 | |||
Capital Markets - 2.1% | |||
BlackRock, Inc. Class A | 900 | 548,136 | |
Blackstone, Inc. | 7,000 | 638,610 | |
Brookfield Asset Management, Inc. (Canada) Class A | 97,000 | 4,314,963 | |
Charles Schwab Corp. | 118,900 | 7,512,102 | |
CME Group, Inc. | 6,200 | 1,269,140 | |
Coinbase Global, Inc. (a)(e) | 10,410 | 489,478 | |
Goldman Sachs Group, Inc. | 152,473 | 45,287,530 | |
Morgan Stanley | 1,140,200 | 86,723,612 | |
MSCI, Inc. | 6,111 | 2,518,649 | |
149,302,220 | |||
Consumer Finance - 0.0% | |||
American Express Co. | 100 | 13,862 | |
Capital One Financial Corp. | 17,000 | 1,771,230 | |
1,785,092 | |||
Diversified Financial Services - 5.9% | |||
Berkshire Hathaway, Inc. Class A (a) | 1,022 | 417,946,892 | |
Insurance - 3.6% | |||
Admiral Group PLC | 423,901 | 11,579,370 | |
American International Group, Inc. | 303,500 | 15,517,955 | |
Aon PLC | 4,400 | 1,186,592 | |
Arthur J. Gallagher & Co. | 51,611 | 8,414,657 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 480 | 21,379 | |
Chubb Ltd. | 222,568 | 43,752,417 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 14,200 | 7,524,720 | |
Hartford Financial Services Group, Inc. | 113,800 | 7,445,934 | |
Intact Financial Corp. | 42,160 | 5,946,682 | |
Marsh & McLennan Companies, Inc. | 31,500 | 4,890,375 | |
Progressive Corp. | 540,000 | 62,785,800 | |
The Travelers Companies, Inc. | 470,108 | 79,509,366 | |
W.R. Berkley Corp. | 9,400 | 641,644 | |
249,216,891 | |||
TOTAL FINANCIALS | 1,058,304,351 | ||
HEALTH CARE - 13.7% | |||
Biotechnology - 3.6% | |||
AbbVie, Inc. | 82,529 | 12,640,142 | |
Argenx SE ADR (a) | 8,000 | 3,031,040 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 2,933 | 427,367 | |
BioNTech SE ADR | 4,700 | 700,770 | |
Galapagos NV sponsored ADR (a) | 71,500 | 3,989,700 | |
Horizon Therapeutics PLC (a) | 209,761 | 16,730,537 | |
Intellia Therapeutics, Inc. (a) | 23,283 | 1,205,128 | |
Moderna, Inc. (a) | 4,648 | 663,967 | |
Regeneron Pharmaceuticals, Inc. (a) | 170,423 | 100,742,148 | |
United Therapeutics Corp. (a) | 17,623 | 4,152,684 | |
Vertex Pharmaceuticals, Inc. (a) | 375,200 | 105,727,608 | |
Zai Lab Ltd. (a) | 230,060 | 784,282 | |
250,795,373 | |||
Health Care Equipment & Supplies - 0.7% | |||
Edwards Lifesciences Corp. (a) | 204,747 | 19,469,392 | |
Envista Holdings Corp. (a) | 61,512 | 2,370,672 | |
Intuitive Surgical, Inc. (a) | 96,650 | 19,398,622 | |
Sonova Holding AG | 15,590 | 4,964,500 | |
Straumann Holding AG | 3,471 | 418,138 | |
46,621,324 | |||
Health Care Providers & Services - 4.3% | |||
23andMe Holding Co. Class B (d) | 679,707 | 1,685,673 | |
AmerisourceBergen Corp. | 51,500 | 7,286,220 | |
Cano Health, Inc. (a) | 136,255 | 596,797 | |
Centene Corp. (a) | 27,900 | 2,360,619 | |
Cigna Corp. | 5,100 | 1,343,952 | |
dentalcorp Holdings Ltd. (a) | 202,536 | 1,873,993 | |
Elevance Health, Inc. | 40,700 | 19,641,006 | |
Guardant Health, Inc. (a) | 2,827 | 114,041 | |
HCA Holdings, Inc. | 99,500 | 16,721,970 | |
Henry Schein, Inc. (a) | 41,756 | 3,204,355 | |
McKesson Corp. | 400 | 130,484 | |
Option Care Health, Inc. (a) | 168,700 | 4,688,173 | |
P3 Health Partners, Inc. (a)(b) | 160,486 | 567,158 | |
UnitedHealth Group, Inc. | 471,978 | 242,422,060 | |
302,636,501 | |||
Health Care Technology - 0.0% | |||
Doximity, Inc. (e) | 73,004 | 2,541,999 | |
Life Sciences Tools & Services - 1.1% | |||
Danaher Corp. | 201,635 | 51,118,505 | |
ICON PLC (a) | 3,200 | 693,440 | |
Mettler-Toledo International, Inc. (a) | 6,056 | 6,956,951 | |
Thermo Fisher Scientific, Inc. | 6,860 | 3,726,901 | |
Veterinary Emergency Group LLC Class A (b)(c)(f) | 58,287 | 3,052,712 | |
Waters Corp. (a) | 32,100 | 10,624,458 | |
76,172,967 | |||
Pharmaceuticals - 4.0% | |||
AstraZeneca PLC sponsored ADR | 45,500 | 3,006,185 | |
Bristol-Myers Squibb Co. | 574,500 | 44,236,500 | |
Eli Lilly & Co. | 396,652 | 128,606,478 | |
GSK PLC sponsored ADR | 15,400 | 670,362 | |
Intra-Cellular Therapies, Inc. (a) | 25,678 | 1,465,700 | |
Johnson & Johnson | 212,600 | 37,738,626 | |
Merck & Co., Inc. | 227,300 | 20,722,941 | |
Nuvation Bio, Inc. (a) | 82,324 | 266,730 | |
Pfizer, Inc. | 221,100 | 11,592,273 | |
Roche Holding AG (participation certificate) | 19,320 | 6,458,673 | |
Royalty Pharma PLC | 469,200 | 19,725,168 | |
UCB SA | 10,800 | 912,672 | |
Zoetis, Inc. Class A | 50,775 | 8,727,715 | |
284,130,023 | |||
TOTAL HEALTH CARE | 962,898,187 | ||
INDUSTRIALS - 4.1% | |||
Aerospace & Defense - 1.2% | |||
Lockheed Martin Corp. | 89,500 | 38,481,420 | |
Northrop Grumman Corp. | 66,100 | 31,633,477 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 212,910 | 14,903,700 | |
Class C (a)(b)(c) | 7,830 | 548,100 | |
85,566,697 | |||
Air Freight & Logistics - 1.3% | |||
Delhivery Private Ltd. (b) | 326,200 | 1,884,206 | |
United Parcel Service, Inc. Class B | 482,915 | 88,151,304 | |
Zipline International, Inc. (b)(c) | 28,830 | 809,835 | |
90,845,345 | |||
Building Products - 0.3% | |||
Carlisle Companies, Inc. | 2,600 | 620,386 | |
Carrier Global Corp. | 42,310 | 1,508,775 | |
Fortune Brands Home & Security, Inc. | 102,958 | 6,165,125 | |
Toto Ltd. | 253,520 | 8,394,403 | |
16,688,689 | |||
Commercial Services & Supplies - 0.1% | |||
Aurora Innovation, Inc. (a) | 86,681 | 165,561 | |
Cintas Corp. | 11,631 | 4,344,527 | |
Clean TeQ Water Pty Ltd. (a) | 2,653 | 760 | |
TulCo LLC (a)(b)(c)(f) | 7,549 | 4,417,448 | |
8,928,296 | |||
Electrical Equipment - 0.0% | |||
Acuity Brands, Inc. | 4,400 | 677,776 | |
SES AI Corp. Class A (a)(e) | 2,200 | 8,646 | |
686,422 | |||
Industrial Conglomerates - 0.4% | |||
General Electric Co. | 471,237 | 30,003,660 | |
Machinery - 0.3% | |||
AutoStore Holdings Ltd. (d) | 78,181 | 111,124 | |
Deere & Co. | 40,400 | 12,098,588 | |
Ingersoll Rand, Inc. | 81,214 | 3,417,485 | |
PACCAR, Inc. | 39,800 | 3,277,132 | |
18,904,329 | |||
Professional Services - 0.0% | |||
FTI Consulting, Inc. (a) | 1,300 | 235,105 | |
Road & Rail - 0.5% | |||
Canadian Pacific Railway Ltd. | 95,600 | 6,677,592 | |
J.B. Hunt Transport Services, Inc. | 53,600 | 8,440,392 | |
Old Dominion Freight Lines, Inc. | 17,900 | 4,587,412 | |
Union Pacific Corp. | 66,000 | 14,076,480 | |
33,781,876 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 2,700 | 301,983 | |
TOTAL INDUSTRIALS | 285,942,402 | ||
INFORMATION TECHNOLOGY - 21.7% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 95,828 | 8,982,917 | |
Electronic Equipment & Components - 1.6% | |||
Amphenol Corp. Class A | 1,705,487 | 109,799,253 | |
CDW Corp. | 9,233 | 1,454,751 | |
111,254,004 | |||
IT Services - 1.6% | |||
Accenture PLC Class A | 313,929 | 87,162,387 | |
Adyen BV (a)(d) | 6,395 | 9,228,832 | |
ASAC II LP (a)(b)(c) | 2,013,117 | 338,204 | |
Cloudflare, Inc. (a) | 105,080 | 4,597,250 | |
Cognizant Technology Solutions Corp. Class A | 95,116 | 6,419,379 | |
MongoDB, Inc. Class A (a) | 10,540 | 2,735,130 | |
Snowflake, Inc. (a) | 3,400 | 472,804 | |
110,953,986 | |||
Semiconductors & Semiconductor Equipment - 6.3% | |||
Advanced Micro Devices, Inc. (a) | 1,161,553 | 88,823,958 | |
Analog Devices, Inc. | 123,400 | 18,027,506 | |
Applied Materials, Inc. | 133,600 | 12,154,928 | |
Broadcom, Inc. | 32,400 | 15,740,244 | |
Enphase Energy, Inc. (a) | 7,700 | 1,503,348 | |
Lattice Semiconductor Corp. (a) | 36,965 | 1,792,803 | |
Marvell Technology, Inc. | 211,375 | 9,201,154 | |
Monolithic Power Systems, Inc. | 4,300 | 1,651,372 | |
NVIDIA Corp. | 1,220,460 | 185,009,531 | |
onsemi (a) | 245,800 | 12,366,198 | |
Qualcomm, Inc. | 612,737 | 78,271,024 | |
Semtech Corp. (a) | 14,983 | 823,616 | |
Skyworks Solutions, Inc. | 7,100 | 657,744 | |
Synaptics, Inc. (a) | 176,175 | 20,797,459 | |
446,820,885 | |||
Software - 8.0% | |||
Adobe, Inc. (a) | 111,866 | 40,949,668 | |
Aspen Technology, Inc. (a) | 2,000 | 367,360 | |
Atlassian Corp. PLC (a) | 89,381 | 16,749,999 | |
Cadence Design Systems, Inc. (a) | 307,856 | 46,187,636 | |
Check Point Software Technologies Ltd.(a) | 25,700 | 3,129,746 | |
Clear Secure, Inc. (e) | 39,432 | 788,640 | |
Datadog, Inc. Class A (a) | 33,900 | 3,228,636 | |
Dynatrace, Inc. (a) | 6,700 | 264,248 | |
Epic Games, Inc. (a)(b)(c) | 7,100 | 6,603,000 | |
Fortinet, Inc. (a) | 35,235 | 1,993,596 | |
Intuit, Inc. | 59,483 | 22,927,128 | |
KnowBe4, Inc. (a) | 78,511 | 1,226,342 | |
Magic Leap, Inc.: | |||
Class A (c) | 72,297 | 889,253 | |
warrants (a)(c) | 39,573 | 486,748 | |
Microsoft Corp. | 1,187,749 | 305,049,576 | |
Roper Technologies, Inc. | 1,200 | 473,580 | |
Salesforce.com, Inc. (a) | 646,926 | 106,768,667 | |
Stripe, Inc. Class B (a)(b)(c) | 26,700 | 682,719 | |
Tanium, Inc. Class B (a)(b)(c) | 408,212 | 4,073,956 | |
562,840,498 | |||
Technology Hardware, Storage & Peripherals - 4.1% | |||
Apple, Inc. | 1,980,900 | 270,828,648 | |
Dell Technologies, Inc. | 415,119 | 19,182,649 | |
Pure Storage, Inc. Class A (a) | 17,100 | 439,641 | |
290,450,938 | |||
TOTAL INFORMATION TECHNOLOGY | 1,531,303,228 | ||
MATERIALS - 3.0% | |||
Chemicals - 0.7% | |||
CF Industries Holdings, Inc. | 202,200 | 17,334,606 | |
Corteva, Inc. | 206,500 | 11,179,910 | |
Nutrien Ltd. | 70,800 | 5,642,052 | |
Olin Corp. | 10,500 | 485,940 | |
Sherwin-Williams Co. | 1,734 | 388,260 | |
The Mosaic Co. | 47,000 | 2,219,810 | |
Westlake Corp. | 104,352 | 10,228,583 | |
47,479,161 | |||
Metals & Mining - 2.3% | |||
Agnico Eagle Mines Ltd. (Canada) | 31,700 | 1,451,029 | |
B2Gold Corp. | 1,646,929 | 5,578,473 | |
Barrick Gold Corp. (Canada) | 510,066 | 9,018,880 | |
Cleveland-Cliffs, Inc. (a) | 241,600 | 3,713,392 | |
First Quantum Minerals Ltd. | 31,100 | 590,011 | |
Franco-Nevada Corp. | 299,817 | 39,438,327 | |
Freeport-McMoRan, Inc. | 906,000 | 26,509,560 | |
Glencore Xstrata PLC | 350,000 | 1,895,753 | |
Ivanhoe Electric, Inc. (a) | 46,500 | 404,550 | |
Ivanhoe Mines Ltd. (a) | 3,314,587 | 19,081,021 | |
MP Materials Corp. (a)(e) | 8,900 | 285,512 | |
Newmont Corp. | 206,600 | 12,327,822 | |
Novagold Resources, Inc. (a) | 493,634 | 2,358,491 | |
Nucor Corp. | 310,573 | 32,426,927 | |
Steel Dynamics, Inc. | 135,521 | 8,964,714 | |
Stelco Holdings, Inc. | 27,500 | 687,500 | |
Sunrise Energy Metals Ltd. (a) | 5,306 | 8,241 | |
Wheaton Precious Metals Corp. | 44,100 | 1,588,998 | |
166,329,201 | |||
TOTAL MATERIALS | 213,808,362 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Equity Commonwealth (a) | 136,691 | 3,763,103 | |
Equity Residential (SBI) | 7,900 | 570,538 | |
Prologis (REIT), Inc. | 92,279 | 10,856,624 | |
Welltower, Inc. | 38,300 | 3,154,005 | |
18,344,270 | |||
UTILITIES - 0.2% | |||
Electric Utilities - 0.2% | |||
Constellation Energy Corp. | 53,300 | 3,051,958 | |
Exelon Corp. | 38,500 | 1,744,820 | |
NextEra Energy, Inc. | 24,000 | 1,859,040 | |
NRG Energy, Inc. | 32,000 | 1,221,440 | |
PG&E Corp. (a) | 417,800 | 4,169,644 | |
Southern Co. | 56,054 | 3,997,211 | |
16,044,113 | |||
TOTAL COMMON STOCKS | |||
(Cost $4,393,774,443) | 6,374,565,072 | ||
Preferred Stocks - 1.3% | |||
Convertible Preferred Stocks - 1.1% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc.: | |||
Series E (a)(b)(c) | 9,600 | 377,280 | |
Series F (b)(c) | 49,896 | 1,960,913 | |
2,338,193 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A (a)(b)(c) | 19,024 | 99,115 | |
Series C (a)(b)(c) | 74,857 | 390,005 | |
Series D (b)(c) | 127,700 | 665,317 | |
1,154,437 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (b)(c) | 800 | 298,920 | |
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series F (b) | 38,025 | 1,834,942 | |
GoBrands, Inc.: | |||
Series G (a)(b)(c) | 3,340 | 717,566 | |
Series H (b)(c) | 3,970 | 852,915 | |
3,405,423 | |||
TOTAL CONSUMER DISCRETIONARY | 4,858,780 | ||
CONSUMER STAPLES - 0.0% | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 13,266 | 439,237 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 194,500 | 889,449 | |
Health Care Providers & Services - 0.0% | |||
Lyra Health, Inc.: | |||
Series E (a)(b)(c) | 79,800 | 1,454,754 | |
Series F (b)(c) | 4,099 | 74,725 | |
Somatus, Inc. Series E (b)(c) | 842 | 734,759 | |
2,264,238 | |||
TOTAL HEALTH CARE | 3,153,687 | ||
INDUSTRIALS - 0.8% | |||
Aerospace & Defense - 0.7% | |||
Relativity Space, Inc. Series E (a)(b)(c) | 125,290 | 2,285,290 | |
Space Exploration Technologies Corp.: | |||
Series G (a)(b)(c) | 36,460 | 25,522,000 | |
Series H (a)(b)(c) | 7,256 | 5,079,200 | |
Series N (a)(b)(c) | 24,552 | 17,186,400 | |
50,072,890 | |||
Air Freight & Logistics - 0.1% | |||
Zipline International, Inc. Series E (a)(b)(c) | 66,084 | 1,856,300 | |
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (b)(c) | 15,787 | 1,628,745 | |
TOTAL INDUSTRIALS | 53,557,935 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 37,932 | 5,782,354 | |
Software - 0.1% | |||
Delphix Corp. Series D (a)(b)(c) | 232,855 | 1,532,186 | |
Nuro, Inc.: | |||
Series C (a)(b)(c) | 190,290 | 2,308,218 | |
Series D (b)(c) | 36,736 | 445,608 | |
Stripe, Inc. Series H (a)(b)(c) | 11,500 | 294,055 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 12,300 | 692,244 | |
5,272,311 | |||
TOTAL INFORMATION TECHNOLOGY | 11,054,665 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 75,402,497 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
Circle Internet Financial Ltd. Series E (b) | 61,811 | 2,982,764 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 531,600 | 6,209,088 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Software - 0.1% | |||
Magic Leap, Inc. Series AA (c) | 275,569 | 4,943,708 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 14,135,560 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $53,512,788) | 89,538,057 | ||
Principal Amount | Value | ||
Preferred Securities - 0.0% | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(g) | |||
(Cost $680,000) | 680,000 | 680,000 | |
Shares | Value | ||
Money Market Funds - 4.9% | |||
Fidelity Cash Central Fund 1.58% (h) | 326,337,553 | 326,402,821 | |
Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) | 20,561,122 | 20,563,178 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $346,965,999) | 346,965,999 | ||
TOTAL INVESTMENT IN SECURITIES - 96.7% | |||
(Cost $4,794,933,230) | 6,811,749,128 | ||
NET OTHER ASSETS (LIABILITIES) - 3.3% | 235,074,834 | ||
NET ASSETS - 100% | $7,046,823,962 |
Legend
(a) Non-income producing
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $132,050,856 or 1.9% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,973,181 or 0.2% of net assets.
(e) Security or a portion of the security is on loan at period end.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Security is perpetual in nature with no stated maturity date.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
ASAC II LP | 10/10/13 | $155,030 |
Beta Technologies, Inc. Series B, 6.00% | 4/4/22 | $1,628,745 |
Blu Investments LLC | 5/21/20 | $36,484 |
Bowery Farming, Inc. Series C1 | 5/18/21 | $799,267 |
ByteDance Ltd. Series E1 | 11/18/20 | $4,156,368 |
Circle Internet Financial Ltd. Series E | 5/11/21 | $1,003,200 |
Circle Internet Financial Ltd. Series F | 5/9/22 | $1,602,374 |
Delhivery Private Ltd. | 5/20/21 | $1,592,260 |
Delphix Corp. Series D | 7/10/15 | $2,095,695 |
Discord, Inc. Series I | 9/15/21 | $440,500 |
ElevateBio LLC Series C | 3/9/21 | $815,928 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | $4,082,500 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | $4,645,244 |
GoBrands, Inc. Series G | 3/2/21 | $834,056 |
GoBrands, Inc. Series H | 7/22/21 | $1,542,308 |
Lyra Health, Inc. Series E | 1/14/21 | $730,697 |
Lyra Health, Inc. Series F | 6/4/21 | $64,372 |
Nuro, Inc. Series C | 10/30/20 | $2,484,160 |
Nuro, Inc. Series D | 10/29/21 | $765,788 |
P3 Health Partners, Inc. | 5/25/21 | $1,604,860 |
Rad Power Bikes, Inc. | 1/21/21 | $703,890 |
Rad Power Bikes, Inc. Series A | 1/21/21 | $91,769 |
Rad Power Bikes, Inc. Series C | 1/21/21 | $361,098 |
Rad Power Bikes, Inc. Series D | 9/17/21 | $1,223,851 |
Reddit, Inc. Series E | 5/18/21 | $407,752 |
Reddit, Inc. Series F | 8/11/21 | $3,083,293 |
Relativity Space, Inc. Series E | 5/27/21 | $2,861,010 |
Somatus, Inc. Series E | 1/31/22 | $734,759 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 2/16/21 | $3,185,238 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $105,705 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $2,824,191 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $979,560 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $6,629,040 |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $3,151,959 |
Stripe, Inc. Class B | 5/18/21 | $1,071,428 |
Stripe, Inc. Series H | 3/15/21 | $461,438 |
Tanium, Inc. Class B | 4/21/17 - 9/18/20 | $3,439,433 |
Tenstorrent, Inc. Series C1 | 4/23/21 | $731,288 |
Tenstorrent, Inc. 0% | 4/23/21 | $680,000 |
TulCo LLC | 8/24/17 - 12/14/17 | $2,643,700 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | $2,259,004 |
Zipline International, Inc. | 10/12/21 | $1,037,880 |
Zipline International, Inc. Series E | 12/21/20 | $2,156,281 |
Zomato Ltd. | 12/9/20 - 2/5/21 | $1,178,353 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 1.58% | $298,594,723 | $1,788,746,473 | $1,760,938,375 | $741,385 | $-- | $-- | $326,402,821 | 0.6% |
Fidelity Securities Lending Cash Central Fund 1.58% | 11,576,828 | 152,848,654 | 143,862,304 | 44,206 | -- | -- | 20,563,178 | 0.1% |
Total | $310,171,551 | $1,941,595,127 | $1,904,800,679 | $785,591 | $-- | $-- | $346,965,999 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $794,610,490 | $779,664,585 | $12,607,712 | $2,338,193 |
Consumer Discretionary | 641,432,088 | 592,867,880 | 36,309,237 | 12,254,971 |
Consumer Staples | 239,642,075 | 219,634,464 | 19,568,374 | 439,237 |
Energy | 629,063,568 | 629,063,568 | -- | -- |
Financials | 1,058,304,351 | 1,052,964,271 | 715,842 | 4,624,238 |
Health Care | 966,051,874 | 952,401,506 | 7,443,969 | 6,206,399 |
Industrials | 339,500,337 | 254,984,710 | 10,278,609 | 74,237,018 |
Information Technology | 1,547,301,601 | 1,509,000,516 | 9,228,832 | 29,072,253 |
Materials | 213,808,362 | 211,912,609 | 1,895,753 | -- |
Real Estate | 18,344,270 | 18,344,270 | -- | -- |
Utilities | 16,044,113 | 16,044,113 | -- | -- |
Preferred Securities | 680,000 | -- | -- | 680,000 |
Money Market Funds | 346,965,999 | 346,965,999 | -- | -- |
Total Investments in Securities: | $6,811,749,128 | $6,583,848,491 | $98,048,328 | $129,852,309 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Industrials | |
Beginning Balance | $ 67,870,386 |
Net Realized Gain (Loss) on Investment Securities | 3,236,956 |
Net Unrealized Gain (Loss) on Investment Securities | 6,273,349 |
Cost of Purchases | 1,628,745 |
Proceeds of Sales | (3,210,962) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (1,561,456) |
Ending Balance | $ 74,237,018 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $ 6,273,349 |
Other Investments in Securities | |
Beginning Balance | $ 60,191,531 |
Net Realized Gain (Loss) on Investment Securities | ( 2,685) |
Net Unrealized Gain (Loss) on Investment Securities | ( 6,954,904) |
Cost of Purchases | 2,381,349 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $ 55,615,291 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2022 | $( 6,954,904) |
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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. 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.
Financial Statements
Statement of Assets and Liabilities
June 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $19,660,251) — See accompanying schedule: Unaffiliated issuers (cost $4,447,967,231) | $6,464,783,129 | |
Fidelity Central Funds (cost $346,965,999) | 346,965,999 | |
Total Investment in Securities (cost $4,794,933,230) | $6,811,749,128 | |
Cash | 309,626 | |
Restricted cash | 284,080 | |
Foreign currency held at value (cost $174) | 1,446 | |
Receivable for investments sold | 24,038,535 | |
Receivable for fund shares sold | 238,629,618 | |
Dividends receivable | 3,527,659 | |
Distributions receivable from Fidelity Central Funds | 399,659 | |
Other receivables | 299,058 | |
Total assets | 7,079,238,809 | |
Liabilities | ||
Payable for investments purchased | $10,473,751 | |
Payable for fund shares redeemed | 101,231 | |
Other payables and accrued expenses | 1,279,665 | |
Collateral on securities loaned | 20,560,200 | |
Total liabilities | 32,414,847 | |
Net Assets | $7,046,823,962 | |
Net Assets consist of: | ||
Paid in capital | $4,672,240,607 | |
Total accumulated earnings (loss) | 2,374,583,355 | |
Net Assets | $7,046,823,962 | |
Net Asset Value, offering price and redemption price per share ($7,046,823,962 ÷ 481,344,582 shares) | $14.64 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $33,828,020 | |
Income from Fidelity Central Funds (including $44,206 from security lending) | 785,591 | |
Total income | 34,613,611 | |
Expenses | ||
Custodian fees and expenses | $87,583 | |
Independent trustees' fees and expenses | 12,529 | |
Total expenses | 100,112 | |
Net investment income (loss) | 34,513,499 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $149,811) | 365,193,895 | |
Foreign currency transactions | 2,577 | |
Total net realized gain (loss) | 365,196,472 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $377,804) | (2,743,053,464) | |
Unfunded commitments | 48,741 | |
Assets and liabilities in foreign currencies | (17,087) | |
Total change in net unrealized appreciation (depreciation) | (2,743,021,810) | |
Net gain (loss) | (2,377,825,338) | |
Net increase (decrease) in net assets resulting from operations | $(2,343,311,839) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $34,513,499 | $49,643,475 |
Net realized gain (loss) | 365,196,472 | 1,384,487,067 |
Change in net unrealized appreciation (depreciation) | (2,743,021,810) | 399,250,076 |
Net increase (decrease) in net assets resulting from operations | (2,343,311,839) | 1,833,380,618 |
Distributions to shareholders | (187,179,363) | (1,459,118,632) |
Share transactions | ||
Proceeds from sales of shares | 1,785,216,966 | 1,161,106,204 |
Reinvestment of distributions | 187,179,363 | 1,459,118,631 |
Cost of shares redeemed | (415,687,367) | (2,647,170,260) |
Net increase (decrease) in net assets resulting from share transactions | 1,556,708,962 | (26,945,425) |
Total increase (decrease) in net assets | (973,782,240) | 347,316,561 |
Net Assets | ||
Beginning of period | 8,020,606,202 | 7,673,289,641 |
End of period | $7,046,823,962 | $8,020,606,202 |
Other Information | ||
Shares | ||
Sold | 107,590,314 | 53,744,068 |
Issued in reinvestment of distributions | 10,222,794 | 70,309,438 |
Redeemed | (23,186,435) | (116,279,469) |
Net increase (decrease) | 94,626,673 | 7,774,037 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Opportunistic Insights Fund
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $20.74 | $20.25 | $18.10 | $15.18 | $17.32 | $14.69 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .08 | .14 | .12 | .15 | .15 | .09 |
Net realized and unrealized gain (loss) | (5.72) | 4.79 | 5.36 | 4.43 | (.42) | 4.75 |
Total from investment operations | (5.64) | 4.93 | 5.48 | 4.58 | (.27) | 4.84 |
Distributions from net investment income | – | (.20) | (.16) | (.15) | (.13) | (.10) |
Distributions from net realized gain | (.46) | (4.24) | (3.18) | (1.51) | (1.75) | (2.10) |
Total distributions | (.46) | (4.44) | (3.33)C | (1.66) | (1.87)C | (2.21)C |
Net asset value, end of period | $14.64 | $20.74 | $20.25 | $18.10 | $15.18 | $17.32 |
Total ReturnD,E | (27.64)% | 24.81% | 31.18% | 30.53% | (1.87)% | 32.96% |
Ratios to Average Net AssetsB,F,G | ||||||
Expenses before reductions | - %H,I | - %I | - %I | - %I | - %I | .27% |
Expenses net of fee waivers, if any | - %H,I | - %I | - %I | - %I | - %I | .27% |
Expenses net of all reductions | - %H,I | - %I | - %I | - %I | - %I | .27% |
Net investment income (loss) | .95%H | .61% | .61% | .81% | .80% | .50% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $7,046,824 | $8,020,606 | $7,673,290 | $6,899,733 | $6,419,232 | $6,317,188 |
Portfolio turnover rateJ | 41%H | 43% | 33% | 27%K | 32%L | 37% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount represents less than .005%.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2022
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 are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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. Preferred securities 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 | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $129,172,309 | Market approach | Transaction price | $2.87 - $872.63 / $465.87 | Increase |
Discount rate | 5.3% - 50.0% / 5.4% | Decrease | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Recovery value | Recovery value | $0.00 - $0.17 / $0.16 | Increase | ||
Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.0 - 20.0 / 6.5 | Increase | ||
Term | 3.0 | Increase | |||
Volatility | 70.0% | Increase | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 30.0% | Decrease | ||
Term | 5.0 | Increase | |||
Volatility | 80.0% | Increase | |||
Exit multiple | 2.5 | Increase | |||
Preferred Securities | $680,000 | Market approach | Transaction price | $100.00 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $2,409,946,753 |
Gross unrealized depreciation | (428,701,086) |
Net unrealized appreciation (depreciation) | $1,981,245,667 |
Tax cost | $4,830,503,461 |
The Fund elected to defer to its next fiscal year approximately $8,843,469 of capital losses recognized during the period November 1, 2020 to December 31, 2021.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
Investment to be Acquired | Commitment Amount | |
Fidelity Series Opportunistic Insights Fund | Twitter, Inc. | $3,251,837 |
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Series Opportunistic Insights Fund | 7,754,240 | .11 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Series Opportunistic Insights Fund | 2,563,967,629 | 1,447,646,098 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Series Opportunistic Insights Fund | $28,995 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Opportunistic Insights Fund | 136,486,413 | 120,620,089 | 37,824,929 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers 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. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series Opportunistic Insights Fund | $4,640 | $1,662 | $– |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2022 to June 30, 2022).
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
Fidelity Series Opportunistic Insights Fund | - %-C | |||
Actual | $1,000.00 | $723.60 | $--D | |
Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Opportunistic Insights Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through April 30, 2025.Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund��s liquidity risk.
O1T-SANN-0822
1.951055.109
Fidelity® Contrafund® K6
Semi-Annual Report
June 30, 2022
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Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2022
% of fund's net assets | |
Berkshire Hathaway, Inc. Class A | 6.5 |
UnitedHealth Group, Inc. | 5.7 |
Meta Platforms, Inc. Class A | 5.7 |
Microsoft Corp. | 5.2 |
Amazon.com, Inc. | 5.1 |
Apple, Inc. | 4.6 |
Alphabet, Inc. Class A | 2.6 |
Eli Lilly & Co. | 2.5 |
NVIDIA Corp. | 2.5 |
Alphabet, Inc. Class C | 2.4 |
42.8 |
Market Sectors as of June 30, 2022
% of fund's net assets | |
Information Technology | 24.7 |
Health Care | 17.4 |
Financials | 13.8 |
Communication Services | 12.2 |
Consumer Discretionary | 10.0 |
Energy | 5.0 |
Industrials | 4.5 |
Consumer Staples | 4.0 |
Materials | 3.2 |
Real Estate | 0.3 |
Utilities | 0.3 |
Asset Allocation (% of fund's net assets)
As of June 30, 2022 * | ||
Stocks | 94.8% | |
Convertible Securities | 0.6% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.6% |
* Foreign investments - 8.2%
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 12.2% | |||
Entertainment - 1.2% | |||
Activision Blizzard, Inc. | 231,034 | $17,988,307 | |
Netflix, Inc. (a) | 796,379 | 139,262,796 | |
The Walt Disney Co. (a) | 284,659 | 26,871,810 | |
Universal Music Group NV | 1,439,770 | 28,847,274 | |
Warner Music Group Corp. Class A | 410,510 | 10,000,024 | |
222,970,211 | |||
Interactive Media & Services - 10.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 234,777 | 511,640,125 | |
Class C (a) | 211,178 | 461,941,316 | |
Bumble, Inc. (a) | 674,993 | 19,001,053 | |
Meta Platforms, Inc. Class A (a) | 6,826,923 | 1,100,841,334 | |
Zoominfo Technologies, Inc. (a) | 181,199 | 6,023,055 | |
2,099,446,883 | |||
Media - 0.2% | |||
Liberty Media Corp. Liberty Formula One Group Series C (a) | 670,692 | 42,568,821 | |
TOTAL COMMUNICATION SERVICES | 2,364,985,915 | ||
CONSUMER DISCRETIONARY - 9.8% | |||
Automobiles - 0.6% | |||
General Motors Co. (a) | 817,413 | 25,961,037 | |
Hyundai Motor Co. | 154,980 | 21,702,851 | |
Rad Power Bikes, Inc. (a)(b)(c) | 331,574 | 1,727,501 | |
Rivian Automotive, Inc. (d) | 108,125 | 2,783,138 | |
Tesla, Inc. (a) | 19,471 | 13,112,161 | |
Toyota Motor Corp. | 3,624,708 | 55,926,728 | |
121,213,416 | |||
Diversified Consumer Services - 0.0% | |||
Duolingo, Inc. (a)(e) | 2,249 | 196,900 | |
Hotels, Restaurants& Leisure - 0.6% | |||
Airbnb, Inc. Class A (a) | 647,256 | 57,657,564 | |
Chipotle Mexican Grill, Inc. (a) | 7,442 | 9,728,629 | |
Hilton Worldwide Holdings, Inc. | 331,640 | 36,957,962 | |
Marriott International, Inc. Class A | 63,944 | 8,697,023 | |
113,041,178 | |||
Household Durables - 0.1% | |||
Lennar Corp. Class A | 269,914 | 19,047,831 | |
Internet & Direct Marketing Retail - 5.4% | |||
Amazon.com, Inc. (a) | 9,360,700 | 994,199,947 | |
Cazoo Group Ltd. Class A (a) | 910,945 | 655,880 | |
Coupang, Inc. Class A (a)(e) | 2,576,640 | 32,852,160 | |
Deliveroo PLC Class A (a)(d) | 12,933,837 | 14,229,752 | |
Doordash, Inc. (a) | 31,610 | 2,028,414 | |
Wayfair LLC Class A (a) | 11,331 | 493,578 | |
Zomato Ltd. (a)(b) | 4,522,500 | 2,929,903 | |
1,047,389,634 | |||
Leisure Products - 0.0% | |||
Thule Group AB (d)(e) | 176,786 | 4,342,855 | |
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 274,336 | 42,755,266 | |
Dollarama, Inc. | 111,079 | 6,396,190 | |
49,151,456 | |||
Specialty Retail - 2.2% | |||
Academy Sports & Outdoors, Inc. | 876,353 | 31,145,586 | |
AutoZone, Inc. (a) | 27,315 | 58,703,213 | |
Dick's Sporting Goods, Inc. (e) | 500,816 | 37,746,502 | |
Fanatics, Inc. Class A (b)(c) | 332,480 | 20,108,390 | |
National Vision Holdings, Inc. (a)(e) | 347,953 | 9,568,708 | |
O'Reilly Automotive, Inc. (a) | 93,480 | 59,056,925 | |
The Home Depot, Inc. | 562,488 | 154,273,584 | |
TJX Companies, Inc. | 114,190 | 6,377,512 | |
Ulta Beauty, Inc. (a) | 49,169 | 18,953,666 | |
Williams-Sonoma, Inc. (e) | 374,126 | 41,509,280 | |
437,443,366 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Deckers Outdoor Corp. (a) | 23,832 | 6,085,501 | |
Dr. Martens Ltd. | 3,134,525 | 9,058,370 | |
lululemon athletica, Inc. (a) | 17,084 | 4,657,269 | |
NIKE, Inc. Class B | 656,302 | 67,074,064 | |
On Holding AG (e) | 1,339,287 | 23,691,987 | |
Tapestry, Inc. | 74,722 | 2,280,515 | |
112,847,706 | |||
TOTAL CONSUMER DISCRETIONARY | 1,904,674,342 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 1.3% | |||
Anheuser-Busch InBev SA NV | 290,537 | 15,645,987 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 32,990 | 7,688,649 | |
Diageo PLC | 511,036 | 22,073,034 | |
Keurig Dr. Pepper, Inc. | 59,078 | 2,090,770 | |
PepsiCo, Inc. | 468,850 | 78,138,541 | |
The Coca-Cola Co. | 2,049,702 | 128,946,753 | |
The Vita Coco Co., Inc. (e) | 82,738 | 810,005 | |
255,393,739 | |||
Food & Staples Retailing - 1.7% | |||
Albertsons Companies, Inc. | 274,287 | 7,328,949 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 238,082 | 9,286,900 | |
Costco Wholesale Corp. | 634,621 | 304,161,153 | |
Kroger Co. | 151,814 | 7,185,357 | |
327,962,359 | |||
Food Products - 0.0% | |||
Mondelez International, Inc. | 96,175 | 5,971,506 | |
Nestle SA (Reg. S) | 52,385 | 6,122,380 | |
12,093,886 | |||
Household Products - 0.1% | |||
Procter & Gamble Co. | 91,429 | 13,146,576 | |
Personal Products - 0.9% | |||
Estee Lauder Companies, Inc. Class A | 586,232 | 149,295,703 | |
L'Oreal SA (a) | 32,604 | 11,320,290 | |
L'Oreal SA (a) | 23,678 | 8,221,133 | |
Olaplex Holdings, Inc. | 571,662 | 8,054,718 | |
176,891,844 | |||
TOTAL CONSUMER STAPLES | 785,488,404 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes Co. Class A | 729,766 | 21,068,344 | |
Halliburton Co. | 594,617 | 18,647,189 | |
Schlumberger Ltd. | 92,233 | 3,298,252 | |
Technip Energies NV | 63,825 | 795,602 | |
43,809,387 | |||
Oil, Gas & Consumable Fuels - 4.7% | |||
Antero Resources Corp. (a) | 165,887 | 5,084,437 | |
Canadian Natural Resources Ltd. | 1,409,488 | 75,741,365 | |
Cenovus Energy, Inc. (Canada) | 484,527 | 9,218,510 | |
Cheniere Energy, Inc. | 358,607 | 47,705,489 | |
Chevron Corp. | 537,018 | 77,749,466 | |
ConocoPhillips Co. | 1,356,877 | 121,861,123 | |
Continental Resources, Inc. (e) | 288,887 | 18,878,765 | |
Devon Energy Corp. | 905,576 | 49,906,293 | |
Diamondback Energy, Inc. | 282,524 | 34,227,783 | |
EOG Resources, Inc. | 694,252 | 76,673,191 | |
Exxon Mobil Corp. | 1,244,768 | 106,601,932 | |
Hess Corp. | 444,060 | 47,043,716 | |
Imperial Oil Ltd. | 31,879 | 1,502,811 | |
Occidental Petroleum Corp. | 1,072,323 | 63,138,378 | |
Phillips 66 Co. | 236,307 | 19,374,811 | |
Pioneer Natural Resources Co. | 321,910 | 71,811,683 | |
Reliance Industries Ltd. | 569,282 | 18,712,807 | |
Suncor Energy, Inc. | 720,531 | 25,279,040 | |
Tourmaline Oil Corp. | 23,295 | 1,211,260 | |
Valero Energy Corp. | 364,762 | 38,766,905 | |
910,489,765 | |||
TOTAL ENERGY | 954,299,152 | ||
FINANCIALS - 13.8% | |||
Banks - 3.4% | |||
Banco Santander SA (Spain) | 771,800 | 2,183,743 | |
Bank of America Corp. | 7,099,723 | 221,014,377 | |
JPMorgan Chase & Co. | 1,343,330 | 151,272,391 | |
Kotak Mahindra Bank Ltd. (a) | 168,772 | 3,550,271 | |
Nu Holdings Ltd. (e) | 508,877 | 1,903,200 | |
Royal Bank of Canada | 1,181,045 | 114,360,976 | |
Starling Bank Ltd. Series D (a)(b)(c) | 4,139,223 | 11,881,198 | |
The Toronto-Dominion Bank (e) | 1,499,747 | 98,348,077 | |
Wells Fargo & Co. | 1,355,405 | 53,091,214 | |
657,605,447 | |||
Capital Markets - 1.2% | |||
BlackRock, Inc. Class A | 8,760 | 5,335,190 | |
Blackstone, Inc. | 19,900 | 1,815,477 | |
Brookfield Asset Management, Inc. (Canada) Class A | 381,820 | 16,984,939 | |
Charles Schwab Corp. | 662,085 | 41,830,530 | |
CME Group, Inc. | 32,283 | 6,608,330 | |
Coinbase Global, Inc. (a)(e) | 31,214 | 1,467,682 | |
Goldman Sachs Group, Inc. | 61,032 | 18,127,725 | |
Morgan Stanley | 1,714,392 | 130,396,656 | |
MSCI, Inc. | 30,656 | 12,634,870 | |
235,201,399 | |||
Consumer Finance - 0.1% | |||
American Express Co. | 69,906 | 9,690,370 | |
Capital One Financial Corp. | 138,071 | 14,385,617 | |
24,075,987 | |||
Diversified Financial Services - 6.5% | |||
Berkshire Hathaway, Inc. Class A (a) | 3,058 | 1,250,569,097 | |
Insurance - 2.6% | |||
Admiral Group PLC | 1,317,959 | 36,001,648 | |
American International Group, Inc. | 1,652,738 | 84,504,494 | |
Aon PLC | 21,577 | 5,818,885 | |
Arthur J. Gallagher & Co. | 189,921 | 30,964,720 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 1,437 | 64,002 | |
Chubb Ltd. | 495,159 | 97,338,356 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 32,454 | 17,197,695 | |
Hartford Financial Services Group, Inc. | 388,619 | 25,427,341 | |
Intact Financial Corp. | 154,152 | 21,743,192 | |
Marsh & McLennan Companies, Inc. | 126,617 | 19,657,289 | |
Progressive Corp. | 754,764 | 87,756,410 | |
The Travelers Companies, Inc. | 474,144 | 80,191,975 | |
W.R. Berkley Corp. | 26,500 | 1,808,890 | |
508,474,897 | |||
TOTAL FINANCIALS | 2,675,926,827 | ||
HEALTH CARE - 17.3% | |||
Biotechnology - 3.7% | |||
AbbVie, Inc. | 717,321 | 109,864,884 | |
Argenx SE ADR (a) | 30,625 | 11,603,200 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 9,424 | 1,373,171 | |
BioNTech SE ADR | 14,661 | 2,185,955 | |
Galapagos NV sponsored ADR (a) | 299,307 | 16,701,331 | |
Horizon Therapeutics PLC (a) | 539,973 | 43,068,246 | |
Intellia Therapeutics, Inc. (a) | 118,760 | 6,147,018 | |
Moderna, Inc. (a) | 13,052 | 1,864,478 | |
Regeneron Pharmaceuticals, Inc. (a) | 552,713 | 326,725,236 | |
United Therapeutics Corp. (a) | 58,913 | 13,882,259 | |
Vertex Pharmaceuticals, Inc. (a) | 625,924 | 176,379,124 | |
Zai Lab Ltd. (a) | 758,595 | 2,586,075 | |
712,380,977 | |||
Health Care Equipment & Supplies - 0.8% | |||
Abbott Laboratories | 290,779 | 31,593,138 | |
DexCom, Inc. (a) | 8 | 596 | |
Edwards Lifesciences Corp. (a) | 512,161 | 48,701,389 | |
Envista Holdings Corp.(a) | 189,987 | 7,322,099 | |
Intuitive Surgical, Inc. (a) | 252,341 | 50,647,362 | |
Sonova Holding AG | 68,294 | 21,747,631 | |
Straumann Holding AG | 9,916 | 1,194,542 | |
161,206,757 | |||
Health Care Providers & Services - 6.7% | |||
23andMe Holding Co. Class B (d) | 291,601 | 723,170 | |
AmerisourceBergen Corp. | 184,795 | 26,144,797 | |
Cano Health, Inc. (a) | 707,279 | 3,097,882 | |
Centene Corp. (a) | 115,841 | 9,801,307 | |
Cigna Corp. | 23,098 | 6,086,785 | |
dentalcorp Holdings Ltd. (a) | 891,825 | 8,251,737 | |
Elevance Health, Inc. | 149,967 | 72,371,075 | |
Guardant Health, Inc. (a) | 16,147 | 651,370 | |
HCA Holdings, Inc. | 249,715 | 41,967,103 | |
Henry Schein, Inc. (a) | 153,168 | 11,754,112 | |
McKesson Corp. | 12,548 | 4,093,283 | |
Option Care Health, Inc. (a) | 688,283 | 19,127,385 | |
P3 Health Partners, Inc. (a)(b) | 450,620 | 1,592,491 | |
UnitedHealth Group, Inc. | 2,144,039 | 1,101,242,752 | |
1,306,905,249 | |||
Health Care Technology - 0.1% | |||
Doximity, Inc. (e) | 266,795 | 9,289,802 | |
Life Sciences Tools & Services - 1.3% | |||
Danaher Corp. | 531,709 | 134,798,866 | |
ICON PLC (a) | 9,180 | 1,989,306 | |
Lonza Group AG | 24 | 12,819 | |
Mettler-Toledo International, Inc. (a) | 39,306 | 45,153,554 | |
Thermo Fisher Scientific, Inc. | 87,774 | 47,685,859 | |
Veterinary Emergency Group LLC Class A (b)(c)(f) | 183,097 | 9,589,486 | |
Waters Corp. (a) | 38,160 | 12,630,197 | |
251,860,087 | |||
Pharmaceuticals - 4.7% | |||
AstraZeneca PLC sponsored ADR | 171,773 | 11,349,042 | |
Bristol-Myers Squibb Co. | 1,281,597 | 98,682,969 | |
Eli Lilly & Co. | 1,494,493 | 484,559,465 | |
GSK PLC sponsored ADR | 48,372 | 2,105,633 | |
Intra-Cellular Therapies, Inc. (a) | 120,888 | 6,900,287 | |
Johnson & Johnson | 433,286 | 76,912,598 | |
Merck & Co., Inc. | 807,589 | 73,627,889 | |
Nuvation Bio, Inc. (a)(e) | 2,469,784 | 8,002,100 | |
Pfizer, Inc. | 827,541 | 43,387,975 | |
Roche Holding AG (participation certificate) | 81,975 | 27,404,230 | |
Royalty Pharma PLC | 1,202,644 | 50,559,154 | |
UCB SA | 28,494 | 2,407,934 | |
Zoetis, Inc. Class A | 175,682 | 30,197,979 | |
916,097,255 | |||
TOTAL HEALTH CARE | 3,357,740,127 | ||
INDUSTRIALS - 4.2% | |||
Aerospace & Defense - 1.0% | |||
Lockheed Martin Corp. | 189,050 | 81,283,938 | |
Northrop Grumman Corp. | 241,391 | 115,522,491 | |
Space Exploration Technologies Corp. Class A (a)(b)(c) | 73,000 | 5,110,000 | |
201,916,429 | |||
Air Freight & Logistics - 1.2% | |||
Delhivery Private Ltd. (b) | 924,200 | 5,338,392 | |
United Parcel Service, Inc. Class B | 1,201,994 | 219,411,985 | |
Zipline International, Inc. (b)(c) | 87,466 | 2,456,920 | |
227,207,297 | |||
Building Products - 0.3% | |||
Carlisle Companies, Inc. | 8,195 | 1,955,409 | |
Carrier Global Corp. | 156,886 | 5,594,555 | |
Fortune Brands Home & Security, Inc. | 352,134 | 21,085,784 | |
Toto Ltd. | 740,118 | 24,506,346 | |
53,142,094 | |||
Commercial Services & Supplies - 0.1% | |||
Aurora Innovation, Inc. (a)(e) | 1,359,218 | 2,596,106 | |
Cintas Corp. | 25,059 | 9,360,288 | |
Clean TeQ Water Pty Ltd. (a)(e) | 322,175 | 92,288 | |
GFL Environmental, Inc. (e) | 191,721 | 4,946,402 | |
TulCo LLC (a)(b)(c)(f) | 1,552 | 908,184 | |
ZenPayroll, Inc. (b)(c) | 50,300 | 1,529,120 | |
19,432,388 | |||
Electrical Equipment - 0.0% | |||
Acuity Brands, Inc. | 12,600 | 1,940,904 | |
SES AI Corp. Class A (a)(e) | 2,200 | 8,646 | |
1,949,550 | |||
Industrial Conglomerates - 0.5% | |||
General Electric Co. | 1,430,835 | 91,101,264 | |
Machinery - 0.4% | |||
AutoStore Holdings Ltd. (d) | 225,957 | 321,167 | |
Deere & Co. | 180,861 | 54,162,444 | |
Ingersoll Rand, Inc. | 345,870 | 14,554,210 | |
PACCAR, Inc. | 147,553 | 12,149,514 | |
81,187,335 | |||
Professional Services - 0.0% | |||
FTI Consulting, Inc. (a) | 3,800 | 687,230 | |
Road & Rail - 0.7% | |||
Canadian Pacific Railway Ltd. | 414,779 | 28,972,017 | |
J.B. Hunt Transport Services, Inc. | 198,065 | 31,189,296 | |
Old Dominion Freight Lines, Inc. | 69,690 | 17,860,153 | |
Union Pacific Corp. | 244,972 | 52,247,628 | |
130,269,094 | |||
Trading Companies & Distributors - 0.0% | |||
Ferguson PLC | 29,327 | 3,280,094 | |
TOTAL INDUSTRIALS | 810,172,775 | ||
INFORMATION TECHNOLOGY - 24.6% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 203,796 | 19,103,837 | |
Electronic Equipment & Components - 1.6% | |||
Amphenol Corp. Class A | 4,807,432 | 309,502,472 | |
CDW Corp. | 37,787 | 5,953,720 | |
315,456,192 | |||
IT Services - 3.4% | |||
Accenture PLC Class A | 773,449 | 214,748,115 | |
Adyen BV (a)(d) | 18,226 | 26,302,531 | |
Affirm Holdings, Inc. (a) | 2 | 36 | |
Cloudflare, Inc. (a) | 493,381 | 21,585,419 | |
Cognizant Technology Solutions Corp. Class A | 410,384 | 27,696,816 | |
MasterCard, Inc. Class A | 142,645 | 45,001,645 | |
MongoDB, Inc. Class A (a) | 88,644 | 23,003,118 | |
Okta, Inc. (a) | 7 | 633 | |
PayPal Holdings, Inc. (a) | 34,726 | 2,425,264 | |
Snowflake, Inc. (a) | 11,161 | 1,552,049 | |
Visa, Inc. Class A | 1,524,806 | 300,219,053 | |
662,534,679 | |||
Semiconductors & Semiconductor Equipment - 5.9% | |||
Advanced Micro Devices, Inc. (a) | 1,957,826 | 149,714,954 | |
Analog Devices, Inc. | 291,955 | 42,651,706 | |
Applied Materials, Inc. | 68,853 | 6,264,246 | |
Broadcom, Inc. | 34,285 | 16,655,996 | |
Enphase Energy, Inc. (a) | 33,392 | 6,519,454 | |
Lam Research Corp. | 23,670 | 10,086,971 | |
Lattice Semiconductor Corp. (a) | 141,156 | 6,846,066 | |
Marvell Technology, Inc. | 786,847 | 34,251,450 | |
Monolithic Power Systems, Inc. | 18,278 | 7,019,483 | |
NVIDIA Corp. | 3,139,686 | 475,945,001 | |
onsemi (a) | 954,201 | 48,005,852 | |
Qualcomm, Inc. | 2,199,138 | 280,917,888 | |
Semtech Corp. (a) | 44,491 | 2,445,670 | |
Skyworks Solutions, Inc. | 20,700 | 1,917,648 | |
Synaptics, Inc. (a) | 488,523 | 57,670,140 | |
1,146,912,525 | |||
Software - 8.9% | |||
Adobe, Inc. (a) | 518,066 | 189,643,240 | |
Aspen Technology, Inc. (a) | 5,900 | 1,083,712 | |
Atlassian Corp. PLC (a) | 258,127 | 48,373,000 | |
Bill.Com Holdings, Inc. (a) | 2 | 220 | |
Cadence Design Systems, Inc. (a) | 424,049 | 63,620,071 | |
Check Point Software Technologies Ltd. (a) | 97,592 | 11,884,754 | |
Clear Secure, Inc. (e) | 218,303 | 4,366,060 | |
Confluent, Inc. | 2 | 46 | |
Datadog, Inc. Class A (a) | 174,153 | 16,586,332 | |
Dynatrace, Inc. (a) | 19,300 | 761,192 | |
Epic Games, Inc. (a)(b)(c) | 14,010 | 13,029,300 | |
Fortinet, Inc. (a) | 113,880 | 6,443,330 | |
Intuit, Inc. | 87,934 | 33,893,281 | |
KnowBe4, Inc. (a) | 329,976 | 5,154,225 | |
Microsoft Corp. | 3,944,110 | 1,012,965,771 | |
Roper Technologies, Inc. | 4,490 | 1,771,979 | |
Salesforce.com, Inc. (a) | 1,859,044 | 306,816,622 | |
ServiceNow, Inc. (a) | 4,324 | 2,056,148 | |
Stripe, Inc. Class B (a)(b)(c) | 75,100 | 1,920,307 | |
Tanium, Inc. Class B (a)(b)(c) | 449,538 | 4,486,389 | |
1,724,855,979 | |||
Technology Hardware, Storage & Peripherals - 4.7% | |||
Apple, Inc. | 6,465,316 | 883,938,004 | |
Dell Technologies, Inc. | 503,390 | 23,261,652 | |
Pure Storage, Inc. Class A (a) | 48,435 | 1,245,264 | |
908,444,920 | |||
TOTAL INFORMATION TECHNOLOGY | 4,777,308,132 | ||
MATERIALS - 3.2% | |||
Chemicals - 0.6% | |||
CF Industries Holdings, Inc. | 388,783 | 33,330,367 | |
Corteva, Inc. | 333,807 | 18,072,311 | |
Nutrien Ltd. (e) | 263,154 | 20,970,742 | |
Olin Corp. | 31,685 | 1,466,382 | |
Sherwin-Williams Co. | 97,615 | 21,856,975 | |
The Mosaic Co. | 179,689 | 8,486,711 | |
Westlake Corp. | 194,281 | 19,043,424 | |
123,226,912 | |||
Metals & Mining - 2.6% | |||
Agnico Eagle Mines Ltd. (Canada) | 132,540 | 6,066,856 | |
B2Gold Corp. | 6,121,667 | 20,735,292 | |
Barrick Gold Corp. (Canada) | 2,402,404 | 42,478,803 | |
Cleveland-Cliffs, Inc. (a) | 934,293 | 14,360,083 | |
First Quantum Minerals Ltd. | 99,722 | 1,891,867 | |
Franco-Nevada Corp. | 711,767 | 93,626,778 | |
Freeport-McMoRan, Inc. | 3,211,315 | 93,963,077 | |
Glencore Xstrata PLC | 1,440,432 | 7,802,009 | |
Ivanhoe Electric, Inc. (a) | 133,200 | 1,158,840 | |
Ivanhoe Electric, Inc. | 429,670 | 3,364,316 | |
Ivanhoe Mines Ltd. (a) | 6,013,375 | 34,617,083 | |
Ivanhoe Mines Ltd. (a)(d) | 1,471,331 | 8,469,983 | |
MP Materials Corp. (a)(e) | 48,864 | 1,567,557 | |
Newmont Corp. | 783,684 | 46,762,424 | |
Novagold Resources, Inc. (a) | 1,633,545 | 7,804,771 | |
Nucor Corp. (e) | 744,677 | 77,751,726 | |
Steel Dynamics, Inc. | 496,229 | 32,825,548 | |
Stelco Holdings, Inc. | 88,178 | 2,204,450 | |
Sunrise Energy Metals Ltd. (a) | 644,353 | 1,000,720 | |
Wheaton Precious Metals Corp. | 185,757 | 6,693,140 | |
505,145,323 | |||
TOTAL MATERIALS | 628,372,235 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Equity Commonwealth (a) | 517,442 | 14,245,178 | |
Equity Residential (SBI) | 24,686 | 1,782,823 | |
Prologis (REIT), Inc. | 354,882 | 41,751,867 | |
Welltower, Inc. | 142,488 | 11,733,887 | |
69,513,755 | |||
UTILITIES - 0.3% | |||
Electric Utilities - 0.3% | |||
Constellation Energy Corp. | 202,264 | 11,581,637 | |
Exelon Corp. | 163,942 | 7,429,851 | |
NextEra Energy, Inc. | 110,330 | 8,546,162 | |
NRG Energy, Inc. | 146,370 | 5,586,943 | |
PG&E Corp. (a) | 1,679,424 | 16,760,652 | |
Southern Co. | 202,854 | 14,465,519 | |
64,370,764 | |||
TOTAL COMMON STOCKS | |||
(Cost $15,835,109,232) | 18,392,852,428 | ||
Preferred Stocks - 0.8% | |||
Convertible Preferred Stocks - 0.6% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc.: | |||
Series E (a)(b)(c) | 27,300 | 1,072,890 | |
Series F (b)(c) | 149,136 | 5,861,045 | |
6,933,935 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A (a)(b)(c) | 43,228 | 225,218 | |
Series C (a)(b)(c) | 170,098 | 886,211 | |
Series D (b)(c) | 404,900 | 2,109,529 | |
3,220,958 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (b)(c) | 2,700 | 1,008,855 | |
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series F (b) | 118,667 | 5,726,418 | |
GoBrands, Inc.: | |||
Series G (a)(b)(c) | 8,352 | 1,794,344 | |
Series H (b)(c) | 11,788 | 2,532,534 | |
10,053,296 | |||
TOTAL CONSUMER DISCRETIONARY | 14,283,109 | ||
CONSUMER STAPLES - 0.0% | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 37,316 | 1,235,533 | |
FINANCIALS - 0.0% | |||
Thrifts & Mortgage Finance - 0.0% | |||
Acrisure Holdings, Inc. Series B (a)(b)(c) | 57,282 | 1,230,417 | |
HEALTH CARE - 0.1% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 486,500 | 2,224,765 | |
Health Care Providers & Services - 0.1% | |||
Lyra Health, Inc.: | |||
Series E (a)(b)(c) | 190,800 | 3,478,284 | |
Series F (b)(c) | 11,519 | 209,991 | |
Somatus, Inc. Series E (b)(c) | 2,766 | 2,413,708 | |
6,101,983 | |||
TOTAL HEALTH CARE | 8,326,748 | ||
INDUSTRIALS - 0.3% | |||
Aerospace & Defense - 0.2% | |||
Relativity Space, Inc.: | |||
Series D (a)(b)(c) | 207,384 | 3,255,929 | |
Series E (a)(b)(c) | 143,887 | 2,624,499 | |
Space Exploration Technologies Corp. Series N (a)(b)(c) | 49,490 | 34,643,000 | |
40,523,428 | |||
Air Freight & Logistics - 0.0% | |||
Zipline International, Inc. Series E (a)(b)(c) | 178,019 | 5,000,554 | |
Commercial Services & Supplies - 0.1% | |||
ZenPayroll, Inc.: | |||
Series D (a)(b)(c) | 184,203 | 5,599,771 | |
Series E (b)(c) | 28,063 | 853,115 | |
6,452,886 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series B, 6.00% (b)(c) | 47,990 | 4,951,128 | |
TOTAL INDUSTRIALS | 56,927,996 | ||
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 80,736 | 12,307,396 | |
Software - 0.0% | |||
ASAPP, Inc. Series C (a)(b)(c) | 204,122 | 710,345 | |
Carbon, Inc.: | |||
Series D (a)(b)(c) | 9,678 | 118,846 | |
Series E (a)(b)(c) | 7,351 | 107,104 | |
Nuro, Inc.: | |||
Series C (a)(b)(c) | 405,967 | 4,924,380 | |
Series D (b)(c) | 114,603 | 1,390,134 | |
Stripe, Inc. Series H (a)(b)(c) | 29,000 | 741,530 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 33,000 | 1,857,240 | |
9,849,579 | |||
TOTAL INFORMATION TECHNOLOGY | 22,156,975 | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
High Power Exploration, Inc. Series A (a)(b)(c) | 1,289,012 | 5,723,213 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 116,817,926 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Internet & Direct Marketing Retail - 0.1% | |||
Circle Internet Financial Ltd. Series E (b) | 175,323 | 8,460,422 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 2,068,078 | 24,155,151 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 32,615,573 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $131,147,678) | 149,433,499 | ||
Principal Amount | Value | ||
Preferred Securities - 0.0% | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Tenstorrent, Inc. 0% (Cost $1,840,000)(b)(c)(g) | 1,840,000 | 1,840,000 | |
Shares | Value | ||
Money Market Funds - 5.3% | |||
Fidelity Cash Central Fund 1.58% (h) | 866,106,267 | 866,279,488 | |
Fidelity Securities Lending Cash Central Fund 1.58% (h)(i) | 174,833,967 | 174,851,451 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,041,129,946) | 1,041,130,939 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $17,009,226,856) | 19,585,256,866 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (138,260,102) | ||
NET ASSETS - 100% | $19,446,996,764 |
Legend
(a) Non-income producing
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $209,725,929 or 1.1% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $57,172,596 or 0.3% of net assets.
(e) Security or a portion of the security is on loan at period end.
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Security is perpetual in nature with no stated maturity date.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements [[, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm,]] are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Acrisure Holdings, Inc. Series B | 3/22/21 | $1,043,678 |
ASAPP, Inc. Series C | 4/30/21 | $1,346,613 |
Beta Technologies, Inc. Series B, 6.00% | 4/4/22 | $4,951,128 |
Bowery Farming, Inc. Series C1 | 5/18/21 | $2,248,263 |
ByteDance Ltd. Series E1 | 11/18/20 | $8,846,581 |
Carbon, Inc. Series D | 12/15/17 | $225,990 |
Carbon, Inc. Series E | 3/22/19 | $205,787 |
Circle Internet Financial Ltd. Series E | 5/11/21 | $2,845,500 |
Circle Internet Financial Ltd. Series F | 5/9/22 | $5,000,627 |
Delhivery Private Ltd. | 5/20/21 | $4,511,240 |
Discord, Inc. Series I | 9/15/21 | $1,486,686 |
ElevateBio LLC Series C | 3/9/21 | $2,040,868 |
Epic Games, Inc. | 7/13/20 - 7/30/20 | $8,055,750 |
Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | $12,844,485 |
GoBrands, Inc. Series G | 3/2/21 | $2,085,639 |
GoBrands, Inc. Series H | 7/22/21 | $4,579,527 |
High Power Exploration, Inc. Series A | 11/15/19 - 3/4/21 | $6,793,094 |
Lyra Health, Inc. Series E | 1/14/21 | $1,747,079 |
Lyra Health, Inc. Series F | 6/4/21 | $180,899 |
Nuro, Inc. Series C | 10/30/20 | $5,299,737 |
Nuro, Inc. Series D | 10/29/21 | $2,388,982�� |
P3 Health Partners, Inc. | 5/25/21 | $4,506,200 |
Rad Power Bikes, Inc. | 1/21/21 | $1,599,460 |
Rad Power Bikes, Inc. Series A | 1/21/21 | $208,525 |
Rad Power Bikes, Inc. Series C | 1/21/21 | $820,526 |
Rad Power Bikes, Inc. Series D | 9/17/21 | $3,880,481 |
Reddit, Inc. Series E | 5/18/21 | $1,159,546 |
Reddit, Inc. Series F | 8/11/21 | $9,215,770 |
Relativity Space, Inc. Series D | 11/20/20 | $3,095,642 |
Relativity Space, Inc. Series E | 5/27/21 | $3,285,674 |
Somatus, Inc. Series E | 1/31/22 | $2,413,708 |
Space Exploration Technologies Corp. Class A | 2/16/21 | $3,065,927 |
Space Exploration Technologies Corp. Series N | 8/4/20 | $13,362,300 |
Starling Bank Ltd. Series D | 6/18/21 - 4/5/22 | $8,226,276 |
Stripe, Inc. Class B | 5/18/21 | $3,013,641 |
Stripe, Inc. Series H | 3/15/21 | $1,163,625 |
Tanium, Inc. Class B | 9/18/20 | $5,122,575 |
Tenstorrent, Inc. Series C1 | 4/23/21 | $1,961,992 |
Tenstorrent, Inc. 0% | 4/23/21 | $1,840,000 |
TulCo LLC | 8/24/17 - 9/7/18 | $651,224 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | $7,064,832 |
ZenPayroll, Inc. | 10/1/21 | $1,448,054 |
ZenPayroll, Inc. Series D | 7/16/19 | $2,452,184 |
ZenPayroll, Inc. Series E | 7/13/21 | $852,984 |
Zipline International, Inc. | 10/12/21 | $3,148,776 |
Zipline International, Inc. Series E | 12/21/20 | $5,808,653 |
Zomato Ltd. | 12/9/20 - 2/5/21 | $2,762,058 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 1.58% | $557,157,321 | $2,940,917,181 | $2,631,795,014 | $1,894,880 | $-- | $-- | $866,279,488 | 1.6% |
Fidelity Securities Lending Cash Central Fund 1.58% | 69,004,697 | 722,213,971 | 616,367,217 | 178,692 | -- | -- | 174,851,451 | 0.5% |
Total | $626,162,018 | $3,663,131,152 | $3,248,162,231 | $2,073,572 | $-- | $-- | $1,041,130,939 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $2,371,919,850 | $2,336,138,641 | $28,847,274 | $6,933,935 |
Consumer Discretionary | 1,927,417,873 | 1,823,981,820 | 73,043,471 | 30,392,582 |
Consumer Staples | 786,723,937 | 722,105,580 | 63,382,824 | 1,235,533 |
Energy | 978,454,303 | 978,454,303 | -- | -- |
Financials | 2,677,157,244 | 2,661,861,886 | 2,183,743 | 13,111,615 |
Health Care | 3,366,066,875 | 3,317,946,559 | 30,204,082 | 17,916,234 |
Industrials | 867,100,771 | 770,323,813 | 29,844,738 | 66,932,220 |
Information Technology | 4,799,465,107 | 4,731,569,605 | 26,302,531 | 41,592,971 |
Materials | 634,095,448 | 617,205,910 | 11,166,325 | 5,723,213 |
Real Estate | 69,513,755 | 69,513,755 | -- | -- |
Utilities | 64,370,764 | 64,370,764 | -- | -- |
Preferred Securities | 1,840,000 | -- | -- | 1,840,000 |
Money Market Funds | 1,041,130,939 | 1,041,130,939 | -- | -- |
Total Investments in Securities: | $19,585,256,866 | $19,134,603,575 | $264,974,988 | $185,678,303 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $166,169,870) — See accompanying schedule: Unaffiliated issuers (cost $15,968,096,910) | $18,544,125,927 | |
Fidelity Central Funds (cost $1,041,129,946) | 1,041,130,939 | |
Total Investment in Securities (cost $17,009,226,856) | $19,585,256,866 | |
Restricted cash | 58,404 | |
Foreign currency held at value (cost $373,017) | 373,247 | |
Receivable for investments sold | 70,445,249 | |
Receivable for fund shares sold | 18,276,477 | |
Dividends receivable | 9,321,759 | |
Distributions receivable from Fidelity Central Funds | 1,005,577 | |
Other receivables | 280,219 | |
Total assets | 19,685,017,798 | |
Liabilities | ||
Payable to custodian bank | $230,495 | |
Payable for investments purchased | 34,975,690 | |
Payable for fund shares redeemed | 19,937,695 | |
Accrued management fee | 7,556,201 | |
Other payables and accrued expenses | 469,153 | |
Collateral on securities loaned | 174,851,800 | |
Total liabilities | 238,021,034 | |
Net Assets | $19,446,996,764 | |
Net Assets consist of: | ||
Paid in capital | $17,021,291,875 | |
Total accumulated earnings (loss) | 2,425,704,889 | |
Net Assets | $19,446,996,764 | |
Net Asset Value, offering price and redemption price per share ($19,446,996,764 ÷ 1,161,007,592 shares) | $16.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $95,899,285 | |
Income from Fidelity Central Funds (including $178,692 from security lending) | 2,073,572 | |
Total income | 97,972,857 | |
Expenses | ||
Management fee | $50,276,885 | |
Independent trustees' fees and expenses | 39,456 | |
Total expenses before reductions | 50,316,341 | |
Expense reductions | (306) | |
Total expenses after reductions | 50,316,035 | |
Net investment income (loss) | 47,656,822 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $79,182) | (104,188,136) | |
Foreign currency transactions | (42,900) | |
Total net realized gain (loss) | (104,231,036) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $553,774) | (7,360,719,944) | |
Unfunded commitments | 147,892 | |
Assets and liabilities in foreign currencies | (38,063) | |
Total change in net unrealized appreciation (depreciation) | (7,360,610,115) | |
Net gain (loss) | (7,464,841,151) | |
Net increase (decrease) in net assets resulting from operations | $(7,417,184,329) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $47,656,822 | $27,964,558 |
Net realized gain (loss) | (104,231,036) | 975,461,106 |
Change in net unrealized appreciation (depreciation) | (7,360,610,115) | 3,986,952,261 |
Net increase (decrease) in net assets resulting from operations | (7,417,184,329) | 4,990,377,925 |
Distributions to shareholders | (108,023,499) | (121,152,368) |
Share transactions | ||
Proceeds from sales of shares | 3,458,796,201 | 9,804,987,986 |
Reinvestment of distributions | 108,023,498 | 121,048,719 |
Cost of shares redeemed | (2,741,244,637) | (6,050,741,750) |
Net increase (decrease) in net assets resulting from share transactions | 825,575,062 | 3,875,294,955 |
Total increase (decrease) in net assets | (6,699,632,766) | 8,744,520,512 |
Net Assets | ||
Beginning of period | 26,146,629,530 | 17,402,109,018 |
End of period | $19,446,996,764 | $26,146,629,530 |
Other Information | ||
Shares | ||
Sold | 174,328,668 | 477,951,690 |
Issued in reinvestment of distributions | 5,279,766 | 5,258,129 |
Redeemed | (138,672,631) | (284,504,628) |
Net increase (decrease) | 40,935,803 | 198,705,191 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Contrafund K6
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $23.34 | $18.89 | $14.47 | $11.08 | $11.36 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B,C | .04 | .03 | .03 | .05 | .05 | .02 |
Net realized and unrealized gain (loss) | (6.53) | 4.53 | 4.43 | 3.38 | (.29) | 1.36 |
Total from investment operations | (6.49) | 4.56 | 4.46 | 3.43 | (.24) | 1.38 |
Distributions from net investment income | –D | (.05) | (.04) | (.04) | (.04) | (.02) |
Distributions from net realized gain | (.09) | (.06) | – | – | – | – |
Total distributions | (.10)E | (.11) | (.04) | (.04) | (.04) | (.02) |
Net asset value, end of period | $16.75 | $23.34 | $18.89 | $14.47 | $11.08 | $11.36 |
Total ReturnF,G | (27.90)% | 24.14% | 30.83% | 31.00% | (2.15)% | 13.77% |
Ratios to Average Net AssetsC,H,I | ||||||
Expenses before reductions | .45%J | .45% | .45% | .45% | .45% | .45%J |
Expenses net of fee waivers, if any | .45%J | .45% | .45% | .45% | .45% | .45%J |
Expenses net of all reductions | .45%J | .45% | .45% | .45% | .45% | .45%J |
Net investment income (loss) | .43%J | .12% | .18% | .39% | .39% | .38%J |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $19,446,997 | $26,146,630 | $17,402,109 | $11,849,878 | $5,278,087 | $1,735,754 |
Portfolio turnover rateK | 42%J,L | 40%L | 45%L | 39%L | 54%L | 48%J,L |
A For the period May 25, 2017 (commencement of operations) through December 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
D Amount represents less than $.005 per share.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2022
1. Organization.
Fidelity Contrafund K6 (the Fund) is a fund of Fidelity Contrafund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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. Preferred securities 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.
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, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $3,999,870,461 |
Gross unrealized depreciation | (1,521,503,220) |
Net unrealized appreciation (depreciation) | $2,478,367,241 |
Tax cost | $17,106,889,625 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
Investment to be Acquired | Commitment Amount | |
Fidelity Contrafund K6 | Twitter, Inc. | $10,234,261 |
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
$ Amount | % of Net Assets | |
Fidelity Contrafund K6 | 10,556,074 | .05 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Contrafund K6 | 4,578,182,255 | 4,938,869,707 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Contrafund K6 | 17,688,826 | 130,268,916 | 321,577,995 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Shares | Total Proceeds ($) | |
Fidelity Contrafund K6 | 42,699,397 | 878,532,885 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Contrafund K6 | 44,919,036 | 495,055,406 | 944,525,951 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Shares | Total Proceeds ($) | |
Fidelity Contrafund K6 | 224,086,125 | 4,505,428,497 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Contrafund K6 | $71,881 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Contrafund K6 | 288,239,691 | 472,589,756 | (4,041,387) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers 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. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Contrafund K6 | $19,208 | $5,382 | $– |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $306.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2022 to June 30, 2022).
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
Fidelity Contrafund K6 | .45% | |||
Actual | $1,000.00 | $721.00 | $1.92 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Contrafund K6
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one- and three-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity Contrafund K6
![](https://capedge.com/proxy/N-CSRS/0001379491-22-003116/img821460022.jpg)
Fidelity Contrafund K6
![](https://capedge.com/proxy/N-CSRS/0001379491-22-003116/img821460273.jpg)
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
CONK6-SANN-0822
1.9883978.105
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity 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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 19, 2022 |