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 811-02841
Fidelity Capital Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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: | September 30 |
Date of reporting period: | March 31, 2024 |
Item 1.
Reports to Stockholders
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.2 | |
Apple, Inc. | 4.2 | |
Amazon.com, Inc. | 3.8 | |
Alphabet, Inc. Class A | 3.4 | |
NVIDIA Corp. | 3.0 | |
Meta Platforms, Inc. Class A | 2.5 | |
Fidelity Cash Central Fund 5.39% | 1.8 | |
JPMorgan Chase & Co. | 1.7 | |
Exxon Mobil Corp. | 1.7 | |
Salesforce, Inc. | 1.4 | |
30.7 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 26.1 | |
Financials | 14.1 | |
Health Care | 12.2 | |
Consumer Discretionary | 10.5 | |
Industrials | 10.0 | |
Communication Services | 8.2 | |
Consumer Staples | 5.7 | |
Energy | 4.4 | |
Real Estate | 2.5 | |
Materials | 2.6 | |
Utilities | 1.9 | |
Equity Central Funds - 100.0% | |||
Shares | Value ($) (000s) | ||
Fidelity U.S. Equity Central Fund (a) (Cost $4,215,420) | 47,145,405 | 6,354,257 | |
Money Market Central Funds - 0.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (b) (Cost $483) | 482,494 | 483 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $4,215,903) | 6,354,740 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,016) |
NET ASSETS - 100.0% | 6,352,724 |
(a) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for Fidelity U.S. Equity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and available upon request or at the SEC's website at www.sec.gov. An unadited holdings lisiting for Fidelity Stock Selector All Cap Fund, which presents its pro-rata share of securities and other investments held indirectly through its investment in Fidelity U.S. Equity Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, Fidelity U.S. Equity Central Fund's most recent investments and financial statements are included at the end of this report as an attachment. |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.39% | 483 | - | - | 13 | - | - | 483 | 0.0% |
Fidelity U.S. Equity Central Fund | 4,982,095 | 614,902 | 89,347 | 301,905 | 1,735 | 844,872 | 6,354,257 | 33.1% |
Total | 4,982,578 | 614,902 | 89,347 | 301,918 | 1,735 | 844,872 | 6,354,740 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equity Central Funds | 6,354,257 | 6,354,257 | - | - |
Money Market Central Funds | 483 | 483 | - | - |
Total Investments in Securities: | 6,354,740 | 6,354,740 | - | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | March 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Fidelity Central Funds (cost $4,215,903) | $ | 6,354,740 | ||
Investments in Fidelity Central Funds (cost $4,215,903) | $ | 6,354,740 | ||
Cash | 28 | |||
Receivable for fund shares sold | 3,840 | |||
Distributions receivable from Fidelity Central Funds | 2 | |||
Prepaid expenses | 3 | |||
Other receivables | 95 | |||
Total assets | 6,358,708 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,596 | ||
Payable for fund shares redeemed | 1,208 | |||
Accrued management fee | 1,946 | |||
Distribution and service plan fees payable | 124 | |||
Other payables and accrued expenses | 110 | |||
Total liabilities | 5,984 | |||
Net Assets | $ | 6,352,724 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,977,850 | ||
Total accumulated earnings (loss) | 2,374,874 | |||
Net Assets | $ | 6,352,724 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($273,967 ÷ 3,657 shares)(a)(b) | $ | 74.91 | ||
Maximum offering price per share (100/94.25 of $74.91) | $ | 79.48 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($127,341 ÷ 1,703 shares)(a)(b) | $ | 74.78 | ||
Maximum offering price per share (100/96.50 of $74.78) | $ | 77.49 | ||
Class C : | ||||
Net Asset Value and offering price per share ($18,358 ÷ 250 shares)(a)(b) | $ | 73.47 | ||
Stock Selector All Cap : | ||||
Net Asset Value, offering price and redemption price per share ($1,972,097 ÷ 26,150 shares) | $ | 75.41 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($24,429 ÷ 324 shares)(b) | $ | 75.28 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($58,365 ÷ 761 shares)(b) | $ | 76.65 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($3,878,167 ÷ 51,784 shares) | $ | 74.89 | ||
(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. |
Statement of Operations | ||||
Amounts in thousands | Six months ended March 31, 2024 (Unaudited) | |||
Investment Income | ||||
Income from Fidelity Central Funds | $ | 34,779 | ||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 14,813 | ||
Performance adjustment | (5,516) | |||
Transfer agent fees | 1,765 | |||
Distribution and service plan fees | 688 | |||
Accounting fees and expenses | 54 | |||
Custodian fees and expenses | 1 | |||
Independent trustees' fees and expenses | 13 | |||
Registration fees | 74 | |||
Audit | 21 | |||
Legal | 5 | |||
Miscellaneous | 12 | |||
Total expenses before reductions | 11,930 | |||
Expense reductions | (350) | |||
Total expenses after reductions | 11,580 | |||
Net Investment income (loss) | 23,199 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 7 | |||
Fidelity Central Funds | 1,735 | |||
Capital gain distributions from Fidelity Central Funds | 267,139 | |||
Total net realized gain (loss) | 268,881 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Fidelity Central Funds | 844,872 | |||
Total change in net unrealized appreciation (depreciation) | 844,872 | |||
Net gain (loss) | 1,113,753 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,136,952 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended March 31, 2024 (Unaudited) | Year ended September 30, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 23,199 | $ | 37,391 |
Net realized gain (loss) | 268,881 | 78,940 | ||
Change in net unrealized appreciation (depreciation) | 844,872 | 756,501 | ||
Net increase (decrease) in net assets resulting from operations | 1,136,952 | 872,832 | ||
Distributions to shareholders | (112,711) | (16,560) | ||
Share transactions - net increase (decrease) | 348,091 | (145,368) | ||
Total increase (decrease) in net assets | 1,372,332 | 710,904 | ||
Net Assets | ||||
Beginning of period | 4,980,392 | 4,269,488 | ||
End of period | $ | 6,352,724 | $ | 4,980,392 |
Fidelity Advisor® Stock Selector All Cap Fund Class A |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.33 | $ | 52.02 | $ | 65.12 | $ | 51.66 | $ | 46.11 | $ | 48.62 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .17 | .27 | .11 | (.02) | .45 | .28 | ||||||
Net realized and unrealized gain (loss) | 13.62 | 10.20 | (12.46) | 16.29 | 7.88 | (1.23) | ||||||
Total from investment operations | 13.79 | 10.47 | (12.35) | 16.27 | 8.33 | (.95) | ||||||
Distributions from net investment income | (.30) | (.16) | (.20) | (.31) | (.30) | (.17) | ||||||
Distributions from net realized gain | (.91) | - | (.55) | (2.51) | (2.48) | (1.39) | ||||||
Total distributions | (1.21) | (.16) | (.75) | (2.81) C | (2.78) | (1.56) | ||||||
Net asset value, end of period | $ | 74.91 | $ | 62.33 | $ | 52.02 | $ | 65.12 | $ | 51.66 | $ | 46.11 |
Total Return D,E,F | 22.34 % | 20.16% | (19.24)% | 32.30% | 18.54% | (1.28)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .75% I | .90% | .96% | .96% | .93% | .96% | ||||||
Expenses net of fee waivers, if any | .74 % I | .89% | .96% | .96% | .93% | .96% | ||||||
Expenses net of all reductions | .74% I | .89% | .96% | .96% | .93% | .96% | ||||||
Net investment income (loss) | .51% I | .45% | .18% | (.04)% | .94% | .63% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 274 | $ | 230 | $ | 201 | $ | 266 | $ | 213 | $ | 198 |
Portfolio turnover rate J | 3 % I | 7% | 13% K | 7% | 12% | 22% |
Fidelity Advisor® Stock Selector All Cap Fund Class M |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.15 | $ | 51.96 | $ | 65.05 | $ | 51.61 | $ | 46.05 | $ | 48.53 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .09 | .12 | (.04) | (.17) | .33 | .17 | ||||||
Net realized and unrealized gain (loss) | 13.60 | 10.20 | (12.48) | 16.29 | 7.87 | (1.21) | ||||||
Total from investment operations | 13.69 | 10.32 | (12.52) | 16.12 | 8.20 | (1.04) | ||||||
Distributions from net investment income | (.14) | (.13) | (.02) | (.18) | (.17) | (.05) | ||||||
Distributions from net realized gain | (.91) | - | (.55) | (2.51) | (2.48) | (1.39) | ||||||
Total distributions | (1.06) C | (.13) | (.57) | (2.68) C | (2.64) C | (1.44) | ||||||
Net asset value, end of period | $ | 74.78 | $ | 62.15 | $ | 51.96 | $ | 65.05 | $ | 51.61 | $ | 46.05 |
Total Return D,E,F | 22.20 % | 19.88% | (19.46)% | 31.99% | 18.26% | (1.54)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .99% I | 1.14% | 1.21% | 1.21% | 1.18% | 1.21% | ||||||
Expenses net of fee waivers, if any | .98 % I | 1.13% | 1.20% | 1.20% | 1.18% | 1.21% | ||||||
Expenses net of all reductions | .98% I | 1.13% | 1.20% | 1.20% | 1.18% | 1.21% | ||||||
Net investment income (loss) | .27% I | .21% | (.06)% | (.28)% | .70% | .38% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 127 | $ | 108 | $ | 97 | $ | 130 | $ | 110 | $ | 111 |
Portfolio turnover rate J | 3 % I | 7% | 13% K | 7% | 12% | 22% |
Fidelity Advisor® Stock Selector All Cap Fund Class C |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 61.11 | $ | 51.29 | $ | 64.13 | $ | 50.91 | $ | 45.41 | $ | 48.00 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.09) | (.19) | (.37) | (.50) | .07 | (.07) | ||||||
Net realized and unrealized gain (loss) | 13.36 | 10.06 | (12.36) | 16.09 | 7.75 | (1.19) | ||||||
Total from investment operations | 13.27 | 9.87 | (12.73) | 15.59 | 7.82 | (1.26) | ||||||
Distributions from net investment income | - | (.05) | - | - | - | - | ||||||
Distributions from net realized gain | (.91) | - | (.11) | (2.37) | (2.32) | (1.33) | ||||||
Total distributions | (.91) | (.05) | (.11) | (2.37) | (2.32) | (1.33) | ||||||
Net asset value, end of period | $ | 73.47 | $ | 61.11 | $ | 51.29 | $ | 64.13 | $ | 50.91 | $ | 45.41 |
Total Return C,D,E | 21.88 % | 19.25% | (19.89)% | 31.28% | 17.59% | (2.06)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.52% H | 1.67% | 1.74% | 1.75% | 1.74% | 1.75% | ||||||
Expenses net of fee waivers, if any | 1.51 % H | 1.66% | 1.74% | 1.75% | 1.73% | 1.75% | ||||||
Expenses net of all reductions | 1.51% H | 1.66% | 1.74% | 1.75% | 1.73% | 1.75% | ||||||
Net investment income (loss) | (.26)% H | (.33)% | (.60)% | (.83)% | .14% | (.16)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 18 | $ | 15 | $ | 16 | $ | 23 | $ | 27 | $ | 29 |
Portfolio turnover rate I | 3 % H | 7% | 13% J | 7% | 12% | 22% |
Fidelity® Stock Selector All Cap Fund |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.82 | $ | 52.31 | $ | 65.13 | $ | 51.66 | $ | 46.11 | $ | 48.66 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .28 | .45 | .31 | .15 | .59 | .41 | ||||||
Net realized and unrealized gain (loss) | 13.71 | 10.26 | (12.54) | 16.29 | 7.88 | (1.25) | ||||||
Total from investment operations | 13.99 | 10.71 | (12.23) | 16.44 | 8.47 | (.84) | ||||||
Distributions from net investment income | (.49) | (.20) | (.04) | (.46) | (.44) | (.32) | ||||||
Distributions from net realized gain | (.91) | - | (.55) | (2.51) | (2.48) | (1.39) | ||||||
Total distributions | (1.40) | (.20) | (.59) | (2.97) | (2.92) | (1.71) | ||||||
Net asset value, end of period | $ | 75.41 | $ | 62.82 | $ | 52.31 | $ | 65.13 | $ | 51.66 | $ | 46.11 |
Total Return C,D | 22.52 % | 20.52% | (19.00)% | 32.68% | 18.88% | (.98)% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .46% G | .60% | .66% | .68% | .63% | .65% | ||||||
Expenses net of fee waivers, if any | .45 % G | .59% | .66% | .68% | .63% | .65% | ||||||
Expenses net of all reductions | .45% G | .59% | .66% | .68% | .63% | .65% | ||||||
Net investment income (loss) | .81% G | .74% | .48% | .24% | 1.25% | .94% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,972 | $ | 1,442 | $ | 1,176 | $ | 7,268 | $ | 9,147 | $ | 7,669 |
Portfolio turnover rate H | 3 % G | 7% | 13% I | 7% | 12% | 22% |
Fidelity® Stock Selector All Cap Fund Class K |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.73 | $ | 52.20 | $ | 65.34 | $ | 51.80 | $ | 46.22 | $ | 48.69 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .31 | .50 | .37 | .22 | .63 | .46 | ||||||
Net realized and unrealized gain (loss) | 13.69 | 10.24 | (12.52) | 16.33 | 7.91 | (1.25) | ||||||
Total from investment operations | 14.00 | 10.74 | (12.15) | 16.55 | 8.54 | (.79) | ||||||
Distributions from net investment income | (.54) | (.21) | (.45) | (.51) | (.49) | (.29) | ||||||
Distributions from net realized gain | (.91) | - | (.55) | (2.51) | (2.48) | (1.39) | ||||||
Total distributions | (1.45) | (.21) | (.99) C | (3.01) C | (2.96) C | (1.68) | ||||||
Net asset value, end of period | $ | 75.28 | $ | 62.73 | $ | 52.20 | $ | 65.34 | $ | 51.80 | $ | 46.22 |
Total Return D,E | 22.58 % | 20.63% | (18.95)% | 32.84% | 19.01% | (.89)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .37% H | .51% | .58% | .58% | .53% | .56% | ||||||
Expenses net of fee waivers, if any | .35 % H | .50% | .58% | .58% | .53% | .55% | ||||||
Expenses net of all reductions | .35% H | .50% | .58% | .58% | .53% | .55% | ||||||
Net investment income (loss) | .90% H | .83% | .56% | .34% | 1.34% | 1.03% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 24 | $ | 21 | $ | 41 | $ | 556 | $ | 76 | $ | 79 |
Portfolio turnover rate I | 3 % H | 7% | 13% J | 7% | 12% | 22% |
Fidelity Advisor® Stock Selector All Cap Fund Class I |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 63.81 | $ | 53.14 | $ | 65.64 | $ | 52.10 | $ | 46.13 | $ | 48.68 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .27 | .43 | .28 | .19 | .60 | .40 | ||||||
Net realized and unrealized gain (loss) | 13.94 | 10.44 | (12.78) | 16.30 | 7.92 | (1.26) | ||||||
Total from investment operations | 14.21 | 10.87 | (12.50) | 16.49 | 8.52 | (.86) | ||||||
Distributions from net investment income | (.45) | (.20) | - | (.45) | (.07) | (.29) | ||||||
Distributions from net realized gain | (.91) | - | - | (2.51) | (2.48) | (1.39) | ||||||
Total distributions | (1.37) C | (.20) | - | (2.95) C | (2.55) | (1.69) C | ||||||
Net asset value, end of period | $ | 76.65 | $ | 63.81 | $ | 53.14 | $ | 65.64 | $ | 52.10 | $ | 46.13 |
Total Return D,E | 22.50 % | 20.49% | (19.04)% | 32.50% | 18.92% | (1.05)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .49% H | .64% | .70% | .62% | .62% | .69% | ||||||
Expenses net of fee waivers, if any | .47 % H | .64% | .69% | .62% | .62% | .69% | ||||||
Expenses net of all reductions | .47% H | .64% | .69% | .62% | .62% | .69% | ||||||
Net investment income (loss) | .78% H | .70% | .44% | .30% | 1.25% | .90% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 58 | $ | 47 | $ | 42 | $ | 56 | $ | 38 | $ | 39 |
Portfolio turnover rate I | 3 % H | 7% | 13% J | 7% | 12% | 22% |
Fidelity Advisor® Stock Selector All Cap Fund Class Z |
Six months ended (Unaudited) March 31, 2024 | Years ended September 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.42 | $ | 51.94 | $ | 65.03 | $ | 51.58 | $ | 46.03 | $ | 48.59 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .30 | .50 | .35 | .22 | .64 | .45 | ||||||
Net realized and unrealized gain (loss) | 13.63 | 10.19 | (12.43) | 16.25 | 7.86 | (1.25) | ||||||
Total from investment operations | 13.93 | 10.69 | (12.08) | 16.47 | 8.50 | (.80) | ||||||
Distributions from net investment income | (.54) | (.21) | (.46) | (.52) | (.48) | (.36) | ||||||
Distributions from net realized gain | (.91) | - | (.55) | (2.51) | (2.48) | (1.39) | ||||||
Total distributions | (1.46) C | (.21) | (1.01) | (3.02) C | (2.95) C | (1.76) C | ||||||
Net asset value, end of period | $ | 74.89 | $ | 62.42 | $ | 51.94 | $ | 65.03 | $ | 51.58 | $ | 46.03 |
Total Return D,E | 22.57 % | 20.64% | (18.94)% | 32.82% | 19.00% | (.89)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .37% H | .51% | .58% | .58% | .53% | .56% | ||||||
Expenses net of fee waivers, if any | .35 % H | .50% | .58% | .58% | .53% | .56% | ||||||
Expenses net of all reductions | .35% H | .50% | .58% | .58% | .53% | .56% | ||||||
Net investment income (loss) | .90% H | .83% | .56% | .35% | 1.34% | 1.03% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 3,878 | $ | 3,118 | $ | 2,697 | $ | 3,454 | $ | 34 | $ | 12 |
Portfolio turnover rate I | 3 % H | 7% | 13% J | 7% | 12% | 22% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity U.S. Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors. | Delayed Delivery & When Issued Securities Foreign Securities Futures Restricted Securities Swaps | Less than .005% |
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% |
Fidelity Stock Selector All Cap Fund | $88 |
Gross unrealized appreciation | $2,102,620 |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $2,102,620 |
Tax cost | $4,252,120 |
Purchases ($) | Sales ($) | |
Fidelity Stock Selector All Cap Fund | 614,902 | 89,347 |
Maximum Management Fee Rate % | |
Class A | .67 |
Class M | .66 |
Class C | .70 |
Stock Selector All Cap | .62 |
Class K | .54 |
Class I | .66 |
Class Z | .54 |
Total Management Fee Rate % | |
Class A | .67 |
Class M | .66 |
Class C | .68 |
Stock Selector All Cap | .62 |
Class K | .54 |
Class I | .66 |
Class Z | .54 |
Performance Adjustment Index | |
Fidelity Stock Selector All Cap Fund | S&P 500 Index |
Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) | |
Class A | - % | .25% | 313 | 3 |
Class M | .25% | .25% | 292 | - |
Class C | .75% | .25% | 83 | 7 |
688 | 10 |
Retained by FDC ($) | |
Class A | 19 |
Class M | 2 |
Class C A | - B |
21 |
% of Class-Level Average Net Assets | |
Class A | 0.1739% |
Class M | 0.1654% |
Class C | 0.2000% |
Stock Selector Al Cap | 0.1283% |
Class I | 0.1602% |
Amount ($) | % of Class-Level Average Net Assets | |
Class A | 179 | .18 |
Class M | 80 | .17 |
Class C | 14 | .20 |
Stock Selector All Cap | 859 | .13 |
Class K | 4 | .04 |
Class I | 35 | .16 |
Class Z | 594 | .04 |
1,765 |
% of Average Net Assets | |
Fidelity Stock Selector All Cap Fund | 0.0023% |
% of Average Net Assets | |
Fidelity Stock Selector All Cap Fund | - A |
Amount ($) | |
Fidelity Stock Selector All Cap Fund | 7 |
Six months ended March 31, 2024 | Year ended September 30, 2023 | |
Fidelity Stock Selector All Cap Fund | ||
Distributions to shareholders | ||
Class A | $4,416 | $605 |
Class M | 1,799 | 228 |
Class C | 223 | 13 |
Stock Selector All Cap | 32,529 | 4,549 |
Class K | 470 | 74 |
Class I | 1,057 | 145 |
Class Z | 72,217 | 10,946 |
Total | $112,711 | $16,560 |
Shares | Shares | Dollars | Dollars | |
Six months ended March 31, 2024 | Year ended September 30, 2023 | Six months ended March 31, 2024 | Year ended September 30, 2023 | |
Fidelity Stock Selector All Cap Fund | ||||
Class A | ||||
Shares sold | 102 | 234 | $7,070 | $14,009 |
Reinvestment of distributions | 64 | 11 | 4,301 | 590 |
Shares redeemed | (205) | (415) | (14,015) | (24,600) |
Net increase (decrease) | (39) | (170) | $(2,644) | $(10,001) |
Class M | ||||
Shares sold | 43 | 57 | $2,866 | $3,371 |
Reinvestment of distributions | 26 | 4 | 1,784 | 225 |
Shares redeemed | (102) | (186) | (6,926) | (11,089) |
Net increase (decrease) | (33) | (125) | $(2,276) | $(7,493) |
Class C | ||||
Shares sold | 27 | 43 | $1,780 | $2,493 |
Reinvestment of distributions | 3 | - A | 219 | 13 |
Shares redeemed | (31) | (99) | (2,073) | (5,760) |
Net increase (decrease) | (1) | (56) | $(74) | $(3,254) |
Stock Selector All Cap | ||||
Shares sold | 4,477 | 3,413 | $310,916 | $200,415 |
Reinvestment of distributions | 308 | 56 | 20,908 | 3,160 |
Shares redeemed | (1,581) | (2,998) | (105,515) | (176,761) |
Net increase (decrease) | 3,204 | 471 | $226,309 | $26,814 |
Class K | ||||
Shares sold | 4 | 21 | $333 | $1,211 |
Reinvestment of distributions | 7 | 1 | 470 | 74 |
Shares redeemed | (14) | (487) | (976) | (25,951) |
Net increase (decrease) | (3) | (465) | $(173) | $(24,666) |
Class I | ||||
Shares sold | 95 | 458 | $6,528 | $28,191 |
Reinvestment of distributions | 14 | 2 | 1,000 | 136 |
Shares redeemed | (85) | (506) | (5,876) | (32,480) |
Net increase (decrease) | 24 | (46) | $1,652 | $(4,153) |
Class Z | ||||
Shares sold | 2,565 | 3,019 | $173,834 | $180,694 |
Reinvestment of distributions | 1,071 | 197 | 72,177 | 10,939 |
Shares redeemed | (1,801) | (5,202) | (120,714) | (314,248) |
Net increase (decrease) | 1,835 | (1,986) | $125,297 | $(122,615) |
Fund | Affiliated % |
Fidelity Stock Selector All Cap Fund | 61% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value October 1, 2023 | Ending Account Value March 31, 2024 | Expenses Paid During Period- C October 1, 2023 to March 31, 2024 | |||||||
Fidelity® Stock Selector All Cap Fund | ||||||||||
Class A | .74% | |||||||||
Actual | $ 1,000 | $ 1,223.40 | $ 4.11 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.30 | $ 3.74 | |||||||
Class M | .98% | |||||||||
Actual | $ 1,000 | $ 1,222.00 | $ 5.44 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.10 | $ 4.95 | |||||||
Class C | 1.51% | |||||||||
Actual | $ 1,000 | $ 1,218.80 | $ 8.38 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.45 | $ 7.62 | |||||||
Fidelity® Stock Selector All Cap Fund ** | .45% | |||||||||
Actual | $ 1,000 | $ 1,225.20 | $ 2.50 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.75 | $ 2.28 | |||||||
Class K | .35% | |||||||||
Actual | $ 1,000 | $ 1,225.80 | $ 1.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.25 | $ 1.77 | |||||||
Class I | .47% | |||||||||
Actual | $ 1,000 | $ 1,225.00 | $ 2.61 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.65 | $ 2.38 | |||||||
Class Z | .35% | |||||||||
Actual | $ 1,000 | $ 1,225.70 | $ 1.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.25 | $ 1.77 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Stock Selector All Cap Fund | ||||||
Fidelity® Stock Selector All Cap Fund | .41% | |||||
Actual | $ 2.28 | |||||
Hypothetical- B | $ 2.07 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- 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
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.1 | |
Apple, Inc. | 5.2 | |
Amazon.com, Inc. | 3.4 | |
Alphabet, Inc. Class A | 3.3 | |
Meta Platforms, Inc. Class A | 1.9 | |
NVIDIA Corp. | 1.9 | |
JPMorgan Chase & Co. | 1.7 | |
Exxon Mobil Corp. | 1.5 | |
Adobe, Inc. | 1.4 | |
Visa, Inc. Class A | 1.4 | |
28.8 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.8 | |
Financials | 13.3 | |
Health Care | 12.5 | |
Consumer Discretionary | 10.6 | |
Industrials | 10.1 | |
Communication Services | 7.9 | |
Consumer Staples | 6.0 | |
Energy | 3.9 | |
Real Estate | 2.9 | |
Materials | 2.5 | |
Utilities | 2.2 | |
Asset Allocation (% of Fund's net assets) |
Futures - 0.7% |
Common Stocks - 97.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.9% | |||
Diversified Telecommunication Services - 0.3% | |||
AT&T, Inc. | 3,106,500 | 52,127,070 | |
GCI Liberty, Inc. Class A (a) | 264,647 | 3 | |
Liberty Global Ltd. Class C | 163,418 | 3,046,112 | |
55,173,185 | |||
Entertainment - 1.4% | |||
Electronic Arts, Inc. | 19,600 | 2,681,476 | |
Lions Gate Entertainment Corp.: | |||
Class A (b)(c) | 89,400 | 974,460 | |
Class B (b) | 448,426 | 4,569,461 | |
Marcus Corp. (c) | 307,600 | 4,484,808 | |
Netflix, Inc. (b) | 218,805 | 106,531,778 | |
Roku, Inc. Class A (b) | 180,100 | 16,507,966 | |
Sea Ltd. ADR (b) | 487,400 | 19,739,700 | |
Spotify Technology SA (b) | 40,700 | 7,647,937 | |
Take-Two Interactive Software, Inc. (b) | 38,660 | 6,222,327 | |
The Walt Disney Co. | 748,720 | 67,601,929 | |
TKO Group Holdings, Inc. | 163,712 | 13,355,625 | |
Warner Music Group Corp. Class A | 161,700 | 5,787,243 | |
256,104,710 | |||
Interactive Media & Services - 5.6% | |||
Alphabet, Inc. Class A (b) | 4,118,800 | 575,355,172 | |
Angi, Inc. (b) | 2,359,432 | 5,874,986 | |
IAC, Inc. (b) | 15,000 | 785,700 | |
Match Group, Inc. (b) | 271,300 | 9,902,450 | |
Meta Platforms, Inc. Class A (b) | 956,525 | 338,571,589 | |
Pinterest, Inc. Class A (b) | 537,600 | 19,912,704 | |
Snap, Inc. Class A (b) | 2,081,900 | 35,246,567 | |
985,649,168 | |||
Media - 0.4% | |||
Altice U.S.A., Inc. Class A (b) | 715,600 | 2,325,700 | |
Comcast Corp. Class A | 273,482 | 11,992,186 | |
DISH Network Corp. Class A (b)(c) | 77,263 | 445,808 | |
Liberty Broadband Corp.: | |||
Class A (b) | 375,753 | 30,300,722 | |
Class C (b) | 212,700 | 17,141,493 | |
S4 Capital PLC (b)(c) | 692,100 | 471,087 | |
62,676,996 | |||
Wireless Telecommunication Services - 0.2% | |||
T-Mobile U.S., Inc. | 192,738 | 30,901,684 | |
TOTAL COMMUNICATION SERVICES | 1,390,505,743 | ||
CONSUMER DISCRETIONARY - 10.6% | |||
Automobile Components - 0.1% | |||
Adient PLC (b) | 270,845 | 9,847,924 | |
Aptiv PLC (b) | 133,400 | 11,968,648 | |
21,816,572 | |||
Automobiles - 1.2% | |||
Tesla, Inc. (b) | 874,410 | 217,273,397 | |
Broadline Retail - 3.7% | |||
Amazon.com, Inc. (b) | 4,034,768 | 613,042,650 | |
eBay, Inc. | 756,816 | 33,012,314 | |
Ollie's Bargain Outlet Holdings, Inc. (b) | 177,759 | 13,490,131 | |
659,545,095 | |||
Distributors - 0.0% | |||
LKQ Corp. | 132,706 | 6,342,020 | |
Hotels, Restaurants & Leisure - 2.2% | |||
ARAMARK Holdings Corp. | 624,994 | 17,562,331 | |
Booking Holdings, Inc. (b) | 20,123 | 71,380,708 | |
Caesars Entertainment, Inc. (b) | 415,658 | 19,486,047 | |
Churchill Downs, Inc. | 279,464 | 37,708,078 | |
Domino's Pizza, Inc. | 82,019 | 33,810,692 | |
Hilton Worldwide Holdings, Inc. | 285,003 | 51,896,196 | |
Marriott International, Inc. Class A | 206,276 | 46,517,301 | |
McDonald's Corp. | 132,090 | 39,166,006 | |
Penn Entertainment, Inc. (b) | 262,600 | 6,832,852 | |
Planet Fitness, Inc. (b) | 177,407 | 12,950,711 | |
Red Rock Resorts, Inc. | 230,800 | 12,308,564 | |
Yum! Brands, Inc. (c) | 330,300 | 43,156,998 | |
392,776,484 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 131,420 | 19,973,212 | |
Mohawk Industries, Inc. (b) | 100,757 | 10,428,350 | |
Newell Brands, Inc. | 88,000 | 763,840 | |
31,165,402 | |||
Specialty Retail - 1.9% | |||
Aritzia, Inc. (b) | 106,400 | 2,208,219 | |
Burlington Stores, Inc. (b) | 41,800 | 8,129,264 | |
Five Below, Inc. (b) | 109,929 | 23,432,466 | |
Lowe's Companies, Inc. | 480,761 | 106,993,361 | |
The Home Depot, Inc. | 154,834 | 53,657,723 | |
TJX Companies, Inc. | 1,230,976 | 115,477,859 | |
Valvoline, Inc. | 486,771 | 18,292,854 | |
328,191,746 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Capri Holdings Ltd. (b) | 329,536 | 16,555,889 | |
lululemon athletica, Inc. (b) | 124,767 | 63,792,119 | |
LVMH Moet Hennessy Louis Vuitton SE | 12,991 | 10,555,670 | |
NIKE, Inc. Class B | 562,710 | 61,093,425 | |
PVH Corp. | 370,721 | 45,272,449 | |
Tapestry, Inc. | 599,861 | 22,080,883 | |
219,350,435 | |||
TOTAL CONSUMER DISCRETIONARY | 1,876,461,151 | ||
CONSUMER STAPLES - 6.0% | |||
Beverages - 2.1% | |||
Boston Beer Co., Inc. Class A (b) | 80,850 | 27,940,952 | |
Brown-Forman Corp. Class B (non-vtg.) | 81,100 | 4,630,810 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 117,466 | 28,397,406 | |
Diageo PLC | 448,925 | 16,293,813 | |
Duckhorn Portfolio, Inc. (b) | 149,900 | 1,476,515 | |
Keurig Dr. Pepper, Inc. | 2,108,701 | 70,261,917 | |
Monster Beverage Corp. | 511,356 | 29,459,219 | |
PepsiCo, Inc. | 206,800 | 35,122,912 | |
The Coca-Cola Co. | 2,520,691 | 148,544,321 | |
362,127,865 | |||
Consumer Staples Distribution & Retail - 1.0% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 298,300 | 17,566,393 | |
BJ's Wholesale Club Holdings, Inc. (b) | 154,800 | 10,318,968 | |
Dollar General Corp. | 160,069 | 21,761,381 | |
Dollar Tree, Inc. (b) | 71,900 | 10,213,395 | |
Performance Food Group Co. (b) | 506,202 | 35,003,868 | |
Sysco Corp. | 122,700 | 8,973,051 | |
Target Corp. | 185,700 | 26,447,394 | |
Walgreens Boots Alliance, Inc. | 19,500 | 509,145 | |
Walmart, Inc. | 278,500 | 43,905,525 | |
174,699,120 | |||
Food Products - 0.7% | |||
Archer Daniels Midland Co. | 99,700 | 7,200,334 | |
Bunge Global SA | 56,300 | 5,683,485 | |
Conagra Brands, Inc. | 177,700 | 5,092,882 | |
Darling Ingredients, Inc. (b) | 75,026 | 3,739,296 | |
General Mills, Inc. | 112,400 | 7,321,736 | |
Laird Superfood, Inc. (b) | 119,100 | 108,381 | |
Lamb Weston Holdings, Inc. | 53,200 | 5,750,388 | |
Mondelez International, Inc. | 580,312 | 42,031,998 | |
Nomad Foods Ltd. (b) | 1,059,931 | 17,965,830 | |
The Hershey Co. | 16,200 | 3,020,328 | |
The J.M. Smucker Co. | 80,400 | 10,160,952 | |
The Real Good Food Co. LLC: | |||
Class B (a)(b) | 155,856 | 2 | |
Class B unit (b)(d) | 155,856 | 236,901 | |
TreeHouse Foods, Inc. (b) | 140,803 | 5,836,284 | |
Tyson Foods, Inc. Class A | 265,800 | 14,286,750 | |
128,435,547 | |||
Household Products - 1.3% | |||
Colgate-Palmolive Co. | 160,700 | 12,809,397 | |
Energizer Holdings, Inc. | 891,315 | 28,236,859 | |
Kimberly-Clark Corp. | 225,000 | 27,339,750 | |
Procter & Gamble Co. | 923,293 | 135,299,356 | |
Reynolds Consumer Products, Inc. | 428,726 | 11,507,006 | |
The Clorox Co. | 43,400 | 6,188,406 | |
221,380,774 | |||
Personal Care Products - 0.5% | |||
Edgewell Personal Care Co. (c) | 137,200 | 5,025,636 | |
Estee Lauder Companies, Inc. Class A | 179,200 | 26,208,000 | |
Herbalife Ltd. (b)(c) | 129,813 | 1,980,946 | |
Kenvue, Inc. | 2,597,500 | 55,924,175 | |
Olaplex Holdings, Inc. (b) | 1,644,100 | 4,176,014 | |
93,314,771 | |||
Tobacco - 0.4% | |||
Altria Group, Inc. | 857,367 | 34,586,185 | |
British American Tobacco PLC: | |||
(United Kingdom) | 65,090 | 1,904,480 | |
sponsored ADR | 83,400 | 2,442,786 | |
Philip Morris International, Inc. | 435,353 | 40,958,010 | |
79,891,461 | |||
TOTAL CONSUMER STAPLES | 1,059,849,538 | ||
ENERGY - 3.9% | |||
Energy Equipment & Services - 0.5% | |||
Core Laboratories, Inc. | 77,000 | 1,359,820 | |
Diamond Offshore Drilling, Inc. (b) | 197,800 | 2,571,400 | |
Expro Group Holdings NV (b) | 891,400 | 14,191,088 | |
Newpark Resources, Inc. (b) | 272,600 | 1,810,064 | |
Noble Corp. PLC | 58,900 | 2,836,624 | |
Schlumberger Ltd. | 383,100 | 19,936,524 | |
TechnipFMC PLC | 700,200 | 14,102,028 | |
Valaris Ltd. (b) | 79,000 | 5,417,030 | |
Weatherford International PLC (b) | 256,300 | 25,073,829 | |
87,298,407 | |||
Oil, Gas & Consumable Fuels - 3.4% | |||
Africa Oil Corp. | 7,522,657 | 14,136,384 | |
Athabasca Oil Corp. (b) | 4,937,600 | 15,538,879 | |
ConocoPhillips Co. | 520,900 | 60,460,863 | |
Eco Atlantic Oil & Gas Ltd. (b) | 4,487,061 | 575,677 | |
Exxon Mobil Corp. | 2,681,938 | 268,140,161 | |
Hess Corp. | 127,175 | 18,333,548 | |
Imperial Oil Ltd. (c) | 920,700 | 52,446,652 | |
Kosmos Energy Ltd. (b) | 2,561,973 | 17,190,839 | |
MEG Energy Corp. (b) | 2,293,550 | 40,970,777 | |
PBF Energy, Inc. Class A | 123,900 | 5,446,644 | |
Phillips 66 Co. | 362,459 | 48,257,791 | |
Shell PLC ADR | 384,400 | 25,293,520 | |
Valero Energy Corp. | 277,586 | 36,086,180 | |
602,877,915 | |||
TOTAL ENERGY | 690,176,322 | ||
FINANCIALS - 13.1% | |||
Banks - 5.0% | |||
AIB Group PLC | 2,050,340 | 8,782,275 | |
Bancorp, Inc., Delaware (b) | 399,000 | 15,385,440 | |
Bank of America Corp. | 2,309,254 | 77,752,582 | |
Bank of Ireland Group PLC | 1,380,500 | 12,532,808 | |
Citigroup, Inc. | 343,639 | 17,676,790 | |
DNB Bank ASA | 647,900 | 13,775,163 | |
East West Bancorp, Inc. | 552,500 | 39,752,375 | |
HDFC Bank Ltd. | 539,300 | 11,042,221 | |
JPMorgan Chase & Co. | 1,773,369 | 301,650,067 | |
KBC Group NV | 85,433 | 5,538,104 | |
KeyCorp | 2,699,800 | 38,877,120 | |
M&T Bank Corp. | 165,649 | 22,707,165 | |
Piraeus Financial Holdings SA (b) | 3,343,502 | 11,811,389 | |
PNC Financial Services Group, Inc. | 588,400 | 91,113,740 | |
Popular, Inc. | 513,500 | 42,142,945 | |
Starling Bank Ltd. Series D (a)(b)(e) | 4,618,325 | 18,484,389 | |
Sumitomo Mitsui Financial Group, Inc. | 153,800 | 7,483,884 | |
Truist Financial Corp. | 682,400 | 25,194,208 | |
Wells Fargo & Co. | 2,260,271 | 111,250,539 | |
872,953,204 | |||
Capital Markets - 2.7% | |||
Bank of New York Mellon Corp. | 979,975 | 51,007,699 | |
BlackRock, Inc. Class A | 68,416 | 55,540,109 | |
Brookfield Corp. Class A | 279,239 | 11,203,069 | |
Cboe Global Markets, Inc. | 109,630 | 19,575,533 | |
CME Group, Inc. | 200,200 | 42,162,120 | |
Interactive Brokers Group, Inc. | 271,300 | 22,490,770 | |
Lazard, Inc. Class A | 358,100 | 12,461,880 | |
London Stock Exchange Group PLC | 100,200 | 11,844,797 | |
LPL Financial | 97,200 | 22,124,664 | |
MarketAxess Holdings, Inc. | 95,200 | 27,879,320 | |
Moody's Corp. | 110,300 | 43,078,768 | |
Morgan Stanley | 618,500 | 57,675,125 | |
Northern Trust Corp. | 206,600 | 17,432,908 | |
Patria Investments Ltd. | 898,838 | 13,940,977 | |
State Street Corp. | 58,800 | 4,554,648 | |
StepStone Group, Inc. Class A | 325,072 | 10,347,042 | |
Tradeweb Markets, Inc. Class A | 166,200 | 15,104,256 | |
UBS Group AG | 1,138,400 | 35,176,560 | |
Virtu Financial, Inc. Class A | 420,601 | 8,521,376 | |
482,121,621 | |||
Consumer Finance - 0.1% | |||
NerdWallet, Inc. (b) | 253,200 | 3,727,104 | |
OneMain Holdings, Inc. | 413,904 | 20,364,077 | |
24,091,181 | |||
Financial Services - 3.0% | |||
Apollo Global Management, Inc. | 586,362 | 54,643,075 | |
Block, Inc. Class A (b) | 934,200 | 72,260,370 | |
Essent Group Ltd. | 479,833 | 25,306,392 | |
Fiserv, Inc. (b) | 395,500 | 52,538,220 | |
Global Payments, Inc. | 292,200 | 37,109,400 | |
Jumo World Holding Ltd. (a)(e) | 999,839 | 1,659,733 | |
Jumo World Ltd. (a)(b) | 998 | 0 | |
MGIC Investment Corp. | 100,818 | 1,944,779 | |
Mr. Cooper Group, Inc. (b) | 20 | 1,302 | |
Repay Holdings Corp. (b) | 1,535,744 | 13,115,254 | |
UWM Holdings Corp. Class A (c) | 1,619,903 | 11,582,306 | |
Visa, Inc. Class A | 931,100 | 242,411,885 | |
Voya Financial, Inc. | 98,500 | 7,186,560 | |
Worldline SA (b)(d) | 126,662 | 2,202,652 | |
521,961,928 | |||
Insurance - 2.3% | |||
Arthur J. Gallagher & Co. | 208,158 | 46,810,571 | |
Beazley PLC | 2,549,067 | 16,960,658 | |
Chubb Ltd. | 264,867 | 59,859,942 | |
Direct Line Insurance Group PLC (b) | 6,321,928 | 14,661,978 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 28,701 | 26,479,951 | |
Globe Life, Inc. | 143,705 | 17,491,773 | |
Hartford Financial Services Group, Inc. | 398,633 | 32,042,121 | |
Marsh & McLennan Companies, Inc. | 275,539 | 52,206,374 | |
Progressive Corp. | 299,523 | 47,708,023 | |
Prudential PLC | 594,962 | 6,712,773 | |
Reinsurance Group of America, Inc. | 141,200 | 22,843,336 | |
The Travelers Companies, Inc. | 158,226 | 30,140,471 | |
Unum Group | 759,681 | 34,352,775 | |
408,270,746 | |||
TOTAL FINANCIALS | 2,309,398,680 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 2.2% | |||
Acelyrin, Inc. (c) | 280,000 | 2,088,800 | |
Allogene Therapeutics, Inc. (b) | 1,000,000 | 3,210,000 | |
Alnylam Pharmaceuticals, Inc. (b) | 100,000 | 19,141,000 | |
Ambrx Biopharma, Inc. | 148,700 | 2,117,488 | |
Arcellx, Inc. (b) | 118,000 | 6,549,000 | |
Arcus Biosciences, Inc. (b) | 210,000 | 4,011,000 | |
Argenx SE ADR (b) | 80,000 | 30,434,400 | |
Ascendis Pharma A/S sponsored ADR (b) | 240,000 | 30,228,000 | |
Avidity Biosciences, Inc. (b) | 360,000 | 3,258,000 | |
Blueprint Medicines Corp. (b) | 218,000 | 20,108,320 | |
Cargo Therapeutics, Inc. | 350,000 | 8,102,500 | |
Caris Life Sciences, Inc. (a)(b)(e) | 227,063 | 656,212 | |
Celldex Therapeutics, Inc. (b) | 190,000 | 7,535,400 | |
Cerevel Therapeutics Holdings (b) | 200,000 | 8,480,000 | |
Cytokinetics, Inc. (b) | 500,000 | 41,745,000 | |
Janux Therapeutics, Inc. (b) | 160,000 | 1,716,800 | |
Keros Therapeutics, Inc. (b) | 120,000 | 4,771,200 | |
Legend Biotech Corp. ADR (b) | 360,000 | 21,661,200 | |
Morphic Holding, Inc. (b) | 100,000 | 2,888,000 | |
Nuvalent, Inc. Class A (b) | 180,000 | 13,246,200 | |
Poseida Therapeutics, Inc. (b) | 800,000 | 2,688,000 | |
Regeneron Pharmaceuticals, Inc. (b) | 108,500 | 95,294,465 | |
Repligen Corp. (b) | 35,500 | 6,382,900 | |
Vaxcyte, Inc. (b) | 400,000 | 25,120,000 | |
Viridian Therapeutics, Inc. (b) | 320,000 | 6,969,600 | |
Xencor, Inc. (b) | 330,000 | 7,005,900 | |
Xenon Pharmaceuticals, Inc. (b) | 260,000 | 11,975,600 | |
Zentalis Pharmaceuticals, Inc. (b) | 230,000 | 3,484,500 | |
390,869,485 | |||
Health Care Equipment & Supplies - 2.7% | |||
Boston Scientific Corp. (b) | 3,436,300 | 198,652,503 | |
Edwards Lifesciences Corp. (b) | 400,000 | 30,500,000 | |
Glaukos Corp. (b) | 263,700 | 20,961,513 | |
Inspire Medical Systems, Inc. (b) | 142,000 | 28,887,060 | |
Insulet Corp. (b) | 156,000 | 33,848,880 | |
Intuitive Surgical, Inc. (b) | 20,000 | 6,747,200 | |
Masimo Corp. (b) | 285,000 | 33,404,850 | |
Outset Medical, Inc. (b) | 240,000 | 1,298,400 | |
Penumbra, Inc. (b) | 348,500 | 87,661,690 | |
PROCEPT BioRobotics Corp. (b) | 175,000 | 7,334,250 | |
Stryker Corp. | 84,000 | 25,154,640 | |
Tandem Diabetes Care, Inc. (b) | 80,000 | 2,366,400 | |
476,817,386 | |||
Health Care Providers & Services - 3.5% | |||
Acadia Healthcare Co., Inc. (b) | 235,000 | 18,273,600 | |
agilon health, Inc. (b) | 3,150,000 | 39,532,500 | |
Alignment Healthcare, Inc. (b) | 1,177,708 | 10,140,066 | |
Centene Corp. (b) | 800,000 | 59,368,000 | |
Cigna Group | 280,000 | 83,846,000 | |
CVS Health Corp. | 1,260,000 | 99,489,600 | |
Humana, Inc. | 33,000 | 15,107,730 | |
LifeStance Health Group, Inc. (b) | 2,080,000 | 16,286,400 | |
Molina Healthcare, Inc. (b) | 32,500 | 11,742,575 | |
Privia Health Group, Inc. (b) | 1,000,000 | 23,030,000 | |
Surgery Partners, Inc. (b) | 960,000 | 30,710,400 | |
UnitedHealth Group, Inc. | 396,500 | 208,745,355 | |
616,272,226 | |||
Health Care Technology - 0.2% | |||
Evolent Health, Inc. | 500,000 | 16,515,000 | |
Phreesia, Inc. (b) | 336,529 | 7,790,646 | |
Veeva Systems, Inc. Class A (b) | 54,000 | 10,396,080 | |
34,701,726 | |||
Life Sciences Tools & Services - 1.9% | |||
10X Genomics, Inc. (b) | 636,075 | 35,594,757 | |
Bruker Corp. | 285,000 | 20,941,800 | |
Danaher Corp. | 618,000 | 142,968,120 | |
Eden Biologics, Inc. (a)(b) | 1,008,062 | 0 | |
IQVIA Holdings, Inc. (b) | 110,000 | 25,451,800 | |
Lonza Group AG | 18,500 | 7,799,350 | |
Thermo Fisher Scientific, Inc. | 180,000 | 95,542,200 | |
West Pharmaceutical Services, Inc. | 14,000 | 4,929,680 | |
333,227,707 | |||
Pharmaceuticals - 1.8% | |||
AstraZeneca PLC (United Kingdom) | 260,000 | 35,071,376 | |
Chime Biologics Wuhan Co. Ltd. (a)(b) | 1,008,062 | 525,029 | |
Eli Lilly & Co. | 274,000 | 159,720,080 | |
Enliven Therapeutics, Inc. (b) | 100,000 | 1,384,000 | |
Merck & Co., Inc. | 600,000 | 65,412,000 | |
Pharvaris BV (b) | 240,000 | 6,732,000 | |
Royalty Pharma PLC | 725,918 | 20,391,037 | |
Structure Therapeutics, Inc. ADR | 184,136 | 7,505,383 | |
UCB SA | 90,000 | 7,839,149 | |
Verona Pharma PLC ADR (b) | 150,000 | 2,982,000 | |
307,562,054 | |||
TOTAL HEALTH CARE | 2,159,450,584 | ||
INDUSTRIALS - 10.1% | |||
Aerospace & Defense - 2.0% | |||
Axon Enterprise, Inc. (b) | 69,000 | 17,824,770 | |
HEICO Corp. Class A | 131,661 | 18,753,793 | |
Howmet Aerospace, Inc. | 821,400 | 44,454,168 | |
L3Harris Technologies, Inc. | 175,610 | 36,986,978 | |
Lockheed Martin Corp. | 102,200 | 46,321,128 | |
Northrop Grumman Corp. | 60,500 | 28,322,470 | |
The Boeing Co. (b) | 476,200 | 124,126,292 | |
TransDigm Group, Inc. | 32,800 | 33,180,480 | |
349,970,079 | |||
Air Freight & Logistics - 0.3% | |||
FedEx Corp. | 212,500 | 53,756,125 | |
Building Products - 0.8% | |||
Carlisle Companies, Inc. | 164,778 | 51,481,591 | |
Trane Technologies PLC | 383,210 | 93,464,919 | |
144,946,510 | |||
Commercial Services & Supplies - 0.6% | |||
Cintas Corp. | 94,828 | 57,149,042 | |
Waste Connections, Inc. (United States) | 373,272 | 55,718,311 | |
112,867,353 | |||
Construction & Engineering - 0.6% | |||
EMCOR Group, Inc. | 54,200 | 11,676,306 | |
Quanta Services, Inc. | 86,500 | 18,666,700 | |
Willscot Mobile Mini Holdings (b) | 1,490,000 | 66,305,000 | |
96,648,006 | |||
Electrical Equipment - 1.3% | |||
AMETEK, Inc. | 696,232 | 114,801,694 | |
Eaton Corp. PLC | 294,500 | 70,921,490 | |
Nextracker, Inc. Class A | 69,800 | 3,270,130 | |
Regal Rexnord Corp. | 151,200 | 22,380,624 | |
Sunrun, Inc. (b) | 45,900 | 901,017 | |
Vertiv Holdings Co. | 222,600 | 10,691,478 | |
222,966,433 | |||
Ground Transportation - 1.5% | |||
CSX Corp. | 1,600,378 | 55,485,105 | |
Landstar System, Inc. | 95,785 | 18,548,765 | |
Old Dominion Freight Lines, Inc. | 76,783 | 31,122,453 | |
Uber Technologies, Inc. (b) | 1,469,200 | 90,458,644 | |
Union Pacific Corp. | 262,500 | 64,475,250 | |
260,090,217 | |||
Industrial Conglomerates - 0.3% | |||
General Electric Co. | 441,500 | 56,348,645 | |
Machinery - 2.4% | |||
AGCO Corp. | 293,100 | 35,585,271 | |
Caterpillar, Inc. | 354,183 | 104,721,288 | |
Chart Industries, Inc. (b) | 165,800 | 22,603,514 | |
Flowserve Corp. | 1,215,300 | 50,094,666 | |
Fortive Corp. | 645,394 | 47,520,360 | |
Graco, Inc. | 242,800 | 21,065,328 | |
IDEX Corp. | 77,971 | 16,928,284 | |
ITT, Inc. | 263,500 | 31,440,820 | |
Parker Hannifin Corp. | 150,000 | 69,105,000 | |
Snap-On, Inc. | 72,700 | 20,998,668 | |
420,063,199 | |||
Marine Transportation - 0.0% | |||
Eagle Bulk Shipping, Inc. (c) | 121,200 | 6,714,480 | |
Professional Services - 0.2% | |||
Ceridian HCM Holding, Inc. (b) | 84,000 | 5,638,080 | |
ExlService Holdings, Inc. (b) | 446,730 | 13,781,621 | |
TransUnion Holding Co., Inc. | 220,195 | 15,129,598 | |
34,549,299 | |||
Trading Companies & Distributors - 0.1% | |||
Air Lease Corp. Class A | 125,800 | 5,276,052 | |
W.W. Grainger, Inc. | 16,400 | 13,590,516 | |
18,866,568 | |||
TOTAL INDUSTRIALS | 1,777,786,914 | ||
INFORMATION TECHNOLOGY - 25.8% | |||
Electronic Equipment, Instruments & Components - 0.3% | |||
Corning, Inc. | 1,009,577 | 30,741,620 | |
TE Connectivity Ltd. | 216,141 | 30,367,811 | |
61,109,431 | |||
IT Services - 2.0% | |||
Capgemini SA | 301,217 | 62,764,756 | |
Cognizant Technology Solutions Corp. Class A | 747,677 | 56,472,044 | |
EPAM Systems, Inc. (b) | 108,500 | 32,261,390 | |
MongoDB, Inc. Class A (b) | 118,000 | 48,244,300 | |
Okta, Inc. (b) | 325,100 | 29,431,303 | |
Shopify, Inc. Class A (b) | 106,725 | 8,313,878 | |
Snowflake, Inc. (b) | 288,800 | 57,471,200 | |
Twilio, Inc. Class A (b) | 631,941 | 47,945,364 | |
Wix.com Ltd. (b) | 34,400 | 4,231,888 | |
X Holdings Corp. (a)(e) | 31,890 | 1,011,551 | |
348,147,674 | |||
Semiconductors & Semiconductor Equipment - 4.6% | |||
Advanced Micro Devices, Inc. (b) | 362,171 | 53,387,627 | |
Analog Devices, Inc. | 796,361 | 158,125,440 | |
ASML Holding NV (depository receipt) | 14,400 | 10,899,648 | |
Intel Corp. | 151,800 | 7,627,950 | |
Marvell Technology, Inc. | 338,244 | 20,399,496 | |
Microchip Technology, Inc. | 413,804 | 37,316,845 | |
Micron Technology, Inc. | 1,331,011 | 113,588,479 | |
NVIDIA Corp. | 666,400 | 330,014,608 | |
ON Semiconductor Corp. (b) | 434,800 | 36,318,844 | |
Skyworks Solutions, Inc. | 140,263 | 15,768,366 | |
SolarEdge Technologies, Inc. (b)(c) | 322,300 | 30,167,280 | |
813,614,583 | |||
Software - 13.7% | |||
Adobe, Inc. (b) | 418,349 | 249,587,013 | |
Atlassian Corp. PLC (b) | 217,100 | 51,639,406 | |
Autodesk, Inc. (b) | 334,832 | 81,524,895 | |
Bill Holdings, Inc. (b) | 269,773 | 22,010,779 | |
BlackLine, Inc. (b) | 251,801 | 15,722,454 | |
Constellation Software, Inc. | 9,990 | 24,768,761 | |
Constellation Software, Inc. warrants 8/22/28 (a)(b) | 9,990 | 1 | |
Datadog, Inc. Class A (b) | 304,200 | 36,923,796 | |
Elastic NV (b) | 306,700 | 34,565,090 | |
Five9, Inc. (b) | 515,200 | 40,541,088 | |
Gen Digital, Inc. | 1,801,210 | 41,103,612 | |
HubSpot, Inc. (b) | 113,104 | 65,661,396 | |
Microsoft Corp. | 3,315,659 | 1,246,820,406 | |
Palo Alto Networks, Inc. (b) | 216,690 | 63,897,547 | |
PTC, Inc. (b) | 286,557 | 50,136,013 | |
Salesforce, Inc. (b) | 912,938 | 240,230,505 | |
Tenable Holdings, Inc. (b) | 883,300 | 40,684,798 | |
Workday, Inc. Class A (b) | 319,789 | 88,280,951 | |
Workiva, Inc. (b) | 275,000 | 27,920,750 | |
2,422,019,261 | |||
Technology Hardware, Storage & Peripherals - 5.2% | |||
Apple, Inc. | 4,744,232 | 913,406,987 | |
TOTAL INFORMATION TECHNOLOGY | 4,558,297,936 | ||
MATERIALS - 2.5% | |||
Chemicals - 1.7% | |||
Air Products & Chemicals, Inc. | 58,489 | 16,014,288 | |
Cabot Corp. | 155,600 | 12,992,600 | |
Celanese Corp. Class A | 121,200 | 18,830,844 | |
Chemtrade Logistics Income Fund | 695,480 | 4,471,899 | |
Corteva, Inc. | 279,400 | 13,388,848 | |
Dow, Inc. | 470,300 | 25,791,252 | |
DuPont de Nemours, Inc. | 116,907 | 8,993,656 | |
Ecolab, Inc. | 26,900 | 5,335,615 | |
Ecovyst, Inc. (b) | 179,400 | 1,752,738 | |
Element Solutions, Inc. | 244,100 | 5,648,474 | |
Koppers Holdings, Inc. | 55,600 | 2,847,832 | |
Linde PLC | 214,800 | 88,220,508 | |
LyondellBasell Industries NV Class A | 138,500 | 13,168,580 | |
Nutrien Ltd. | 70,200 | 3,954,892 | |
Olin Corp. | 183,484 | 9,898,962 | |
Orion SA | 108,100 | 2,997,613 | |
Quaker Houghton | 7,600 | 1,621,992 | |
Sherwin-Williams Co. | 42,700 | 13,318,130 | |
The Chemours Co. LLC | 527,500 | 16,637,350 | |
The Mosaic Co. | 204,500 | 7,306,785 | |
Tronox Holdings PLC | 786,800 | 11,141,088 | |
Westlake Corp. | 72,700 | 10,175,092 | |
294,509,038 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 17,122 | 8,542,337 | |
Vulcan Materials Co. | 36,600 | 8,308,566 | |
16,850,903 | |||
Containers & Packaging - 0.2% | |||
Aptargroup, Inc. | 92,400 | 11,422,488 | |
Avery Dennison Corp. | 46,100 | 9,319,576 | |
Crown Holdings, Inc. | 70,595 | 6,501,094 | |
Greif, Inc. Class A | 136,100 | 8,926,799 | |
36,169,957 | |||
Metals & Mining - 0.5% | |||
Alcoa Corp. | 29,600 | 1,006,400 | |
Arch Resources, Inc. | 15,500 | 2,572,070 | |
Commercial Metals Co. | 106,756 | 5,342,070 | |
First Quantum Minerals Ltd. | 382,380 | 3,131,069 | |
Franco-Nevada Corp. | 50,500 | 5,593,664 | |
Freeport-McMoRan, Inc. | 649,600 | 27,653,472 | |
Ivanhoe Mines Ltd. (b) | 702,500 | 6,812,667 | |
Nucor Corp. | 115,700 | 20,136,428 | |
Steel Dynamics, Inc. | 66,700 | 7,877,270 | |
Teck Resources Ltd. Class B | 135,800 | 5,740,266 | |
Wheaton Precious Metals Corp. | 67,600 | 3,334,978 | |
89,200,354 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 13,400 | 949,122 | |
TOTAL MATERIALS | 437,679,374 | ||
REAL ESTATE - 2.9% | |||
Equity Real Estate Investment Trusts (REITs) - 2.7% | |||
Alexandria Real Estate Equities, Inc. | 79,300 | 10,052,861 | |
American Tower Corp. | 111,804 | 24,136,248 | |
Americold Realty Trust | 494,900 | 14,980,623 | |
Crown Castle International Corp. | 405,500 | 46,709,545 | |
CubeSmart | 703,215 | 32,594,015 | |
Digital Realty Trust, Inc. | 147,800 | 19,890,924 | |
Douglas Emmett, Inc. | 221,800 | 3,216,100 | |
Equinix, Inc. | 49,000 | 39,464,110 | |
Equity Lifestyle Properties, Inc. | 261,600 | 18,453,264 | |
Essex Property Trust, Inc. | 107,759 | 26,717,766 | |
Four Corners Property Trust, Inc. | 653,003 | 16,520,976 | |
Lamar Advertising Co. Class A | 101,500 | 10,787,420 | |
Mid-America Apartment Communities, Inc. | 205,300 | 27,604,638 | |
NETSTREIT Corp. | 231,392 | 4,130,347 | |
NNN (REIT), Inc. | 244,300 | 10,529,330 | |
Omega Healthcare Investors, Inc. | 451,700 | 13,849,122 | |
Prologis (REIT), Inc. | 493,551 | 65,790,348 | |
Ryman Hospitality Properties, Inc. | 130,100 | 14,318,806 | |
SITE Centers Corp. | 1,749,600 | 23,847,048 | |
Tanger Factory Outlet Centers, Inc. | 279,800 | 7,756,056 | |
Terreno Realty Corp. | 163,100 | 10,221,477 | |
Ventas, Inc. | 622,600 | 31,030,384 | |
472,601,408 | |||
Real Estate Management & Development - 0.2% | |||
CoStar Group, Inc. (b) | 120,500 | 10,530,495 | |
Doma Holdings, Inc. Class A (b)(c) | 169,561 | 785,067 | |
Jones Lang LaSalle, Inc. (b) | 134,620 | 25,425,679 | |
36,741,241 | |||
TOTAL REAL ESTATE | 509,342,649 | ||
UTILITIES - 2.2% | |||
Electric Utilities - 1.6% | |||
American Electric Power Co., Inc. | 194,000 | 15,756,680 | |
Constellation Energy Corp. | 129,371 | 15,122,176 | |
Duke Energy Corp. | 328,500 | 31,877,640 | |
Edison International | 281,379 | 20,115,785 | |
Entergy Corp. | 165,000 | 16,696,350 | |
Evergy, Inc. | 162,200 | 8,466,840 | |
Eversource Energy | 183,300 | 11,313,276 | |
FirstEnergy Corp. | 408,579 | 14,978,506 | |
Fortum Corp. | 75,900 | 1,094,295 | |
IDACORP, Inc. | 19,300 | 1,897,576 | |
NextEra Energy, Inc. | 903,917 | 54,903,919 | |
NRG Energy, Inc. | 49,724 | 2,570,731 | |
PG&E Corp. | 1,632,806 | 29,439,492 | |
Pinnacle West Capital Corp. | 42,900 | 3,081,936 | |
PPL Corp. | 580,400 | 15,728,840 | |
Southern Co. | 466,055 | 32,679,777 | |
275,723,819 | |||
Gas Utilities - 0.0% | |||
UGI Corp. | 112,300 | 2,762,580 | |
Independent Power and Renewable Electricity Producers - 0.2% | |||
Clearway Energy, Inc. Class A | 44,888 | 1,148,235 | |
Energy Harbor Corp. (b) | 72,800 | 5,860,400 | |
NextEra Energy Partners LP | 109,198 | 3,320,711 | |
Sunnova Energy International, Inc. (b)(c) | 145,300 | 2,215,825 | |
The AES Corp. | 459,000 | 8,835,750 | |
Vistra Corp. | 198,178 | 7,633,817 | |
29,014,738 | |||
Multi-Utilities - 0.4% | |||
Consolidated Edison, Inc. | 62,800 | 5,712,916 | |
DTE Energy Co. | 87,400 | 9,636,724 | |
NiSource, Inc. | 482,502 | 12,810,428 | |
Public Service Enterprise Group, Inc. | 194,056 | 11,866,524 | |
Sempra | 454,506 | 33,965,233 | |
73,991,825 | |||
Water Utilities - 0.0% | |||
American Water Works Co., Inc. | 18,305 | 2,416,077 | |
Essential Utilities, Inc. | 94,600 | 3,533,310 | |
5,949,387 | |||
TOTAL UTILITIES | 387,442,349 | ||
TOTAL COMMON STOCKS (Cost $10,730,921,205) | 17,156,391,240 | ||
Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.3% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc. Series F (a)(b)(e) | 236,672 | 7,890,644 | |
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd.: | |||
Series E(a)(b)(e) | 388,096 | 9,465,661 | |
Series F(a)(b)(e) | 160,054 | 3,903,717 | |
Saluda Medical, Inc. Series E (a)(e) | 301,188 | 2,460,706 | |
15,830,084 | |||
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
Asimov, Inc. Series B (a)(b)(e) | 35,044 | 1,579,784 | |
Caris Life Sciences, Inc. Series D (a)(b)(e) | 1,077,331 | 3,113,487 | |
Cleerly, Inc. Series C (a)(b)(e) | 411,426 | 4,451,629 | |
Element Biosciences, Inc. Series C (a)(b)(e) | 195,016 | 2,923,290 | |
ElevateBio LLC Series C (a)(b)(e) | 626,000 | 1,996,940 | |
Inscripta, Inc. Series E (a)(b)(e) | 423,474 | 1,545,680 | |
15,610,810 | |||
Health Care Providers & Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(e) | 416,172 | 2,463,738 | |
Health Care Technology - 0.1% | |||
Aledade, Inc.: | |||
Series B1(a)(b)(e) | 67,586 | 3,244,128 | |
Series E1(a)(b)(e) | 14,822 | 711,456 | |
Omada Health, Inc. Series E (a)(b)(e) | 597,550 | 2,533,612 | |
Wugen, Inc. Series B (a)(b)(e) | 155,150 | 879,701 | |
7,368,897 | |||
Pharmaceuticals - 0.0% | |||
Galvanize Therapeutics Series B (a)(b)(e) | 1,112,588 | 1,234,973 | |
TOTAL HEALTH CARE | 26,678,418 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 50,399,146 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Thriveworks TopCo LLC Series B (a)(b)(e)(f) | 141,317 | 1,640,690 | |
TOTAL PREFERRED STOCKS (Cost $77,351,262) | 52,039,836 | ||
Corporate Bonds - 0.1% | |||
Principal Amount (g) | Value ($) | ||
Convertible Bonds - 0.1% | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Affirm Holdings, Inc. 0% 11/15/26 | 10,003,000 | 8,177,453 | |
Nonconvertible Bonds - 0.0% | |||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (a)(e) | 7,721,395 | 7,712,129 | |
TOTAL CORPORATE BONDS (Cost $14,844,055) | 15,889,582 | ||
U.S. Treasury Obligations - 0.0% | |||
Principal Amount (g) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 5.26% to 5.31% 2/29/24 to 3/28/24 (h) (Cost $6,216,207) | 6,290,000 | 6,217,243 | |
Money Market Funds - 2.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (i) | 334,523,898 | 334,590,803 | |
Fidelity Securities Lending Cash Central Fund 5.40% (i)(j) | 73,809,318 | 73,816,699 | |
TOTAL MONEY MARKET FUNDS (Cost $408,407,501) | 408,407,502 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $11,237,740,230) | 17,638,945,403 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (276,112) |
NET ASSETS - 100.0% | 17,638,669,291 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME Micro E-mini S&P 500 Index Contracts (United States) | 498 | Mar 2024 | 120,018,000 | 911,717 | 911,717 |
The notional amount of futures purchased as a percentage of Net Assets is 0.7% |
(a) | Level 3 security |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,439,553 or 0.0% of net assets. |
(e) | 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 $81,563,850 or 0.5% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,217,243. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 2,587,915 |
Aledade, Inc. Series E1 | 5/20/22 | 738,349 |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 7,721,395 |
Asimov, Inc. Series B | 10/29/21 | 3,247,902 |
Caris Life Sciences, Inc. | 10/06/22 | 1,271,553 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 8,726,381 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 6,298,800 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 6,744,676 |
Cleerly, Inc. Series C | 7/08/22 | 4,846,845 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 5,910,953 |
Element Biosciences, Inc. Series C | 6/21/21 | 4,008,885 |
ElevateBio LLC Series C | 3/09/21 | 2,626,070 |
Galvanize Therapeutics Series B | 3/29/22 | 1,926,207 |
Inscripta, Inc. Series E | 3/30/21 | 3,739,275 |
Jumo World Holding Ltd. | 9/06/23 | 999,839 |
Omada Health, Inc. Series E | 12/22/21 | 3,582,432 |
Reddit, Inc. Series F | 8/11/21 | 14,625,004 |
Saluda Medical, Inc. Series E | 4/06/23 | 2,431,732 |
Starling Bank Ltd. Series D | 6/18/21 | 8,257,037 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 4,060,362 |
Wugen, Inc. Series B | 7/09/21 | 1,203,173 |
X Holdings Corp. | 10/27/21 | 2,390,803 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 205,039,854 | 1,892,307,038 | 1,762,756,090 | 5,047,344 | - | 1 | 334,590,803 | 0.7% |
Fidelity Securities Lending Cash Central Fund 5.40% | 65,705,738 | 348,059,741 | 339,948,780 | 301,036 | - | - | 73,816,699 | 0.3% |
Total | 270,745,592 | 2,240,366,779 | 2,102,704,870 | 5,348,380 | - | 1 | 408,407,502 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,398,396,387 | 1,390,505,740 | - | 7,890,647 |
Consumer Discretionary | 1,876,461,151 | 1,865,905,481 | 10,555,670 | - |
Consumer Staples | 1,059,849,538 | 1,041,651,243 | 18,198,293 | 2 |
Energy | 690,176,322 | 690,176,322 | - | - |
Financials | 2,326,869,454 | 2,223,660,260 | 65,594,298 | 37,614,896 |
Health Care | 2,186,129,002 | 2,115,398,617 | 42,870,726 | 27,859,659 |
Industrials | 1,777,786,914 | 1,777,786,914 | - | - |
Information Technology | 4,558,297,936 | 4,557,286,384 | - | 1,011,552 |
Materials | 437,679,374 | 437,679,374 | - | - |
Real Estate | 509,342,649 | 509,342,649 | - | - |
Utilities | 387,442,349 | 387,442,349 | - | - |
Corporate Bonds | 15,889,582 | - | 8,177,453 | 7,712,129 |
U.S. Government and Government Agency Obligations | 6,217,243 | - | 6,217,243 | - |
Money Market Funds | 408,407,502 | 408,407,502 | - | - |
Total Investments in Securities: | 17,638,945,403 | 17,405,242,835 | 151,613,683 | 82,088,885 |
Net Unrealized Depreciation on Unfunded Commitments | (135,293) | - | (135,293) | - |
Total | (135,293) | - | (135,293) | - |
Derivative Instruments: Assets | ||||
Futures Contracts | 911,717 | 911,717 | - | - |
Total Assets | 911,717 | 911,717 | - | - |
Total Derivative Instruments: | 911,717 | 911,717 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 911,717 | 0 |
Total Equity Risk | 911,717 | 0 |
Total Value of Derivatives | 911,717 | 0 |
Consolidated Statement of Assets and Liabilities | ||||
December 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $70,864,439) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $10,829,332,729) | $ | 17,230,537,901 | ||
Fidelity Central Funds (cost $408,407,501) | 408,407,502 | |||
Total Investment in Securities (cost $11,237,740,230) | $ | 17,638,945,403 | ||
Cash | 146,447 | |||
Foreign currency held at value (cost $957,125) | 1,004,434 | |||
Receivable for investments sold | 35,978,149 | |||
Receivable for fund shares sold | 50,609,505 | |||
Dividends receivable | 12,030,802 | |||
Interest receivable | 102,134 | |||
Distributions receivable from Fidelity Central Funds | 1,076,050 | |||
Other receivables | 58,554 | |||
Total assets | 17,739,951,478 | |||
Liabilities | ||||
Payable for investments purchased | $ | 24,601,575 | ||
Unrealized depreciation on unfunded commitments | 135,293 | |||
Payable for fund shares redeemed | 2,150,260 | |||
Payable for daily variation margin on futures contracts | 305,025 | |||
Other payables and accrued expenses | 273,335 | |||
Collateral on securities loaned | 73,816,699 | |||
Total Liabilities | 101,282,187 | |||
Net Assets | $ | 17,638,669,291 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 11,164,232,932 | ||
Total accumulated earnings (loss) | 6,474,436,359 | |||
Net Assets | $ | 17,638,669,291 | ||
Net Asset Value, offering price and redemption price per share ($17,638,669,291 ÷ 142,550,213 shares) | $ | 123.74 |
Consolidated Statement of Operations | ||||
Six months ended December 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 98,074,068 | ||
Interest | 612,284 | |||
Income from Fidelity Central Funds (including $301,036 from security lending) | 5,348,380 | |||
Total Income | 104,034,732 | |||
Expenses | ||||
Custodian fees and expenses | $ | 66,363 | ||
Independent trustees' fees and expenses | 46,664 | |||
Total Expenses | 113,027 | |||
Net Investment income (loss) | 103,921,705 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 470,646,242 | |||
Foreign currency transactions | 10,330 | |||
Futures contracts | (2,109,332) | |||
Total net realized gain (loss) | 468,547,240 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $232,936) | 895,954,946 | |||
Fidelity Central Funds | 1 | |||
Unfunded commitments | (135,293) | |||
Assets and liabilities in foreign currencies | 91,905 | |||
Futures contracts | 250,301 | |||
Total change in net unrealized appreciation (depreciation) | 896,161,860 | |||
Net gain (loss) | 1,364,709,100 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,468,630,805 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended December 31, 2023 (Unaudited) | Year ended June 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 103,921,705 | $ | 217,514,621 |
Net realized gain (loss) | 468,547,240 | 700,450,915 | ||
Change in net unrealized appreciation (depreciation) | 896,161,860 | 2,200,043,614 | ||
Net increase (decrease) in net assets resulting from operations | 1,468,630,805 | 3,118,009,150 | ||
Distributions to shareholders | (967,497,109) | (445,588,465) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 415,469,456 | 428,911,043 | ||
Reinvestment of distributions | 967,497,109 | 445,588,465 | ||
Cost of shares redeemed | (944,887,876) | (3,480,179,601) | ||
Net increase (decrease) in net assets resulting from share transactions | 438,078,689 | (2,605,680,093) | ||
Total increase (decrease) in net assets | 939,212,385 | 66,740,592 | ||
Net Assets | ||||
Beginning of period | 16,699,456,906 | 16,632,716,314 | ||
End of period | $ | 17,638,669,291 | $ | 16,699,456,906 |
Other Information | ||||
Shares | ||||
Sold | 3,421,742 | 3,996,159 | ||
Issued in reinvestment of distributions | 8,149,457 | 4,154,208 | ||
Redeemed | (7,899,528) | (31,903,995) | ||
Net increase (decrease) | 3,671,671 | (23,753,628) | ||
Fidelity® U.S. Equity Central Fund |
Six months ended (Unaudited) December 31, 2023 | Years ended June 30, 2023 | 2022 | 2021 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 120.25 | $ | 102.27 | $ | 132.73 | $ | 100.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .76 | 1.47 | 1.41 | 1.05 | ||||
Net realized and unrealized gain (loss) | 9.96 | 19.57 | (19.85) | 33.21 | ||||
Total from investment operations | 10.72 | 21.04 | (18.44) | 34.26 | ||||
Distributions from net investment income | (.96) | (1.52) | (1.38) | (.87) | ||||
Distributions from net realized gain | (6.27) | (1.54) | (10.64) | (.66) | ||||
Total distributions | (7.23) | (3.06) | (12.02) | (1.53) | ||||
Net asset value, end of period | $ | 123.74 | $ | 120.25 | $ | 102.27 | $ | 132.73 |
Total Return D,E | 9.19% | 20.95% | (15.73)% | 34.47% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions H | -% I | -% | -% | -% I | ||||
Expenses net of fee waivers, if any H | -% I | -% | -% | -% I | ||||
Expenses net of all reductions H | -% I | -% | -% | -% I | ||||
Net investment income (loss) | 1.27% I | 1.34% | 1.10% | 1.12% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 17,638,669 | $ | 16,699,457 | $ | 16,632,716 | $ | 28,240,621 |
Portfolio turnover rate J | 39% I | 31% | 34% K | 47% I,L |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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% |
Gross unrealized appreciation | $6,742,446,228 |
Gross unrealized depreciation | (397,021,985) |
Net unrealized appreciation (depreciation) | $6,345,424,243 |
Tax cost | $11,294,432,877 |
Investment to be Acquired | Shares | Commitment Amount | |
Fidelity U.S. Equity Central Fund | Lions Gate Entertainment Corp. | 218,214 | $2,101,401 |
$ Amount | % of Net Assets | |
Fidelity U.S. Equity Central Fund | 1,640,690 | .01 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity U.S. Equity Central Fund | 3,177,432,591 | 3,814,642,945 |
Amount | |
Fidelity U.S. Equity Central Fund | $48,789 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity U.S. Equity Central Fund | 151,877,382 | 218,022,262 | 25,803,192 |
Amount ($) | |
Fidelity U.S. Equity Central Fund | 16,676 |
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 U.S. Equity Central Fund | $31,055 | $5,821 | $50,644 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value July 1, 2023 | Ending Account Value December 31, 2023 | Expenses Paid During Period- C July 1, 2023 to December 31, 2023 | |||||||
Fidelity® U.S. Equity Central Fund | 0.0014% | |||||||||
Actual | $ 1,000 | $ 1,091.90 | $ .01 | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.13 | $ .01 | |||||||
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 Capital Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Capital Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that
material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
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 Capital Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer (Principal Executive Officer) | |
Date: | May 22, 2024 |
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 (Principal Executive Officer) | |
Date: | May 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer (Principal Financial Officer) | |
Date: | May 22, 2024 |