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 811-03114
Fidelity Select Portfolios
(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: | February 28 |
Date of reporting period: | August 31, 2023 |
Item 1.
Reports to Stockholders
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![](https://capedge.com/proxy/N-CSRS/0000320351-23-000402/img92527_1.jpg)
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Contents
Top Holdings (% of Fund's net assets) | ||
Visa, Inc. Class A | 22.4 | |
MasterCard, Inc. Class A | 15.9 | |
Accenture PLC Class A | 11.5 | |
MongoDB, Inc. Class A | 4.2 | |
Block, Inc. Class A | 4.0 | |
ExlService Holdings, Inc. | 3.5 | |
Intuit, Inc. | 3.5 | |
Fiserv, Inc. | 3.4 | |
Global Payments, Inc. | 3.0 | |
H&R Block, Inc. | 2.5 | |
73.9 | ||
Industries (% of Fund's net assets) | ||
Financial Services | 53.8 | |
IT Services | 23.3 | |
Professional Services | 8.5 | |
Software | 7.9 | |
Diversified Consumer Services | 2.5 | |
Interactive Media & Services | 2.0 | |
Consumer Finance | 0.7 | |
Communications Equipment | 0.6 | |
Broadline Retail | 0.3 | |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
Broadline Retail - 0.3% | |||
Broadline Retail - 0.3% | |||
Global-e Online Ltd. (a)(b) | 140,925 | 5,584,858 | |
Communications Equipment - 0.6% | |||
Communications Equipment - 0.6% | |||
Lumentum Holdings, Inc. (a) | 217,300 | 11,762,449 | |
Consumer Finance - 0.7% | |||
Consumer Finance - 0.7% | |||
NerdWallet, Inc. (a)(b) | 1,525,523 | 13,729,707 | |
Diversified Consumer Services - 2.5% | |||
Specialized Consumer Services - 2.5% | |||
H&R Block, Inc. (b) | 1,289,200 | 51,542,216 | |
Financial Services - 53.8% | |||
Transaction & Payment Processing Services - 53.8% | |||
Block, Inc. Class A (a) | 1,391,600 | 80,225,740 | |
Fiserv, Inc. (a) | 562,017 | 68,223,244 | |
FleetCor Technologies, Inc. (a) | 151,600 | 41,194,268 | |
Global Payments, Inc. | 478,400 | 60,608,496 | |
MasterCard, Inc. Class A | 775,100 | 319,837,264 | |
PayPal Holdings, Inc. (a) | 543,440 | 33,970,434 | |
Remitly Global, Inc. (a) | 1,126,100 | 28,321,415 | |
The Western Union Co. | 4,800 | 59,280 | |
Visa, Inc. Class A (b) | 1,840,048 | 452,062,992 | |
WEX, Inc. (a) | 700 | 137,326 | |
1,084,640,459 | |||
Interactive Media & Services - 2.0% | |||
Interactive Media & Services - 2.0% | |||
Alphabet, Inc. Class A (a) | 190,000 | 25,872,300 | |
Meta Platforms, Inc. Class A (a) | 46,100 | 13,640,529 | |
39,512,829 | |||
IT Services - 23.3% | |||
Internet Services & Infrastructure - 6.4% | |||
Cloudflare, Inc. (a) | 107,800 | 7,010,234 | |
MongoDB, Inc. Class A (a) | 220,100 | 83,924,130 | |
Okta, Inc. (a) | 192,600 | 16,084,026 | |
Snowflake, Inc. (a)(b) | 80,900 | 12,689,165 | |
Twilio, Inc. Class A (a)(b) | 136,600 | 8,702,786 | |
128,410,341 | |||
IT Consulting & Other Services - 16.9% | |||
Accenture PLC Class A | 715,180 | 231,553,829 | |
Amdocs Ltd. | 405,900 | 36,206,280 | |
EPAM Systems, Inc. (a) | 83,600 | 21,651,564 | |
Gartner, Inc. (a) | 147,200 | 51,472,896 | |
340,884,569 | |||
TOTAL IT SERVICES | 469,294,910 | ||
Professional Services - 8.5% | |||
Data Processing & Outsourced Services - 5.5% | |||
ExlService Holdings, Inc. (a) | 2,428,500 | 70,985,055 | |
WNS Holdings Ltd. sponsored ADR (a) | 602,292 | 39,359,782 | |
110,344,837 | |||
Human Resource & Employment Services - 3.0% | |||
Automatic Data Processing, Inc. | 106,175 | 27,033,217 | |
Manpower, Inc. (b) | 220,800 | 17,414,496 | |
Paycom Software, Inc. | 57,300 | 16,894,332 | |
61,342,045 | |||
TOTAL PROFESSIONAL SERVICES | 171,686,882 | ||
Software - 7.9% | |||
Application Software - 4.8% | |||
Intuit, Inc. | 130,456 | 70,682,365 | |
Samsara, Inc. (a) | 562,900 | 15,400,944 | |
Workday, Inc. Class A (a) | 42,700 | 10,440,150 | |
96,523,459 | |||
Systems Software - 3.1% | |||
Microsoft Corp. | 113,200 | 37,102,432 | |
UiPath, Inc. Class A (a)(b) | 1,640,100 | 25,929,981 | |
63,032,413 | |||
TOTAL SOFTWARE | 159,555,872 | ||
TOTAL COMMON STOCKS (Cost $1,029,794,935) | 2,007,310,182 | ||
Money Market Funds - 4.3% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) (Cost $87,231,040) | 87,222,317 | 87,231,040 | |
TOTAL INVESTMENT IN SECURITIES - 103.9% (Cost $1,117,025,975) | 2,094,541,222 |
NET OTHER ASSETS (LIABILITIES) - (3.9)% | (77,873,279) |
NET ASSETS - 100.0% | 2,016,667,943 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 1,121,615 | 136,180,176 | 137,301,791 | 109,757 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 548,084,985 | 885,114,236 | 1,345,968,181 | 112,635 | - | - | 87,231,040 | 0.3% |
Total | 549,206,600 | 1,021,294,412 | 1,483,269,972 | 222,392 | - | - | 87,231,040 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 2,007,310,182 | 2,007,310,182 | - | - |
Money Market Funds | 87,231,040 | 87,231,040 | - | - |
Total Investments in Securities: | 2,094,541,222 | 2,094,541,222 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $85,240,600) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,029,794,935) | $ | 2,007,310,182 | ||
Fidelity Central Funds (cost $87,231,040) | 87,231,040 | |||
Total Investment in Securities (cost $1,117,025,975) | $ | 2,094,541,222 | ||
Receivable for investments sold | 34,181,307 | |||
Receivable for fund shares sold | 129,952 | |||
Dividends receivable | 1,045,183 | |||
Distributions receivable from Fidelity Central Funds | 28,461 | |||
Prepaid expenses | 7,718 | |||
Other receivables | 23,548 | |||
Total assets | 2,129,957,391 | |||
Liabilities | ||||
Payable to custodian bank | $ | 71,523 | ||
Payable for investments purchased | 23,174,949 | |||
Payable for fund shares redeemed | 1,527,355 | |||
Accrued management fee | 865,617 | |||
Other affiliated payables | 336,043 | |||
Other payables and accrued expenses | 99,011 | |||
Collateral on securities loaned | 87,214,950 | |||
Total Liabilities | 113,289,448 | |||
Net Assets | $ | 2,016,667,943 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 967,817,942 | ||
Total accumulated earnings (loss) | 1,048,850,001 | |||
Net Assets | $ | 2,016,667,943 | ||
Net Asset Value, offering price and redemption price per share ($2,016,667,943 ÷ 33,696,450 shares) | $ | 59.85 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 6,948,047 | ||
Income from Fidelity Central Funds (including $112,635 from security lending) | 222,392 | |||
Total Income | 7,170,439 | |||
Expenses | ||||
Management fee | $ | 5,313,533 | ||
Transfer agent fees | 1,763,600 | |||
Accounting fees | 271,871 | |||
Custodian fees and expenses | 19,341 | |||
Independent trustees' fees and expenses | 7,995 | |||
Registration fees | 11,459 | |||
Audit | 19,484 | |||
Legal | 4,496 | |||
Interest | 14,316 | |||
Miscellaneous | 56,614 | |||
Total expenses before reductions | 7,482,709 | |||
Expense reductions | (63,461) | |||
Total expenses after reductions | 7,419,248 | |||
Net Investment income (loss) | (248,809) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 81,931,519 | |||
Total net realized gain (loss) | 81,931,519 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 82,332,944 | |||
Assets and liabilities in foreign currencies | 18 | |||
Total change in net unrealized appreciation (depreciation) | 82,332,962 | |||
Net gain (loss) | 164,264,481 | |||
Net increase (decrease) in net assets resulting from operations | $ | 164,015,672 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (248,809) | $ | 659,594 |
Net realized gain (loss) | 81,931,519 | 1,424,399 | ||
Change in net unrealized appreciation (depreciation) | 82,332,962 | (348,839,323) | ||
Net increase (decrease) in net assets resulting from operations | 164,015,672 | (346,755,330) | ||
Distributions to shareholders | (148,388) | (302,562,844) | ||
Share transactions | ||||
Proceeds from sales of shares | 26,835,985 | 102,221,072 | ||
Reinvestment of distributions | 138,310 | 284,601,905 | ||
Cost of shares redeemed | (260,641,530) | (524,875,862) | ||
Net increase (decrease) in net assets resulting from share transactions | (233,667,235) | (138,052,885) | ||
Total increase (decrease) in net assets | (69,799,951) | (787,371,059) | ||
Net Assets | ||||
Beginning of period | 2,086,467,894 | 2,873,838,953 | ||
End of period | $ | 2,016,667,943 | $ | 2,086,467,894 |
Other Information | ||||
Shares | ||||
Sold | 473,523 | 1,767,664 | ||
Issued in reinvestment of distributions | 2,460 | 4,611,673 | ||
Redeemed | (4,603,190) | (9,454,797) | ||
Net increase (decrease) | (4,127,207) | (3,075,460) | ||
Enterprise Technology Services Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 55.16 | $ | 70.27 | $ | 93.94 | $ | 73.62 | $ | 64.96 | $ | 58.69 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | (.01) | .02 | (.27) | (.09) | .03 | .04 | ||||||
Net realized and unrealized gain (loss) | 4.70 | (7.56) | (10.44) | 25.34 | 10.36 | 8.92 | ||||||
Total from investment operations | 4.69 | (7.54) | (10.71) | 25.25 | 10.39 | 8.96 | ||||||
Distributions from net investment income | - D | (.01) | - | (.01) | (.03) | (.03) | ||||||
Distributions from net realized gain | - | (7.55) | (12.96) | (4.93) | (1.70) | (2.66) | ||||||
Total distributions | - D | (7.57) E | (12.96) | (4.93) E | (1.73) | (2.69) | ||||||
Net asset value, end of period | $ | 59.85 | $ | 55.16 | $ | 70.27 | $ | 93.94 | $ | 73.62 | $ | 64.96 |
Total Return F,G | 8.51% | (11.88)% | (13.31)% | 34.67% | 15.99% | 16.04% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | .74% J,K | .73% | .70% | .72% | .73% | .74% | ||||||
Expenses net of fee waivers, if any | .73% J,K | .73% | .70% | .72% | .73% | .74% | ||||||
Expenses net of all reductions | .73% J,K | .73% | .70% | .72% | .73% | .74% | ||||||
Net investment income (loss) | (.02)% J,K | .03% | (.29)% | (.11)% | .04% | .06% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,016,668 | $ | 2,086,468 | $ | 2,873,839 | $ | 4,135,311 | $ | 4,099,114 | $ | 2,867,321 |
Portfolio turnover rate L | 35% K | 43% | 41% | 31% | 24% | 26% |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 24.8 | |
NXP Semiconductors NV | 8.4 | |
ON Semiconductor Corp. | 8.0 | |
Marvell Technology, Inc. | 7.1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5.0 | |
GlobalFoundries, Inc. | 4.9 | |
Broadcom, Inc. | 4.6 | |
Microchip Technology, Inc. | 3.7 | |
Lam Research Corp. | 3.6 | |
Teradyne, Inc. | 3.5 | |
73.6 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 96.6 | |
Electrical Equipment | 0.2 | |
Metals & Mining | 0.1 | |
Electronic Equipment, Instruments & Components | 0.0 | |
Software | 0.0 | |
Technology Hardware, Storage & Peripherals | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 96.4% | |||
Shares | Value ($) | ||
Electrical Equipment - 0.2% | |||
Electrical Components & Equipment - 0.2% | |||
Array Technologies, Inc. (a) | 563,300 | 14,009,271 | |
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Equipment & Instruments - 0.0% | |||
Aeva Technologies, Inc. (a)(b) | 1,097,800 | 1,034,786 | |
Semiconductors & Semiconductor Equipment - 96.2% | |||
Semiconductor Materials & Equipment - 13.8% | |||
Applied Materials, Inc. | 72,500 | 11,075,100 | |
ASML Holding NV (depository receipt) | 596,400 | 393,940,092 | |
Enphase Energy, Inc. (a) | 1,631,361 | 206,416,107 | |
KLA Corp. | 29,013 | 14,560,754 | |
Lam Research Corp. | 595,273 | 418,119,755 | |
Nova Ltd. (a)(b) | 1,109,328 | 143,036,752 | |
Teradyne, Inc. (b) | 3,692,022 | 398,258,413 | |
1,585,406,973 | |||
Semiconductors - 82.4% | |||
Advanced Micro Devices, Inc. (a) | 3,307,918 | 349,713,091 | |
Allegro MicroSystems LLC (a)(b) | 3,913,000 | 149,672,250 | |
Alpha & Omega Semiconductor Ltd. (a) | 513,296 | 16,194,489 | |
Ambarella, Inc. (a) | 312,589 | 19,427,406 | |
Analog Devices, Inc. | 63,338 | 11,513,582 | |
Broadcom, Inc. | 567,727 | 523,949,571 | |
Cirrus Logic, Inc. (a) | 518,279 | 42,519,609 | |
GlobalFoundries, Inc. (a)(b) | 10,263,797 | 567,074,784 | |
Impinj, Inc. (a)(b)(c) | 1,881,096 | 125,224,561 | |
Lattice Semiconductor Corp. (a) | 2,137,957 | 207,937,698 | |
MACOM Technology Solutions Holdings, Inc. (a) | 2,078,063 | 175,721,007 | |
Marvell Technology, Inc. | 13,916,173 | 810,617,077 | |
Microchip Technology, Inc. | 5,166,661 | 422,839,536 | |
Micron Technology, Inc. | 4,508,900 | 315,352,466 | |
Monolithic Power Systems, Inc. | 502,561 | 261,939,819 | |
NVIDIA Corp. | 5,779,268 | 2,852,357,721 | |
NXP Semiconductors NV | 4,674,214 | 961,579,304 | |
ON Semiconductor Corp. (a) | 9,327,088 | 918,345,084 | |
Skyworks Solutions, Inc. | 1,495,686 | 162,640,896 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 6,079,300 | 568,840,101 | |
9,463,460,052 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 11,048,867,025 | ||
TOTAL COMMON STOCKS (Cost $6,502,040,987) | 11,063,911,082 | ||
Convertible Preferred Stocks - 0.4% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Components - 0.0% | |||
Menlo Micro, Inc. Series C (a)(d)(e) | 739,500 | 732,105 | |
Metals & Mining - 0.1% | |||
Precious Metals & Minerals - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(d)(e) | 189,999 | 6,315,567 | |
Semiconductors & Semiconductor Equipment - 0.3% | |||
Semiconductor Materials & Equipment - 0.1% | |||
Astera Labs, Inc.: | |||
Series A (a)(d)(e) | 269,049 | 2,550,585 | |
Series B (a)(d)(e) | 45,810 | 434,279 | |
Series C (a)(d)(e) | 185,800 | 1,761,384 | |
Series D (a)(d)(e) | 1,092,759 | 10,359,355 | |
15,105,603 | |||
Semiconductors - 0.2% | |||
Alif Semiconductor Series C (a)(d)(e) | 444,283 | 8,659,076 | |
GaN Systems, Inc.: | |||
Series F1 (a)(d)(e) | 496,628 | 5,497,672 | |
Series F2 (a)(d)(e) | 262,241 | 2,903,008 | |
Retym, Inc. Series C (d)(e) | 458,946 | 3,556,832 | |
SiMa.ai: | |||
Series B (a)(d)(e) | 309,900 | 1,912,083 | |
Series B1 (a)(d)(e) | 163,147 | 1,174,658 | |
23,703,329 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 38,808,932 | ||
Software - 0.0% | |||
Systems Software - 0.0% | |||
Tenstorrent, Inc. Series C1 (a)(d)(e) | 8,800 | 489,104 | |
Technology Hardware, Storage & Peripherals - 0.0% | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc. Series C (d)(e) | 271,273 | 4,454,303 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $47,237,832) | 50,800,011 | ||
Preferred Securities - 0.1% | |||
Principal Amount (f) | Value ($) | ||
Semiconductors & Semiconductor Equipment - 0.1% | |||
Semiconductors - 0.1% | |||
GaN Systems, Inc. 0% (d)(e)(g) | 11,640,267 | 14,325,677 | |
Software - 0.0% | |||
Systems Software - 0.0% | |||
Tenstorrent, Inc. 0% (d)(e)(g) | 490,000 | 458,150 | |
TOTAL PREFERRED SECURITIES (Cost $12,130,267) | 14,783,827 | ||
Money Market Funds - 3.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (h) | 123,998,544 | 124,023,344 | |
Fidelity Securities Lending Cash Central Fund 5.44% (h)(i) | 287,467,793 | 287,496,540 | |
TOTAL MONEY MARKET FUNDS (Cost $411,519,884) | 411,519,884 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $6,972,928,970) | 11,541,014,804 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (57,746,728) |
NET ASSETS - 100.0% | 11,483,268,076 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated company |
(d) | 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 $65,583,838 or 0.6% of net assets. |
(e) | Level 3 security |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Alif Semiconductor Series C | 3/08/22 | 9,018,296 |
Astera Labs, Inc. Series A | 5/17/22 | 2,736,094 |
Astera Labs, Inc. Series B | 5/17/22 | 465,865 |
Astera Labs, Inc. Series C | 8/24/21 | 624,622 |
Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 11,112,812 |
Diamond Foundry, Inc. Series C | 3/15/21 | 4,559,976 |
GaN Systems, Inc. Series F1 | 11/30/21 | 4,211,405 |
GaN Systems, Inc. Series F2 | 11/30/21 | 2,223,804 |
GaN Systems, Inc. 0% | 11/30/21 | 11,640,267 |
Lightmatter, Inc. Series C | 5/19/23 | 4,464,286 |
Menlo Micro, Inc. Series C | 2/09/22 | 980,207 |
Retym, Inc. Series C | 5/17/23 - 6/20/23 | 3,571,426 |
SiMa.ai Series B | 5/10/21 | 1,588,981 |
SiMa.ai Series B1 | 4/25/22 - 10/17/22 | 1,156,859 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 523,198 |
Tenstorrent, Inc. 0% | 4/23/21 | 490,000 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 91,823,488 | 1,773,485,801 | 1,741,285,945 | 5,200,236 | - | - | 124,023,344 | 0.3% |
Fidelity Securities Lending Cash Central Fund 5.44% | 119,203,612 | 1,442,422,437 | 1,274,129,509 | 1,532,089 | - | - | 287,496,540 | 1.0% |
Total | 211,027,100 | 3,215,908,238 | 3,015,415,454 | 6,732,325 | - | - | 411,519,884 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Impinj, Inc. | 8,895,752 | 176,513,603 | - | - | - | (60,184,794) | 125,224,561 |
Total | 8,895,752 | 176,513,603 | - | - | - | (60,184,794) | 125,224,561 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 11,063,911,082 | 11,063,911,082 | - | - |
Convertible Preferred Stocks | 50,800,011 | - | - | 50,800,011 |
Preferred Securities | 14,783,827 | - | - | 14,783,827 |
Money Market Funds | 411,519,884 | 411,519,884 | - | - |
Total Investments in Securities: | 11,541,014,804 | 11,475,430,966 | - | 65,583,838 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $282,703,959) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $6,376,458,537) | $ | 11,004,270,359 | ||
Fidelity Central Funds (cost $411,519,884) | 411,519,884 | |||
Other affiliated issuers (cost $184,950,549) | 125,224,561 | |||
Total Investment in Securities (cost $6,972,928,970) | $ | 11,541,014,804 | ||
Receivable for investments sold | 362,306,411 | |||
Receivable for fund shares sold | 17,897,390 | |||
Dividends receivable | 3,603,239 | |||
Distributions receivable from Fidelity Central Funds | 1,243,571 | |||
Prepaid expenses | 24,717 | |||
Other receivables | 238,508 | |||
Total assets | 11,926,328,640 | |||
Liabilities | ||||
Payable for investments purchased | $ | 140,316,770 | ||
Payable for fund shares redeemed | 8,793,427 | |||
Accrued management fee | 4,832,432 | |||
Other affiliated payables | 1,373,563 | |||
Other payables and accrued expenses | 247,832 | |||
Collateral on securities loaned | 287,496,540 | |||
Total Liabilities | 443,060,564 | |||
Net Assets | $ | 11,483,268,076 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,032,033,592 | ||
Total accumulated earnings (loss) | 5,451,234,484 | |||
Net Assets | $ | 11,483,268,076 | ||
Net Asset Value, offering price and redemption price per share ($11,483,268,076 ÷ 466,185,725 shares) | $ | 24.63 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 30,001,226 | ||
Income from Fidelity Central Funds (including $1,532,089 from security lending) | 6,732,325 | |||
Total Income | 36,733,551 | |||
Expenses | ||||
Management fee | $ | 25,206,760 | ||
Transfer agent fees | 6,784,465 | |||
Accounting fees | 574,016 | |||
Custodian fees and expenses | 22,820 | |||
Independent trustees' fees and expenses | 30,132 | |||
Registration fees | 212,127 | |||
Audit | 19,910 | |||
Legal | 2,727 | |||
Interest | 3,636 | |||
Miscellaneous | 23,296 | |||
Total expenses before reductions | 32,879,889 | |||
Expense reductions | (290,242) | |||
Total expenses after reductions | 32,589,647 | |||
Net Investment income (loss) | 4,143,904 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 933,148,962 | |||
Foreign currency transactions | (181) | |||
Total net realized gain (loss) | 933,148,781 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,772,667,157 | |||
Affiliated issuers | (60,184,794) | |||
Assets and liabilities in foreign currencies | 145 | |||
Total change in net unrealized appreciation (depreciation) | 1,712,482,508 | |||
Net gain (loss) | 2,645,631,289 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,649,775,193 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,143,904 | $ | 11,921,903 |
Net realized gain (loss) | 933,148,781 | 102,226,545 | ||
Change in net unrealized appreciation (depreciation) | 1,712,482,508 | (478,501,687) | ||
Net increase (decrease) in net assets resulting from operations | 2,649,775,193 | (364,353,239) | ||
Distributions to shareholders | (19,318,442) | (401,716,905) | ||
Share transactions | ||||
Proceeds from sales of shares | 1,980,513,356 | 1,289,524,725 | ||
Reinvestment of distributions | 17,971,554 | 378,004,092 | ||
Cost of shares redeemed | (910,126,133) | (1,563,929,144) | ||
Net increase (decrease) in net assets resulting from share transactions | 1,088,358,777 | 103,599,673 | ||
Total increase (decrease) in net assets | 3,718,815,528 | (662,470,471) | ||
Net Assets | ||||
Beginning of period | 7,764,452,548 | 8,426,923,019 | ||
End of period | $ | 11,483,268,076 | $ | 7,764,452,548 |
Other Information | ||||
Shares | ||||
Sold | 88,973,461 | 74,773,935 | ||
Issued in reinvestment of distributions | 938,463 | 22,013,643 | ||
Redeemed | (41,877,267) | (95,214,839) | ||
Net increase (decrease) | 48,034,657 | 1,572,739 | ||
Semiconductors Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 18.57 | $ | 20.23 | $ | 17.59 | $ | 11.47 | $ | 9.41 | $ | 11.77 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .01 | .03 | .01 | .07 | .09 | .10 | ||||||
Net realized and unrealized gain (loss) | 6.10 | (.71) | 4.30 | 7.37 | 2.39 | (.35) | ||||||
Total from investment operations | 6.11 | (.68) | 4.31 | 7.44 | 2.48 | (.25) | ||||||
Distributions from net investment income | - | (.03) | (.01) | (.08) | (.10) | (.06) | ||||||
Distributions from net realized gain | (.05) | (.95) | (1.66) | (1.24) | (.33) | (2.05) | ||||||
Total distributions | (.05) | (.98) | (1.67) | (1.32) | (.42) E | (2.11) | ||||||
Net asset value, end of period | $ | 24.63 | $ | 18.57 | $ | 20.23 | $ | 17.59 | $ | 11.47 | $ | 9.41 |
Total Return F,G | 32.94% | (2.91)% | 24.57% | 70.47% | 26.01% | .19% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | .68% J | .69% | .68% | .70% | .72% | .73% | ||||||
Expenses net of fee waivers, if any | .68% J | .69% | .67% | .70% | .72% | .73% | ||||||
Expenses net of all reductions | .68% J | .69% | .67% | .69% | .71% | .72% | ||||||
Net investment income (loss) | .09% J | .17% | .03% | .53% | .85% | .92% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 11,483,268 | $ | 7,764,453 | $ | 8,426,923 | $ | 5,717,786 | $ | 3,778,557 | $ | 3,052,506 |
Portfolio turnover rate K | 50% J | 35% | 33% | 87% | 114% | 130% |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 23.4 | |
Adobe, Inc. | 7.6 | |
Salesforce, Inc. | 6.1 | |
Alphabet, Inc. Class A | 3.0 | |
Intuit, Inc. | 3.0 | |
Oracle Corp. | 2.7 | |
Workday, Inc. Class A | 2.6 | |
Autodesk, Inc. | 2.5 | |
Palo Alto Networks, Inc. | 2.5 | |
Cognizant Technology Solutions Corp. Class A | 2.1 | |
55.5 | ||
Industries (% of Fund's net assets) | ||
Software | 67.1 | |
IT Services | 17.5 | |
Financial Services | 5.8 | |
Interactive Media & Services | 4.1 | |
Entertainment | 1.4 | |
Professional Services | 0.9 | |
Health Care Technology | 0.2 | |
Ground Transportation | 0.2 | |
Media | 0.1 | |
Common Stocks - 97.3% | |||
Shares | Value ($) | ||
Entertainment - 1.4% | |||
Interactive Home Entertainment - 1.4% | |||
Activision Blizzard, Inc. | 814,900 | 74,962,651 | |
Electronic Arts, Inc. | 655,500 | 78,646,890 | |
153,609,541 | |||
Financial Services - 5.8% | |||
Transaction & Payment Processing Services - 5.8% | |||
Adyen BV (a)(b) | 52,400 | 43,755,122 | |
Block, Inc. Class A (a) | 1,686,600 | 97,232,490 | |
Fidelity National Information Services, Inc. | 547,700 | 30,594,522 | |
Fiserv, Inc. (a) | 263,900 | 32,034,821 | |
FleetCor Technologies, Inc. (a) | 125,200 | 34,020,596 | |
MasterCard, Inc. Class A | 318,100 | 131,260,784 | |
PayPal Holdings, Inc. (a) | 605,300 | 37,837,303 | |
Toast, Inc. (a) | 2,690,900 | 59,657,253 | |
Visa, Inc. Class A | 543,920 | 133,630,266 | |
WEX, Inc. (a) | 80,600 | 15,812,108 | |
615,835,265 | |||
Ground Transportation - 0.2% | |||
Passenger Ground Transportation - 0.2% | |||
Uber Technologies, Inc. (a) | 373,200 | 17,626,236 | |
Health Care Technology - 0.2% | |||
Health Care Technology - 0.2% | |||
Doximity, Inc. (a) | 768,740 | 18,326,762 | |
Interactive Media & Services - 4.1% | |||
Interactive Media & Services - 4.1% | |||
Alphabet, Inc. Class A (a) | 2,376,300 | 323,580,771 | |
Meta Platforms, Inc. Class A (a) | 234,000 | 69,238,260 | |
Zoominfo Technologies, Inc. (a) | 2,495,500 | 44,968,910 | |
437,787,941 | |||
IT Services - 17.5% | |||
Internet Services & Infrastructure - 8.8% | |||
Akamai Technologies, Inc. (a) | 1,026,200 | 107,843,358 | |
Cloudflare, Inc. (a) | 720,349 | 46,844,295 | |
GoDaddy, Inc. (a) | 1,449,500 | 105,103,245 | |
MongoDB, Inc. Class A (a) | 517,200 | 197,208,360 | |
Okta, Inc. (a) | 1,535,291 | 128,212,151 | |
Snowflake, Inc. (a) | 1,255,900 | 196,987,915 | |
Twilio, Inc. Class A (a) | 2,125,529 | 135,417,453 | |
Wix.com Ltd. (a) | 258,300 | 25,512,291 | |
943,129,068 | |||
IT Consulting & Other Services - 8.7% | |||
Accenture PLC Class A | 661,300 | 214,109,101 | |
Capgemini SA | 691,100 | 128,973,965 | |
Cognizant Technology Solutions Corp. Class A | 3,073,300 | 220,079,013 | |
DXC Technology Co. (a) | 658,600 | 13,659,364 | |
EPAM Systems, Inc. (a) | 551,325 | 142,787,662 | |
Gartner, Inc. (a) | 148,800 | 52,032,384 | |
IBM Corp. | 1,028,300 | 150,985,289 | |
922,626,778 | |||
TOTAL IT SERVICES | 1,865,755,846 | ||
Media - 0.1% | |||
Publishing - 0.1% | |||
The New York Times Co. Class A | 236,500 | 10,469,855 | |
Professional Services - 0.9% | |||
Data Processing & Outsourced Services - 0.4% | |||
ExlService Holdings, Inc. (a) | 1,243,664 | 36,352,299 | |
Human Resource & Employment Services - 0.5% | |||
Ceridian HCM Holding, Inc. (a) | 762,542 | 55,299,546 | |
TOTAL PROFESSIONAL SERVICES | 91,651,845 | ||
Software - 67.1% | |||
Application Software - 35.3% | |||
Adobe, Inc. (a) | 1,454,100 | 813,336,294 | |
Alteryx, Inc. Class A (a) | 289,700 | 8,551,944 | |
Amplitude, Inc. (a) | 2,755,675 | 32,186,284 | |
Aspen Technology, Inc. (a) | 157,662 | 30,586,428 | |
Atlassian Corp. PLC (a) | 1,026,650 | 209,498,199 | |
Autodesk, Inc. (a) | 1,199,600 | 266,239,224 | |
Bill Holdings, Inc. (a) | 332,500 | 38,337,250 | |
Blackbaud, Inc. (a) | 623,800 | 47,477,418 | |
BlackLine, Inc. (a) | 1,542,542 | 92,645,073 | |
Confluent, Inc. (a) | 1,186,685 | 39,267,407 | |
Constellation Software, Inc. | 25,200 | 51,762,575 | |
Constellation Software, Inc.: | |||
warrants 8/22/28 (a)(c) | 25,200 | 2 | |
rights (a) | 25,200 | 13,988 | |
Datadog, Inc. Class A (a) | 1,319,532 | 127,308,447 | |
DocuSign, Inc. (a) | 129,800 | 6,528,940 | |
Elastic NV (a) | 1,830,259 | 113,256,427 | |
Everbridge, Inc. (a) | 1,496,100 | 37,118,241 | |
Five9, Inc. (a) | 1,285,552 | 93,035,398 | |
HubSpot, Inc. (a) | 311,800 | 170,404,936 | |
Intuit, Inc. | 586,758 | 317,911,352 | |
New Relic, Inc. (a) | 342,000 | 29,107,620 | |
PTC, Inc. (a) | 867,000 | 127,596,390 | |
RingCentral, Inc. (a) | 1,766,677 | 54,643,320 | |
Salesforce, Inc. (a) | 2,928,184 | 648,475,629 | |
SAP SE | 24,200 | 3,376,007 | |
Workday, Inc. Class A (a) | 1,128,000 | 275,796,000 | |
Workiva, Inc. (a) | 728,676 | 81,502,411 | |
Zoom Video Communications, Inc. Class A (a) | 515,245 | 36,597,852 | |
3,752,561,056 | |||
Systems Software - 31.8% | |||
Crowdstrike Holdings, Inc. (a) | 558,386 | 91,033,670 | |
Gen Digital, Inc. | 6,352,418 | 128,636,465 | |
Microsoft Corp. | 7,606,102 | 2,492,975,987 | |
Oracle Corp. | 2,364,027 | 284,605,211 | |
Palo Alto Networks, Inc. (a) | 1,075,800 | 261,742,140 | |
Tenable Holdings, Inc. (a) | 2,737,680 | 124,208,542 | |
3,383,202,015 | |||
TOTAL SOFTWARE | 7,135,763,071 | ||
TOTAL COMMON STOCKS (Cost $5,264,895,948) | 10,346,826,362 | ||
Money Market Funds - 2.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (d) (Cost $290,995,904) | 290,937,716 | 290,995,904 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $5,555,891,852) | 10,637,822,266 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (617,417) |
NET ASSETS - 100.0% | 10,637,204,849 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,755,122 or 0.4% of net assets. |
(c) | Level 3 security |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 182,356,223 | 863,542,879 | 754,903,198 | 8,479,172 | - | - | 290,995,904 | 0.7% |
Fidelity Securities Lending Cash Central Fund 5.44% | 102,925 | 11,167,483 | 11,270,408 | 77 | - | - | - | 0.0% |
Total | 182,459,148 | 874,710,362 | 766,173,606 | 8,479,249 | - | - | 290,995,904 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 10,346,826,362 | 10,170,721,266 | 176,105,094 | 2 |
Money Market Funds | 290,995,904 | 290,995,904 | - | - |
Total Investments in Securities: | 10,637,822,266 | 10,461,717,170 | 176,105,094 | 2 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,264,895,948) | $ | 10,346,826,362 | ||
Fidelity Central Funds (cost $290,995,904) | 290,995,904 | |||
Total Investment in Securities (cost $5,555,891,852) | $ | 10,637,822,266 | ||
Receivable for investments sold | 23,423,759 | |||
Receivable for fund shares sold | 3,093,947 | |||
Dividends receivable | 8,326,011 | |||
Distributions receivable from Fidelity Central Funds | 1,614,435 | |||
Prepaid expenses | 27,844 | |||
Other receivables | 507,122 | |||
Total assets | 10,674,815,384 | |||
Liabilities | ||||
Payable for investments purchased | $ | 26,524,362 | ||
Payable for fund shares redeemed | 4,845,431 | |||
Accrued management fee | 4,490,685 | |||
Other affiliated payables | 1,340,900 | |||
Other payables and accrued expenses | 409,157 | |||
Total Liabilities | 37,610,535 | |||
Net Assets | $ | 10,637,204,849 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,831,385,241 | ||
Total accumulated earnings (loss) | 5,805,819,608 | |||
Net Assets | $ | 10,637,204,849 | ||
Net Asset Value, offering price and redemption price per share ($10,637,204,849 ÷ 404,496,873 shares) | $ | 26.30 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 29,423,413 | ||
Income from Fidelity Central Funds (including $77 from security lending) | 8,479,249 | |||
Total Income | 37,902,662 | |||
Expenses | ||||
Management fee | $ | 25,600,801 | ||
Transfer agent fees | 7,144,926 | |||
Accounting fees | 577,080 | |||
Custodian fees and expenses | 30,084 | |||
Independent trustees' fees and expenses | 34,848 | |||
Registration fees | 54,929 | |||
Audit | 18,709 | |||
Legal | 3,419 | |||
Miscellaneous | 29,483 | |||
Total expenses before reductions | 33,494,279 | |||
Expense reductions | (308,535) | |||
Total expenses after reductions | 33,185,744 | |||
Net Investment income (loss) | 4,716,918 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 722,186,965 | |||
Foreign currency transactions | (10,462) | |||
Total net realized gain (loss) | 722,176,503 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,436,267,615 | |||
Assets and liabilities in foreign currencies | (612) | |||
Total change in net unrealized appreciation (depreciation) | 1,436,267,003 | |||
Net gain (loss) | 2,158,443,506 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,163,160,424 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,716,918 | $ | (1,210,231) |
Net realized gain (loss) | 722,176,503 | 381,731,719 | ||
Change in net unrealized appreciation (depreciation) | 1,436,267,003 | (1,924,482,707) | ||
Net increase (decrease) in net assets resulting from operations | 2,163,160,424 | (1,543,961,219) | ||
Distributions to shareholders | (9,414,880) | (738,727,367) | ||
Share transactions | ||||
Proceeds from sales of shares | 402,901,184 | 474,830,990 | ||
Reinvestment of distributions | 8,761,664 | 691,638,248 | ||
Cost of shares redeemed | (603,242,885) | (1,477,032,652) | ||
Net increase (decrease) in net assets resulting from share transactions | (191,580,037) | (310,563,414) | ||
Total increase (decrease) in net assets | 1,962,165,507 | (2,593,252,000) | ||
Net Assets | ||||
Beginning of period | 8,675,039,342 | 11,268,291,342 | ||
End of period | $ | 10,637,204,849 | $ | 8,675,039,342 |
Other Information | ||||
Shares | ||||
Sold | 16,556,852 | 21,172,412 | ||
Issued in reinvestment of distributions | 386,476 | 30,858,073 | ||
Redeemed | (25,246,866) | (67,265,870) | ||
Net increase (decrease) | (8,303,538) | (15,235,385) | ||
Software and IT Services Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 21.02 | $ | 26.33 | $ | 27.31 | $ | 19.90 | $ | 18.71 | $ | 17.89 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .01 | - E | (.05) | (.03) | .19 F | .02 | ||||||
Net realized and unrealized gain (loss) | 5.29 | (3.53) | 1.03 | 8.82 | 3.52 | 1.81 | ||||||
Total from investment operations | 5.30 | (3.53) | .98 | 8.79 | 3.71 | 1.83 | ||||||
Distributions from net investment income | - | - | - | (.15) | (.05) | (.01) | ||||||
Distributions from net realized gain | (.02) | (1.78) | (1.96) | (1.23) | (2.47) | (1.00) | ||||||
Total distributions | (.02) | (1.78) | (1.96) | (1.38) | (2.52) | (1.01) | ||||||
Net asset value, end of period | $ | 26.30 | $ | 21.02 | $ | 26.33 | $ | 27.31 | $ | 19.90 | $ | 18.71 |
Total Return G,H | 25.25% | (13.67)% | 2.98% | 45.80% | 21.33% | 10.90% | ||||||
Ratios to Average Net Assets D,I,J | ||||||||||||
Expenses before reductions | .69% K | .69% | .67% | .70% | .70% | .72% | ||||||
Expenses net of fee waivers, if any | .68% K | .69% | .67% | .70% | .70% | .72% | ||||||
Expenses net of all reductions | .68% K | .69% | .67% | .69% | .70% | .71% | ||||||
Net investment income (loss) | .10% K | (.01)% | (.17)% | (.11)% | .98% F | .10% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 10,637,205 | $ | 8,675,039 | $ | 11,268,291 | $ | 11,894,544 | $ | 8,031,911 | $ | 6,540,896 |
Portfolio turnover rate L | 36% K | 4% | 10% | 22% | 23% | 48% |
Top Holdings (% of Fund's net assets) | ||
Cisco Systems, Inc. | 12.4 | |
Samsung Electronics Co. Ltd. | 11.6 | |
Sony Group Corp. | 10.0 | |
Apple, Inc. | 9.0 | |
Arista Networks, Inc. | 6.0 | |
Palo Alto Networks, Inc. | 5.0 | |
Motorola Solutions, Inc. | 4.9 | |
FUJIFILM Holdings Corp. | 4.6 | |
Dell Technologies, Inc. | 3.9 | |
CDW Corp. | 3.2 | |
70.6 | ||
Industries (% of Fund's net assets) | ||
Technology Hardware, Storage & Peripherals | 36.5 | |
Communications Equipment | 26.0 | |
Electronic Equipment, Instruments & Components | 10.2 | |
Household Durables | 10.0 | |
Software | 8.0 | |
Semiconductors & Semiconductor Equipment | 4.3 | |
Entertainment | 2.0 | |
Electrical Equipment | 1.1 | |
Interactive Media & Services | 0.7 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.8% | |||
Shares | Value ($) | ||
Communications Equipment - 26.0% | |||
Communications Equipment - 26.0% | |||
Arista Networks, Inc. (a) | 255,909 | 49,961,114 | |
Ciena Corp. (a) | 207,455 | 10,368,601 | |
Cisco Systems, Inc. | 1,807,567 | 103,663,966 | |
Extreme Networks, Inc. (a) | 307,698 | 8,446,310 | |
Infinera Corp. (a)(b) | 814,923 | 3,813,840 | |
Motorola Solutions, Inc. | 143,636 | 40,730,861 | |
216,984,692 | |||
Electrical Equipment - 1.1% | |||
Electrical Components & Equipment - 1.1% | |||
Vertiv Holdings Co. | 241,493 | 9,512,409 | |
Electronic Equipment, Instruments & Components - 10.2% | |||
Electronic Equipment & Instruments - 2.1% | |||
Keysight Technologies, Inc. (a) | 129,984 | 17,326,867 | |
Electronic Manufacturing Services - 1.3% | |||
Jabil, Inc. | 95,483 | 10,925,165 | |
Technology Distributors - 6.8% | |||
CDW Corp. | 127,036 | 26,823,651 | |
Insight Enterprises, Inc. (a) | 115,159 | 18,435,804 | |
TD SYNNEX Corp. | 115,116 | 11,713,053 | |
56,972,508 | |||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | 85,224,540 | ||
Entertainment - 2.0% | |||
Interactive Home Entertainment - 2.0% | |||
Nintendo Co. Ltd. | 382,819 | 16,414,088 | |
Household Durables - 10.0% | |||
Consumer Electronics - 10.0% | |||
Sony Group Corp. | 997,859 | 83,014,396 | |
Interactive Media & Services - 0.7% | |||
Interactive Media & Services - 0.7% | |||
Meta Platforms, Inc. Class A (a) | 20,107 | 5,949,460 | |
Semiconductors & Semiconductor Equipment - 4.3% | |||
Semiconductors - 4.3% | |||
MACOM Technology Solutions Holdings, Inc. (a) | 67,723 | 5,726,657 | |
Marvell Technology, Inc. | 80,938 | 4,714,639 | |
NVIDIA Corp. | 9,778 | 4,825,932 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,191,814 | 20,468,285 | |
35,735,513 | |||
Software - 8.0% | |||
Systems Software - 8.0% | |||
Fortinet, Inc. (a) | 246,415 | 14,836,647 | |
Microsoft Corp. | 31,556 | 10,342,795 | |
Palo Alto Networks, Inc. (a) | 170,194 | 41,408,200 | |
66,587,642 | |||
Technology Hardware, Storage & Peripherals - 36.5% | |||
Technology Hardware, Storage & Peripherals - 36.5% | |||
Apple, Inc. | 399,575 | 75,068,155 | |
Dell Technologies, Inc. | 583,365 | 32,808,448 | |
FUJIFILM Holdings Corp. | 651,085 | 38,547,347 | |
HP, Inc. | 280,382 | 8,330,149 | |
Pure Storage, Inc. Class A (a) | 598,829 | 21,911,153 | |
Samsung Electronics Co. Ltd. | 1,914,280 | 96,659,282 | |
Seagate Technology Holdings PLC | 258,729 | 18,315,426 | |
Super Micro Computer, Inc. (a) | 10,335 | 2,842,952 | |
Xiaomi Corp. Class B (a)(c) | 6,250,577 | 9,851,273 | |
304,334,185 | |||
TOTAL COMMON STOCKS (Cost $579,570,264) | 823,756,925 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (d) | 1,888,263 | 1,888,641 | |
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) | 3,666,683 | 3,667,050 | |
TOTAL MONEY MARKET FUNDS (Cost $5,555,691) | 5,555,691 | ||
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $585,125,955) | 829,312,616 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 4,663,049 |
NET ASSETS - 100.0% | 833,975,665 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $9,851,273 or 1.2% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 1,157,038 | 60,698,335 | 59,966,732 | 78,428 | - | - | 1,888,641 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 7,106,258 | 106,834,924 | 110,274,132 | 4,896 | - | - | 3,667,050 | 0.0% |
Total | 8,263,296 | 167,533,259 | 170,240,864 | 83,324 | - | - | 5,555,691 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 823,756,925 | 703,860,156 | 119,896,769 | - |
Money Market Funds | 5,555,691 | 5,555,691 | - | - |
Total Investments in Securities: | 829,312,616 | 709,415,847 | 119,896,769 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,813,732) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $579,570,264) | $ | 823,756,925 | ||
Fidelity Central Funds (cost $5,555,691) | 5,555,691 | |||
Total Investment in Securities (cost $585,125,955) | $ | 829,312,616 | ||
Receivable for investments sold | 8,286,455 | |||
Receivable for fund shares sold | 108,025 | |||
Dividends receivable | 492,636 | |||
Distributions receivable from Fidelity Central Funds | 6,784 | |||
Prepaid expenses | 2,423 | |||
Other receivables | 180,052 | |||
Total assets | 838,388,991 | |||
Liabilities | ||||
Payable to custodian bank | $ | 7 | ||
Payable for fund shares redeemed | 166,766 | |||
Accrued management fee | 355,823 | |||
Other affiliated payables | 129,581 | |||
Other payables and accrued expenses | 94,099 | |||
Collateral on securities loaned | 3,667,050 | |||
Total Liabilities | 4,413,326 | |||
Net Assets | $ | 833,975,665 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 605,505,326 | ||
Total accumulated earnings (loss) | 228,470,339 | |||
Net Assets | $ | 833,975,665 | ||
Net Asset Value, offering price and redemption price per share ($833,975,665 ÷ 9,546,812 shares) | $ | 87.36 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 5,494,540 | ||
Income from Fidelity Central Funds (including $4,896 from security lending) | 83,324 | |||
Total Income | 5,577,864 | |||
Expenses | ||||
Management fee | $ | 2,070,313 | ||
Transfer agent fees | 625,481 | |||
Accounting fees | 123,330 | |||
Custodian fees and expenses | 26,575 | |||
Independent trustees' fees and expenses | 2,825 | |||
Registration fees | 29,578 | |||
Audit | 18,863 | |||
Legal | 3,004 | |||
Miscellaneous | 2,510 | |||
Total expenses before reductions | 2,902,479 | |||
Expense reductions | (24,368) | |||
Total expenses after reductions | 2,878,111 | |||
Net Investment income (loss) | 2,699,753 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 17,728,250 | |||
Foreign currency transactions | (138,147) | |||
Total net realized gain (loss) | 17,590,103 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 83,148,654 | |||
Assets and liabilities in foreign currencies | 22,693 | |||
Total change in net unrealized appreciation (depreciation) | 83,171,347 | |||
Net gain (loss) | 100,761,450 | |||
Net increase (decrease) in net assets resulting from operations | $ | 103,461,203 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,699,753 | $ | 5,532,964 |
Net realized gain (loss) | 17,590,103 | (33,604,003) | ||
Change in net unrealized appreciation (depreciation) | 83,171,347 | (97,845,367) | ||
Net increase (decrease) in net assets resulting from operations | 103,461,203 | (125,916,406) | ||
Distributions to shareholders | (57,420) | (113,303,240) | ||
Share transactions | ||||
Proceeds from sales of shares | 57,805,074 | 40,943,701 | ||
Reinvestment of distributions | 53,583 | 107,418,146 | ||
Cost of shares redeemed | (44,242,332) | (105,835,572) | ||
Net increase (decrease) in net assets resulting from share transactions | 13,616,325 | 42,526,275 | ||
Total increase (decrease) in net assets | 117,020,108 | (196,693,371) | ||
Net Assets | ||||
Beginning of period | 716,955,557 | 913,648,928 | ||
End of period | $ | 833,975,665 | $ | 716,955,557 |
Other Information | ||||
Shares | ||||
Sold | 693,779 | 520,712 | ||
Issued in reinvestment of distributions | 657 | 1,242,912 | ||
Redeemed | (530,377) | (1,384,081) | ||
Net increase (decrease) | 164,059 | 379,543 | ||
Tech Hardware Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 76.41 | $ | 101.48 | $ | 114.74 | $ | 78.64 | $ | 75.84 | $ | 92.81 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .28 | .57 | .42 | .93 D | 1.51 E | .81 | ||||||
Net realized and unrealized gain (loss) | 10.68 | (13.00) | 5.73 | 44.83 | 11.48 | (1.67) | ||||||
Total from investment operations | 10.96 | (12.43) | 6.15 | 45.76 | 12.99 | (.86) | ||||||
Distributions from net investment income | (.01) | (.51) | (.73) F | (1.61) | (.77) | (.88) F | ||||||
Distributions from net realized gain | - | (12.13) | (18.68) F | (8.05) | (9.42) | (15.23) F | ||||||
Total distributions | (.01) | (12.64) | (19.41) | (9.66) | (10.19) | (16.11) | ||||||
Net asset value, end of period | $ | 87.36 | $ | 76.41 | $ | 101.48 | $ | 114.74 | $ | 78.64 | $ | 75.84 |
Total Return G,H | 14.34% | (13.62)% | 4.72% | 62.60% | 17.80% | .54% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | .73% K | .73% | .72% L | .74% | .76% | .77% | ||||||
Expenses net of fee waivers, if any | .73% K | .73% | .72% L | .74% | .76% | .77% | ||||||
Expenses net of all reductions | .73% K | .73% | .72% L | .73% | .75% | .77% | ||||||
Net investment income (loss) | .68% K | .74% | .38% L | 1.04% D | 1.95% E | .90% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 833,976 | $ | 716,956 | $ | 913,649 | $ | 770,776 | $ | 533,793 | $ | 491,780 |
Portfolio turnover rate M | 37% K | 30% | 99% N | 78% | 116% | 81% |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 17.3 | |
Apple, Inc. | 17.0 | |
NVIDIA Corp. | 13.4 | |
Marvell Technology, Inc. | 4.4 | |
NXP Semiconductors NV | 4.2 | |
ON Semiconductor Corp. | 4.0 | |
Cisco Systems, Inc. | 3.7 | |
Salesforce, Inc. | 3.2 | |
ServiceNow, Inc. | 3.1 | |
Okta, Inc. | 2.6 | |
72.9 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 32.2 | |
Software | 30.9 | |
Technology Hardware, Storage & Peripherals | 17.5 | |
Communications Equipment | 3.8 | |
IT Services | 3.8 | |
Financial Services | 3.3 | |
Ground Transportation | 2.0 | |
Hotels, Restaurants & Leisure | 1.0 | |
Interactive Media & Services | 0.9 | |
Professional Services | 0.9 | |
Entertainment | 0.7 | |
Electronic Equipment, Instruments & Components | 0.1 | |
Chemicals | 0.1 | |
Construction & Engineering | 0.1 | |
Aerospace & Defense | 0.1 | |
Air Freight & Logistics | 0.0 | |
Electrical Equipment | 0.0 | |
Pharmaceuticals | 0.0 | |
Food Products | 0.0 | |
Specialty Retail | 0.0 | |
Life Sciences Tools & Services | 0.0 | |
Common Stocks - 96.2% | |||
Shares | Value ($) | ||
Air Freight & Logistics - 0.0% | |||
Air Freight & Logistics - 0.0% | |||
Delhivery Private Ltd. (a) | 579,000 | 3,062,674 | |
Chemicals - 0.1% | |||
Commodity Chemicals - 0.1% | |||
LG Chemical Ltd. | 24,257 | 10,673,765 | |
Communications Equipment - 3.7% | |||
Communications Equipment - 3.7% | |||
Cisco Systems, Inc. | 7,720,673 | 442,780,597 | |
Electrical Equipment - 0.0% | |||
Electrical Components & Equipment - 0.0% | |||
ESS Tech, Inc. Class A (a) | 787,286 | 1,125,819 | |
Electronic Equipment, Instruments & Components - 0.1% | |||
Electronic Equipment & Instruments - 0.1% | |||
Keysight Technologies, Inc. (a) | 84,900 | 11,317,170 | |
Entertainment - 0.7% | |||
Movies & Entertainment - 0.7% | |||
Netflix, Inc. (a) | 198,930 | 86,271,962 | |
Financial Services - 3.2% | |||
Transaction & Payment Processing Services - 3.2% | |||
MasterCard, Inc. Class A | 703,380 | 290,242,723 | |
Visa, Inc. Class A | 355,787 | 87,409,750 | |
377,652,473 | |||
Food Products - 0.0% | |||
Agricultural Products & Services - 0.0% | |||
Local Bounti Corp. (a) | 118,993 | 371,258 | |
Ground Transportation - 2.0% | |||
Passenger Ground Transportation - 2.0% | |||
Lyft, Inc. (a) | 1,718,528 | 20,244,260 | |
Uber Technologies, Inc. (a) | 4,548,838 | 214,841,619 | |
235,085,879 | |||
Hotels, Restaurants & Leisure - 1.0% | |||
Hotels, Resorts & Cruise Lines - 0.9% | |||
Airbnb, Inc. Class A (a) | 840,309 | 110,542,649 | |
Restaurants - 0.1% | |||
Deliveroo PLC Class A (a)(b) | 6,252,898 | 8,958,845 | |
TOTAL HOTELS, RESTAURANTS & LEISURE | 119,501,494 | ||
Interactive Media & Services - 0.7% | |||
Interactive Media & Services - 0.7% | |||
Epic Games, Inc. (a)(c)(d) | 17,917 | 11,157,991 | |
Snap, Inc. Class A (a) | 6,392,110 | 66,158,339 | |
77,316,330 | |||
IT Services - 3.8% | |||
Internet Services & Infrastructure - 3.7% | |||
MongoDB, Inc. Class A (a) | 159,014 | 60,632,038 | |
Okta, Inc. (a) | 3,658,635 | 305,532,609 | |
Shopify, Inc. Class A (a) | 1,122,600 | 74,641,674 | |
440,806,321 | |||
IT Consulting & Other Services - 0.1% | |||
Thoughtworks Holding, Inc. (a)(e) | 1,329,904 | 6,609,623 | |
TOTAL IT SERVICES | 447,415,944 | ||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Eden Biologics, Inc. (a)(d) | 1,015,442 | 0 | |
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Chime Biologics Wuhan Co. Ltd. (a)(d) | 1,015,442 | 528,873 | |
Professional Services - 0.8% | |||
Human Resource & Employment Services - 0.8% | |||
Paycom Software, Inc. | 312,800 | 92,225,952 | |
Semiconductors & Semiconductor Equipment - 32.0% | |||
Semiconductor Materials & Equipment - 2.0% | |||
ASML Holding NV (Netherlands) | 125,950 | 82,815,672 | |
Teradyne, Inc. | 1,404,428 | 151,495,648 | |
234,311,320 | |||
Semiconductors - 30.0% | |||
GlobalFoundries, Inc. (a) | 5,179,805 | 286,184,226 | |
Marvell Technology, Inc. | 8,837,674 | 514,794,511 | |
Microchip Technology, Inc. | 166,118 | 13,595,097 | |
NVIDIA Corp. | 3,192,057 | 1,575,439,732 | |
NXP Semiconductors NV | 2,395,646 | 492,832,295 | |
ON Semiconductor Corp. (a) | 4,831,047 | 475,664,888 | |
Renesas Electronics Corp. (a) | 1 | 17 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,628,488 | 182,534,289 | |
3,541,045,055 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,775,356,375 | ||
Software - 30.6% | |||
Application Software - 9.5% | |||
Algolia, Inc. (a)(c)(d) | 153,503 | 2,218,118 | |
Bill Holdings, Inc. (a)(e) | 1,090,800 | 125,769,240 | |
CCC Intelligent Solutions Holdings, Inc. (a)(c) | 102,045 | 1,091,882 | |
Convoy, Inc. warrants (a)(c)(d) | 13,357 | 34,995 | |
Dynatrace, Inc. (a) | 1,424,100 | 68,641,620 | |
HashiCorp, Inc. (a)(e) | 2,569,494 | 74,926,445 | |
HubSpot, Inc. (a)(e) | 202,976 | 110,930,444 | |
Intuit, Inc. | 66,613 | 36,091,590 | |
Manhattan Associates, Inc. (a) | 320,357 | 64,910,735 | |
Nutanix, Inc. Class B (a)(b) | 72,872 | 2,266,319 | |
Otonomo Technologies Ltd. (a) | 69,867 | 274,577 | |
Salesforce, Inc. (a) | 1,685,152 | 373,193,762 | |
Splunk, Inc. (a) | 2,101,300 | 254,803,638 | |
Stripe, Inc. Class B (a)(c)(d) | 38,600 | 716,416 | |
Zoom Video Communications, Inc. Class A (a) | 50,928 | 3,617,416 | |
1,119,487,197 | |||
Systems Software - 21.1% | |||
Microsoft Corp. | 6,240,886 | 2,045,512,795 | |
Palo Alto Networks, Inc. (a) | 342,900 | 83,427,570 | |
ServiceNow, Inc. (a) | 611,631 | 360,146,682 | |
2,489,087,047 | |||
TOTAL SOFTWARE | 3,608,574,244 | ||
Specialty Retail - 0.0% | |||
Automotive Retail - 0.0% | |||
Cazoo Group Ltd. (a)(c) | 7,205 | 8,142 | |
Technology Hardware, Storage & Peripherals - 17.5% | |||
Technology Hardware, Storage & Peripherals - 17.5% | |||
Apple, Inc. | 10,682,350 | 2,006,893,095 | |
Seagate Technology Holdings PLC | 447,960 | 31,711,088 | |
Super Micro Computer, Inc. (a) | 85,800 | 23,601,864 | |
2,062,206,047 | |||
TOTAL COMMON STOCKS (Cost $6,624,139,203) | 11,351,474,998 | ||
Preferred Stocks - 1.1% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.0% | |||
Aerospace & Defense - 0.1% | |||
Aerospace & Defense - 0.1% | |||
ABL Space Systems: | |||
Series B(a)(c)(d) | 98,000 | 2,691,080 | |
Series B2(a)(c)(d) | 74,989 | 2,008,955 | |
4,700,035 | |||
Communications Equipment - 0.1% | |||
Communications Equipment - 0.1% | |||
Astranis Space Technologies Corp. Series C (a)(c)(d) | 605,440 | 10,940,301 | |
Construction & Engineering - 0.1% | |||
Construction & Engineering - 0.1% | |||
Beta Technologies, Inc. Series A (a)(c)(d) | 72,591 | 8,223,834 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Casinos & Gaming - 0.0% | |||
Discord, Inc. Series I (a)(c)(d) | 1,300 | 337,155 | |
Interactive Media & Services - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 70,707 | 15,986,146 | |
Reddit, Inc.: | |||
Series D(a)(c)(d) | 250,861 | 8,968,281 | |
Series E(a)(c)(d) | 14,400 | 514,800 | |
25,469,227 | |||
Semiconductors & Semiconductor Equipment - 0.2% | |||
Semiconductor Materials & Equipment - 0.2% | |||
Astera Labs, Inc.: | |||
Series A(a)(c)(d) | 351,532 | 3,332,523 | |
Series B(a)(c)(d) | 59,853 | 567,406 | |
Series C(a)(c)(d) | 344,200 | 3,263,016 | |
Series D(a)(c)(d) | 1,443,456 | 13,683,963 | |
20,846,908 | |||
Semiconductors - 0.0% | |||
GaN Systems, Inc.: | |||
Series F1(a)(c)(d) | 133,634 | 1,479,328 | |
Series F2(a)(c)(d) | 70,564 | 781,143 | |
Retym, Inc. Series C (c)(d) | 324,475 | 2,514,681 | |
Xsight Labs Ltd. Series D (a)(c)(d) | 281,500 | 1,618,625 | |
6,393,777 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 27,240,685 | ||
Software - 0.3% | |||
Application Software - 0.3% | |||
Algolia, Inc. Series D (a)(c)(d) | 109,867 | 1,587,578 | |
Bolt Technology OU Series E (a)(c)(d) | 40,842 | 5,272,813 | |
Convoy, Inc. Series D (a)(c)(d) | 203,844 | 1,184,334 | |
Databricks, Inc.: | |||
Series G(a)(c)(d) | 45,012 | 3,308,382 | |
Series H(a)(c)(d) | 174,018 | 12,790,323 | |
Skyryse, Inc. Series B (a)(c)(d) | 121,800 | 2,811,144 | |
Stripe, Inc.: | |||
Series H(a)(c)(d) | 17,100 | 317,376 | |
Series I(c)(d) | 487,275 | 9,043,824 | |
36,315,774 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc. Series C (c)(d) | 191,790 | 3,149,192 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 116,376,203 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
IT Services - 0.0% | |||
Internet Services & Infrastructure - 0.0% | |||
Gupshup, Inc. (a)(c)(d) | 257,284 | 3,216,050 | |
Professional Services - 0.1% | |||
Data Processing & Outsourced Services - 0.1% | |||
Checkr, Inc. Series E (a)(d) | 711,000 | 6,861,150 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 10,077,200 | ||
TOTAL PREFERRED STOCKS (Cost $136,518,394) | 126,453,403 | ||
Corporate Bonds - 0.1% | |||
Principal Amount (f) | Value ($) | ||
Convertible Bonds - 0.0% | |||
Software - 0.0% | |||
Application Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (c)(d) | 88,955 | 94,737 | |
Nonconvertible Bonds - 0.1% | |||
Financial Services - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (c)(d) | 8,859,733 | 8,815,434 | |
TOTAL CORPORATE BONDS (Cost $8,948,688) | 8,910,171 | ||
Preferred Securities - 0.0% | |||
Principal Amount (f) | Value ($) | ||
Semiconductors & Semiconductor Equipment - 0.0% | |||
Semiconductors - 0.0% | |||
GaN Systems, Inc. 0% (c)(d)(g) (Cost $3,132,190) | 3,132,190 | 3,854,786 | |
Money Market Funds - 2.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (h) | 270,170,535 | 270,224,569 | |
Fidelity Securities Lending Cash Central Fund 5.44% (h)(i) | 29,336,759 | 29,339,692 | |
TOTAL MONEY MARKET FUNDS (Cost $299,564,261) | 299,564,261 | ||
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $7,072,302,736) | 11,790,257,619 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 13,810,408 |
NET ASSETS - 100.0% | 11,804,068,027 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,225,164 or 0.1% of net assets. |
(c) | 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 $147,584,754 or 1.3% of net assets. |
(d) | Level 3 security |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ABL Space Systems Series B | 3/24/21 | 4,413,489 |
ABL Space Systems Series B2 | 10/22/21 | 5,098,960 |
Algolia, Inc. | 10/27/21 | 4,489,203 |
Algolia, Inc. Series D | 7/23/21 | 3,213,066 |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 8,859,733 |
Astera Labs, Inc. Series A | 5/17/22 | 3,574,905 |
Astera Labs, Inc. Series B | 5/17/22 | 608,675 |
Astera Labs, Inc. Series C | 8/24/21 | 1,157,132 |
Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 14,679,226 |
Astranis Space Technologies Corp. Series C | 3/19/21 | 13,271,808 |
Beta Technologies, Inc. Series A | 4/09/21 | 5,318,743 |
Bolt Technology OU Series E | 1/03/22 | 10,610,609 |
ByteDance Ltd. Series E1 | 11/18/20 | 7,747,662 |
Cazoo Group Ltd. | 3/28/21 | 1,441,000 |
CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 1,020,450 |
Convoy, Inc. Series D | 10/30/19 | 2,760,048 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 88,955 |
Databricks, Inc. Series G | 2/01/21 | 2,661,228 |
Databricks, Inc. Series H | 8/31/21 | 12,787,562 |
Discord, Inc. Series I | 9/15/21 | 715,812 |
Epic Games, Inc. | 3/29/21 | 15,856,545 |
GaN Systems, Inc. Series F1 | 11/30/21 | 1,133,216 |
GaN Systems, Inc. Series F2 | 11/30/21 | 598,383 |
GaN Systems, Inc. 0% | 11/30/21 | 3,132,190 |
Gupshup, Inc. | 6/08/21 | 5,882,850 |
Lightmatter, Inc. Series C | 5/19/23 | 3,156,250 |
Reddit, Inc. Series D | 2/04/19 | 5,440,247 |
Reddit, Inc. Series E | 5/18/21 | 611,628 |
Retym, Inc. Series C | 5/17/23 - 6/20/23 | 2,525,000 |
Skyryse, Inc. Series B | 10/21/21 | 3,006,020 |
Stripe, Inc. Class B | 5/18/21 | 1,548,955 |
Stripe, Inc. Series H | 3/15/21 | 686,138 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 9,810,863 |
Xsight Labs Ltd. Series D | 2/16/21 | 2,250,874 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 107,665,457 | 1,119,962,172 | 957,403,060 | 4,076,482 | - | - | 270,224,569 | 0.7% |
Fidelity Securities Lending Cash Central Fund 5.44% | 184,970,192 | 666,124,513 | 821,755,013 | 120,883 | - | - | 29,339,692 | 0.1% |
Total | 292,635,649 | 1,786,086,685 | 1,779,158,073 | 4,197,365 | - | - | 299,564,261 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 11,351,474,998 | 11,071,468,627 | 265,349,978 | 14,656,393 |
Preferred Stocks | 126,453,403 | - | - | 126,453,403 |
Corporate Bonds | 8,910,171 | - | - | 8,910,171 |
Preferred Securities | 3,854,786 | - | - | 3,854,786 |
Money Market Funds | 299,564,261 | 299,564,261 | - | - |
Total Investments in Securities: | 11,790,257,619 | 11,371,032,888 | 265,349,978 | 153,874,753 |
Investments in Securities: | |||
Preferred Stocks | |||
Beginning Balance | $ | 106,841,035 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 4,120,256 | ||
Cost of Purchases | 15,492,112 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 126,453,403 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | 4,120,256 | |
Other Investments in Securities | |||
Beginning Balance | $ | 31,053,535 | |
Net Realized Gain (Loss) on Investment Securities | (11,838,681) | ||
Net Unrealized Gain (Loss) on Investment Securities | 11,914,570 | ||
Cost of Purchases | 8,948,688 | ||
Proceeds of Sales | (12,656,762) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 27,421,350 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (2,876,207) | |
The information used in the above reconciliation 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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $28,809,857) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $6,772,738,475) | $ | 11,490,693,358 | ||
Fidelity Central Funds (cost $299,564,261) | 299,564,261 | |||
Total Investment in Securities (cost $7,072,302,736) | $ | 11,790,257,619 | ||
Receivable for investments sold | 37,329,479 | |||
Receivable for fund shares sold | 12,819,413 | |||
Dividends receivable | 4,743,802 | |||
Interest receivable | 17,920 | |||
Distributions receivable from Fidelity Central Funds | 1,199,748 | |||
Prepaid expenses | 32,467 | |||
Other receivables | 392,205 | |||
Total assets | 11,846,792,653 | |||
Liabilities | ||||
Payable for investments purchased | $ | 58,466 | ||
Payable for fund shares redeemed | 6,431,770 | |||
Accrued management fee | 4,958,914 | |||
Other affiliated payables | 1,471,337 | |||
Other payables and accrued expenses | 479,639 | |||
Collateral on securities loaned | 29,324,500 | |||
Total Liabilities | 42,724,626 | |||
Net Assets | $ | 11,804,068,027 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 7,799,484,442 | ||
Total accumulated earnings (loss) | 4,004,583,585 | |||
Net Assets | $ | 11,804,068,027 | ||
Net Asset Value, offering price and redemption price per share ($11,804,068,027 ÷ 440,424,718 shares) | $ | 26.80 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 27,599,070 | ||
Interest | 17,920 | |||
Income from Fidelity Central Funds (including $120,883 from security lending) | 4,197,365 | |||
Total Income | 31,814,355 | |||
Expenses | ||||
Management fee | $ | 27,117,614 | ||
Transfer agent fees | 7,603,525 | |||
Accounting fees | 588,961 | |||
Custodian fees and expenses | 61,515 | |||
Independent trustees' fees and expenses | 35,084 | |||
Registration fees | 125,327 | |||
Audit | 29,598 | |||
Legal | 4,076 | |||
Miscellaneous | 29,939 | |||
Total expenses before reductions | 35,595,639 | |||
Expense reductions | (313,070) | |||
Total expenses after reductions | 35,282,569 | |||
Net Investment income (loss) | (3,468,214) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (11,264,232) | |||
Foreign currency transactions | (16,973) | |||
Total net realized gain (loss) | (11,281,205) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $67,775) | 2,711,662,700 | |||
Unfunded commitments | 1,200,024 | |||
Assets and liabilities in foreign currencies | 15,726 | |||
Total change in net unrealized appreciation (depreciation) | 2,712,878,450 | |||
Net gain (loss) | 2,701,597,245 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,698,129,031 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (3,468,214) | $ | 2,170,234 |
Net realized gain (loss) | (11,281,205) | (394,091,769) | ||
Change in net unrealized appreciation (depreciation) | 2,712,878,450 | (1,344,233,911) | ||
Net increase (decrease) in net assets resulting from operations | 2,698,129,031 | (1,736,155,446) | ||
Distributions to shareholders | (1,273,314) | (310,416,447) | ||
Share transactions | ||||
Proceeds from sales of shares | 1,311,945,922 | 1,126,004,874 | ||
Reinvestment of distributions | 1,184,140 | 291,925,397 | ||
Cost of shares redeemed | (842,064,087) | (1,789,000,437) | ||
Net increase (decrease) in net assets resulting from share transactions | 471,065,975 | (371,070,166) | ||
Total increase (decrease) in net assets | 3,167,921,692 | (2,417,642,059) | ||
Net Assets | ||||
Beginning of period | 8,636,146,335 | 11,053,788,394 | ||
End of period | $ | 11,804,068,027 | $ | 8,636,146,335 |
Other Information | ||||
Shares | ||||
Sold | 53,241,027 | 54,722,947 | ||
Issued in reinvestment of distributions | 54,192 | 12,438,232 | ||
Redeemed | (34,870,446) | (88,698,413) | ||
Net increase (decrease) | 18,424,773 | (21,537,234) | ||
Technology Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.46 | $ | 24.92 | $ | 27.53 | $ | 19.65 | $ | 15.45 | $ | 19.36 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.01) | .01 | (.06) | (.03) | .05 | .06 | ||||||
Net realized and unrealized gain (loss) | 6.35 | (3.76) | .83 | 12.98 | 4.52 | (.78) | ||||||
Total from investment operations | 6.34 | (3.75) | .77 | 12.95 | 4.57 | (.72) | ||||||
Distributions from net investment income | - E | - | - | (.03) | (.05) | (.02) | ||||||
Distributions from net realized gain | - | (.71) | (3.38) | (5.04) | (.32) | (3.17) | ||||||
Total distributions | - E | (.71) | (3.38) | (5.07) | (.37) | (3.19) | ||||||
Net asset value, end of period | $ | 26.80 | $ | 20.46 | $ | 24.92 | $ | 27.53 | $ | 19.65 | $ | 15.45 |
Total Return F,G | 31.01% | (15.43)% | 1.91% | 69.87% | 29.57% | (3.03)% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | .69% J | .70% | .67% | .69% | .71% | .72% | ||||||
Expenses net of fee waivers, if any | .68% J | .69% | .67% | .69% | .71% | .72% | ||||||
Expenses net of all reductions | .68% J | .69% | .67% | .68% | .71% | .71% | ||||||
Net investment income (loss) | (.07)% J | .02% | (.23)% | (.13)% | .30% | .34% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 11,804,068 | $ | 8,636,146 | $ | 11,053,788 | $ | 11,986,342 | $ | 6,558,578 | $ | 5,124,121 |
Portfolio turnover rate K | 27% J | 24% | 87% | 107% | 32% L | 126% 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% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $141,109,796 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.4 - 21.2 / 7.6 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $8.00 | Increase | ||
Discount rate | 35.0% - 75.0% / 44.9% | Decrease | |||
Black scholes | Discount rate | 4.5% - 5.0% / 4.6% | Increase | ||
Volatility | 50.0% - 70.0% / 56.2% | Increase | |||
Term | 2.0 - 4.0 / 3.4 | Increase | |||
Corporate Bonds | $8,910,171 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.4 | Increase |
Discounted cash flow | Discount rate | 4.0% | Decrease | ||
Black scholes | Discount rate | 5.0% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase | |||
Preferred Securities | $3,854,786 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 4.5 | Increase |
Discounted cash flow | Discount rate | 20.0% | Decrease |
Semiconductors Portfolio | $214,478 |
Software and IT Services Portfolio | 372,054 |
Tech Hardware Portfolio | 61,086 |
Technology Portfolio | 351,483 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Enterprise Technology Services Portfolio | $1,120,048,816 | $1,012,459,678 | $(37,967,272) | $974,492,406 |
Semiconductors Portfolio | 7,019,610,326 | 4,918,659,032 | (397,254,554) | 4,521,404,478 |
Software and IT Services Portfolio | 5,558,071,950 | 5,539,916,783 | (460,166,467) | 5,079,750,316 |
Tech Hardware Portfolio | 587,980,053 | 264,474,133 | (23,141,570) | 241,332,563 |
Technology Portfolio | 7,169,631,217 | 5,192,171,876 | (571,545,474) | 4,620,626,402 |
Short-term | Long-term | Total capital loss carryforward | |
Enterprise Technology Services Portfolio | $(3,381,994) | $- | $ (3,381,994) |
Tech Hardware Portfolio | (32,807,843) | - | (32,807,843) |
Technology Portfolio | (685,498,878) | - | (685,498,878) |
Ordinary losses | |
Semiconductors Portfolio | $(1,191,014) |
Purchases ($) | Sales ($) | |
Enterprise Technology Services Portfolio | 354,292,040 | 588,616,301 |
Semiconductors Portfolio | 3,414,868,453 | 2,372,446,713 |
Software and IT Services Portfolio | 1,732,677,573 | 1,925,352,879 |
Tech Hardware Portfolio | 156,666,452 | 143,462,131 |
Technology Portfolio | 1,648,335,559 | 1,395,766,572 |
Individual Rate | Group Rate | Total | |
Enterprise Technology Services Portfolio | .30% | .22% | .52% |
Semiconductors Portfolio | .30% | .22% | .52% |
Software and IT Services Portfolio | .30% | .22% | .52% |
Tech Hardware Portfolio | .30% | .22% | .52% |
Technology Portfolio | .30% | .22% | .52% |
Enterprise Technology Services Portfolio | .17% |
Semiconductors Portfolio | .14% |
Software and IT Services Portfolio | .15% |
Tech Hardware Portfolio | .16% |
Technology Portfolio | .15% |
% of Average Net Assets | |
Enterprise Technology Services Portfolio | .03 |
Semiconductors Portfolio | .01 |
Software and IT Services Portfolio | .01 |
Tech Hardware Portfolio | .03 |
Technology Portfolio | .01 |
Amount | |
Enterprise Technology Services Portfolio | $ 9,827 |
Semiconductors Portfolio | 19,534 |
Software and IT Services Portfolio | 11,131 |
Tech Hardware Portfolio | 3,975 |
Technology Portfolio | 11,770 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Enterprise Technology Services Portfolio | Borrower | $ 8,815,455 | 5.31% | $14,316 |
Semiconductors Portfolio | Borrower | $ 8,210,000 | 5.32% | $3,636 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Enterprise Technology Services Portfolio | 18,633,697 | 55,051,748 | 10,329,639 |
Semiconductors Portfolio | 191,674,024 | 91,600,406 | 45,099,731 |
Software and IT Services Portfolio | 50,301,378 | 90,150,898 | 20,186,063 |
Tech Hardware Portfolio | 8,451,236 | 2,016,300 | 272,022 |
Technology Portfolio | 95,806,039 | 79,727,495 | 14,780,905 |
Amount | |
Enterprise Technology Services Portfolio | $1,989 |
Semiconductors Portfolio | 7,771 |
Software and IT Services Portfolio | 8,754 |
Tech Hardware Portfolio | 716 |
Technology Portfolio | 8,770 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Enterprise Technology Services Portfolio | $11,840 | $ 1 | $ - |
Semiconductors Portfolio | $ 160,811 | $ 130,143 | $ - |
Software and IT Services Portfolio | $ 6 | $ - | $ - |
Tech Hardware Portfolio | $ 500 | $ - | $ - |
Technology Portfolio | $ 12,307 | $ - | $ - |
Custodian credits | |
Semiconductors Portfolio | $1,395 |
Software and IT Services Portfolio | 9,672 |
Technology Portfolio | 556 |
Amount | |
Enterprise Technology Services Portfolio | $ 63,461 |
Semiconductors Portfolio | 288,847 |
Software and IT Services Portfolio | 298,863 |
Tech Hardware Portfolio | 24,368 |
Technology Portfolio | 312,514 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Enterprise Technology Services Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,085.10 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Semiconductors Portfolio | .68% | |||||||||
Actual | $ 1,000 | $ 1,329.40 | $ 3.98 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.72 | $ 3.46 | |||||||
Software and IT Services Portfolio | .68% | |||||||||
Actual | $ 1,000 | $ 1,252.50 | $ 3.85 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.72 | $ 3.46 | |||||||
Tech Hardware Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,143.40 | $ 3.93 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Technology Portfolio | .68% | |||||||||
Actual | $ 1,000 | $ 1,310.10 | $ 3.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.72 | $ 3.46 | |||||||
A special meeting of shareholders was held on June 14, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | ||
Proposal 1 | ||
To modify IT Services Portfolio's fundamental concentration policy. | ||
# of Votes | % of Votes | |
Affirmative | 1,014,356,876.340 | 87.783 |
Against | 72,900,611.860 | 6.309 |
Abstain | 68,266,518.870 | 5.908 |
TOTAL | 1,155,524,007.070 | 100.000 |
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Contents
Top Holdings (% of Fund's net assets) | ||
AbbVie, Inc. | 14.3 | |
Krystal Biotech, Inc. | 5.4 | |
Regeneron Pharmaceuticals, Inc. | 5.2 | |
Vertex Pharmaceuticals, Inc. | 4.4 | |
Biogen, Inc. | 3.7 | |
Alnylam Pharmaceuticals, Inc. | 3.4 | |
Argenx SE ADR | 3.2 | |
Amgen, Inc. | 2.3 | |
Moderna, Inc. | 1.6 | |
Adimab LLC | 1.6 | |
45.1 | ||
Industries (% of Fund's net assets) | ||
Biotechnology | 92.2 | |
Pharmaceuticals | 6.6 | |
Health Care Technology | 0.4 | |
Life Sciences Tools & Services | 0.4 | |
Health Care Providers & Services | 0.1 | |
Consumer Staples Distribution & Retail | 0.0 | |
Health Care Equipment & Supplies | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.3% | |||
Shares | Value ($) | ||
Biotechnology - 91.0% | |||
Biotechnology - 91.0% | |||
AbbVie, Inc. (a) | 4,472,438 | 657,269,488 | |
Absci Corp. (a)(b) | 992,700 | 1,776,933 | |
Acelyrin, Inc. | 8,700 | 220,371 | |
Acelyrin, Inc. | 1,206,226 | 29,026,019 | |
Acelyrin, Inc. rights (b)(c) | 146,574 | 3,350,730 | |
Adverum Biotechnologies, Inc. (a)(b)(d) | 6,902,392 | 12,010,162 | |
Aerovate Therapeutics, Inc. (a)(b) | 345,151 | 5,484,449 | |
Alector, Inc. (b) | 1,962,455 | 10,695,380 | |
Alkermes PLC (b) | 568,636 | 16,598,485 | |
Allena Pharmaceuticals, Inc. (b) | 93,683 | 9 | |
Allogene Therapeutics, Inc. (a)(b) | 2,277,888 | 8,860,984 | |
Allovir, Inc. (a)(b) | 942,101 | 2,948,776 | |
Alnylam Pharmaceuticals, Inc. (b) | 799,548 | 158,166,585 | |
Alpine Immune Sciences, Inc. (b) | 163,100 | 2,014,285 | |
ALX Oncology Holdings, Inc. (b) | 1,136,549 | 4,841,699 | |
Ambrx Biopharma, Inc. ADR (a)(b) | 1,285,349 | 18,149,128 | |
Amgen, Inc. | 412,244 | 105,674,627 | |
Amicus Therapeutics, Inc. (b) | 2,439,801 | 31,278,249 | |
AnaptysBio, Inc. (a)(b) | 289,228 | 5,692,007 | |
Annexon, Inc. (b) | 94,334 | 259,419 | |
Apellis Pharmaceuticals, Inc. (a)(b) | 1,223,079 | 51,626,165 | |
Apogee Therapeutics, Inc. | 265,356 | 6,087,267 | |
Applied Therapeutics, Inc. (a)(b) | 2,639,536 | 3,510,583 | |
Arcellx, Inc. (a)(b) | 1,359,901 | 48,738,852 | |
Arcturus Therapeutics Holdings, Inc. (a)(b) | 904,630 | 27,455,521 | |
Arcus Biosciences, Inc. (a)(b) | 3,193,396 | 65,464,618 | |
Arcutis Biotherapeutics, Inc. (b) | 493,674 | 4,215,976 | |
Argenx SE ADR (b) | 292,447 | 146,951,693 | |
Arrowhead Pharmaceuticals, Inc. (b) | 1,070,432 | 29,586,740 | |
Ars Pharmaceuticals, Inc. (a)(b) | 1,131,518 | 8,022,463 | |
Ascendis Pharma A/S sponsored ADR (b) | 659,409 | 64,635,270 | |
Astria Therapeutics, Inc. (b) | 269,898 | 2,402,092 | |
aTyr Pharma, Inc. (b) | 2,258,063 | 3,838,707 | |
Aura Biosciences, Inc. (b) | 356,492 | 3,700,387 | |
Avidity Biosciences, Inc. (b) | 374,450 | 2,830,842 | |
Axcella Health, Inc. (a)(b) | 1,661,354 | 383,773 | |
Beam Therapeutics, Inc. (a)(b) | 1,112,850 | 25,795,863 | |
BeiGene Ltd. ADR (b) | 37,198 | 7,720,445 | |
Bicycle Therapeutics PLC ADR (a)(b) | 266,347 | 5,790,384 | |
BioCryst Pharmaceuticals, Inc. (a)(b) | 2,806,881 | 19,956,924 | |
Biogen, Inc. (b) | 627,436 | 167,751,289 | |
Biohaven Ltd. (a) | 2,100,257 | 38,413,701 | |
Biomea Fusion, Inc. (a)(b) | 392,829 | 6,627,025 | |
BioXcel Therapeutics, Inc. (a)(b) | 274,527 | 1,037,712 | |
Blueprint Medicines Corp. (b) | 938,308 | 46,784,037 | |
BridgeBio Pharma, Inc. (a)(b) | 1,255,346 | 37,547,399 | |
Candel Therapeutics, Inc. (a)(b) | 452,557 | 552,120 | |
Celldex Therapeutics, Inc. (b) | 755,200 | 21,070,080 | |
Centessa Pharmaceuticals PLC ADR (a)(b) | 2,787,194 | 21,015,443 | |
Century Therapeutics, Inc. (b) | 178,881 | 443,625 | |
Cerevel Therapeutics Holdings (b) | 947,780 | 22,462,386 | |
Chinook Therapeutics, Inc. rights (b)(c) | 115,821 | 1 | |
Codiak Biosciences, Inc. (a)(b)(c) | 448,539 | 4 | |
Codiak Biosciences, Inc. warrants 9/15/27 (b)(c) | 46,000 | 0 | |
Cogent Biosciences, Inc. (b) | 179,470 | 2,191,329 | |
Compass Therapeutics, Inc. (a)(b) | 563,400 | 1,312,722 | |
Crinetics Pharmaceuticals, Inc. (b) | 1,002,783 | 17,368,202 | |
CRISPR Therapeutics AG (a)(b) | 242,822 | 12,143,528 | |
Cyclerion Therapeutics, Inc. (b) | 41,864 | 148,617 | |
Cyclerion Therapeutics, Inc. (b)(e) | 4,740 | 16,827 | |
Cytokinetics, Inc. (a)(b) | 856,371 | 29,921,603 | |
Day One Biopharmaceuticals, Inc. (b) | 446,133 | 6,018,334 | |
Denali Therapeutics, Inc. (b) | 314,169 | 7,254,162 | |
Disc Medicine, Inc. (a)(b) | 314,190 | 16,636,361 | |
Disc Medicine, Inc. rights (b)(c) | 1,555,907 | 16 | |
Dyne Therapeutics, Inc. (b) | 196,013 | 2,234,548 | |
Entrada Therapeutics, Inc. (a)(b) | 581,805 | 8,564,170 | |
EQRx, Inc. (b) | 507,567 | 1,162,328 | |
EQRx, Inc.: | |||
rights (b)(c) | 116,649 | 30,329 | |
rights (b)(c) | 49,993 | 7,499 | |
Evelo Biosciences, Inc. (e) | 432,900 | 2,861,469 | |
Evelo Biosciences, Inc. (a)(b) | 13,449 | 88,898 | |
Exact Sciences Corp. (b) | 60,900 | 5,095,503 | |
Exelixis, Inc. (b) | 774,672 | 17,344,906 | |
Fate Therapeutics, Inc. (a)(b) | 115,887 | 290,876 | |
Foghorn Therapeutics, Inc. (a)(b) | 178,719 | 1,352,903 | |
Fusion Pharmaceuticals, Inc. (b) | 827,370 | 2,465,563 | |
Fusion Pharmaceuticals, Inc. (e) | 1,483,000 | 4,419,340 | |
Geron Corp. (b) | 3,436,606 | 8,350,953 | |
Geron Corp. warrants 12/31/25 (b) | 2,100,000 | 1,440,233 | |
Gilead Sciences, Inc. | 303,121 | 23,182,694 | |
Gritstone Bio, Inc. (a)(b) | 669,785 | 1,219,009 | |
Halozyme Therapeutics, Inc. (b) | 73,200 | 3,115,392 | |
Icosavax, Inc. (b) | 403,331 | 3,121,782 | |
Ideaya Biosciences, Inc. (a)(b) | 1,094,957 | 32,147,938 | |
Idorsia Ltd. (a)(b) | 534,309 | 2,931,184 | |
IGM Biosciences, Inc. (a)(b)(d) | 2,134,682 | 15,262,976 | |
Immuneering Corp. (a)(b) | 611,885 | 5,513,084 | |
Immunocore Holdings PLC ADR (b) | 234,318 | 13,185,074 | |
ImmunoGen, Inc. (b) | 1,516,023 | 24,013,804 | |
Immunovant, Inc. (b) | 361,241 | 8,203,783 | |
Incyte Corp. (b) | 123,300 | 7,956,549 | |
Inhibrx, Inc. (a)(b) | 210,609 | 4,507,033 | |
Inozyme Pharma, Inc. (b) | 2,465,187 | 12,079,416 | |
Insmed, Inc. (b) | 428,592 | 9,381,879 | |
Intellia Therapeutics, Inc. (b) | 823,501 | 30,864,817 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 987,777 | 39,777,780 | |
iTeos Therapeutics, Inc. (b) | 139,700 | 1,685,481 | |
Janux Therapeutics, Inc. (b) | 425,448 | 4,679,928 | |
Karuna Therapeutics, Inc. (b) | 327,042 | 61,405,406 | |
Keros Therapeutics, Inc. (b) | 305,329 | 10,720,101 | |
Kinnate Biopharma, Inc. (b) | 346,880 | 773,542 | |
Krystal Biotech, Inc. (b)(d) | 1,985,122 | 247,107,987 | |
Kymera Therapeutics, Inc. (a)(b) | 869,513 | 16,590,308 | |
Legend Biotech Corp. ADR (b) | 826,116 | 57,299,406 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 1,087,400 | 1,870,328 | |
Madrigal Pharmaceuticals, Inc. (b) | 189,208 | 34,057,440 | |
MannKind Corp. (a)(b) | 6,449,301 | 29,731,278 | |
Merus BV (a)(b) | 619,953 | 13,868,349 | |
Mineralys Therapeutics, Inc. | 32,500 | 417,300 | |
Minerva Neurosciences, Inc. (a)(b)(d) | 491,746 | 4,115,914 | |
Mirati Therapeutics, Inc. (b) | 213,741 | 7,951,165 | |
Moderna, Inc. (b) | 648,775 | 73,356,989 | |
Monte Rosa Therapeutics, Inc. (b) | 1,257,805 | 7,383,315 | |
Moonlake Immunotherapeutics (a)(b) | 381,585 | 21,967,848 | |
Morphic Holding, Inc. (b) | 857,637 | 47,238,646 | |
Natera, Inc. (b) | 426,932 | 25,073,716 | |
Nurix Therapeutics, Inc. (a)(b) | 366,646 | 3,116,491 | |
Nuvalent, Inc. Class A (b) | 218,574 | 9,960,417 | |
Omega Therapeutics, Inc. (a)(b) | 486,996 | 1,787,275 | |
Oragenics, Inc. (b) | 2,597 | 9,349 | |
PepGen, Inc. (b) | 281,834 | 1,775,554 | |
Poseida Therapeutics, Inc. (b) | 570,083 | 1,191,473 | |
Prelude Therapeutics, Inc. (b) | 748,056 | 2,790,249 | |
Protagonist Therapeutics, Inc. (b) | 459,213 | 9,101,602 | |
Prothena Corp. PLC (a)(b) | 999,717 | 52,805,052 | |
PTC Therapeutics, Inc. (b) | 1,141,944 | 45,106,788 | |
Rallybio Corp. (a)(b) | 1,550,692 | 8,249,681 | |
RAPT Therapeutics, Inc. (b) | 872,800 | 16,670,480 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 149,900 | 1,304,130 | |
Regeneron Pharmaceuticals, Inc. (b) | 286,648 | 236,911,706 | |
Regulus Therapeutics, Inc. (a)(b)(d) | 2,206,600 | 3,442,296 | |
Replimune Group, Inc. (b) | 1,164,814 | 23,785,502 | |
Revolution Medicines, Inc. (a)(b) | 552,835 | 18,779,805 | |
Rezolute, Inc. (a)(b) | 26,700 | 38,448 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 808,003 | 21,016,158 | |
Rocket Pharmaceuticals, Inc. (b) | 223,736 | 3,501,468 | |
Roivant Sciences Ltd. (a)(b) | 4,662,519 | 53,945,345 | |
Sage Therapeutics, Inc. (b) | 827,452 | 16,549,040 | |
Sagimet Biosciences, Inc. | 145,860 | 1,761,989 | |
Sana Biotechnology, Inc. (a)(b) | 1,024,494 | 5,481,043 | |
Sarepta Therapeutics, Inc. (b) | 228,299 | 27,626,462 | |
Scholar Rock Holding Corp. (a)(b) | 1,693,925 | 10,587,031 | |
Scholar Rock Holding Corp. warrants 12/31/25 (b)(e) | 17,850 | 31,019 | |
Selecta Biosciences, Inc. (b) | 2,421,075 | 2,977,922 | |
Sensorion SA (a)(b) | 1,560,440 | 1,184,444 | |
Seres Therapeutics, Inc. (a)(b) | 854,347 | 2,947,497 | |
Shattuck Labs, Inc. (b) | 110,936 | 239,622 | |
SpringWorks Therapeutics, Inc. (a)(b) | 373,611 | 10,528,358 | |
SpringWorks Therapeutics, Inc. (e) | 54,800 | 1,389,838 | |
Tango Therapeutics, Inc. (b) | 613,088 | 3,978,941 | |
Tango Therapeutics, Inc. (e) | 466,637 | 2,725,627 | |
Taysha Gene Therapies, Inc. (a)(b)(d) | 811,647 | 2,597,270 | |
Taysha Gene Therapies, Inc. (d) | 15,715,577 | 47,775,354 | |
Tenaya Therapeutics, Inc. (b) | 1,477,379 | 5,717,457 | |
TG Therapeutics, Inc. (b) | 1,444,265 | 15,121,455 | |
Turnstone Biologics Corp. | 185,500 | 2,001,545 | |
Twist Bioscience Corp. (a)(b) | 298,525 | 6,564,565 | |
Tyra Biosciences, Inc. (b) | 309,400 | 4,712,162 | |
Ultragenyx Pharmaceutical, Inc. (b) | 953,751 | 35,088,499 | |
uniQure B.V. (b) | 43,708 | 380,697 | |
United Therapeutics Corp. (b) | 274,069 | 61,490,121 | |
Vaxcyte, Inc. (b) | 1,137,580 | 59,063,154 | |
Vera Therapeutics, Inc. (b) | 584,590 | 10,341,397 | |
Vertex Pharmaceuticals, Inc. (b) | 584,109 | 203,468,529 | |
Verve Therapeutics, Inc. (a)(b) | 291,593 | 3,752,802 | |
Vigil Neuroscience, Inc. (b) | 140,325 | 846,160 | |
Viking Therapeutics, Inc. (b) | 417,052 | 5,759,488 | |
Viridian Therapeutics, Inc. (a)(b) | 260,700 | 4,736,919 | |
Vor Biopharma, Inc. (a)(b) | 1,114,702 | 2,786,755 | |
Werewolf Therapeutics, Inc. (b) | 2,100 | 5,754 | |
X4 Pharmaceuticals, Inc. warrants 4/12/24 (b) | 450,000 | 5 | |
Xencor, Inc. (b) | 20,943 | 460,327 | |
Xenon Pharmaceuticals, Inc. (b) | 961,033 | 37,461,066 | |
Zealand Pharma A/S (b) | 718,902 | 26,860,374 | |
Zentalis Pharmaceuticals, Inc. (b) | 745,133 | 19,790,732 | |
4,179,297,721 | |||
Consumer Staples Distribution & Retail - 0.0% | |||
Drug Retail - 0.0% | |||
MedAvail Holdings, Inc. (b) | 2,777 | 447 | |
Health Care Equipment & Supplies - 0.0% | |||
Health Care Equipment - 0.0% | |||
Aradigm Corp. (b)(c) | 11,945 | 549 | |
Aradigm Corp. (b)(c) | 148,009 | 6,808 | |
Novocure Ltd. (b) | 11,113 | 245,153 | |
252,510 | |||
Health Care Providers & Services - 0.0% | |||
Health Care Services - 0.0% | |||
23andMe Holding Co. Class A (a)(b) | 298,674 | 328,541 | |
Health Care Technology - 0.4% | |||
Health Care Technology - 0.4% | |||
Schrodinger, Inc. (b) | 539,101 | 19,887,436 | |
Life Sciences Tools & Services - 0.4% | |||
Life Sciences Tools & Services - 0.4% | |||
10X Genomics, Inc. (b) | 324,600 | 16,830,510 | |
Pharmaceuticals - 6.5% | |||
Pharmaceuticals - 6.5% | |||
Adimab LLC (b)(c)(e)(f) | 1,954,526 | 71,574,742 | |
Afferent Pharmaceuticals, Inc. rights 12/31/24 (b)(c) | 8,274,568 | 9,102,025 | |
Amylyx Pharmaceuticals, Inc. (b) | 136,000 | 2,932,160 | |
Arvinas Holding Co. LLC (b) | 244,716 | 6,903,438 | |
Atea Pharmaceuticals, Inc. (b) | 66,800 | 224,448 | |
Axsome Therapeutics, Inc. (a)(b) | 266,603 | 21,541,522 | |
Corcept Therapeutics, Inc. (b) | 516,336 | 16,899,677 | |
Edgewise Therapeutics, Inc. (b) | 308,185 | 1,926,156 | |
Enliven Therapeutics, Inc. (b) | 197,700 | 3,088,074 | |
Fulcrum Therapeutics, Inc. (a)(b) | 1,777,797 | 9,831,217 | |
GH Research PLC (a)(b) | 539,924 | 5,739,392 | |
Harmony Biosciences Holdings, Inc. (b) | 110,925 | 4,021,031 | |
Ikena Oncology, Inc. (b) | 539,627 | 2,503,869 | |
Intra-Cellular Therapies, Inc. (b) | 95,002 | 5,274,511 | |
Longboard Pharmaceuticals, Inc. (b) | 680,289 | 3,938,873 | |
Novo Nordisk A/S Series B sponsored ADR | 24,500 | 4,547,690 | |
Nuvation Bio, Inc. (b) | 2,927,126 | 4,800,487 | |
OptiNose, Inc. (a)(b) | 794,031 | 944,897 | |
OptiNose, Inc. warrants (b) | 91,712 | 24,584 | |
Pharvaris BV (b) | 353,507 | 7,246,894 | |
Pliant Therapeutics, Inc. (b) | 199,831 | 3,373,147 | |
Structure Therapeutics, Inc. ADR (a) | 275,597 | 7,769,079 | |
Terns Pharmaceuticals, Inc. (b) | 658,996 | 3,472,909 | |
UCB SA | 474,277 | 42,582,572 | |
Ventyx Biosciences, Inc. (b) | 573,852 | 19,224,042 | |
Verona Pharma PLC ADR (b) | 1,430,301 | 27,790,748 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 1,504,676 | 6,846,276 | |
WAVE Life Sciences (a)(b) | 585,633 | 2,547,504 | |
296,671,964 | |||
TOTAL COMMON STOCKS (Cost $3,316,162,030) | 4,513,269,129 | ||
Convertible Preferred Stocks - 1.4% | |||
Shares | Value ($) | ||
Biotechnology - 1.2% | |||
Biotechnology - 1.2% | |||
ElevateBio LLC Series C (b)(c)(e) | 216,600 | 903,222 | |
Korro Bio, Inc.: | |||
Series B1 (b)(c)(e) | 957,854 | 2,385,056 | |
Series B2 (b)(c)(e) | 899,280 | 2,239,207 | |
National Resilience, Inc. Series B (b)(c)(e) | 732,064 | 44,458,247 | |
SalioGen Therapeutics, Inc. Series B (b)(c)(e) | 94,461 | 6,312,829 | |
56,298,561 | |||
Health Care Providers & Services - 0.1% | |||
Health Care Services - 0.1% | |||
Scorpion Therapeutics, Inc. Series B (b)(c)(e) | 3,099,905 | 4,804,853 | |
Pharmaceuticals - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Afferent Pharmaceuticals, Inc. Series C (b)(c)(e) | 8,274,568 | 83 | |
Aristea Therapeutics, Inc. Series B (b)(c)(e) | 836,400 | 4,608,564 | |
4,608,647 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $38,020,306) | 65,712,061 | ||
Money Market Funds - 7.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (g) | 6,599,396 | 6,600,716 | |
Fidelity Securities Lending Cash Central Fund 5.44% (g)(h) | 324,221,486 | 324,253,907 | |
TOTAL MONEY MARKET FUNDS (Cost $330,823,912) | 330,854,623 | ||
TOTAL INVESTMENT IN SECURITIES - 106.9% (Cost $3,685,006,248) | 4,909,835,813 |
NET OTHER ASSETS (LIABILITIES) - (6.9)% | (318,466,421) |
NET ASSETS - 100.0% | 4,591,369,392 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Level 3 security |
(d) | Affiliated company |
(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 $148,730,923 or 3.2% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Adimab LLC | 9/17/14 - 6/05/15 | 31,091,029 |
Afferent Pharmaceuticals, Inc. Series C | 7/01/15 | 0 |
Aristea Therapeutics, Inc. Series B | 10/06/20 | 4,611,659 |
Cyclerion Therapeutics, Inc. | 4/02/19 | 1,404,026 |
ElevateBio LLC Series C | 3/09/21 | 908,637 |
Evelo Biosciences, Inc. | 7/07/23 | 999,999 |
Fusion Pharmaceuticals, Inc. | 2/13/23 | 5,042,200 |
Korro Bio, Inc. Series B1 | 12/17/21 | 2,499,999 |
Korro Bio, Inc. Series B2 | 12/17/21 | 2,499,998 |
National Resilience, Inc. Series B | 12/01/20 | 9,999,994 |
SalioGen Therapeutics, Inc. Series B | 12/10/21 | 10,000,019 |
Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
Scorpion Therapeutics, Inc. Series B | 1/08/21 | 7,500,000 |
SpringWorks Therapeutics, Inc. | 9/07/22 | 1,425,348 |
Tango Therapeutics, Inc. | 8/09/23 | 2,403,181 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 16,575,392 | 392,495,824 | 402,470,500 | 326,443 | - | - | 6,600,716 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 353,621,750 | 812,033,367 | 841,401,210 | 2,691,595 | 2,930 | (2,930) | 324,253,907 | 1.2% |
Total | 370,197,142 | 1,204,529,191 | 1,243,871,710 | 3,018,038 | 2,930 | (2,930) | 330,854,623 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Adverum Biotechnologies, Inc. | 5,380,026 | - | 1,019,059 | - | 246,890 | 7,402,305 | 12,010,162 |
Applied Therapeutics, Inc. | 2,665,931 | - | - | - | - | 844,652 | - |
IGM Biosciences, Inc. | 14,514,499 | 12,882,265 | - | - | - | (12,133,788) | 15,262,976 |
Krystal Biotech, Inc. | 171,824,409 | - | 9,387,317 | - | 942,317 | 83,728,578 | 247,107,987 |
Minerva Neurosciences, Inc. | - | 4,240,089 | - | - | - | (124,175) | 4,115,914 |
Regulus Therapeutics, Inc. | 2,941,300 | 15,599 | - | - | - | 485,397 | 3,442,296 |
Taysha Gene Therapies, Inc. | 819,763 | - | - | - | - | 1,777,507 | 2,597,270 |
Taysha Gene Therapies, Inc. | - | 14,144,019 | - | - | - | 33,631,335 | 47,775,354 |
Total | 198,145,928 | 31,281,972 | 10,406,376 | - | 1,189,207 | 115,611,811 | 332,311,959 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 4,513,269,129 | 4,346,783,747 | 82,412,679 | 84,072,703 |
Convertible Preferred Stocks | 65,712,061 | - | - | 65,712,061 |
Money Market Funds | 330,854,623 | 330,854,623 | - | - |
Total Investments in Securities: | 4,909,835,813 | 4,677,638,370 | 82,412,679 | 149,784,764 |
Net Unrealized Depreciation on Unfunded Commitments | (1,046,689) | - | (116,304) | (930,385) |
Total | (1,046,689) | - | (116,304) | (930,385) |
Investments in Securities: | |||
Common Stocks | |||
Beginning Balance | $ | 105,758,765 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (7,273,557) | ||
Cost of Purchases | 165,200 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 217,910 | ||
Transfers out of Level 3 | (14,795,615) | ||
Ending Balance | $ | 84,072,703 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (7,273,557) | |
Convertible Preferred Stocks | |||
Beginning Balance | $ | 65,646,072 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 65,989 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 65,712,061 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | 65,989 | |
The information used in the above reconciliation 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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $312,305,873) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,204,865,391) | $ | 4,246,669,231 | ||
Fidelity Central Funds (cost $330,823,912) | 330,854,623 | |||
Other affiliated issuers (cost $149,316,945) | 332,311,959 | |||
Total Investment in Securities (cost $3,685,006,248) | $ | 4,909,835,813 | ||
Foreign currency held at value (cost $3,196) | 3,182 | |||
Receivable for investments sold | 13,764,968 | |||
Receivable for fund shares sold | 223,095 | |||
Dividends receivable | 268,638 | |||
Distributions receivable from Fidelity Central Funds | 309,247 | |||
Prepaid expenses | 25,130 | |||
Other receivables | 1,230,005 | |||
Total assets | 4,925,660,078 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,169,556 | ||
Unrealized depreciation on unfunded commitments | 1,046,689 | |||
Payable for fund shares redeemed | 2,966,319 | |||
Accrued management fee | 2,003,411 | |||
Other affiliated payables | 714,781 | |||
Other payables and accrued expenses | 1,297,089 | |||
Collateral on securities loaned | 324,092,841 | |||
Total Liabilities | 334,290,686 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 4,591,369,392 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,958,432,206 | ||
Total accumulated earnings (loss) | 632,937,186 | |||
Net Assets | $ | 4,591,369,392 | ||
Net Asset Value, offering price and redemption price per share ($4,591,369,392 ÷ 279,884,354 shares) | $ | 16.40 |
Consolidated Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 15,101,466 | ||
Income from Fidelity Central Funds (including $2,691,595 from security lending) | 3,018,038 | |||
Total Income | 18,119,504 | |||
Expenses | ||||
Management fee | $ | 12,562,079 | ||
Transfer agent fees | 3,862,978 | |||
Accounting fees | 475,042 | |||
Custodian fees and expenses | 137,989 | |||
Independent trustees' fees and expenses | 18,069 | |||
Registration fees | 26,302 | |||
Audit | 49,495 | |||
Legal | 5,078 | |||
Interest | 16,712 | |||
Miscellaneous | 19,520 | |||
Total expenses before reductions | 17,173,264 | |||
Expense reductions | (152,512) | |||
Total expenses after reductions | 17,020,752 | |||
Net Investment income (loss) | 1,098,752 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 87,489,553 | |||
Fidelity Central Funds | 2,930 | |||
Other affiliated issuers | 1,189,207 | |||
Foreign currency transactions | 19,456 | |||
Total net realized gain (loss) | 88,701,146 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated Issuers | (75,661,614) | |||
Fidelity Central Funds | (2,930) | |||
Other affiliated issuers | 115,611,811 | |||
Unfunded commitments | (1,046,689) | |||
Assets and liabilities in foreign currencies | 3,610 | |||
Total change in net unrealized appreciation (depreciation) | 38,904,188 | |||
Net gain (loss) | 127,605,334 | |||
Net increase (decrease) in net assets resulting from operations | $ | 128,704,086 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,098,752 | $ | (2,528,380) |
Net realized gain (loss) | 88,701,146 | (546,855,471) | ||
Change in net unrealized appreciation (depreciation) | 38,904,188 | 608,745,968 | ||
Net increase (decrease) in net assets resulting from operations | 128,704,086 | 59,362,117 | ||
Share transactions | ||||
Proceeds from sales of shares | 91,588,496 | 544,996,692 | ||
Cost of shares redeemed | (598,030,276) | (915,943,690) | ||
Net increase (decrease) in net assets resulting from share transactions | (506,441,780) | (370,946,998) | ||
Total increase (decrease) in net assets | (377,737,694) | (311,584,881) | ||
Net Assets | ||||
Beginning of period | 4,969,107,086 | 5,280,691,967 | ||
End of period | $ | 4,591,369,392 | $ | 4,969,107,086 |
Other Information | ||||
Shares | ||||
Sold | 5,544,636 | 35,714,869 | ||
Redeemed | (36,964,501) | (58,965,046) | ||
Net increase (decrease) | (31,419,865) | (23,250,177) | ||
Biotechnology Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 15.96 | $ | 15.78 | $ | 25.52 | $ | 21.02 | $ | 21.14 | $ | 23.45 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | - E | (.01) | (.03) | (.01) | .05 | (.04) | ||||||
Net realized and unrealized gain (loss) | .44 | .19 | (6.91) | 9.41 | 1.79 | (.29) F | ||||||
Total from investment operations | .44 | .18 | (6.94) | 9.40 | 1.84 | (.33) | ||||||
Distributions from net investment income | - | - | (.03) | (.07) | (.03) | - | ||||||
Distributions from net realized gain | - | - | (2.77) | (4.84) | (1.93) | (1.98) | ||||||
Total distributions | - | - | (2.80) | (4.90) G | (1.96) | (1.98) | ||||||
Net asset value, end of period | $ | 16.40 | $ | 15.96 | $ | 15.78 | $ | 25.52 | $ | 21.02 | $ | 21.14 |
Total Return H,I | 2.76% | 1.14% | (29.49)% | 47.35% | 8.57% | (.46)% F | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | .72% L | .72% | .69% | .70% | .72% | .72% | ||||||
Expenses net of fee waivers, if any | .71% L | .71% | .69% | .70% | .72% | .72% | ||||||
Expenses net of all reductions | .71% L | .71% | .69% | .69% | .72% | .72% | ||||||
Net investment income (loss) | .05% L | (.05)% | (.14)% | (.03)% | .22% | (.20)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 4,591,369 | $ | 4,969,107 | $ | 5,280,692 | $ | 8,873,624 | $ | 6,624,752 | $ | 7,583,722 |
Portfolio turnover rate M | 49% L | 51% | 46% | 78% | 50% | 37% |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 10.2 | |
Boston Scientific Corp. | 7.8 | |
Danaher Corp. | 6.8 | |
Eli Lilly & Co. | 6.3 | |
Thermo Fisher Scientific, Inc. | 5.3 | |
Cigna Group | 4.0 | |
Penumbra, Inc. | 3.7 | |
Regeneron Pharmaceuticals, Inc. | 3.2 | |
Argenx SE ADR | 2.7 | |
agilon health, Inc. | 2.4 | |
52.4 | ||
Industries (% of Fund's net assets) | ||
Health Care Providers & Services | 28.0 | |
Health Care Equipment & Supplies | 19.1 | |
Biotechnology | 18.4 | |
Life Sciences Tools & Services | 17.7 | |
Pharmaceuticals | 14.2 | |
Health Care Technology | 2.1 | |
Financial Services | 0.2 | |
Personal Care Products | 0.2 | |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
Biotechnology - 17.8% | |||
Biotechnology - 17.8% | |||
Acelyrin, Inc. (a) | 900,000 | 22,797,000 | |
Akero Therapeutics, Inc. (b) | 1,140,000 | 56,578,200 | |
Allogene Therapeutics, Inc. (a)(b) | 4,000,000 | 15,560,000 | |
Alnylam Pharmaceuticals, Inc. (b) | 130,000 | 25,716,600 | |
Ambrx Biopharma, Inc. ADR (b) | 354,700 | 5,008,364 | |
Arcellx, Inc. (b) | 500,000 | 17,920,000 | |
Arcus Biosciences, Inc. (b) | 540,000 | 11,070,000 | |
Arcutis Biotherapeutics, Inc. (b) | 1,100,000 | 9,394,000 | |
Argenx SE ADR (b) | 425,000 | 213,558,250 | |
Ascendis Pharma A/S sponsored ADR (b) | 900,000 | 88,218,000 | |
Avidity Biosciences, Inc. (b) | 1,400,000 | 10,584,000 | |
Blueprint Medicines Corp. (b) | 720,000 | 35,899,200 | |
Caris Life Sciences, Inc. (c)(d) | 1,420,479 | 6,846,709 | |
Celldex Therapeutics, Inc. (b) | 800,000 | 22,320,000 | |
Cerevel Therapeutics Holdings (b) | 1,389,664 | 32,935,037 | |
Cytokinetics, Inc. (b) | 1,500,000 | 52,410,000 | |
Generation Bio Co. (b) | 509,353 | 2,434,707 | |
Janux Therapeutics, Inc. (b) | 500,000 | 5,500,000 | |
Karuna Therapeutics, Inc. (b) | 294,440 | 55,284,054 | |
Keros Therapeutics, Inc. (b) | 540,000 | 18,959,400 | |
Legend Biotech Corp. ADR (b) | 1,700,000 | 117,912,000 | |
Morphic Holding, Inc. (b) | 400,000 | 22,032,000 | |
Nuvalent, Inc. Class A (b) | 600,000 | 27,342,000 | |
Poseida Therapeutics, Inc. (a)(b) | 1,945,613 | 4,066,331 | |
PTC Therapeutics, Inc. (b) | 580,000 | 22,910,000 | |
Regeneron Pharmaceuticals, Inc. (b) | 310,500 | 256,625,145 | |
Repligen Corp. (a)(b) | 280,000 | 48,694,800 | |
Sarepta Therapeutics, Inc. (b) | 250,000 | 30,252,500 | |
Shattuck Labs, Inc. (b) | 1,162,800 | 2,511,648 | |
Vaxcyte, Inc. (b) | 1,280,000 | 66,457,600 | |
Vera Therapeutics, Inc. (b) | 1,000,000 | 17,690,000 | |
Vertex Pharmaceuticals, Inc. (b) | 45,000 | 15,675,300 | |
Xencor, Inc. (b) | 1,400,000 | 30,772,000 | |
Xenon Pharmaceuticals, Inc. (b) | 800,000 | 31,184,000 | |
Zentalis Pharmaceuticals, Inc. (b) | 1,200,000 | 31,872,000 | |
1,434,990,845 | |||
Health Care Equipment & Supplies - 19.1% | |||
Health Care Equipment - 19.0% | |||
Boston Scientific Corp. (b) | 11,700,000 | 631,098,000 | |
Glaukos Corp. (b) | 367,381 | 27,605,008 | |
Insulet Corp. (b) | 608,700 | 116,693,877 | |
Intuitive Surgical, Inc. (b) | 145,000 | 45,338,600 | |
iRhythm Technologies, Inc. (b) | 400,000 | 41,348,000 | |
Masimo Corp. (b) | 1,280,000 | 146,278,400 | |
Novocure Ltd. (b) | 500,000 | 11,030,000 | |
Outset Medical, Inc. (a)(b) | 1,000,000 | 13,610,000 | |
Penumbra, Inc. (b) | 1,135,000 | 300,207,500 | |
PROCEPT BioRobotics Corp. (a)(b) | 649,500 | 22,154,445 | |
ResMed, Inc. | 475,000 | 75,805,250 | |
Stryker Corp. | 300,000 | 85,065,000 | |
Tandem Diabetes Care, Inc. (b) | 480,900 | 13,157,424 | |
1,529,391,504 | |||
Health Care Supplies - 0.1% | |||
Lantheus Holdings, Inc. (b) | 156,035 | 10,679,035 | |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 1,540,070,539 | ||
Health Care Providers & Services - 28.0% | |||
Health Care Facilities - 2.7% | |||
Acadia Healthcare Co., Inc. (b) | 950,000 | 73,245,000 | |
Surgery Partners, Inc. (b) | 3,900,000 | 141,414,000 | |
214,659,000 | |||
Health Care Services - 10.4% | |||
agilon health, Inc. (a)(b) | 10,850,600 | 192,272,632 | |
Cigna Group | 1,170,000 | 323,224,200 | |
CVS Health Corp. | 2,850,000 | 185,734,500 | |
LifeStance Health Group, Inc. (b) | 6,000,000 | 49,260,000 | |
Privia Health Group, Inc. (b) | 3,240,000 | 85,050,000 | |
835,541,332 | |||
Managed Health Care - 14.9% | |||
Alignment Healthcare, Inc. (b) | 3,800,000 | 22,192,000 | |
Centene Corp. (b) | 2,320,000 | 143,028,000 | |
Elevance Health, Inc. | 200,000 | 88,402,000 | |
Humana, Inc. | 175,000 | 80,785,250 | |
Molina Healthcare, Inc. (b) | 145,000 | 44,967,400 | |
UnitedHealth Group, Inc. | 1,730,000 | 824,483,401 | |
1,203,858,051 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 2,254,058,383 | ||
Health Care Technology - 1.8% | |||
Health Care Technology - 1.8% | |||
Doximity, Inc. (a)(b) | 690,000 | 16,449,600 | |
Evolent Health, Inc. (b) | 841,400 | 21,464,114 | |
Evolent Health, Inc. (c) | 1,178,600 | 28,562,782 | |
Phreesia, Inc. (b) | 1,180,000 | 33,594,600 | |
Veeva Systems, Inc. Class A (b) | 228,000 | 47,583,600 | |
147,654,696 | |||
Life Sciences Tools & Services - 17.7% | |||
Life Sciences Tools & Services - 17.7% | |||
10X Genomics, Inc. (b) | 1,800,000 | 93,330,000 | |
10X Genomics, Inc. Class B (b)(e) | 500,000 | 25,925,000 | |
Bruker Corp. | 1,100,000 | 72,160,000 | |
Danaher Corp. | 2,080,000 | 551,200,000 | |
Fortrea Holdings, Inc. | 158,080 | 4,355,104 | |
IQVIA Holdings, Inc. (b) | 560,000 | 124,672,800 | |
Lonza Group AG | 67,000 | 36,956,615 | |
Olink Holding AB ADR (b) | 1,162,612 | 19,217,976 | |
Thermo Fisher Scientific, Inc. | 765,000 | 426,181,500 | |
West Pharmaceutical Services, Inc. | 180,000 | 73,242,000 | |
1,427,240,995 | |||
Personal Care Products - 0.2% | |||
Personal Care Products - 0.2% | |||
The Beauty Health Co. (a)(b) | 600,000 | 3,696,000 | |
The Beauty Health Co. (b)(c) | 1,800,000 | 11,088,000 | |
14,784,000 | |||
Pharmaceuticals - 14.0% | |||
Pharmaceuticals - 14.0% | |||
Arvinas Holding Co. LLC (b) | 690,000 | 19,464,900 | |
AstraZeneca PLC (United Kingdom) | 1,250,000 | 167,903,413 | |
Eli Lilly & Co. | 912,000 | 505,430,400 | |
Enliven Therapeutics, Inc. (b) | 400,000 | 6,248,000 | |
Merck & Co., Inc. | 1,200,000 | 130,776,000 | |
Novo Nordisk A/S Series B | 560,000 | 103,294,094 | |
Pharvaris BV (b) | 620,000 | 12,710,000 | |
Royalty Pharma PLC | 2,800,000 | 83,496,000 | |
UCB SA | 600,000 | 53,870,508 | |
Ventyx Biosciences, Inc. (b) | 860,000 | 28,810,000 | |
Verona Pharma PLC ADR (b) | 600,000 | 11,658,000 | |
1,123,661,315 | |||
TOTAL COMMON STOCKS (Cost $5,382,914,939) | 7,942,460,773 | ||
Preferred Stocks - 1.3% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.2% | |||
Biotechnology - 0.6% | |||
Biotechnology - 0.6% | |||
Asimov, Inc. Series B (b)(c)(d) | 101,438 | 4,649,918 | |
Caris Life Sciences, Inc. Series D (b)(c)(d) | 3,206,021 | 15,453,021 | |
Cleerly, Inc. Series C (b)(c)(d) | 1,285,367 | 14,897,404 | |
Element Biosciences, Inc. Series C (b)(c)(d) | 572,265 | 8,005,987 | |
ElevateBio LLC Series C (b)(c)(d) | 254,900 | 1,062,933 | |
Inscripta, Inc. Series E (b)(c)(d) | 1,282,228 | 4,885,289 | |
48,954,552 | |||
Financial Services - 0.1% | |||
Specialized Finance - 0.1% | |||
Saluda Medical, Inc. Series E (c)(d) | 1,155,359 | 9,358,408 | |
Health Care Providers & Services - 0.0% | |||
Health Care Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (b)(c)(d) | 380,451 | 2,978,931 | |
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
Aledade, Inc.: | |||
Series B1(b)(c)(d) | 201,220 | 10,085,146 | |
Series E1(b)(c)(d) | 56,664 | 2,840,000 | |
Omada Health, Inc. Series E (b)(c)(d) | 2,153,073 | 7,471,163 | |
Wugen, Inc. Series B (b)(c)(d) | 454,342 | 2,267,167 | |
22,663,476 | |||
Pharmaceuticals - 0.2% | |||
Pharmaceuticals - 0.2% | |||
Aristea Therapeutics, Inc. Series B (b)(c)(d) | 1,037,400 | 5,716,074 | |
Galvanize Therapeutics Series B (b)(c)(d) | 3,696,429 | 5,766,429 | |
11,482,503 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 95,437,870 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Financial Services - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Thriveworks TopCo LLC Series B (b)(c)(d)(f) | 473,270 | 6,318,155 | |
TOTAL PREFERRED STOCKS (Cost $142,112,784) | 101,756,025 | ||
Money Market Funds - 3.4% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.44% (g)(h) (Cost $274,009,982) | 273,984,333 | 274,011,732 | |
TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $5,799,037,705) | 8,318,228,530 |
NET OTHER ASSETS (LIABILITIES) - (3.3)% | (262,212,240) |
NET ASSETS - 100.0% | 8,056,016,290 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | 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 $148,253,516 or 1.8% of net assets. |
(d) | Level 3 security |
(e) | 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 $25,925,000 or 0.3% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 7,704,855 |
Aledade, Inc. Series E1 | 5/20/22 | 2,822,683 |
Aristea Therapeutics, Inc. Series B | 10/06/20 | 5,719,912 |
Asimov, Inc. Series B | 10/29/21 | 9,401,345 |
Caris Life Sciences, Inc. | 10/06/22 | 7,954,682 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 25,968,770 |
Cleerly, Inc. Series C | 7/08/22 | 15,142,394 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 5,403,602 |
Element Biosciences, Inc. Series C | 6/21/21 | 11,763,880 |
ElevateBio LLC Series C | 3/09/21 | 1,069,306 |
Evolent Health, Inc. | 3/28/23 | 34,179,400 |
Galvanize Therapeutics Series B | 3/29/22 | 6,399,572 |
Inscripta, Inc. Series E | 3/30/21 | 11,322,073 |
Omada Health, Inc. Series E | 12/22/21 | 12,908,103 |
Saluda Medical, Inc. Series E | 4/06/23 | 9,328,137 |
The Beauty Health Co. | 12/08/20 | 18,000,000 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 13,584,368 |
Wugen, Inc. Series B | 7/09/21 | 3,523,377 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | - | 715,510,934 | 715,510,934 | 902,484 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 189,954,325 | 554,847,067 | 470,789,660 | 442,764 | - | - | 274,011,732 | 1.0% |
Total | 189,954,325 | 1,270,358,001 | 1,186,300,594 | 1,345,248 | - | - | 274,011,732 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Zai Lab Ltd. | 24,532,952 | 1,003,218 | 20,418,211 | - | (16,658,059) | 11,540,100 | - |
Total | 24,532,952 | 1,003,218 | 20,418,211 | - | (16,658,059) | 11,540,100 | - |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 7,942,460,773 | 7,598,897,160 | 336,716,904 | 6,846,709 |
Preferred Stocks | 101,756,025 | - | - | 101,756,025 |
Money Market Funds | 274,011,732 | 274,011,732 | - | - |
Total Investments in Securities: | 8,318,228,530 | 7,872,908,892 | 336,716,904 | 108,602,734 |
Investments in Securities: | |||
Preferred Stocks | |||
Beginning Balance | $ | 101,474,951 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (9,075,287) | ||
Cost of Purchases | 9,356,361 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 101,756,025 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (9,075,287) | |
Other Investments in Securities | |||
Beginning Balance | $ | 7,954,682 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,107,973) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 6,846,709 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (1,107,973) | |
The information used in the above reconciliation 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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $261,178,744) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,525,027,723) | $ | 8,044,216,798 | ||
Fidelity Central Funds (cost $274,009,982) | 274,011,732 | |||
Total Investment in Securities (cost $5,799,037,705) | $ | 8,318,228,530 | ||
Foreign currency held at value (cost $109) | 109 | |||
Receivable for investments sold | 16,926,220 | |||
Receivable for fund shares sold | 974,115 | |||
Dividends receivable | 3,184,600 | |||
Reclaims receivable | 6,059,433 | |||
Distributions receivable from Fidelity Central Funds | 86,985 | |||
Prepaid expenses | 27,466 | |||
Other receivables | 817,559 | |||
Total assets | 8,346,305,017 | |||
Liabilities | ||||
Payable to custodian bank | $ | 171,422 | ||
Payable for investments purchased | 5,170,858 | |||
Payable for fund shares redeemed | 5,460,385 | |||
Accrued management fee | 3,530,136 | |||
Other affiliated payables | 1,091,682 | |||
Other payables and accrued expenses | 874,338 | |||
Collateral on securities loaned | 273,989,906 | |||
Total Liabilities | 290,288,727 | |||
Net Assets | $ | 8,056,016,290 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,468,292,758 | ||
Total accumulated earnings (loss) | 2,587,723,532 | |||
Net Assets | $ | 8,056,016,290 | ||
Net Asset Value, offering price and redemption price per share ($8,056,016,290 ÷ 289,681,620 shares) | $ | 27.81 |
Consolidated Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 22,478,785 | ||
Income from Fidelity Central Funds (including $442,764 from security lending) | 1,345,248 | |||
Total Income | 23,824,033 | |||
Expenses | ||||
Management fee | $ | 21,925,237 | ||
Transfer agent fees | 6,069,146 | |||
Accounting fees | 548,302 | |||
Custodian fees and expenses | 135,025 | |||
Independent trustees' fees and expenses | 30,657 | |||
Registration fees | 54,003 | |||
Audit | 26,063 | |||
Legal | 3,862 | |||
Interest | 6,876 | |||
Miscellaneous | 27,530 | |||
Total expenses before reductions | 28,826,701 | |||
Expense reductions | (264,129) | |||
Total expenses after reductions | 28,562,572 | |||
Net Investment income (loss) | (4,738,539) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 202,396,153 | |||
Affiliated issuers | (16,658,059) | |||
Foreign currency transactions | 30,079 | |||
Total net realized gain (loss) | 185,768,173 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated Issuers | (853,575) | |||
Affiliated issuers | 11,540,100 | |||
Assets and liabilities in foreign currencies | 352,353 | |||
Total change in net unrealized appreciation (depreciation) | 11,038,878 | |||
Net gain (loss) | 196,807,051 | |||
Net increase (decrease) in net assets resulting from operations | $ | 192,068,512 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (4,738,539) | $ | (8,828,852) |
Net realized gain (loss) | 185,768,173 | (77,062,320) | ||
Change in net unrealized appreciation (depreciation) | 11,038,878 | (110,386,969) | ||
Net increase (decrease) in net assets resulting from operations | 192,068,512 | (196,278,141) | ||
Distributions to shareholders | - | (185,553,756) | ||
Share transactions | ||||
Proceeds from sales of shares | 323,547,118 | 519,950,859 | ||
Reinvestment of distributions | - | 171,960,992 | ||
Cost of shares redeemed | (613,063,743) | (1,155,824,340) | ||
Net increase (decrease) in net assets resulting from share transactions | (289,516,625) | (463,912,489) | ||
Total increase (decrease) in net assets | (97,448,113) | (845,744,386) | ||
Net Assets | ||||
Beginning of period | 8,153,464,403 | 8,999,208,789 | ||
End of period | $ | 8,056,016,290 | $ | 8,153,464,403 |
Other Information | ||||
Shares | ||||
Sold | 11,557,855 | 19,098,646 | ||
Issued in reinvestment of distributions | - | 5,803,593 | ||
Redeemed | (21,816,972) | (42,956,929) | ||
Net increase (decrease) | (10,259,117) | (18,054,690) | ||
Health Care Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 27.18 | $ | 28.30 | $ | 32.18 | $ | 26.53 | $ | 24.48 | $ | 23.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.02) | (.03) | (.03) | - E | .04 | .02 | ||||||
Net realized and unrealized gain (loss) | .65 | (.50) | (.92) | 9.23 | 2.40 | 2.90 | ||||||
Total from investment operations | .63 | (.53) | (.95) | 9.23 | 2.44 | 2.92 | ||||||
Distributions from net investment income | - | - | (.04) F | (.18) | (.03) | (.03) | ||||||
Distributions from net realized gain | - | (.59) | (2.89) F | (3.40) | (.36) | (1.97) | ||||||
Total distributions | - | (.59) | (2.93) | (3.58) | (.39) | (2.00) | ||||||
Net asset value, end of period | $ | 27.81 | $ | 27.18 | $ | 28.30 | $ | 32.18 | $ | 26.53 | $ | 24.48 |
Total Return G,H | 2.32% | (2.05)% | (3.67)% | 36.00% | 9.84% | 13.30% | ||||||
Ratios to Average Net Assets D,I,J | ||||||||||||
Expenses before reductions | .69% K | .69% | .68% | .69% | .70% | .71% | ||||||
Expenses net of fee waivers, if any | .68% K | .68% | .67% | .69% | .70% | .71% | ||||||
Expenses net of all reductions | .68% K | .68% | .67% | .69% | .70% | .71% | ||||||
Net investment income (loss) | (.11)% K | (.10)% | (.10)% | (.01)% | .16% | .10% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 8,056,016 | $ | 8,153,464 | $ | 8,999,209 | $ | 10,353,077 | $ | 7,220,187 | $ | 7,450,707 |
Portfolio turnover rate L | 44% K | 40% | 31% | 52% | 36% M | 60% M |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 24.5 | |
CVS Health Corp. | 9.9 | |
Cigna Group | 8.9 | |
Centene Corp. | 6.0 | |
Humana, Inc. | 4.8 | |
McKesson Corp. | 4.8 | |
Molina Healthcare, Inc. | 4.7 | |
Cencora, Inc. | 4.7 | |
Acadia Healthcare Co., Inc. | 3.3 | |
agilon health, Inc. | 3.1 | |
74.7 | ||
Industries (% of Fund's net assets) | ||
Health Care Providers & Services | 96.4 | |
Health Care Technology | 1.8 | |
Financial Services | 0.1 | |
Common Stocks - 97.7% | |||
Shares | Value ($) | ||
Health Care Providers & Services - 96.4% | |||
Health Care Distributors - 9.5% | |||
Cencora, Inc. | 406,800 | 71,588,664 | |
McKesson Corp. | 175,200 | 72,238,464 | |
143,827,128 | |||
Health Care Facilities - 14.4% | |||
Acadia Healthcare Co., Inc. (a) | 645,000 | 49,729,500 | |
Encompass Health Corp. | 556,700 | 39,547,968 | |
HCA Holdings, Inc. | 158,700 | 44,007,510 | |
Surgery Partners, Inc. (a) | 1,111,757 | 40,312,309 | |
U.S. Physical Therapy, Inc. (b) | 180,300 | 18,179,649 | |
Universal Health Services, Inc. Class B | 207,700 | 27,977,190 | |
219,754,126 | |||
Health Care Services - 27.5% | |||
agilon health, Inc. (a)(b) | 2,649,100 | 46,942,052 | |
Andlauer Healthcare Group, Inc. | 184,939 | 6,022,288 | |
Chemed Corp. | 52,200 | 26,697,168 | |
Cigna Group | 488,672 | 135,000,527 | |
CVS Health Corp. | 2,302,470 | 150,051,970 | |
LifeStance Health Group, Inc. (a)(b) | 2,746,450 | 22,548,355 | |
Privia Health Group, Inc. (a)(b) | 1,154,800 | 30,313,500 | |
417,575,860 | |||
Managed Health Care - 45.0% | |||
Alignment Healthcare, Inc. (a) | 829,296 | 4,843,089 | |
Centene Corp. (a) | 1,467,684 | 90,482,719 | |
Elevance Health, Inc. | 91,302 | 40,356,397 | |
HealthEquity, Inc. (a) | 460,900 | 31,133,795 | |
Humana, Inc. | 157,600 | 72,752,888 | |
Molina Healthcare, Inc. (a) | 231,900 | 71,916,828 | |
UnitedHealth Group, Inc. | 780,850 | 372,137,491 | |
683,623,207 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 1,464,780,321 | ||
Health Care Technology - 1.3% | |||
Health Care Technology - 1.3% | |||
Evolent Health, Inc. (a) | 380,100 | 9,696,351 | |
Evolent Health, Inc. (c) | 120,300 | 2,915,410 | |
Phreesia, Inc. (a) | 239,335 | 6,813,867 | |
19,425,628 | |||
TOTAL COMMON STOCKS (Cost $928,566,178) | 1,484,205,949 | ||
Preferred Stocks - 0.6% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.5% | |||
Health Care Technology - 0.5% | |||
Health Care Technology - 0.5% | |||
Aledade, Inc.: | |||
Series B1(a)(c)(d) | 52,232 | 2,617,868 | |
Series E1(a)(c)(d) | 40,149 | 2,012,268 | |
Series F(c)(d) | 59,859 | 3,000,133 | |
7,630,269 | |||
Nonconvertible Preferred Stocks - 0.1% | |||
Financial Services - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Thriveworks TopCo LLC Series B (a)(c)(d)(e) | 69,639 | 929,681 | |
TOTAL PREFERRED STOCKS (Cost $9,049,251) | 8,559,950 | ||
Money Market Funds - 6.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (f) | 21,665,723 | 21,670,056 | |
Fidelity Securities Lending Cash Central Fund 5.44% (f)(g) | 74,837,045 | 74,844,529 | |
TOTAL MONEY MARKET FUNDS (Cost $96,514,585) | 96,514,585 | ||
TOTAL INVESTMENT IN SECURITIES - 104.7% (Cost $1,034,130,014) | 1,589,280,484 |
NET OTHER ASSETS (LIABILITIES) - (4.7)% | (70,685,597) |
NET ASSETS - 100.0% | 1,518,594,887 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $11,475,360 or 0.8% of net assets. |
(d) | Level 3 security |
(e) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 2,000,000 |
Aledade, Inc. Series E1 | 5/20/22 | 1,999,998 |
Aledade, Inc. Series F | 6/07/23 | 2,999,983 |
Evolent Health, Inc. | 3/28/23 | 3,488,700 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 1,998,863 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 18,116,844 | 177,363,411 | 173,810,199 | 219,873 | - | - | 21,670,056 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.44% | 63,170,610 | 272,563,761 | 260,889,842 | 57,834 | - | - | 74,844,529 | 0.3% |
Total | 81,287,454 | 449,927,172 | 434,700,041 | 277,707 | - | - | 96,514,585 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,484,205,949 | 1,481,290,539 | 2,915,410 | - |
Preferred Stocks | 8,559,950 | - | - | 8,559,950 |
Money Market Funds | 96,514,585 | 96,514,585 | - | - |
Total Investments in Securities: | 1,589,280,484 | 1,577,805,124 | 2,915,410 | 8,559,950 |
Consolidated Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $70,685,196) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $937,615,429) | $ | 1,492,765,899 | ||
Fidelity Central Funds (cost $96,514,585) | 96,514,585 | |||
Total Investment in Securities (cost $1,034,130,014) | $ | 1,589,280,484 | ||
Receivable for investments sold | 5,525,643 | |||
Receivable for fund shares sold | 937,358 | |||
Dividends receivable | 248,574 | |||
Distributions receivable from Fidelity Central Funds | 63,044 | |||
Prepaid expenses | 4,332 | |||
Other receivables | 152,348 | |||
Total assets | 1,596,211,783 | |||
Liabilities | ||||
Payable for investments purchased | $ | 16,093 | ||
Payable for fund shares redeemed | 1,692,248 | |||
Accrued management fee | 690,047 | |||
Other affiliated payables | 267,795 | |||
Other payables and accrued expenses | 109,613 | |||
Collateral on securities loaned | 74,841,100 | |||
Total Liabilities | 77,616,896 | |||
Net Assets | $ | 1,518,594,887 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 977,949,826 | ||
Total accumulated earnings (loss) | 540,645,061 | |||
Net Assets | $ | 1,518,594,887 | ||
Net Asset Value, offering price and redemption price per share ($1,518,594,887 ÷ 12,279,689 shares) | $ | 123.67 |
Consolidated Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 8,643,854 | ||
Income from Fidelity Central Funds (including $57,834 from security lending) | 277,707 | |||
Total Income | 8,921,561 | |||
Expenses | ||||
Management fee | $ | 4,288,301 | ||
Transfer agent fees | 1,419,201 | |||
Accounting fees | 224,908 | |||
Custodian fees and expenses | 8,138 | |||
Independent trustees' fees and expenses | 5,701 | |||
Registration fees | 43,619 | |||
Audit | 18,416 | |||
Legal | 1,545 | |||
Interest | 710 | |||
Miscellaneous | 4,793 | |||
Total expenses before reductions | 6,015,332 | |||
Expense reductions | (51,575) | |||
Total expenses after reductions | 5,963,757 | |||
Net Investment income (loss) | 2,957,804 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 23,033,580 | |||
Foreign currency transactions | 139 | |||
Total net realized gain (loss) | 23,033,719 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated Issuers | (38,448,898) | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | (38,448,899) | |||
Net gain (loss) | (15,415,180) | |||
Net increase (decrease) in net assets resulting from operations | $ | (12,457,376) |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,957,804 | $ | 3,245,186 |
Net realized gain (loss) | 23,033,719 | (18,501,064) | ||
Change in net unrealized appreciation (depreciation) | (38,448,899) | (28,481,459) | ||
Net increase (decrease) in net assets resulting from operations | (12,457,376) | (43,737,337) | ||
Distributions to shareholders | - | (70,592,721) | ||
Share transactions | ||||
Proceeds from sales of shares | 134,029,446 | 1,010,359,737 | ||
Reinvestment of distributions | - | 65,526,668 | ||
Cost of shares redeemed | (311,679,350) | (466,886,272) | ||
Net increase (decrease) in net assets resulting from share transactions | (177,649,904) | 609,000,133 | ||
Total increase (decrease) in net assets | (190,107,280) | 494,670,075 | ||
Net Assets | ||||
Beginning of period | 1,708,702,167 | 1,214,032,092 | ||
End of period | $ | 1,518,594,887 | $ | 1,708,702,167 |
Other Information | ||||
Shares | ||||
Sold | 1,062,663 | 7,599,624 | ||
Issued in reinvestment of distributions | - | 474,418 | ||
Redeemed | (2,477,689) | (3,577,704) | ||
Net increase (decrease) | (1,415,026) | 4,496,338 | ||
Health Care Services Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 124.77 | $ | 131.98 | $ | 121.44 | $ | 94.72 | $ | 89.28 | $ | 92.21 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .23 | .28 | .29 | .06 | .23 | .13 | ||||||
Net realized and unrealized gain (loss) | (1.33) | (.47) | 20.01 | 27.59 | 5.50 | 8.27 | ||||||
Total from investment operations | (1.10) | (.19) | 20.30 | 27.65 | 5.73 | 8.40 | ||||||
Distributions from net investment income | - | (.31) | (.22) D | (.93) | (.29) | (.10) | ||||||
Distributions from net realized gain | - | (6.71) | (9.55) D | - | - | (11.23) | ||||||
Total distributions | - | (7.02) | (9.76) E | (.93) | (.29) | (11.33) | ||||||
Net asset value, end of period | $ | 123.67 | $ | 124.77 | $ | 131.98 | $ | 121.44 | $ | 94.72 | $ | 89.28 |
Total Return F,G | (.88)% | (.64)% | 16.85% | 29.43% | 6.39% | 9.61% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | .74% J | .73% | .71% | .73% | .75% | .76% | ||||||
Expenses net of fee waivers, if any | .73% J | .73% | .71% | .73% | .75% | .76% | ||||||
Expenses net of all reductions | .73% J | .73% | .71% | .73% | .75% | .76% | ||||||
Net investment income (loss) | .36% J | .21% | .22% | .05% | .25% | .14% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,518,595 | $ | 1,708,702 | $ | 1,214,032 | $ | 1,100,913 | $ | 1,003,206 | $ | 1,343,070 |
Portfolio turnover rate K | 28% J | 30% | 35% | 34% | 37% | 60% |
Top Holdings (% of Fund's net assets) | ||
Thermo Fisher Scientific, Inc. | 15.1 | |
Danaher Corp. | 13.9 | |
Boston Scientific Corp. | 12.7 | |
Stryker Corp. | 5.6 | |
Penumbra, Inc. | 4.5 | |
Intuitive Surgical, Inc. | 4.0 | |
IQVIA Holdings, Inc. | 3.7 | |
Veeva Systems, Inc. Class A | 2.8 | |
Abbott Laboratories | 2.7 | |
Masimo Corp. | 2.6 | |
67.6 | ||
Industries (% of Fund's net assets) | ||
Health Care Equipment & Supplies | 45.2 | |
Life Sciences Tools & Services | 41.9 | |
Health Care Technology | 5.5 | |
Health Care Providers & Services | 3.3 | |
Biotechnology | 2.7 | |
Textiles, Apparel & Luxury Goods | 0.4 | |
Financial Services | 0.3 | |
Personal Care Products | 0.3 | |
Pharmaceuticals | 0.1 | |
Common Stocks - 96.4% | |||
Shares | Value ($) | ||
Biotechnology - 1.7% | |||
Biotechnology - 1.7% | |||
Natera, Inc. (a)(b) | 600,000 | 35,238,000 | |
Oxford BioMedica PLC (a) | 4,000,000 | 16,341,720 | |
Repligen Corp. (a)(b) | 340,000 | 59,129,400 | |
110,709,120 | |||
Financial Services - 0.0% | |||
Specialized Finance - 0.0% | |||
Saluda Medical, Inc. warrants 1/20/27 (a)(c)(d) | 235,185 | 623,240 | |
Health Care Equipment & Supplies - 44.7% | |||
Health Care Equipment - 43.8% | |||
Abbott Laboratories | 1,670,000 | 171,843,000 | |
Boston Scientific Corp. (a) | 15,280,000 | 824,203,200 | |
DexCom, Inc. (a) | 600,000 | 60,588,000 | |
GE Healthcare Holding LLC | 600,000 | 42,270,000 | |
Glaukos Corp. (a) | 746,100 | 56,061,954 | |
Inspire Medical Systems, Inc. (a) | 460,000 | 104,364,800 | |
Insulet Corp. (a) | 697,000 | 133,621,870 | |
Intuitive Surgical, Inc. (a) | 820,000 | 256,397,600 | |
iRhythm Technologies, Inc. (a)(b) | 500,000 | 51,685,000 | |
Masimo Corp. (a) | 1,450,000 | 165,706,000 | |
Nevro Corp. (a) | 1,000,000 | 20,040,000 | |
Novocure Ltd. (a)(b) | 807,700 | 17,817,862 | |
Outset Medical, Inc. (a)(b) | 1,000,000 | 13,610,000 | |
Penumbra, Inc. (a)(b) | 1,100,000 | 290,950,000 | |
PROCEPT BioRobotics Corp. (a)(b) | 1,180,000 | 40,249,800 | |
ResMed, Inc. | 900,000 | 143,631,000 | |
Shockwave Medical, Inc. (a)(b) | 185,000 | 40,772,150 | |
Stryker Corp. | 1,280,000 | 362,944,000 | |
Tandem Diabetes Care, Inc. (a)(b) | 1,450,700 | 39,691,152 | |
2,836,447,388 | |||
Health Care Supplies - 0.9% | |||
ICU Medical, Inc. (a)(b) | 326,065 | 47,289,207 | |
Lantheus Holdings, Inc. (a) | 142,241 | 9,734,974 | |
57,024,181 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 2,893,471,569 | ||
Health Care Providers & Services - 3.0% | |||
Health Care Services - 3.0% | |||
agilon health, Inc. (a) | 3,723,856 | 65,986,728 | |
Guardant Health, Inc. (a) | 430,000 | 16,804,400 | |
LifeStance Health Group, Inc. (a)(b) | 6,400,000 | 52,544,000 | |
Privia Health Group, Inc. (a) | 2,156,600 | 56,610,750 | |
191,945,878 | |||
Health Care Technology - 4.8% | |||
Health Care Technology - 4.8% | |||
DNA Script (a)(c)(d) | 1,220 | 770,302 | |
DNA Script (a)(c)(d) | 4,668 | 2,947,353 | |
Doximity, Inc. (a)(b) | 840,000 | 20,025,600 | |
Evolent Health, Inc. (c) | 1,003,500 | 24,319,321 | |
Evolent Health, Inc. (a) | 1,256,500 | 32,053,315 | |
Phreesia, Inc. (a) | 1,760,000 | 50,107,200 | |
Veeva Systems, Inc. Class A (a) | 860,000 | 179,482,000 | |
309,705,091 | |||
Life Sciences Tools & Services - 41.9% | |||
Life Sciences Tools & Services - 41.9% | |||
10X Genomics, Inc. (a) | 1,826,466 | 94,702,262 | |
10X Genomics, Inc. Class B (a)(e) | 392,772 | 20,365,228 | |
Bio-Techne Corp. | 831,200 | 65,166,080 | |
Bruker Corp. | 1,600,000 | 104,960,000 | |
Danaher Corp. | 3,400,000 | 901,000,000 | |
Eurofins Scientific SA (b) | 500,000 | 30,817,227 | |
Fortrea Holdings, Inc. | 600,000 | 16,530,000 | |
IQVIA Holdings, Inc. (a) | 1,080,000 | 240,440,400 | |
Lonza Group AG | 75,000 | 41,369,346 | |
Olink Holding AB ADR (a)(b) | 1,233,000 | 20,381,490 | |
Pacific Biosciences of California, Inc. (a) | 1,900,000 | 21,432,000 | |
Sartorius Stedim Biotech | 100,000 | 28,420,814 | |
Seer, Inc. (a) | 2,800,000 | 7,364,000 | |
Thermo Fisher Scientific, Inc. | 1,760,000 | 980,496,001 | |
West Pharmaceutical Services, Inc. | 345,000 | 140,380,500 | |
2,713,825,348 | |||
Personal Care Products - 0.3% | |||
Personal Care Products - 0.3% | |||
The Beauty Health Co. (a)(b) | 535,900 | 3,301,144 | |
The Beauty Health Co. (a)(c) | 3,000,000 | 18,480,000 | |
21,781,144 | |||
TOTAL COMMON STOCKS (Cost $3,809,207,906) | 6,242,061,390 | ||
Convertible Preferred Stocks - 3.0% | |||
Shares | Value ($) | ||
Biotechnology - 1.0% | |||
Biotechnology - 1.0% | |||
Asimov, Inc. Series B (a)(c)(d) | 97,985 | 4,491,632 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 2,803,935 | 13,514,967 | |
Element Biosciences, Inc. Series B (a)(c)(d) | 2,385,223 | 33,369,270 | |
ElevateBio LLC Series C (a)(c)(d) | 214,700 | 895,299 | |
Inscripta, Inc. Series D (a)(c)(d) | 3,938,731 | 15,006,565 | |
67,277,733 | |||
Financial Services - 0.3% | |||
Specialized Finance - 0.3% | |||
Saluda Medical, Inc. Series D (c)(d) | 1,567,904 | 18,250,403 | |
Health Care Equipment & Supplies - 0.2% | |||
Health Care Supplies - 0.2% | |||
Kardium, Inc. Series D6 (a)(c)(d) | 13,783,189 | 13,645,357 | |
Health Care Providers & Services - 0.3% | |||
Health Care Services - 0.3% | |||
Conformal Medical, Inc.: | |||
Series C (a)(c)(d) | 2,605,625 | 11,412,638 | |
Series D (c)(d) | 525,299 | 2,658,013 | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | 309,255 | 2,421,467 | |
16,492,118 | |||
Health Care Technology - 0.7% | |||
Health Care Technology - 0.7% | |||
Aledade, Inc.: | |||
Series B1 (a)(c)(d) | 175,232 | 8,782,628 | |
Series E1 (a)(c)(d) | 58,567 | 2,935,378 | |
DNA Script: | |||
Series B (a)(c)(d) | 59 | 37,252 | |
Series C (a)(c)(d) | 28,249 | 17,836,286 | |
Omada Health, Inc. Series E (a)(c)(d) | 2,182,939 | 7,574,798 | |
PrognomIQ, Inc.: | |||
Series A5 (a)(c)(d) | 833,333 | 1,374,999 | |
Series B (a)(c)(d) | 2,735,093 | 6,372,767 | |
Series C (a)(c)(d) | 752,098 | 2,000,581 | |
46,914,689 | |||
Pharmaceuticals - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Galvanize Therapeutics Series B (a)(c)(d) | 3,641,139 | 5,680,177 | |
Textiles, Apparel & Luxury Goods - 0.4% | |||
Textiles - 0.4% | |||
Freenome, Inc.: | |||
Series C (a)(c)(d) | 2,268,156 | 17,646,254 | |
Series D (a)(c)(d) | 1,325,855 | 10,832,235 | |
28,478,489 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $201,503,739) | 196,738,966 | ||
Preferred Securities - 0.3% | |||
Principal Amount (f) | Value ($) | ||
Health Care Equipment & Supplies - 0.3% | |||
Health Care Supplies - 0.3% | |||
Kardium, Inc. 0% (c)(d)(g) (Cost $19,551,861) | 19,551,861 | 19,063,064 | |
Money Market Funds - 2.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (h) | 14,891,786 | 14,894,764 | |
Fidelity Securities Lending Cash Central Fund 5.44% (h)(i) | 144,015,183 | 144,029,584 | |
TOTAL MONEY MARKET FUNDS (Cost $158,924,348) | 158,924,348 | ||
TOTAL INVESTMENT IN SECURITIES - 102.2% (Cost $4,189,187,854) | 6,616,787,768 |
NET OTHER ASSETS (LIABILITIES) - (2.2)% | (139,945,998) |
NET ASSETS - 100.0% | 6,476,841,770 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $262,942,246 or 4.1% of net assets. |
(d) | Level 3 security |
(e) | 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 $20,365,228 or 0.3% of net assets. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 6,709,756 |
Aledade, Inc. Series E1 | 5/20/22 | 2,917,480 |
Asimov, Inc. Series B | 10/29/21 | 9,081,318 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 22,711,874 |
Conformal Medical, Inc. Series C | 7/24/20 | 9,554,996 |
Conformal Medical, Inc. Series D | 5/26/23 | 2,668,340 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 4,392,395 |
DNA Script | 12/17/21 | 4,714,776 |
DNA Script Series B | 12/17/21 | 47,244 |
DNA Script Series C | 10/01/21 | 24,572,393 |
Element Biosciences, Inc. Series B | 12/13/19 | 12,500,000 |
ElevateBio LLC Series C | 3/09/21 | 900,667 |
Evolent Health, Inc. | 3/28/23 | 29,101,500 |
Freenome, Inc. Series C | 8/14/20 | 14,999,996 |
Freenome, Inc. Series D | 11/22/21 | 9,999,996 |
Galvanize Therapeutics Series B | 3/29/22 | 6,303,849 |
Inscripta, Inc. Series D | 11/13/20 | 18,000,001 |
Kardium, Inc. Series D6 | 12/30/20 | 14,001,515 |
Kardium, Inc. 0% | 12/30/20 | 19,551,861 |
Omada Health, Inc. Series E | 12/22/21 | 13,087,156 |
PrognomIQ, Inc. Series A5 | 8/20/20 | 503,333 |
PrognomIQ, Inc. Series B | 9/11/20 | 6,249,999 |
PrognomIQ, Inc. Series C | 2/16/22 | 2,301,420 |
Saluda Medical, Inc. warrants 1/20/27 | 1/20/22 | 0 |
Saluda Medical, Inc. Series D | 1/20/22 | 20,000,011 |
The Beauty Health Co. | 12/08/20 | 30,000,000 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 12,569,252 | 593,411,663 | 591,086,151 | 567,601 | - | - | 14,894,764 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 104,979,490 | 831,717,909 | 792,667,815 | 198,712 | - | - | 144,029,584 | 0.5% |
Total | 117,548,742 | 1,425,129,572 | 1,383,753,966 | 766,313 | - | - | 158,924,348 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Nevro Corp. | 62,880,000 | 3,049,788 | 29,080,318 | - | (46,817,463) | 30,007,993 | - |
Total | 62,880,000 | 3,049,788 | 29,080,318 | - | (46,817,463) | 30,007,993 | - |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 6,242,061,390 | 6,172,031,828 | 65,688,667 | 4,340,895 |
Convertible Preferred Stocks | 196,738,966 | - | - | 196,738,966 |
Preferred Securities | 19,063,064 | - | - | 19,063,064 |
Money Market Funds | 158,924,348 | 158,924,348 | - | - |
Total Investments in Securities: | 6,616,787,768 | 6,330,956,176 | 65,688,667 | 220,142,925 |
Investments in Securities: | |||
Convertible Preferred Stocks | |||
Beginning Balance | $ | 205,989,012 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (11,918,386) | ||
Cost of Purchases | 2,668,340 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 18,140,649 | ||
Transfers out of Level 3 | (18,140,649) | ||
Ending Balance | $ | 196,738,966 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (11,918,386) | |
Other Investments in Securities | |||
Beginning Balance | $ | 23,709,662 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (305,703) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 585,611 | ||
Transfers out of Level 3 | (585,611) | ||
Ending Balance | $ | 23,403,959 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (305,703) | |
The information used in the above reconciliation 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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $140,431,344) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,030,263,506) | $ | 6,457,863,420 | ||
Fidelity Central Funds (cost $158,924,348) | 158,924,348 | |||
Total Investment in Securities (cost $4,189,187,854) | $ | 6,616,787,768 | ||
Foreign currency held at value (cost $106) | 106 | |||
Receivable for investments sold | 27,428,090 | |||
Receivable for fund shares sold | 578,944 | |||
Dividends receivable | 954,796 | |||
Distributions receivable from Fidelity Central Funds | 46,349 | |||
Prepaid expenses | 19,600 | |||
Other receivables | 293,362 | |||
Total assets | 6,646,109,015 | |||
Liabilities | ||||
Payable for investments purchased | $ | 15,279,604 | ||
Payable for fund shares redeemed | 5,783,654 | |||
Accrued management fee | 2,827,279 | |||
Other affiliated payables | 990,576 | |||
Other payables and accrued expenses | 365,113 | |||
Collateral on securities loaned | 144,021,019 | |||
Total Liabilities | 169,267,245 | |||
Net Assets | $ | 6,476,841,770 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,148,622,449 | ||
Total accumulated earnings (loss) | 2,328,219,321 | |||
Net Assets | $ | 6,476,841,770 | ||
Net Asset Value, offering price and redemption price per share ($6,476,841,770 ÷ 104,010,204 shares) | $ | 62.27 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 9,979,816 | ||
Income from Fidelity Central Funds (including $198,712 from security lending) | 766,313 | |||
Total Income | 10,746,129 | |||
Expenses | ||||
Management fee | $ | 18,243,225 | ||
Transfer agent fees | 5,509,207 | |||
Accounting fees | 519,489 | |||
Custodian fees and expenses | 105,635 | |||
Independent trustees' fees and expenses | 26,594 | |||
Registration fees | 27,579 | |||
Audit | 18,794 | |||
Legal | 2,297 | |||
Interest | 6,994 | |||
Miscellaneous | 22,550 | |||
Total expenses before reductions | 24,482,364 | |||
Expense reductions | (219,409) | |||
Total expenses after reductions | 24,262,955 | |||
Net Investment income (loss) | (13,516,826) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 310,747,049 | |||
Affiliated issuers | (46,817,463) | |||
Foreign currency transactions | 193,795 | |||
Total net realized gain (loss) | 264,123,381 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (199,272,850) | |||
Affiliated issuers | 30,007,993 | |||
Assets and liabilities in foreign currencies | 22,925 | |||
Total change in net unrealized appreciation (depreciation) | (169,241,932) | |||
Net gain (loss) | 94,881,449 | |||
Net increase (decrease) in net assets resulting from operations | $ | 81,364,623 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (13,516,826) | $ | (28,170,066) |
Net realized gain (loss) | 264,123,381 | (246,035,026) | ||
Change in net unrealized appreciation (depreciation) | (169,241,932) | (771,561,689) | ||
Net increase (decrease) in net assets resulting from operations | 81,364,623 | (1,045,766,781) | ||
Distributions to shareholders | - | (137,786,409) | ||
Share transactions | ||||
Proceeds from sales of shares | 191,300,594 | 418,873,849 | ||
Reinvestment of distributions | - | 128,702,740 | ||
Cost of shares redeemed | (707,308,116) | (1,358,373,047) | ||
Net increase (decrease) in net assets resulting from share transactions | (516,007,522) | (810,796,458) | ||
Total increase (decrease) in net assets | (434,642,899) | (1,994,349,648) | ||
Net Assets | ||||
Beginning of period | 6,911,484,669 | 8,905,834,317 | ||
End of period | $ | 6,476,841,770 | $ | 6,911,484,669 |
Other Information | ||||
Shares | ||||
Sold | 2,976,904 | 6,616,291 | ||
Issued in reinvestment of distributions | - | 1,786,046 | ||
Redeemed | (11,100,431) | (22,012,597) | ||
Net increase (decrease) | (8,123,527) | (13,610,260) | ||
Medical Technology and Devices Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 61.64 | $ | 70.83 | $ | 74.99 | $ | 55.88 | $ | 52.92 | $ | 46.09 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | (.12) | (.24) | (.37) | (.24) | (.08) | (.04) | ||||||
Net realized and unrealized gain (loss) | .75 | (7.84) | 2.97 | 24.19 | 4.10 | 10.40 | ||||||
Total from investment operations | .63 | (8.08) | 2.60 | 23.95 | 4.02 | 10.36 | ||||||
Distributions from net realized gain | - | (1.11) | (6.76) | (4.84) | (1.06) | (3.53) | ||||||
Total distributions | - | (1.11) | (6.76) | (4.84) | (1.06) | (3.53) | ||||||
Net asset value, end of period | $ | 62.27 | $ | 61.64 | $ | 70.83 | $ | 74.99 | $ | 55.88 | $ | 52.92 |
Total Return D,E | 1.02% | (11.64)% | 2.95% | 44.20% | 7.46% | 23.85% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .70% H | .70% | .68% | .70% | .71% | .73% | ||||||
Expenses net of fee waivers, if any | .70% H | .70% | .68% | .70% | .71% | .73% | ||||||
Expenses net of all reductions | .70% H | .70% | .68% | .70% | .71% | .73% | ||||||
Net investment income (loss) | (.39)% H | (.38)% | (.46)% | (.36)% | (.15)% | (.07)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 6,476,842 | $ | 6,911,485 | $ | 8,905,834 | $ | 8,673,299 | $ | 6,058,766 | $ | 6,787,645 |
Portfolio turnover rate I | 47% H | 37% | 32% | 58% | 35% | 43% |
Top Holdings (% of Fund's net assets) | ||
Eli Lilly & Co. | 21.3 | |
Novo Nordisk A/S Series B sponsored ADR | 11.9 | |
AstraZeneca PLC sponsored ADR | 9.5 | |
Sanofi SA sponsored ADR | 7.0 | |
Merck & Co., Inc. | 4.8 | |
GSK PLC sponsored ADR | 4.2 | |
UCB SA | 3.2 | |
Royalty Pharma PLC | 3.2 | |
Gilead Sciences, Inc. | 3.2 | |
Roche Holding AG (participation certificate) | 2.7 | |
71.0 | ||
Industries (% of Fund's net assets) | ||
Pharmaceuticals | 76.5 | |
Biotechnology | 18.3 | |
Life Sciences Tools & Services | 2.5 | |
Health Care Equipment & Supplies | 1.9 | |
Financial Services | 0.3 | |
Consumer Staples Distribution & Retail | 0.0 | |
Software | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
Biotechnology - 18.1% | |||
Biotechnology - 18.1% | |||
Acelyrin, Inc. | 160,830 | 3,870,131 | |
Acelyrin, Inc. rights (a)(b) | 19,543 | 446,759 | |
Allovir, Inc. (a)(c) | 661,100 | 2,069,243 | |
Alnylam Pharmaceuticals, Inc. (a) | 14,671 | 2,902,217 | |
Arcus Biosciences, Inc. (a) | 244,400 | 5,010,200 | |
Argenx SE (a) | 6,300 | 3,166,280 | |
Ascendis Pharma A/S sponsored ADR (a) | 36,100 | 3,538,522 | |
Avidity Biosciences, Inc. (a) | 507,400 | 3,835,944 | |
Beam Therapeutics, Inc. (a)(c) | 134,700 | 3,122,346 | |
Biogen, Inc. (a) | 68,800 | 18,394,368 | |
Blueprint Medicines Corp. (a) | 200,800 | 10,011,888 | |
Cytokinetics, Inc. (a) | 85,900 | 3,001,346 | |
Dyne Therapeutics, Inc. (a) | 478,500 | 5,454,900 | |
Galapagos NV sponsored ADR (a) | 36,900 | 1,398,141 | |
Generation Bio Co. (a) | 394,176 | 1,884,161 | |
Gilead Sciences, Inc. | 353,200 | 27,012,736 | |
Intellia Therapeutics, Inc. (a) | 133,200 | 4,992,336 | |
Karuna Therapeutics, Inc. (a) | 2,300 | 431,848 | |
Leap Therapeutics, Inc. warrants 1/31/26 (a) | 60,600 | 358 | |
Legend Biotech Corp. ADR (a)(c) | 237,400 | 16,466,064 | |
Monte Rosa Therapeutics, Inc. (a)(c) | 367,700 | 2,158,399 | |
Prothena Corp. PLC (a) | 83,800 | 4,426,316 | |
PTC Therapeutics, Inc. (a) | 295,600 | 11,676,200 | |
Sarepta Therapeutics, Inc. (a) | 97,000 | 11,737,970 | |
uniQure B.V. (a) | 150,300 | 1,309,113 | |
Xenon Pharmaceuticals, Inc. (a) | 175,900 | 6,856,582 | |
155,174,368 | |||
Consumer Staples Distribution & Retail - 0.0% | |||
Drug Retail - 0.0% | |||
MedAvail Holdings, Inc. (a) | 3,333 | 536 | |
Health Care Equipment & Supplies - 1.9% | |||
Health Care Equipment - 0.9% | |||
Inspire Medical Systems, Inc. (a) | 21,800 | 4,945,984 | |
Pulmonx Corp. (a) | 288,700 | 3,019,802 | |
7,965,786 | |||
Health Care Supplies - 1.0% | |||
Lantheus Holdings, Inc. (a) | 119,700 | 8,192,268 | |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 16,158,054 | ||
Life Sciences Tools & Services - 2.5% | |||
Life Sciences Tools & Services - 2.5% | |||
Gerresheimer AG | 167,800 | 21,816,276 | |
Pharmaceuticals - 76.5% | |||
Pharmaceuticals - 76.5% | |||
Arvinas Holding Co. LLC (a) | 26,300 | 741,923 | |
AstraZeneca PLC sponsored ADR | 1,199,200 | 81,329,744 | |
Axsome Therapeutics, Inc. (a)(c) | 43,400 | 3,506,720 | |
Bristol-Myers Squibb Co. | 143,980 | 8,876,367 | |
Catalent, Inc. (a) | 77,600 | 3,877,672 | |
Edgewise Therapeutics, Inc. (a) | 436,300 | 2,726,875 | |
Eli Lilly & Co. | 328,761 | 182,199,349 | |
Fulcrum Therapeutics, Inc. (a) | 762,000 | 4,213,860 | |
GSK PLC sponsored ADR | 1,020,860 | 35,862,812 | |
Harmony Biosciences Holdings, Inc. (a) | 144,577 | 5,240,916 | |
Indivior PLC (a) | 303,000 | 6,985,895 | |
Merck & Co., Inc. | 372,636 | 40,609,871 | |
Merck KGaA | 128,900 | 23,202,271 | |
Novartis AG sponsored ADR | 24,896 | 2,501,550 | |
Novo Nordisk A/S Series B sponsored ADR | 549,900 | 102,072,438 | |
Reata Pharmaceuticals, Inc. (a) | 30,000 | 5,070,000 | |
Roche Holding AG (participation certificate) | 79,746 | 23,404,527 | |
Royalty Pharma PLC | 912,300 | 27,204,786 | |
Sanofi SA sponsored ADR | 1,133,122 | 60,259,428 | |
Structure Therapeutics, Inc. ADR | 98,000 | 2,762,620 | |
UCB SA | 309,000 | 27,743,312 | |
Ventyx Biosciences, Inc. (a) | 141,000 | 4,723,500 | |
655,116,436 | |||
TOTAL COMMON STOCKS (Cost $602,926,363) | 848,265,670 | ||
Convertible Preferred Stocks - 0.5% | |||
Shares | Value ($) | ||
Biotechnology - 0.2% | |||
Biotechnology - 0.2% | |||
Aeglea BioTherapeutics, Inc. Series A (d) | 304 | 166,060 | |
Castle Creek Biosciences, Inc.: | |||
Series D1 (a)(b)(d) | 6,308 | 1,227,852 | |
Series D2 (a)(b)(d) | 85 | 14,596 | |
1,408,508 | |||
Financial Services - 0.3% | |||
Diversified Financial Services - 0.3% | |||
Paragon Biosciences Emalex Capital, Inc.: | |||
Series C (a)(b)(d) | 158,879 | 1,714,304 | |
Series D1 (b)(d) | 14,400 | 155,808 | |
Series D2 (b)(d) | 22,477 | 230,164 | |
2,100,276 | |||
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series C (a)(b)(d) | 200 | 42,284 | |
Software - 0.0% | |||
Systems Software - 0.0% | |||
Evozyne LLC Series A (a)(b)(d) | 5,900 | 80,004 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,724,244) | 3,631,072 | ||
Money Market Funds - 1.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (e) | 2,494,533 | 2,495,031 | |
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f) | 9,640,594 | 9,641,560 | |
TOTAL MONEY MARKET FUNDS (Cost $12,136,590) | 12,136,591 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $618,787,197) | 864,033,333 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (7,330,501) |
NET ASSETS - 100.0% | 856,702,832 |
(a) | Non-income producing |
(b) | Level 3 security |
(c) | Security or a portion of the security is on loan at period end. |
(d) | 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 $3,631,072 or 0.4% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aeglea BioTherapeutics, Inc. Series A | 6/22/23 | 88,488 |
Castle Creek Biosciences, Inc. Series D1 | 4/19/22 | 1,356,409 |
Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 14,700 |
Castle Creek Pharmaceutical Holdings, Inc. Series C | 12/09/19 | 82,370 |
Evozyne LLC Series A | 4/09/21 | 132,573 |
Paragon Biosciences Emalex Capital, Inc. Series C | 2/26/21 | 1,700,005 |
Paragon Biosciences Emalex Capital, Inc. Series D1 | 10/21/22 | 155,952 |
Paragon Biosciences Emalex Capital, Inc. Series D2 | 5/18/22 | 193,747 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 16,717,912 | 95,225,193 | 109,448,074 | 176,088 | - | - | 2,495,031 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 7,206,158 | 99,587,867 | 97,152,466 | 27,606 | - | 1 | 9,641,560 | 0.0% |
Total | 23,924,070 | 194,813,060 | 206,600,540 | 203,694 | - | 1 | 12,136,591 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 848,265,670 | 817,377,615 | 30,441,296 | 446,759 |
Convertible Preferred Stocks | 3,631,072 | - | 166,060 | 3,465,012 |
Money Market Funds | 12,136,591 | 12,136,591 | - | - |
Total Investments in Securities: | 864,033,333 | 829,514,206 | 30,607,356 | 3,911,771 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $9,340,736) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $606,650,607) | $ | 851,896,742 | ||
Fidelity Central Funds (cost $12,136,590) | 12,136,591 | |||
Total Investment in Securities (cost $618,787,197) | $ | 864,033,333 | ||
Cash | 8,146 | |||
Foreign currency held at value (cost $421) | 416 | |||
Receivable for investments sold | 38,305,908 | |||
Receivable for fund shares sold | 201,183 | |||
Dividends receivable | 1,480,380 | |||
Reclaims receivable | 1,987,942 | |||
Distributions receivable from Fidelity Central Funds | 24,011 | |||
Prepaid expenses | 2,878 | |||
Other receivables | 167,776 | |||
Total assets | 906,211,973 | |||
Liabilities | ||||
Payable for investments purchased | $ | 38,530,238 | ||
Payable for fund shares redeemed | 636,706 | |||
Accrued management fee | 367,576 | |||
Other affiliated payables | 142,740 | |||
Other payables and accrued expenses | 191,031 | |||
Collateral on securities loaned | 9,640,850 | |||
Total Liabilities | 49,509,141 | |||
Net Assets | $ | 856,702,832 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 585,259,121 | ||
Total accumulated earnings (loss) | 271,443,711 | |||
Net Assets | $ | 856,702,832 | ||
Net Asset Value, offering price and redemption price per share ($856,702,832 ÷ 35,673,758 shares) | $ | 24.01 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 9,354,919 | ||
Foreign Tax Reclaims | 469,765 | |||
Income from Fidelity Central Funds (including $27,606 from security lending) | 203,694 | |||
Income before foreign taxes withheld | $ | 10,028,378 | ||
Less foreign taxes withheld | (1,283,765) | |||
Total Income | 8,744,613 | |||
Expenses | ||||
Management fee | $ | 2,172,285 | ||
Transfer agent fees | 719,851 | |||
Accounting fees | 127,998 | |||
Custodian fees and expenses | (29,878) | |||
Independent trustees' fees and expenses | 2,980 | |||
Registration fees | 34,271 | |||
Audit | 18,940 | |||
Legal | 1,982 | |||
Interest | 10,357 | |||
Miscellaneous | 2,808 | |||
Total expenses before reductions | 3,061,594 | |||
Expense reductions | (25,727) | |||
Total expenses after reductions | 3,035,867 | |||
Net Investment income (loss) | 5,708,746 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 22,423,587 | |||
Foreign currency transactions | 16,623 | |||
Total net realized gain (loss) | 22,440,210 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 86,402,599 | |||
Fidelity Central Funds | 1 | |||
Assets and liabilities in foreign currencies | 78,972 | |||
Total change in net unrealized appreciation (depreciation) | 86,481,572 | |||
Net gain (loss) | 108,921,782 | |||
Net increase (decrease) in net assets resulting from operations | $ | 114,630,528 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,708,746 | $ | 8,244,064 |
Net realized gain (loss) | 22,440,210 | 68,024,817 | ||
Change in net unrealized appreciation (depreciation) | 86,481,572 | (60,969,551) | ||
Net increase (decrease) in net assets resulting from operations | 114,630,528 | 15,299,330 | ||
Distributions to shareholders | (35,689,983) | (41,990,940) | ||
Share transactions | ||||
Proceeds from sales of shares | 91,676,393 | 164,880,948 | ||
Reinvestment of distributions | 33,293,102 | 39,396,332 | ||
Cost of shares redeemed | (108,386,207) | (351,154,587) | ||
Net increase (decrease) in net assets resulting from share transactions | 16,583,288 | (146,877,307) | ||
Total increase (decrease) in net assets | 95,523,833 | (173,568,917) | ||
Net Assets | ||||
Beginning of period | 761,178,999 | 934,747,916 | ||
End of period | $ | 856,702,832 | $ | 761,178,999 |
Other Information | ||||
Shares | ||||
Sold | 3,933,319 | 7,124,169 | ||
Issued in reinvestment of distributions | 1,473,798 | 1,698,146 | ||
Redeemed | (4,700,986) | (15,341,002) | ||
Net increase (decrease) | 706,131 | (6,518,687) | ||
Pharmaceuticals Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 21.77 | $ | 22.53 | $ | 23.92 | $ | 21.71 | $ | 21.07 | $ | 18.82 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .16 | .23 | .27 | .27 | .29 | .29 | ||||||
Net realized and unrealized gain (loss) | 3.12 | .19 | .97 | 4.04 | 2.29 | 2.34 | ||||||
Total from investment operations | 3.28 | .42 | 1.24 | 4.31 | 2.58 | 2.63 | ||||||
Distributions from net investment income | - | (.30) | (.28) | (.31) | (.31) | (.28) | ||||||
Distributions from net realized gain | (1.04) | (.88) | (2.35) | (1.79) | (1.64) | (.10) | ||||||
Total distributions | (1.04) | (1.18) | (2.63) | (2.10) | (1.94) D | (.38) | ||||||
Net asset value, end of period | $ | 24.01 | $ | 21.77 | $ | 22.53 | $ | 23.92 | $ | 21.71 | $ | 21.07 |
Total Return E,F | 15.34% | 1.60% | 5.15% | 20.46% | 12.06% | 14.15% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .74% I | .76% | .75% | .77% | .78% | .80% | ||||||
Expenses net of fee waivers, if any | .73% I | .76% | .75% | .77% | .78% | .79% | ||||||
Expenses net of all reductions | .73% I | .76% | .75% | .76% | .77% | .79% | ||||||
Net investment income (loss) | 1.38% I | .99% | 1.10% | 1.13% | 1.36% | 1.48% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 856,703 | $ | 761,179 | $ | 934,748 | $ | 833,380 | $ | 764,285 | $ | 747,604 |
Portfolio turnover rate J | 62% I | 45% | 29% | 32% | 52% | 55% |
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% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $149,784,764 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 24.9 | Increase |
Recovery value | Recovery value | $0.00 - $5.51 / $5.50 | Increase | ||
Market Approach | Transaction price | $2.42 - $105.86 / $56.36 | Increase | ||
Discount rate | 4.6% - 50.0% / 28.4% | Decrease | |||
Volatility | 85.0% | Increase | |||
Discount for lack of marketability (DLOM) | 5.0% - 8.8% / 7.2% | Decrease | |||
Term | 3.0 | Increase | |||
Discounted cash flow | Discount rate | 5.2% - 15.5% / 10.8% | Decrease | ||
Probability rate | 0.0% - 90.0% / 39.0% | Increase | |||
Term | 0.3 - 7.7 / 4.4 | Increase | |||
Black scholes | Discount rate | 4.6% - 5.0% / 4.6% | Increase | ||
Volatility | 80.0% - 85.0% / 82.1% | Increase | |||
Term | 2.0 - 3.0 / 1.8 | Increase |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $108,602,734 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 - 24.9/6.5 | Increase |
Recovery Value | Recovery Value | $5.51 | Increase | ||
Market Approach | Transaction price Discount rate | $7.75 - $20.56 / $13.34 30.0% - 55.0% / 39.6% | Increase Decrease | ||
Black scholes | Discount rate | 4.5% - 5.2% / 4.8% | Increase | ||
Volatility | 45.0% - 90.0% / 52.8% | Increase | |||
Term | 1.5 - 4.0/2.9 | Increase |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $201,079,861 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 - 24.9/6.7 | Increase |
Market Approach | Transaction price Discount rate | $1.02 - $20.56 / $11.08 15.0% - 55.0% / 27.7% | Increase Decrease | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 30.7% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 4.5% - 5.2% / 4.8% | Increase | ||
Volatility | 55.0% - 80.0% / 68.0% | Increase | |||
Term | 1.5 - 4.0/2.5 | Increase | |||
Preferred Securities | $19,063,064 | Market Approach | Transaction price | $100.00 | Increase |
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 3.0 | Increase |
Biotechnology Portfolio | $1,176,106 |
Health Care Portfolio | 773,106 |
Health Care Services Portfolio | 87,047 |
Medical Technology and Devices Portfolio | 251,944 |
Pharmaceuticals Portfolio | 159,668 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Biotechnology Portfolio | $3,707,697,619 | $1,676,339,755 | $(474,201,561) | $1,202,138,194 |
Health Care Portfolio | 5,828,322,391 | 2,986,346,233 | (496,440,094) | 2,489,906,139 |
Health Care Services Portfolio | 1,046,115,880 | 620,327,558 | (77,162,954) | 543,164,604 |
Medical Technology and Devices Portfolio | 4,195,033,635 | 2,737,694,585 | (315,940,452) | 2,421,754,133 |
Pharmaceuticals Portfolio | 619,573,969 | 299,811,989 | (55,352,625) | 244,459,364 |
Short-term | Long-term | Total capital loss carryforward | |
Biotechnology Portfolio | $(486,419,734) | $(161,948,980) | $(648,368,714) |
Health Care Portfolio | (82,842,812) | - | (82,842,812) |
Medical Technology and Devices Portfolio | (323,788,266) | (7,106,193) | (330,894,459) |
Capital losses | Ordinary losses | |
Biotechnology Portfolio | $- | $(2,587,831) |
Health Care Portfolio | - | (12,417,992) |
Health Care Services Portfolio | (23,317,441) | (854,077) |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Biotechnology Portfolio | Dianthus Therapeutics, Inc. | $2,290,822 | $ (408,802) |
Biotechnology Portfolio | Korro Bio, Inc. | $5,000,000 | $ (521,583) |
Biotechnology Portfolio | Morphimmune, Inc. | $2,499,997 | $ (116,304) |
$ Amount | % of Net Assets | |
Biotechnology Portfolio | 71,574,742 | 1.56 |
Health Care Portfolio | 6,318,155 | .08 |
Health Care Services Portfolio | 929,681 | .06 |
Purchases ($) | Sales ($) | |
Biotechnology Portfolio | 1,163,928,835 | 1,667,079,890 |
Health Care Portfolio | 1,810,288,941 | 2,106,737,664 |
Health Care Services Portfolio | 228,595,832 | 405,003,291 |
Medical Technology and Devices Portfolio | 1,621,679,647 | 2,180,735,594 |
Pharmaceuticals Portfolio | 251,330,065 | 249,874,254 |
Individual Rate | Group Rate | Total | |
Biotechnology Portfolio | .30% | .22% | .52% |
Health Care Portfolio | .30% | .22% | .52% |
Health Care Services Portfolio | .30% | .22% | .52% |
Medical Technology and Devices Portfolio | .30% | .22% | .52% |
Pharmaceuticals Portfolio | .30% | .22% | .52% |
Biotechnology Portfolio | .16% |
Health Care Portfolio | .15% |
Health Care Services Portfolio | .17% |
Medical Technology and Devices Portfolio | .16% |
Pharmaceuticals Portfolio | .17% |
% of Average Net Assets | |
Biotechnology Portfolio | .02 |
Health Care Portfolio | .01 |
Health Care Services Portfolio | .03 |
Medical Technology and Devices Portfolio | .01 |
Pharmaceuticals Portfolio | .03 |
Amount | |
Biotechnology Portfolio | $ 64,129 |
Health Care Portfolio | 30,203 |
Health Care Services Portfolio | 3,696 |
Medical Technology and Devices Portfolio | 24,427 |
Pharmaceuticals Portfolio | 6,395 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Biotechnology Portfolio | Borrower | $19,402,167 | 5.17% | $16,712 |
Health Care Portfolio | Borrower | $9,133,600 | 5.42% | $6,876 |
Health Care Services Portfolio | Borrower | $5,040,000 | 5.07% | $710 |
Medical Technology and Devices Portfolio | Borrower | $12,151,750 | 5.18% | $6,994 |
Pharmaceuticals Portfolio | Borrower | $5,645,417 | 5.11% | $9,621 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Biotechnology Portfolio | 14,306,458 | 94,004,310 | (3,216,031) |
Health Care Portfolio | 144,750,801 | 116,483,075 | 29,772,365 |
Health Care Services Portfolio | 9,264,956 | 21,782,867 | 1,126,648 |
Medical Technology and Devices Portfolio | 141,266,663 | 114,815,797 | 2,736,597 |
Pharmaceuticals Portfolio | 10,695,715 | 12,866,027 | 3,338,062 |
Amount | |
Biotechnology Portfolio | $4,759 |
Health Care Portfolio | 8,053 |
Health Care Services Portfolio | 1,625 |
Medical Technology and Devices Portfolio | 6,805 |
Pharmaceuticals Portfolio | 778 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Biotechnology Portfolio | $283,199 | $57,110 | $2,826,998 |
Health Care Portfolio | $46,905 | $- | $- |
Health Care Services Portfolio | $6,070 | $181 | $- |
Medical Technology and Devices Portfolio | $20,888 | $- | $- |
Pharmaceuticals Portfolio | $2,881 | $2,269 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Pharmaceuticals Portfolio | $ 1,015,000 | 5.22% | $ 736 |
Custodian credits | |
Health Care Portfolio | $3,256 |
Health Care Services Portfolio | 97 |
Medical Technology and Devices Portfolio | 744 |
Amount | |
Biotechnology Portfolio | $152,512 |
Health Care Portfolio | 260,873 |
Health Care Services Portfolio | 51,478 |
Medical Technology and Devices Portfolio | 218,665 |
Pharmaceuticals Portfolio | 25,727 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Biotechnology Portfolio | .71% | |||||||||
Actual | $ 1,000 | $ 1,027.60 | $ 3.62 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.57 | $ 3.61 | |||||||
Health Care Portfolio | .68% | |||||||||
Actual | $ 1,000 | $ 1,023.20 | $ 3.46 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.72 | $ 3.46 | |||||||
Health Care Services Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 991.20 | $ 3.65 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Medical Technology and Devices Portfolio | .70% | |||||||||
Actual | $ 1,000 | $ 1,010.20 | $ 3.54 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.62 | $ 3.56 | |||||||
Pharmaceuticals Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,153.40 | $ 3.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Wells Fargo & Co. | 9.6 | |
U.S. Bancorp | 8.0 | |
Bank of America Corp. | 7.0 | |
Citigroup, Inc. | 4.9 | |
PNC Financial Services Group, Inc. | 4.9 | |
Truist Financial Corp. | 4.8 | |
Essent Group Ltd. | 4.4 | |
Popular, Inc. | 4.2 | |
KeyCorp | 4.1 | |
East West Bancorp, Inc. | 4.0 | |
55.9 | ||
Industries (% of Fund's net assets) | ||
Banks | 89.6 | |
Financial Services | 4.8 | |
Consumer Finance | 2.7 | |
Capital Markets | 2.4 | |
Common Stocks - 99.1% | |||
Shares | Value ($) | ||
Banks - 89.6% | |||
Diversified Banks - 39.5% | |||
Bank of America Corp. | 863,376 | 24,752,990 | |
Citigroup, Inc. | 416,300 | 17,189,027 | |
JPMorgan Chase & Co. | 23,700 | 3,468,021 | |
KeyCorp | 1,278,100 | 14,480,873 | |
PNC Financial Services Group, Inc. | 142,200 | 17,167,806 | |
U.S. Bancorp | 772,300 | 28,212,119 | |
Wells Fargo & Co. | 821,992 | 33,940,051 | |
139,210,887 | |||
Regional Banks - 50.1% | |||
1st Source Corp. | 99,181 | 4,432,399 | |
American National Bankshares, Inc. | 83,386 | 3,268,731 | |
Associated Banc-Corp. | 524,900 | 9,096,517 | |
Cadence Bank | 363,139 | 8,308,620 | |
Community Trust Bancorp, Inc. | 108,576 | 3,854,448 | |
ConnectOne Bancorp, Inc. | 240,500 | 4,598,360 | |
East West Bancorp, Inc. | 251,800 | 13,934,612 | |
Eastern Bankshares, Inc. | 420,800 | 5,663,968 | |
First Hawaiian, Inc. | 366,200 | 6,924,842 | |
First Interstate Bancsystem, Inc. | 355,434 | 9,209,295 | |
Heartland Financial U.S.A., Inc. | 200,500 | 6,143,320 | |
Independent Bank Group, Inc. | 128,100 | 5,405,820 | |
M&T Bank Corp. | 108,860 | 13,612,943 | |
Old National Bancorp, Indiana | 197,954 | 3,020,778 | |
Popular, Inc. | 218,405 | 14,912,693 | |
Preferred Bank, Los Angeles | 54,595 | 3,390,895 | |
Sierra Bancorp (a) | 131,200 | 2,608,256 | |
Southern Missouri Bancorp, Inc. (a) | 23,700 | 1,002,510 | |
Trico Bancshares | 96,987 | 3,330,534 | |
Truist Financial Corp. | 553,100 | 16,897,205 | |
UMB Financial Corp. | 123,766 | 7,823,249 | |
Univest Corp. of Pennsylvania | 241,900 | 4,351,781 | |
Wintrust Financial Corp. | 148,200 | 11,501,802 | |
Zions Bancorp NA | 367,450 | 13,044,475 | |
176,338,053 | |||
TOTAL BANKS | 315,548,940 | ||
Capital Markets - 2.4% | |||
Asset Management & Custody Banks - 2.4% | |||
Phoenix Vega Mezz PLC | 330,200 | 19,800 | |
State Street Corp. | 124,300 | 8,544,382 | |
8,564,182 | |||
Consumer Finance - 2.7% | |||
Consumer Finance - 2.7% | |||
Capital One Financial Corp. | 34,500 | 3,532,455 | |
OneMain Holdings, Inc. | 142,300 | 5,906,873 | |
9,439,328 | |||
Financial Services - 4.4% | |||
Commercial & Residential Mortgage Finance - 4.4% | |||
Essent Group Ltd. | 310,829 | 15,609,832 | |
Diversified Financial Services - 0.0% | |||
Sunrisemezz Ltd. | 47,171 | 12,660 | |
TOTAL FINANCIAL SERVICES | 15,622,492 | ||
TOTAL COMMON STOCKS (Cost $342,953,807) | 349,174,942 | ||
Convertible Bonds - 0.4% | |||
Principal Amount (b) | Value ($) | ||
Financial Services - 0.4% | |||
Transaction & Payment Processing Services - 0.4% | |||
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,255,566) | 1,881,000 | 1,428,431 | |
Money Market Funds - 0.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 1,092,266 | 1,092,485 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 48,559 | 48,564 | |
TOTAL MONEY MARKET FUNDS (Cost $1,141,049) | 1,141,049 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $345,350,422) | 351,744,422 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 622,814 |
NET ASSETS - 100.0% | 352,367,236 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Amount is stated in United States dollars unless otherwise noted. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 1,487,061 | 38,173,143 | 38,567,719 | 29,686 | - | - | 1,092,485 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 4,037,193 | 89,652,854 | 93,641,483 | 10,689 | - | - | 48,564 | 0.0% |
Total | 5,524,254 | 127,825,997 | 132,209,202 | 40,375 | - | - | 1,141,049 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 349,174,942 | 349,174,942 | - | - |
Convertible Bonds | 1,428,431 | - | 1,428,431 | - |
Money Market Funds | 1,141,049 | 1,141,049 | - | - |
Total Investments in Securities: | 351,744,422 | 350,315,991 | 1,428,431 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $47,544) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $344,209,373) | $ | 350,603,373 | ||
Fidelity Central Funds (cost $1,141,049) | 1,141,049 | |||
Total Investment in Securities (cost $345,350,422) | $ | 351,744,422 | ||
Receivable for investments sold | 7,675,148 | |||
Receivable for fund shares sold | 278,000 | |||
Dividends receivable | 1,647,920 | |||
Distributions receivable from Fidelity Central Funds | 4,319 | |||
Prepaid expenses | 2,146 | |||
Other receivables | 2,012 | |||
Total assets | 361,353,967 | |||
Liabilities | ||||
Payable for investments purchased | $ | 8,047,095 | ||
Payable for fund shares redeemed | 644,611 | |||
Accrued management fee | 161,327 | |||
Other affiliated payables | 64,472 | |||
Other payables and accrued expenses | 20,662 | |||
Collateral on securities loaned | 48,564 | |||
Total Liabilities | 8,986,731 | |||
Net Assets | $ | 352,367,236 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 352,014,346 | ||
Total accumulated earnings (loss) | 352,890 | |||
Net Assets | $ | 352,367,236 | ||
Net Asset Value, offering price and redemption price per share ($352,367,236 ÷ 16,710,564 shares) | $ | 21.09 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 8,074,754 | ||
Interest | 105,692 | |||
Income from Fidelity Central Funds (including $10,689 from security lending) | 40,375 | |||
Total Income | 8,220,821 | |||
Expenses | ||||
Management fee | $ | 930,731 | ||
Transfer agent fees | 319,896 | |||
Accounting fees | 62,883 | |||
Custodian fees and expenses | 8,700 | |||
Independent trustees' fees and expenses | 1,532 | |||
Registration fees | 33,950 | |||
Audit | 18,439 | |||
Legal | 2,214 | |||
Miscellaneous | 1,679 | |||
Total expenses before reductions | 1,380,024 | |||
Expense reductions | (11,256) | |||
Total expenses after reductions | 1,368,768 | |||
Net Investment income (loss) | 6,852,053 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (10,479,876) | |||
Foreign currency transactions | 409 | |||
Total net realized gain (loss) | (10,479,467) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (68,457,973) | |||
Net gain (loss) | (78,937,440) | |||
Net increase (decrease) in net assets resulting from operations | $ | (72,085,387) |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,852,053 | $ | 11,328,231 |
Net realized gain (loss) | (10,479,467) | 20,549,966 | ||
Change in net unrealized appreciation (depreciation) | (68,457,973) | (115,880,770) | ||
Net increase (decrease) in net assets resulting from operations | (72,085,387) | (84,002,573) | ||
Distributions to shareholders | (11,939,985) | (27,365,238) | ||
Share transactions | ||||
Proceeds from sales of shares | 90,646,260 | 86,486,325 | ||
Reinvestment of distributions | 10,993,445 | 25,505,449 | ||
Cost of shares redeemed | (95,131,136) | (287,573,573) | ||
Net increase (decrease) in net assets resulting from share transactions | 6,508,569 | (175,581,799) | ||
Total increase (decrease) in net assets | (77,516,803) | (286,949,610) | ||
Net Assets | ||||
Beginning of period | 429,884,039 | 716,833,649 | ||
End of period | $ | 352,367,236 | $ | 429,884,039 |
Other Information | ||||
Shares | ||||
Sold | 4,436,590 | 3,179,002 | ||
Issued in reinvestment of distributions | 542,350 | 1,010,981 | ||
Redeemed | (4,651,665) | (10,660,796) | ||
Net increase (decrease) | 327,275 | (6,470,813) | ||
Banking Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 26.24 | $ | 31.37 | $ | 26.31 | $ | 23.37 | $ | 26.42 | $ | 36.82 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .40 | .61 | .58 | .54 | .58 | .49 | ||||||
Net realized and unrealized gain (loss) | (4.85) | (4.24) | 5.48 | 4.32 | (1.96) | (3.62) | ||||||
Total from investment operations | (4.45) | (3.63) | 6.06 | 4.86 | (1.38) | (3.13) | ||||||
Distributions from net investment income | (.10) | (.67) | (.54) | (.55) | (.53) | (.54) | ||||||
Distributions from net realized gain | (.60) | (.83) | (.46) | (1.37) | (1.14) | (6.73) | ||||||
Total distributions | (.70) | (1.50) | (1.00) | (1.92) | (1.67) | (7.27) | ||||||
Net asset value, end of period | $ | 21.09 | $ | 26.24 | $ | 31.37 | $ | 26.31 | $ | 23.37 | $ | 26.42 |
Total Return D,E | (16.86)% | (11.27)% | 23.37% | 25.90% | (6.05)% | (6.57)% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .78% H | .75% | .73% | .79% | .77% | .77% | ||||||
Expenses net of fee waivers, if any | .77% H | .74% | .73% | .79% | .77% | .77% | ||||||
Expenses net of all reductions | .77% H | .74% | .73% | .79% | .77% | .76% | ||||||
Net investment income (loss) | 3.86% H | 2.29% | 1.93% | 2.84% | 2.21% | 1.54% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 352,367 | $ | 429,884 | $ | 716,834 | $ | 537,860 | $ | 361,696 | $ | 514,650 |
Portfolio turnover rate I | 52% H | 21% | 34% | 32% | 31% | 44% |
Top Holdings (% of Fund's net assets) | ||
Moody's Corp. | 7.8 | |
S&P Global, Inc. | 6.3 | |
BlackRock, Inc. Class A | 5.8 | |
Ameriprise Financial, Inc. | 5.7 | |
Blackstone, Inc. | 5.6 | |
Intercontinental Exchange, Inc. | 5.5 | |
KKR & Co. LP | 4.7 | |
Morgan Stanley | 4.6 | |
Charles Schwab Corp. | 4.4 | |
CME Group, Inc. | 4.4 | |
54.8 | ||
Industries (% of Fund's net assets) | ||
Capital Markets | 96.3 | |
Financial Services | 3.4 | |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Capital Markets - 96.3% | |||
Asset Management & Custody Banks - 33.9% | |||
Ameriprise Financial, Inc. | 119,600 | 40,374,568 | |
Ares Management Corp. | 283,400 | 29,314,896 | |
Avantax, Inc. (a) | 16,900 | 353,548 | |
Bank of New York Mellon Corp. | 304,900 | 13,680,863 | |
BlackRock, Inc. Class A | 58,200 | 40,771,428 | |
Blackstone, Inc. | 373,300 | 39,707,921 | |
Blue Owl Capital, Inc. Class A (b) | 864,200 | 10,327,190 | |
Bridge Investment Group Holdings, Inc. (b) | 85,800 | 864,864 | |
Carlyle Group LP (b) | 284,400 | 9,200,340 | |
Focus Financial Partners, Inc. Class A (a) | 100 | 5,300 | |
Hamilton Lane, Inc. Class A (b) | 45,000 | 4,175,550 | |
Intermediate Capital Group PLC | 195,700 | 3,353,020 | |
KKR & Co. LP | 522,600 | 32,824,506 | |
Northern Trust Corp. | 600 | 45,642 | |
P10, Inc. | 94,200 | 1,135,110 | |
Patria Investments Ltd. | 390,072 | 5,624,838 | |
Petershill Partners PLC (c) | 21,100 | 46,777 | |
State Street Corp. | 400 | 27,496 | |
StepStone Group, Inc. Class A | 108,700 | 3,355,569 | |
TPG, Inc. (b) | 122,900 | 3,455,948 | |
238,645,374 | |||
Financial Exchanges & Data - 36.9% | |||
Cboe Global Markets, Inc. | 81,138 | 12,147,170 | |
CME Group, Inc. | 153,500 | 31,111,380 | |
Coinbase Global, Inc. (a)(b) | 143,900 | 11,454,440 | |
FactSet Research Systems, Inc. | 23,800 | 10,386,558 | |
Intercontinental Exchange, Inc. | 324,700 | 38,311,353 | |
MarketAxess Holdings, Inc. | 24,200 | 5,830,506 | |
Moody's Corp. | 163,900 | 55,201,521 | |
MSCI, Inc. | 44,800 | 24,354,176 | |
NASDAQ, Inc. | 325,300 | 17,071,744 | |
Open Lending Corp. (a) | 171,300 | 1,413,225 | |
S&P Global, Inc. | 112,700 | 44,049,922 | |
Tradeweb Markets, Inc. Class A | 100,900 | 8,720,787 | |
260,052,782 | |||
Investment Banking & Brokerage - 25.5% | |||
BGC Group, Inc. Class A | 354,200 | 1,749,748 | |
Charles Schwab Corp. | 526,461 | 31,140,168 | |
Evercore, Inc. Class A | 68,200 | 9,551,410 | |
Goldman Sachs Group, Inc. | 2,900 | 950,359 | |
Houlihan Lokey | 135,200 | 14,241,968 | |
Interactive Brokers Group, Inc. (b) | 139,500 | 12,705,660 | |
Jefferies Financial Group, Inc. | 301,800 | 10,771,242 | |
LPL Financial | 84,700 | 19,530,973 | |
Moelis & Co. Class A (b) | 118,600 | 5,622,826 | |
Morgan Stanley | 378,216 | 32,205,092 | |
Piper Jaffray Companies | 20,300 | 3,024,294 | |
PJT Partners, Inc. (b) | 131,412 | 10,380,234 | |
Raymond James Financial, Inc. | 188,600 | 19,725,674 | |
Robinhood Markets, Inc. (a) | 310,800 | 3,384,612 | |
Virtu Financial, Inc. Class A | 223,800 | 4,194,012 | |
179,178,272 | |||
TOTAL CAPITAL MARKETS | 677,876,428 | ||
Financial Services - 3.4% | |||
Diversified Financial Services - 3.4% | |||
Apollo Global Management, Inc. | 276,700 | 24,166,978 | |
Transaction & Payment Processing Services - 0.0% | |||
PayPal Holdings, Inc. (a) | 100 | 6,251 | |
TOTAL FINANCIAL SERVICES | 24,173,229 | ||
TOTAL COMMON STOCKS (Cost $479,806,963) | 702,049,657 | ||
Money Market Funds - 6.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (d) | 888,200 | 888,378 | |
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) | 43,095,198 | 43,099,507 | |
TOTAL MONEY MARKET FUNDS (Cost $43,987,885) | 43,987,885 | ||
TOTAL INVESTMENT IN SECURITIES - 106.0% (Cost $523,794,848) | 746,037,542 |
NET OTHER ASSETS (LIABILITIES) - (6.0)% | (41,963,394) |
NET ASSETS - 100.0% | 704,074,148 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $46,777 or 0.0% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 16,326,467 | 57,629,750 | 73,067,839 | 76,034 | - | - | 888,378 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 38,919,225 | 288,747,539 | 284,567,257 | 56,263 | - | - | 43,099,507 | 0.2% |
Total | 55,245,692 | 346,377,289 | 357,635,096 | 132,297 | - | - | 43,987,885 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 702,049,657 | 702,049,657 | - | - |
Money Market Funds | 43,987,885 | 43,987,885 | - | - |
Total Investments in Securities: | 746,037,542 | 746,037,542 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $41,747,987) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $479,806,963) | $ | 702,049,657 | ||
Fidelity Central Funds (cost $43,987,885) | 43,987,885 | |||
Total Investment in Securities (cost $523,794,848) | $ | 746,037,542 | ||
Receivable for investments sold | 2,630,428 | |||
Receivable for fund shares sold | 145,373 | |||
Dividends receivable | 997,198 | |||
Distributions receivable from Fidelity Central Funds | 6,602 | |||
Prepaid expenses | 2,062 | |||
Other receivables | 61,189 | |||
Total assets | 749,880,394 | |||
Liabilities | ||||
Payable to custodian bank | $ | 210,637 | ||
Payable for investments purchased | 1,416,099 | |||
Payable for fund shares redeemed | 565,557 | |||
Accrued management fee | 306,426 | |||
Other affiliated payables | 128,489 | |||
Other payables and accrued expenses | 79,530 | |||
Collateral on securities loaned | 43,099,508 | |||
Total Liabilities | 45,806,246 | |||
Net Assets | $ | 704,074,148 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 558,759,379 | ||
Total accumulated earnings (loss) | 145,314,769 | |||
Net Assets | $ | 704,074,148 | ||
Net Asset Value, offering price and redemption price per share ($704,074,148 ÷ 5,981,874 shares) | $ | 117.70 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 8,425,951 | ||
Income from Fidelity Central Funds (including $56,263 from security lending) | 132,297 | |||
Total Income | 8,558,248 | |||
Expenses | ||||
Management fee | $ | 1,883,056 | ||
Transfer agent fees | 677,920 | |||
Accounting fees | 114,747 | |||
Custodian fees and expenses | 9,897 | |||
Independent trustees' fees and expenses | 2,962 | |||
Registration fees | 27,417 | |||
Audit | 18,578 | |||
Legal | 871 | |||
Interest | 7,560 | |||
Miscellaneous | 2,632 | |||
Total expenses before reductions | 2,745,640 | |||
Expense reductions | (22,792) | |||
Total expenses after reductions | 2,722,848 | |||
Net Investment income (loss) | 5,835,400 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (7,377,222) | |||
Foreign currency transactions | 3,922 | |||
Total net realized gain (loss) | (7,373,300) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 10,026,715 | |||
Assets and liabilities in foreign currencies | 644 | |||
Total change in net unrealized appreciation (depreciation) | 10,027,359 | |||
Net gain (loss) | 2,654,059 | |||
Net increase (decrease) in net assets resulting from operations | $ | 8,489,459 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,835,400 | $ | 11,960,949 |
Net realized gain (loss) | (7,373,300) | (74,754,629) | ||
Change in net unrealized appreciation (depreciation) | 10,027,359 | (8,920,735) | ||
Net increase (decrease) in net assets resulting from operations | 8,489,459 | (71,714,415) | ||
Distributions to shareholders | - | (17,226,958) | ||
Share transactions | ||||
Proceeds from sales of shares | 44,205,585 | 189,388,454 | ||
Reinvestment of distributions | - | 15,606,994 | ||
Cost of shares redeemed | (161,593,841) | (512,802,938) | ||
Net increase (decrease) in net assets resulting from share transactions | (117,388,256) | (307,807,490) | ||
Total increase (decrease) in net assets | (108,898,797) | (396,748,863) | ||
Net Assets | ||||
Beginning of period | 812,972,945 | 1,209,721,808 | ||
End of period | $ | 704,074,148 | $ | 812,972,945 |
Other Information | ||||
Shares | ||||
Sold | 397,774 | 1,678,022 | ||
Issued in reinvestment of distributions | - | 142,147 | ||
Redeemed | (1,482,900) | (4,750,290) | ||
Net increase (decrease) | (1,085,126) | (2,930,121) | ||
Brokerage and Investment Management Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 115.04 | $ | 121.01 | $ | 100.99 | $ | 74.99 | $ | 71.71 | $ | 84.47 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .89 | 1.45 | 1.31 | .93 | 1.01 | .77 | ||||||
Net realized and unrealized gain (loss) | 1.77 | (5.19) | 20.54 | 28.01 | 5.70 | (7.60) | ||||||
Total from investment operations | 2.66 | (3.74) | 21.85 | 28.94 | 6.71 | (6.83) | ||||||
Distributions from net investment income | - | (1.83) | (.83) | (1.06) | (.98) | (.96) | ||||||
Distributions from net realized gain | - | (.41) | (1.01) | (1.88) | (2.45) | (4.96) | ||||||
Total distributions | - | (2.23) D | (1.83) D | (2.94) | (3.43) | (5.93) D | ||||||
Net asset value, end of period | $ | 117.70 | $ | 115.04 | $ | 121.01 | $ | 100.99 | $ | 74.99 | $ | 71.71 |
Total Return E,F | 2.31% | (2.98)% | 21.70% | 39.69% | 9.28% | (8.04)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .76% I | .75% | .74% | .76% | .77% | .78% | ||||||
Expenses net of fee waivers, if any | .76% I | .74% | .74% | .76% | .77% | .77% | ||||||
Expenses net of all reductions | .76% I | .74% | .74% | .76% | .77% | .77% | ||||||
Net investment income (loss) | 1.62% I | 1.33% | 1.06% | 1.14% | 1.33% | 1.01% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 704,074 | $ | 812,973 | $ | 1,209,722 | $ | 429,320 | $ | 309,088 | $ | 327,128 |
Portfolio turnover rate J | 42% I | 4% | 3% | 11% | 9% | 30% |
Top Holdings (% of Fund's net assets) | ||
MasterCard, Inc. Class A | 10.3 | |
Wells Fargo & Co. | 8.2 | |
Bank of America Corp. | 6.3 | |
Reinsurance Group of America, Inc. | 3.6 | |
Essent Group Ltd. | 2.9 | |
U.S. Bancorp | 2.7 | |
Morgan Stanley | 2.6 | |
Chubb Ltd. | 2.6 | |
Marsh & McLennan Companies, Inc. | 2.5 | |
Citigroup, Inc. | 2.4 | |
44.1 | ||
Industries (% of Fund's net assets) | ||
Banks | 34.3 | |
Insurance | 24.2 | |
Financial Services | 22.1 | |
Capital Markets | 14.5 | |
Consumer Finance | 3.8 | |
Professional Services | 0.9 | |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Banks - 34.3% | |||
Diversified Banks - 21.7% | |||
Bank of America Corp. | 1,105,600 | 31,697,552 | |
Citigroup, Inc. | 299,100 | 12,349,839 | |
KeyCorp | 686,100 | 7,773,513 | |
PNC Financial Services Group, Inc. | 25,300 | 3,054,469 | |
U.S. Bancorp | 379,300 | 13,855,829 | |
Wells Fargo & Co. | 1,009,090 | 41,665,326 | |
110,396,528 | |||
Regional Banks - 12.6% | |||
Associated Banc-Corp. | 257,900 | 4,469,407 | |
Cadence Bank | 135,730 | 3,105,502 | |
East West Bancorp, Inc. | 137,200 | 7,592,648 | |
First Hawaiian, Inc. | 158,000 | 2,987,780 | |
First Interstate Bancsystem, Inc. | 188,621 | 4,887,170 | |
Heartland Financial U.S.A., Inc. | 98,300 | 3,011,912 | |
M&T Bank Corp. | 56,237 | 7,032,437 | |
Popular, Inc. | 135,800 | 9,272,424 | |
Truist Financial Corp. | 251,300 | 7,677,215 | |
UMB Financial Corp. | 48,200 | 3,046,722 | |
Wintrust Financial Corp. | 76,200 | 5,913,882 | |
Zions Bancorp NA | 140,700 | 4,994,850 | |
63,991,949 | |||
TOTAL BANKS | 174,388,477 | ||
Capital Markets - 14.5% | |||
Asset Management & Custody Banks - 7.5% | |||
Bank of New York Mellon Corp. | 184,300 | 8,269,541 | |
Brookfield Corp. Class A | 130,115 | 4,438,223 | |
Carlyle Group LP (a) | 147,700 | 4,778,095 | |
Northern Trust Corp. | 57,200 | 4,351,204 | |
Patria Investments Ltd. | 391,600 | 5,646,872 | |
State Street Corp. | 152,700 | 10,496,598 | |
37,980,533 | |||
Financial Exchanges & Data - 0.9% | |||
Bolsa Mexicana de Valores S.A.B. de CV | 2,197,800 | 4,387,737 | |
Investment Banking & Brokerage - 6.1% | |||
Lazard Ltd. Class A | 145,492 | 5,054,392 | |
Morgan Stanley | 159,200 | 13,555,880 | |
Raymond James Financial, Inc. (a) | 58,400 | 6,108,056 | |
Stifel Financial Corp. | 54,900 | 3,569,598 | |
Virtu Financial, Inc. Class A | 156,200 | 2,927,188 | |
31,215,114 | |||
TOTAL CAPITAL MARKETS | 73,583,384 | ||
Consumer Finance - 3.8% | |||
Consumer Finance - 3.8% | |||
Capital One Financial Corp. | 64,400 | 6,593,916 | |
FirstCash Holdings, Inc. | 71,311 | 6,369,499 | |
OneMain Holdings, Inc. | 155,600 | 6,458,956 | |
19,422,371 | |||
Financial Services - 21.7% | |||
Commercial & Residential Mortgage Finance - 3.6% | |||
Essent Group Ltd. | 294,838 | 14,806,764 | |
Walker & Dunlop, Inc. | 41,700 | 3,558,678 | |
18,365,442 | |||
Diversified Financial Services - 2.7% | |||
Apollo Global Management, Inc. | 124,500 | 10,873,830 | |
Corebridge Financial, Inc. (a) | 166,000 | 2,959,780 | |
13,833,610 | |||
Multi-Sector Holdings - 0.6% | |||
Cannae Holdings, Inc. (b) | 161,690 | 3,173,975 | |
Transaction & Payment Processing Services - 14.8% | |||
Fiserv, Inc. (b) | 78,500 | 9,529,115 | |
FleetCor Technologies, Inc. (b) | 20,500 | 5,570,465 | |
Global Payments, Inc. | 58,600 | 7,424,034 | |
MasterCard, Inc. Class A | 127,200 | 52,487,808 | |
75,011,422 | |||
TOTAL FINANCIAL SERVICES | 110,384,449 | ||
Insurance - 24.2% | |||
Insurance Brokers - 5.5% | |||
Arthur J. Gallagher & Co. | 35,700 | 8,228,136 | |
BRP Group, Inc. (b) | 257,311 | 6,841,899 | |
Marsh & McLennan Companies, Inc. | 65,100 | 12,693,849 | |
27,763,884 | |||
Life & Health Insurance - 2.3% | |||
Globe Life, Inc. | 64,700 | 7,218,579 | |
Primerica, Inc. | 23,000 | 4,622,080 | |
11,840,659 | |||
Multi-Line Insurance - 1.6% | |||
Hartford Financial Services Group, Inc. | 112,000 | 8,043,840 | |
Property & Casualty Insurance - 11.1% | |||
American Financial Group, Inc. | 43,900 | 5,088,888 | |
Beazley PLC | 555,600 | 3,842,934 | |
Chubb Ltd. | 66,300 | 13,317,681 | |
Direct Line Insurance Group PLC | 2,210,700 | 4,541,035 | |
Fidelity National Financial, Inc. | 109,100 | 4,516,740 | |
First American Financial Corp. | 105,900 | 6,531,912 | |
Hiscox Ltd. | 573,700 | 7,249,463 | |
Lancashire Holdings Ltd. | 690,100 | 5,004,902 | |
Selective Insurance Group, Inc. | 34,000 | 3,373,140 | |
The Travelers Companies, Inc. | 17,400 | 2,805,402 | |
56,272,097 | |||
Reinsurance - 3.7% | |||
Enstar Group Ltd. (b) | 1,673 | 423,754 | |
Reinsurance Group of America, Inc. | 131,700 | 18,256,254 | |
18,680,008 | |||
TOTAL INSURANCE | 122,600,488 | ||
Professional Services - 0.9% | |||
Research & Consulting Services - 0.9% | |||
Dun & Bradstreet Holdings, Inc. | 417,300 | 4,548,570 | |
TOTAL COMMON STOCKS (Cost $441,222,365) | 504,927,739 | ||
Convertible Bonds - 0.4% | |||
Principal Amount (c) | Value ($) | ||
Financial Services - 0.4% | |||
Transaction & Payment Processing Services - 0.4% | |||
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,830,897) | 2,718,000 | 2,064,049 | |
Money Market Funds - 1.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (d) | 190,477 | 190,516 | |
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) | 7,239,751 | 7,240,475 | |
TOTAL MONEY MARKET FUNDS (Cost $7,430,991) | 7,430,991 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% (Cost $450,484,253) | 514,422,779 |
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (6,468,924) |
NET ASSETS - 100.0% | 507,953,855 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Amount is stated in United States dollars unless otherwise noted. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 2,743,668 | 37,774,725 | 40,327,877 | 15,486 | - | - | 190,516 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 7,671,775 | 183,007,908 | 183,439,208 | 13,642 | - | - | 7,240,475 | 0.0% |
Total | 10,415,443 | 220,782,633 | 223,767,085 | 29,128 | - | - | 7,430,991 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 504,927,739 | 504,927,739 | - | - |
Convertible Bonds | 2,064,049 | - | 2,064,049 | - |
Money Market Funds | 7,430,991 | 7,430,991 | - | - |
Total Investments in Securities: | 514,422,779 | 512,358,730 | 2,064,049 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $7,089,137) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $443,053,262) | $ | 506,991,788 | ||
Fidelity Central Funds (cost $7,430,991) | 7,430,991 | |||
Total Investment in Securities (cost $450,484,253) | $ | 514,422,779 | ||
Receivable for investments sold | 6,062,745 | |||
Receivable for fund shares sold | 84,769 | |||
Dividends receivable | 1,594,010 | |||
Distributions receivable from Fidelity Central Funds | 6,757 | |||
Prepaid expenses | 3,327 | |||
Other receivables | 7,810 | |||
Total assets | 522,182,197 | |||
Liabilities | ||||
Payable to custodian bank | $ | 54,396 | ||
Payable for investments purchased | 5,686,433 | |||
Payable for fund shares redeemed | 902,249 | |||
Accrued management fee | 226,474 | |||
Other affiliated payables | 92,813 | |||
Other payables and accrued expenses | 25,502 | |||
Collateral on securities loaned | 7,240,475 | |||
Total Liabilities | 14,228,342 | |||
Net Assets | $ | 507,953,855 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 450,390,534 | ||
Total accumulated earnings (loss) | 57,563,321 | |||
Net Assets | $ | 507,953,855 | ||
Net Asset Value, offering price and redemption price per share ($507,953,855 ÷ 47,806,133 shares) | $ | 10.63 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 9,558,721 | ||
Interest | 162,606 | |||
Income from Fidelity Central Funds (including $13,642 from security lending) | 29,128 | |||
Total Income | 9,750,455 | |||
Expenses | ||||
Management fee | $ | 1,475,568 | ||
Transfer agent fees | 498,476 | |||
Accounting fees | 96,079 | |||
Custodian fees and expenses | 14,600 | |||
Independent trustees' fees and expenses | 2,278 | |||
Registration fees | 26,016 | |||
Audit | 18,855 | |||
Legal | 839 | |||
Interest | 18,409 | |||
Miscellaneous | 2,573 | |||
Total expenses before reductions | 2,153,693 | |||
Expense reductions | (18,105) | |||
Total expenses after reductions | 2,135,588 | |||
Net Investment income (loss) | 7,614,867 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (10,772,333) | |||
Foreign currency transactions | 7,566 | |||
Total net realized gain (loss) | (10,764,767) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (54,769,956) | |||
Assets and liabilities in foreign currencies | (644) | |||
Total change in net unrealized appreciation (depreciation) | (54,770,600) | |||
Net gain (loss) | (65,535,367) | |||
Net increase (decrease) in net assets resulting from operations | $ | (57,920,500) |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,614,867 | $ | 14,198,847 |
Net realized gain (loss) | (10,764,767) | 36,728,777 | ||
Change in net unrealized appreciation (depreciation) | (54,770,600) | (79,393,252) | ||
Net increase (decrease) in net assets resulting from operations | (57,920,500) | (28,465,628) | ||
Distributions to shareholders | (8,942,831) | (73,318,860) | ||
Share transactions | ||||
Proceeds from sales of shares | 48,753,158 | 247,678,669 | ||
Reinvestment of distributions | 8,246,591 | 67,840,973 | ||
Cost of shares redeemed | (213,342,002) | (302,485,447) | ||
Net increase (decrease) in net assets resulting from share transactions | (156,342,253) | 13,034,195 | ||
Total increase (decrease) in net assets | (223,205,584) | (88,750,293) | ||
Net Assets | ||||
Beginning of period | 731,159,439 | 819,909,732 | ||
End of period | $ | 507,953,855 | $ | 731,159,439 |
Other Information | ||||
Shares | ||||
Sold | 4,747,747 | 21,744,109 | ||
Issued in reinvestment of distributions | 814,881 | 6,070,885 | ||
Redeemed | (21,269,360) | (26,254,915) | ||
Net increase (decrease) | (15,706,732) | 1,560,079 | ||
Financials Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 13.23 | $ | 11.26 | $ | 9.49 | $ | 9.65 | $ | 11.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .14 | .24 | .25 | .20 | .19 | .14 | ||||||
Net realized and unrealized gain (loss) | (.87) | (.74) | 2.26 | 2.17 | .26 | (1.04) | ||||||
Total from investment operations | (.73) | (.50) | 2.51 | 2.37 | .45 | (.90) | ||||||
Distributions from net investment income | (.04) | (.23) | (.26) | (.21) | (.16) | (.14) | ||||||
Distributions from net realized gain | (.11) | (.98) | (.28) | (.39) | (.45) | (.98) | ||||||
Total distributions | (.15) | (1.22) E | (.54) | (.60) | (.61) | (1.12) | ||||||
Net asset value, end of period | $ | 10.63 | $ | 11.51 | $ | 13.23 | $ | 11.26 | $ | 9.49 | $ | 9.65 |
Total Return F,G | (6.30)% | (3.30)% | 22.47% | 27.89% | 3.81% | (6.91)% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | .76% J | .75% | .73% | .77% | .77% | .76% | ||||||
Expenses net of fee waivers, if any | .76% J | .75% | .72% | .77% | .77% | .76% | ||||||
Expenses net of all reductions | .76% J | .75% | .72% | .77% | .76% | .75% | ||||||
Net investment income (loss) | 2.70% J | 2.12% | 1.89% | 2.36% | 1.81% | 1.28% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 507,954 | $ | 731,159 | $ | 819,910 | $ | 606,048 | $ | 483,337 | $ | 558,429 |
Portfolio turnover rate K | 56% J | 46% | 53% | 63% | 61% L | 49% L |
Top Holdings (% of Fund's net assets) | ||
MasterCard, Inc. Class A | 13.7 | |
Visa, Inc. Class A | 13.5 | |
Intuit, Inc. | 12.6 | |
Global Payments, Inc. | 5.8 | |
American Express Co. | 4.9 | |
Capital One Financial Corp. | 4.8 | |
Fiserv, Inc. | 4.8 | |
Shopify, Inc. Class A | 4.5 | |
Discover Financial Services | 3.5 | |
FleetCor Technologies, Inc. | 3.3 | |
71.4 | ||
Industries (% of Fund's net assets) | ||
Financial Services | 61.5 | |
Software | 18.7 | |
Consumer Finance | 14.2 | |
IT Services | 4.5 | |
Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.9% | |||
Shares | Value ($) | ||
Consumer Finance - 14.2% | |||
Consumer Finance - 14.2% | |||
American Express Co. | 33,422 | 5,280,342 | |
Capital One Financial Corp. | 51,321 | 5,254,757 | |
Discover Financial Services | 41,904 | 3,774,293 | |
NerdWallet, Inc. (a) | 15,200 | 136,800 | |
OneMain Holdings, Inc. | 22,774 | 945,349 | |
15,391,541 | |||
Financial Services - 61.5% | |||
Transaction & Payment Processing Services - 61.5% | |||
Adyen BV (a)(b) | 3,018 | 2,520,095 | |
Block, Inc. Class A (a) | 53,447 | 3,081,220 | |
Dlocal Ltd. (a) | 31,523 | 675,853 | |
Edenred SA | 41,684 | 2,659,571 | |
Fidelity National Information Services, Inc. | 24,866 | 1,389,015 | |
Fiserv, Inc. (a) | 42,564 | 5,166,844 | |
FleetCor Technologies, Inc. (a) | 13,309 | 3,616,455 | |
Flywire Corp. (a) | 92,723 | 3,206,361 | |
Global Payments, Inc. | 49,227 | 6,236,569 | |
Marqeta, Inc. Class A (a) | 77,000 | 473,550 | |
MasterCard, Inc. Class A | 36,112 | 14,901,252 | |
Nuvei Corp. (Canada) (b) | 10,046 | 181,337 | |
PagSeguro Digital Ltd. (a) | 58,605 | 526,273 | |
PayPal Holdings, Inc. (a) | 56,277 | 3,517,875 | |
Repay Holdings Corp. (a) | 47,276 | 435,885 | |
Shift4 Payments, Inc. (a)(c) | 17,201 | 976,845 | |
Visa, Inc. Class A | 59,591 | 14,640,317 | |
WEX, Inc. (a) | 5,938 | 1,164,917 | |
Worldline SA (a)(b) | 41,195 | 1,343,668 | |
66,713,902 | |||
IT Services - 4.5% | |||
Internet Services & Infrastructure - 4.5% | |||
Shopify, Inc. Class A (a) | 73,119 | 4,861,682 | |
Software - 18.7% | |||
Application Software - 18.7% | |||
Bill Holdings, Inc. (a) | 16,405 | 1,891,497 | |
Black Knight, Inc. (a) | 39,559 | 2,996,990 | |
EngageSmart, Inc. (a) | 24,657 | 436,675 | |
Intuit, Inc. | 25,206 | 13,656,863 | |
Lightspeed Commerce, Inc. (Canada) (a) | 10,765 | 175,752 | |
Workiva, Inc. (a) | 9,700 | 1,084,945 | |
20,242,722 | |||
TOTAL COMMON STOCKS (Cost $107,152,103) | 107,209,847 | ||
Money Market Funds - 0.2% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) (Cost $216,368) | 216,346 | 216,368 | |
TOTAL INVESTMENT IN SECURITIES - 99.1% (Cost $107,368,471) | 107,426,215 |
NET OTHER ASSETS (LIABILITIES) - 0.9% | 956,756 |
NET ASSETS - 100.0% | 108,382,971 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,045,100 or 3.7% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 355,543 | 8,234,581 | 8,590,124 | 8,884 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 376,993 | 12,740,571 | 12,901,196 | 678 | - | - | 216,368 | 0.0% |
Total | 732,536 | 20,975,152 | 21,491,320 | 9,562 | - | - | 216,368 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 107,209,847 | 104,689,752 | 2,520,095 | - |
Money Market Funds | 216,368 | 216,368 | - | - |
Total Investments in Securities: | 107,426,215 | 104,906,120 | 2,520,095 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $210,123) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $107,152,103) | $ | 107,209,847 | ||
Fidelity Central Funds (cost $216,368) | 216,368 | |||
Total Investment in Securities (cost $107,368,471) | $ | 107,426,215 | ||
Receivable for investments sold | 3,134,904 | |||
Receivable for fund shares sold | 27,636 | |||
Dividends receivable | 57,341 | |||
Distributions receivable from Fidelity Central Funds | 1,682 | |||
Prepaid expenses | 379 | |||
Other receivables | 256 | |||
Total assets | 110,648,413 | |||
Liabilities | ||||
Payable to custodian bank | $ | 67,591 | ||
Payable for investments purchased | 1,835,180 | |||
Payable for fund shares redeemed | 52,254 | |||
Accrued management fee | 47,209 | |||
Other affiliated payables | 26,755 | |||
Other payables and accrued expenses | 20,928 | |||
Collateral on securities loaned | 215,525 | |||
Total Liabilities | 2,265,442 | |||
Net Assets | $ | 108,382,971 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 136,917,564 | ||
Total accumulated earnings (loss) | (28,534,593) | |||
Net Assets | $ | 108,382,971 | ||
Net Asset Value, offering price and redemption price per share ($108,382,971 ÷ 7,337,634 shares) | $ | 14.77 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 452,336 | ||
Income from Fidelity Central Funds (including $678 from security lending) | 9,562 | |||
Total Income | 461,898 | |||
Expenses | ||||
Management fee | $ | 280,382 | ||
Transfer agent fees | 138,303 | |||
Accounting fees | 18,943 | |||
Custodian fees and expenses | 5,713 | |||
Independent trustees' fees and expenses | 429 | |||
Registration fees | 14,968 | |||
Audit | 18,533 | |||
Legal | 986 | |||
Miscellaneous | 301 | |||
Total expenses before reductions | 478,558 | |||
Expense reductions | (3,321) | |||
Total expenses after reductions | 475,237 | |||
Net Investment income (loss) | (13,339) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (6,145,695) | |||
Foreign currency transactions | 32 | |||
Total net realized gain (loss) | (6,145,663) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 13,858,542 | |||
Assets and liabilities in foreign currencies | 22 | |||
Total change in net unrealized appreciation (depreciation) | 13,858,564 | |||
Net gain (loss) | 7,712,901 | |||
Net increase (decrease) in net assets resulting from operations | $ | 7,699,562 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (13,339) | $ | (42,077) |
Net realized gain (loss) | (6,145,663) | (16,193,543) | ||
Change in net unrealized appreciation (depreciation) | 13,858,564 | (7,893,080) | ||
Net increase (decrease) in net assets resulting from operations | 7,699,562 | (24,128,700) | ||
Share transactions | ||||
Proceeds from sales of shares | 8,483,639 | 14,085,599 | ||
Cost of shares redeemed | (15,378,562) | (44,229,846) | ||
Net increase (decrease) in net assets resulting from share transactions | (6,894,923) | (30,144,247) | ||
Total increase (decrease) in net assets | 804,639 | (54,272,947) | ||
Net Assets | ||||
Beginning of period | 107,578,332 | 161,851,279 | ||
End of period | $ | 108,382,971 | $ | 107,578,332 |
Other Information | ||||
Shares | ||||
Sold | 586,260 | 980,123 | ||
Redeemed | (1,084,929) | (3,218,612) | ||
Net increase (decrease) | (498,669) | (2,238,489) | ||
FinTech Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.73 | $ | 16.06 | $ | 19.37 | $ | 16.23 | $ | 15.80 | $ | 16.29 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | - D | - D | .14 E | .34 F | .39 | .24 | ||||||
Net realized and unrealized gain (loss) | 1.04 | (2.33) | .04 G,H | 3.14 | .35 | .43 | ||||||
Total from investment operations | 1.04 | (2.33) | .18 | 3.48 | .74 | .67 | ||||||
Distributions from net investment income | - | - | (.25) | (.34) | (.31) | (.20) | ||||||
Distributions from net realized gain | - | - | (3.24) | - | (.01) | (.95) | ||||||
Total distributions | - | - | (3.49) | (.34) | (.31) I | (1.16) I | ||||||
Net asset value, end of period | $ | 14.77 | $ | 13.73 | $ | 16.06 | $ | 19.37 | $ | 16.23 | $ | 15.80 |
Total Return J,K | 7.57% | (14.51)% | (.75)% H | 21.94% | 4.54% | 4.83% | ||||||
Ratios to Average Net Assets C,L,M | ||||||||||||
Expenses before reductions | .89% N | .87% | .81% | .89% | .86% | .87% | ||||||
Expenses net of fee waivers, if any | .89% N | .87% | .81% | .89% | .86% | .87% | ||||||
Expenses net of all reductions | .89% N | .87% | .81% | .89% | .85% | .86% | ||||||
Net investment income (loss) | (.02)% N | (.03)% | .63% E | 2.35% F | 2.29% | 1.57% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 108,383 | $ | 107,578 | $ | 161,851 | $ | 144,880 | $ | 148,247 | $ | 102,334 |
Portfolio turnover rate O | 43% N | 15% | 164% | 25% | 20% | 32% |
Top Holdings (% of Fund's net assets) | ||
Marsh & McLennan Companies, Inc. | 11.0 | |
Chubb Ltd. | 10.5 | |
Aon PLC | 8.7 | |
Progressive Corp. | 8.0 | |
Hartford Financial Services Group, Inc. | 7.7 | |
The Travelers Companies, Inc. | 4.6 | |
Unum Group | 4.2 | |
Globe Life, Inc. | 3.9 | |
Reinsurance Group of America, Inc. | 3.9 | |
Arch Capital Group Ltd. | 3.7 | |
66.2 | ||
Industries (% of Fund's net assets) | ||
Insurance | 95.4 | |
Financial Services | 4.3 | |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Financial Services - 4.3% | |||
Diversified Financial Services - 4.3% | |||
Corebridge Financial, Inc. | 624,100 | 11,127,703 | |
Voya Financial, Inc. | 61,700 | 4,299,256 | |
15,426,959 | |||
Insurance - 95.4% | |||
Insurance Brokers - 25.7% | |||
Aon PLC | 94,900 | 31,638,711 | |
Brown & Brown, Inc. | 161,000 | 11,930,100 | |
BRP Group, Inc. (a) | 166,200 | 4,419,258 | |
Marsh & McLennan Companies, Inc. | 204,800 | 39,933,953 | |
Willis Towers Watson PLC | 26,628 | 5,505,605 | |
93,427,627 | |||
Life & Health Insurance - 16.2% | |||
Globe Life, Inc. | 127,000 | 14,169,390 | |
MetLife, Inc. | 158,800 | 10,058,392 | |
Primerica, Inc. | 56,700 | 11,394,432 | |
Principal Financial Group, Inc. | 103,200 | 8,019,672 | |
Unum Group | 305,800 | 15,042,302 | |
58,684,188 | |||
Multi-Line Insurance - 8.7% | |||
Assurant, Inc. | 25,600 | 3,566,848 | |
Hartford Financial Services Group, Inc. | 388,300 | 27,887,706 | |
31,454,554 | |||
Property & Casualty Insurance - 38.9% | |||
Allstate Corp. | 79,300 | 8,549,333 | |
American Financial Group, Inc. | 74,900 | 8,682,408 | |
Arch Capital Group Ltd. (a) | 177,200 | 13,619,592 | |
Chubb Ltd. | 189,105 | 37,985,521 | |
Direct Line Insurance Group PLC | 1,878,800 | 3,859,274 | |
Fidelity National Financial, Inc. | 84,000 | 3,477,600 | |
First American Financial Corp. | 76,200 | 4,700,016 | |
Loews Corp. | 97,200 | 6,035,148 | |
Markel Group, Inc. (a) | 3,120 | 4,614,230 | |
Mercury General Corp. | 200 | 5,722 | |
Progressive Corp. | 218,100 | 29,109,807 | |
Selective Insurance Group, Inc. | 39,500 | 3,918,795 | |
The Travelers Companies, Inc. | 103,100 | 16,622,813 | |
141,180,259 | |||
Reinsurance - 5.9% | |||
Everest Re Group Ltd. | 12,100 | 4,364,228 | |
Reinsurance Group of America, Inc. | 101,200 | 14,028,344 | |
RenaissanceRe Holdings Ltd. | 15,500 | 2,912,295 | |
21,304,867 | |||
TOTAL INSURANCE | 346,051,495 | ||
TOTAL COMMON STOCKS (Cost $252,172,387) | 361,478,454 | ||
Money Market Funds - 0.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (b) (Cost $876,048) | 875,873 | 876,048 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $253,048,435) | 362,354,502 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 219,455 |
NET ASSETS - 100.0% | 362,573,957 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 4,180,255 | 43,869,589 | 47,173,796 | 28,179 | - | - | 876,048 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 3,211,000 | 33,003,977 | 36,214,977 | 1,569 | - | - | - | 0.0% |
Total | 7,391,255 | 76,873,566 | 83,388,773 | 29,748 | - | - | 876,048 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 361,478,454 | 361,478,454 | - | - |
Money Market Funds | 876,048 | 876,048 | - | - |
Total Investments in Securities: | 362,354,502 | 362,354,502 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $252,172,387) | $ | 361,478,454 | ||
Fidelity Central Funds (cost $876,048) | 876,048 | |||
Total Investment in Securities (cost $253,048,435) | $ | 362,354,502 | ||
Receivable for fund shares sold | 242,320 | |||
Dividends receivable | 459,428 | |||
Distributions receivable from Fidelity Central Funds | 8,111 | |||
Prepaid expenses | 1,281 | |||
Other receivables | 4,273 | |||
Total assets | 363,069,915 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 243,166 | ||
Accrued management fee | 157,871 | |||
Transfer agent fee payable | 62,718 | |||
Other affiliated payables | 10,684 | |||
Other payables and accrued expenses | 21,519 | |||
Total Liabilities | 495,958 | |||
Net Assets | $ | 362,573,957 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 233,393,746 | ||
Total accumulated earnings (loss) | 129,180,211 | |||
Net Assets | $ | 362,573,957 | ||
Net Asset Value, offering price and redemption price per share ($362,573,957 ÷ 4,897,720 shares) | $ | 74.03 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 4,063,466 | ||
Income from Fidelity Central Funds (including $1,569 from security lending) | 29,748 | |||
Total Income | 4,093,214 | |||
Expenses | ||||
Management fee | $ | 1,023,194 | ||
Transfer agent fees | 398,501 | |||
Accounting fees | 69,120 | |||
Custodian fees and expenses | 12,210 | |||
Independent trustees' fees and expenses | 1,344 | |||
Registration fees | 32,359 | |||
Audit | 18,555 | |||
Legal | 525 | |||
Interest | 24,217 | |||
Miscellaneous | 980 | |||
Total expenses before reductions | 1,581,005 | |||
Expense reductions | (12,510) | |||
Total expenses after reductions | 1,568,495 | |||
Net Investment income (loss) | 2,524,719 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 19,287,537 | |||
Foreign currency transactions | 5,140 | |||
Total net realized gain (loss) | 19,292,677 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (18,879,315) | |||
Assets and liabilities in foreign currencies | 2,475 | |||
Total change in net unrealized appreciation (depreciation) | (18,876,840) | |||
Net gain (loss) | 415,837 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,940,556 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,524,719 | $ | 2,968,793 |
Net realized gain (loss) | 19,292,677 | 14,736,358 | ||
Change in net unrealized appreciation (depreciation) | (18,876,840) | 5,170,511 | ||
Net increase (decrease) in net assets resulting from operations | 2,940,556 | 22,875,662 | ||
Distributions to shareholders | (15,239,936) | (2,977,551) | ||
Share transactions | ||||
Proceeds from sales of shares | 67,718,938 | 393,392,705 | ||
Reinvestment of distributions | 13,845,928 | 2,747,103 | ||
Cost of shares redeemed | (181,152,900) | (187,507,051) | ||
Net increase (decrease) in net assets resulting from share transactions | (99,588,034) | 208,632,757 | ||
Total increase (decrease) in net assets | (111,887,414) | 228,530,868 | ||
Net Assets | ||||
Beginning of period | 474,461,371 | 245,930,503 | ||
End of period | $ | 362,573,957 | $ | 474,461,371 |
Other Information | ||||
Shares | ||||
Sold | 942,003 | 5,401,580 | ||
Issued in reinvestment of distributions | 199,970 | 37,851 | ||
Redeemed | (2,536,495) | (2,667,446) | ||
Net increase (decrease) | (1,394,522) | 2,771,985 | ||
Insurance Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 75.40 | $ | 69.86 | $ | 61.17 | $ | 58.44 | $ | 59.27 | $ | 78.49 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .46 | .63 | .78 | .88 | .87 | .98 | ||||||
Net realized and unrealized gain (loss) | .92 | 5.46 | 13.73 | 6.99 | 2.77 | (2.40) | ||||||
Total from investment operations | 1.38 | 6.09 | 14.51 | 7.87 | 3.64 | (1.42) | ||||||
Distributions from net investment income | - | (.55) | (.89) | (.94) | (.91) | (1.16) | ||||||
Distributions from net realized gain | (2.75) | - | (4.93) | (4.20) | (3.56) | (16.63) | ||||||
Total distributions | (2.75) | (.55) | (5.82) | (5.14) | (4.47) | (17.80) D | ||||||
Net asset value, end of period | $ | 74.03 | $ | 75.40 | $ | 69.86 | $ | 61.17 | $ | 58.44 | $ | 59.27 |
Total Return E,F | 2.08% | 8.75% | 24.68% | 15.54% | 5.95% | (.29)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .81% I | .81% | .78% | .83% | .81% | .82% | ||||||
Expenses net of fee waivers, if any | .80% I | .81% | .78% | .83% | .81% | .81% | ||||||
Expenses net of all reductions | .80% I | .81% | .78% | .83% | .80% | .81% | ||||||
Net investment income (loss) | 1.29% I | .90% | 1.16% | 1.68% | 1.37% | 1.48% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 362,574 | $ | 474,461 | $ | 245,931 | $ | 184,701 | $ | 219,539 | $ | 223,081 |
Portfolio turnover rate J | 45% I | 48% | 15% | 18% | 28% | 9% |
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% |
Brokerage and Investment Management Portfolio | $55,576 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Banking Portfolio | $347,717,661 | $43,209,168 | $(39,182,407) | $4,026,761 |
Brokerage and Investment Management Portfolio | 525,654,234 | 236,747,199 | (16,363,891) | 220,383,308 |
Financials Portfolio | 455,295,289 | 86,030,850 | (26,903,360) | 59,127,490 |
FinTech Portfolio | 108,717,756 | 26,702,574 | (27,994,115) | (1,291,541) |
Insurance Portfolio | 253,531,360 | 112,722,453 | (3,899,311) | 108,823,142 |
Short-term | Long-term | Total capital loss carryforward | |
Brokerage and Investment Management Portfolio | $(74,446,146) | $- | $(74,446,146) |
FinTech Portfolio | (21,997,614) | - | (21,997,614) |
Purchases ($) | Sales ($) | |
Banking Portfolio | 96,161,359 | 94,564,010 |
Brokerage and Investment Management Portfolio | 151,454,534 | 248,423,001 |
Financials Portfolio | 161,367,775 | 316,849,635 |
FinTech Portfolio | 22,991,508 | 30,535,672 |
Insurance Portfolio | 88,769,740 | 198,339,209 |
Individual Rate | Group Rate | Total | |
Banking Portfolio | .30% | .22% | .52% |
Brokerage and Investment Management Portfolio | .30% | .22% | .52% |
Financials Portfolio | .30% | .22% | .52% |
FinTech Portfolio | .30% | .22% | .52% |
Insurance Portfolio | .30% | .22% | .52% |
Banking Portfolio | .18% |
Brokerage and Investment Management Portfolio | .19% |
Financials Portfolio | .18% |
FinTech Portfolio | .26% |
Insurance Portfolio | .20% |
% of Average Net Assets | |
Banking Portfolio | .04 |
Brokerage and Investment Management Portfolio | .03 |
Financials Portfolio | .03 |
FinTech Portfolio | .04 |
Insurance Portfolio | .04 |
Amount | |
Banking Portfolio | $2,409 |
Brokerage and Investment Management Portfolio | 1,856 |
Financials Portfolio | 4,110 |
FinTech Portfolio | 594 |
Insurance Portfolio | 994 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Brokerage and Investment Management Portfolio | Borrower | $ 5,243,900 | 5.19% | $7,560 |
Financials Portfolio | Borrower | $6,885,000 | 5.23% | $16,017 |
Insurance Portfolio | Borrower | $ 16,704,000 | 5.22% | $24,217 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Banking Portfolio | 5,326,160 | 221,719 | (1,521) |
Brokerage and Investment Management Portfolio | 4,246,079 | 5,382,693 | (227,347) |
Financials Portfolio | 3,856,292 | 13,362,350 | (1,499,940) |
FinTech Portfolio | 11,302 | 2,517,861 | (484,860) |
Insurance Portfolio | 12,950,883 | 4,358,883 | (33,786) |
Amount | |
Banking Portfolio | $371 |
Brokerage and Investment Management Portfolio | 732 |
Financials Portfolio | 621 |
FinTech Portfolio | 103 |
Insurance Portfolio | 414 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Banking Portfolio | $1,118 | $5 | $- |
Brokerage and Investment Management Portfolio | $5,911 | $1,512 | $- |
Financials Portfolio | $1,433 | $2 | $- |
FinTech Portfolio | $70 | $- | $- |
Insurance Portfolio | $157 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Financials Portfolio | $ 1,187,000 | 5.58% | $2,392 |
Amount | |
Banking Portfolio | $11,256 |
Brokerage and Investment Management Portfolio | 22,792 |
Financials Portfolio | 18,105 |
FinTech Portfolio | 3,321 |
Insurance Portfolio | 12,510 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Banking Portfolio | .77% | |||||||||
Actual | $ 1,000 | $ 831.40 | $ 3.54 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.27 | $ 3.91 | |||||||
Brokerage and Investment Management Portfolio | .76% | |||||||||
Actual | $ 1,000 | $ 1,023.10 | $ 3.86 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.32 | $ 3.86 | |||||||
Financials Portfolio | .76% | |||||||||
Actual | $ 1,000 | $ 937.00 | $ 3.70 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.32 | $ 3.86 | |||||||
FinTech Portfolio | .89% | |||||||||
Actual | $ 1,000 | $ 1,075.70 | $ 4.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.66 | $ 4.52 | |||||||
Insurance Portfolio | .80% | |||||||||
Actual | $ 1,000 | $ 1,020.80 | $ 4.06 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.11 | $ 4.06 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Linde PLC | 24.8 | |
Air Products & Chemicals, Inc. | 8.1 | |
Sherwin-Williams Co. | 8.0 | |
Celanese Corp. Class A | 6.4 | |
DuPont de Nemours, Inc. | 4.9 | |
Westlake Corp. | 4.9 | |
LyondellBasell Industries NV Class A | 4.5 | |
The Chemours Co. LLC | 4.3 | |
Ecolab, Inc. | 4.3 | |
Olin Corp. | 4.2 | |
74.4 | ||
Industries (% of Fund's net assets) | ||
Chemicals | 99.0 | |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
Chemicals - 99.0% | |||
Commodity Chemicals - 21.0% | |||
Cabot Corp. | 262,700 | 19,035,242 | |
LyondellBasell Industries NV Class A | 297,100 | 29,344,567 | |
Olin Corp. | 470,800 | 27,315,816 | |
Orion SA | 794,726 | 17,976,702 | |
Tronox Holdings PLC | 828,269 | 11,297,589 | |
Westlake Corp. (a) | 240,056 | 31,442,535 | |
136,412,451 | |||
Diversified Chemicals - 4.3% | |||
The Chemours Co. LLC | 824,059 | 28,034,487 | |
Fertilizers & Agricultural Chemicals - 6.7% | |||
CF Industries Holdings, Inc. | 25,317 | 1,951,181 | |
Corteva, Inc. | 474,393 | 23,961,590 | |
FMC Corp. | 204,700 | 17,651,281 | |
43,564,052 | |||
Industrial Gases - 32.9% | |||
Air Products & Chemicals, Inc. | 176,911 | 52,275,431 | |
Linde PLC | 416,516 | 161,208,354 | |
213,483,785 | |||
Specialty Chemicals - 34.1% | |||
Albemarle Corp. (a) | 73,600 | 14,625,056 | |
Axalta Coating Systems Ltd. (b) | 807,700 | 22,857,910 | |
Celanese Corp. Class A (a) | 329,300 | 41,610,348 | |
DuPont de Nemours, Inc. | 417,194 | 32,078,047 | |
Ecolab, Inc. | 152,200 | 27,975,882 | |
Element Solutions, Inc. | 1,105,443 | 22,794,235 | |
International Flavors & Fragrances, Inc. | 31,716 | 2,234,392 | |
Livent Corp. (b) | 200 | 4,294 | |
PPG Industries, Inc. | 38,900 | 5,514,464 | |
Sherwin-Williams Co. | 191,099 | 51,925,420 | |
221,620,048 | |||
TOTAL COMMON STOCKS (Cost $414,286,166) | 643,114,823 | ||
Money Market Funds - 7.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 5,400,847 | 5,401,927 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 43,451,300 | 43,455,645 | |
TOTAL MONEY MARKET FUNDS (Cost $48,857,572) | 48,857,572 | ||
TOTAL INVESTMENT IN SECURITIES - 106.5% (Cost $463,143,738) | 691,972,395 |
NET OTHER ASSETS (LIABILITIES) - (6.5)% | (42,267,815) |
NET ASSETS - 100.0% | 649,704,580 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 2,631,570 | 62,610,894 | 59,840,537 | 104,978 | - | - | 5,401,927 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 41,326,325 | 155,339,265 | 153,209,945 | 11,878 | - | - | 43,455,645 | 0.2% |
Total | 43,957,895 | 217,950,159 | 213,050,482 | 116,856 | - | - | 48,857,572 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 643,114,823 | 643,114,823 | - | - |
Money Market Funds | 48,857,572 | 48,857,572 | - | - |
Total Investments in Securities: | 691,972,395 | 691,972,395 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $42,121,402) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $414,286,166) | $ | 643,114,823 | ||
Fidelity Central Funds (cost $48,857,572) | 48,857,572 | |||
Total Investment in Securities (cost $463,143,738) | $ | 691,972,395 | ||
Receivable for fund shares sold | 23,595 | |||
Dividends receivable | 1,453,726 | |||
Reclaims receivable | 333,531 | |||
Distributions receivable from Fidelity Central Funds | 15,812 | |||
Prepaid expenses | 4,454 | |||
Other receivables | 157,910 | |||
Total assets | 693,961,423 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 229,947 | ||
Accrued management fee | 280,892 | |||
Other affiliated payables | 113,928 | |||
Other payables and accrued expenses | 176,431 | |||
Collateral on securities loaned | 43,455,645 | |||
Total Liabilities | 44,256,843 | |||
Net Assets | $ | 649,704,580 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 390,385,067 | ||
Total accumulated earnings (loss) | 259,319,513 | |||
Net Assets | $ | 649,704,580 | ||
Net Asset Value, offering price and redemption price per share ($649,704,580 ÷ 41,938,059 shares) | $ | 15.49 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 6,463,227 | ||
Income from Fidelity Central Funds (including $11,878 from security lending) | 116,856 | |||
Total Income | 6,580,083 | |||
Expenses | ||||
Management fee | $ | 1,695,948 | ||
Transfer agent fees | 578,272 | |||
Accounting fees | 106,178 | |||
Custodian fees and expenses | 5,304 | |||
Independent trustees' fees and expenses | 2,439 | |||
Registration fees | 15,963 | |||
Audit | 19,419 | |||
Legal | 206 | |||
Miscellaneous | 2,989 | |||
Total expenses before reductions | 2,426,718 | |||
Expense reductions | (20,229) | |||
Total expenses after reductions | 2,406,489 | |||
Net Investment income (loss) | 4,173,594 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 27,067,206 | |||
Total net realized gain (loss) | 27,067,206 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (23,141,121) | |||
Assets and liabilities in foreign currencies | 8,198 | |||
Total change in net unrealized appreciation (depreciation) | (23,132,923) | |||
Net gain (loss) | 3,934,283 | |||
Net increase (decrease) in net assets resulting from operations | $ | 8,107,877 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,173,594 | $ | 6,689,344 |
Net realized gain (loss) | 27,067,206 | 48,415,100 | ||
Change in net unrealized appreciation (depreciation) | (23,132,923) | (52,586,087) | ||
Net increase (decrease) in net assets resulting from operations | 8,107,877 | 2,518,357 | ||
Distributions to shareholders | (6,435,545) | (71,422,793) | ||
Share transactions | ||||
Proceeds from sales of shares | 9,411,200 | 27,760,569 | ||
Reinvestment of distributions | 6,056,139 | 67,243,473 | ||
Cost of shares redeemed | (45,544,185) | (106,890,154) | ||
Net increase (decrease) in net assets resulting from share transactions | (30,076,846) | (11,886,112) | ||
Total increase (decrease) in net assets | (28,404,514) | (80,790,548) | ||
Net Assets | ||||
Beginning of period | 678,109,094 | 758,899,642 | ||
End of period | $ | 649,704,580 | $ | 678,109,094 |
Other Information | ||||
Shares | ||||
Sold | 624,624 | 1,728,193 | ||
Issued in reinvestment of distributions | 402,401 | 4,320,957 | ||
Redeemed | (3,037,555) | (6,887,077) | ||
Net increase (decrease) | (2,010,530) | (837,927) | ||
Chemicals Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 15.43 | $ | 16.94 | $ | 14.67 | $ | 10.47 | $ | 13.57 | $ | 17.34 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .10 | .15 | .15 | .15 | .15 | .23 | ||||||
Net realized and unrealized gain (loss) | .11 | .01 | 2.34 | 4.21 | (2.39) | (2.17) | ||||||
Total from investment operations | .21 | .16 | 2.49 | 4.36 | (2.24) | (1.94) | ||||||
Distributions from net investment income | (.01) | (.16) | (.14) | (.16) | (.20) | (.21) | ||||||
Distributions from net realized gain | (.14) | (1.51) | (.08) | - | (.66) | (1.62) | ||||||
Total distributions | (.15) | (1.67) | (.22) | (.16) | (.86) | (1.83) | ||||||
Net asset value, end of period | $ | 15.49 | $ | 15.43 | $ | 16.94 | $ | 14.67 | $ | 10.47 | $ | 13.57 |
Total Return E,F | 1.38% | 1.09% | 16.90% | 41.65% | (17.63)% | (11.10)% | ||||||
Ratios to Average Net Assets D,G,H | ||||||||||||
Expenses before reductions | .75% I | .75% | .74% | .79% | .78% | .77% | ||||||
Expenses net of fee waivers, if any | .74% I | .75% | .74% | .79% | .78% | .77% | ||||||
Expenses net of all reductions | .74% I | .75% | .74% | .78% | .77% | .76% | ||||||
Net investment income (loss) | 1.29% I | .96% | .85% | 1.28% | 1.21% | 1.50% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 649,705 | $ | 678,109 | $ | 758,900 | $ | 700,680 | $ | 656,441 | $ | 1,153,379 |
Portfolio turnover rate J | 19% I | 54% | 15% | 50% | 77% | 62% |
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% |
Chemicals Portfolio | $155,915 |
Gross unrealized appreciation | $240,630,522 |
Gross unrealized depreciation | (12,945,127) |
Net unrealized appreciation (depreciation) | $227,685,395 |
Tax cost | $464,287,000 |
Purchases ($) | Sales ($) | |
Chemicals Portfolio | 62,314,660 | 94,098,388 |
% of Average Net Assets | |
Chemicals Portfolio | .03 |
Amount | |
Chemicals Portfolio | $1,183 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Chemicals Portfolio | 681,949 | 4,988,852 | 2,520,643 |
Amount | |
Chemicals Portfolio | $632 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Chemicals Portfolio | $1,287 | $- | $- |
Top Holdings (% of Fund's net assets) | ||
Franco-Nevada Corp. | 10.4 | |
Agnico Eagle Mines Ltd. (Canada) | 9.8 | |
Newmont Corp. | 9.0 | |
Wheaton Precious Metals Corp. | 7.9 | |
Orla Mining Ltd. | 5.0 | |
Barrick Gold Corp. (Canada) | 4.6 | |
Lundin Gold, Inc. | 3.0 | |
Osisko Gold Royalties Ltd. | 2.8 | |
Alamos Gold, Inc. | 2.8 | |
SSR Mining, Inc. | 2.7 | |
58.0 | ||
Industries (% of Fund's net assets) | ||
Gold | 87.5 | |
Silver | 4.9 | |
Diversified Metals & Mining | 4.0 | |
Precious Metals & Minerals | 1.1 | |
Commodities & Related Investments* | 0.8 | |
Copper | 0.5 | |
Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.0% | |||
Shares | Value ($) | ||
Australia - 4.7% | |||
Metals & Mining - 4.7% | |||
Gold - 4.7% | |||
AngloGold Ashanti Ltd. | 124,600 | 2,121,058 | |
Gold Road Resources Ltd. | 12,500,000 | 14,376,391 | |
Northern Star Resources Ltd. | 3,000,000 | 23,151,254 | |
OceanaGold Corp. | 12,000,000 | 25,932,504 | |
65,581,207 | |||
Brazil - 7.9% | |||
Metals & Mining - 7.9% | |||
Gold - 7.9% | |||
Wheaton Precious Metals Corp. (a) | 2,546,306 | 111,071,104 | |
Burkina Faso - 1.2% | |||
Metals & Mining - 1.2% | |||
Gold - 1.2% | |||
IAMGOLD Corp. (b) | 7,000,000 | 17,354,944 | |
Canada - 68.1% | |||
Metals & Mining - 68.1% | |||
Copper - 0.5% | |||
Faraday Copper Corp. (b)(c) | 11,959,966 | 6,461,497 | |
Diversified Metals & Mining - 3.3% | |||
Foran Mining Corp. (b) | 6,613,381 | 18,696,799 | |
Solaris Resources, Inc. (a)(b) | 1,767,654 | 7,757,688 | |
Vizsla Silver Corp. (b) | 5,000,000 | 5,439,609 | |
Western Copper & Gold Corp. (TSX) (a)(b)(c) | 9,988,500 | 14,784,636 | |
46,678,732 | |||
Gold - 61.4% | |||
Agnico Eagle Mines Ltd. (Canada) (a) | 2,831,250 | 137,476,549 | |
Alamos Gold, Inc. | 3,000,000 | 38,587,922 | |
Artemis Gold, Inc. (a)(b) | 5,925,218 | 26,793,282 | |
Ascot Resources Ltd. (b)(c) | 37,965,500 | 13,486,856 | |
Atex Resources, Inc. (b)(c) | 9,990,000 | 6,062,611 | |
B2Gold Corp. | 5,000,000 | 15,393,724 | |
Banyan Gold Corp. (b)(c) | 21,000,000 | 4,895,648 | |
Barrick Gold Corp. (Canada) (a) | 4,000,000 | 64,831,261 | |
Bonterra Resources, Inc. (b)(c) | 7,458,507 | 1,103,983 | |
Dundee Precious Metals, Inc. | 2,000,000 | 12,907,046 | |
Franco-Nevada Corp. | 1,009,950 | 145,497,975 | |
Fury Gold Mines Ltd. (b)(c) | 800,000 | 319,716 | |
Fury Gold Mines Ltd. (c)(d) | 10,000,000 | 3,996,448 | |
i-80 Gold Corp. (a)(b) | 12,432,558 | 24,751,022 | |
i-80 Gold Corp. (b) | 500,000 | 895,870 | |
Lundin Gold, Inc. | 3,463,900 | 41,529,885 | |
Maple Gold Mines Ltd. (b)(c) | 19,981,000 | 1,035,132 | |
Marathon Gold Corp. (a)(b)(c) | 24,927,995 | 14,205,563 | |
Marathon Gold Corp. warrants 9/20/24 (b)(c) | 5,000,000 | 159,261 | |
Novagold Resources, Inc. (b) | 3,900,000 | 16,134,547 | |
Orla Mining Ltd. (b) | 14,626,832 | 69,713,438 | |
Osisko Development Corp. (b) | 3,999,000 | 13,022,202 | |
Osisko Development Corp.: | |||
rights(b) | 666,666 | 26,730 | |
warrants(b) | 1,144,505 | 330,341 | |
Osisko Gold Royalties Ltd. | 2,922,902 | 39,067,207 | |
Osisko Mining, Inc. warrants 8/6/24 (b) | 1,350,000 | 191,722 | |
Rupert Resources Ltd. (b) | 2,481,200 | 6,702,472 | |
Seabridge Gold, Inc. (b) | 1,000,000 | 11,737,715 | |
Skeena Resources Ltd. (a)(b) | 3,499,000 | 17,375,881 | |
SSR Mining, Inc. | 2,500,000 | 37,078,153 | |
Torex Gold Resources, Inc. (b) | 1,500,000 | 17,329,041 | |
Triple Flag Precious Metals Corp. | 1,976,431 | 27,440,679 | |
Victoria Gold Corp. (b)(c) | 3,986,907 | 20,182,389 | |
Wesdome Gold Mines, Inc. (b) | 4,422,589 | 27,657,547 | |
857,919,818 | |||
Precious Metals & Minerals - 1.1% | |||
Dolly Varden Silver Corp. (b)(c) | 17,000,000 | 9,058,615 | |
Guanajuato Silver Co. Ltd. (b)(c) | 23,965,000 | 5,054,785 | |
Guanajuato Silver Co. Ltd. (c) | 8,500,000 | 1,613,566 | |
Guanajuato Silver Co. Ltd. warrants 2/10/25 (b)(c) | 7,396,381 | 97,985 | |
15,824,951 | |||
Silver - 1.8% | |||
Aya Gold & Silver, Inc. (a)(b) | 2,473,000 | 15,135,961 | |
GoGold Resources, Inc. (a)(b) | 8,955,575 | 9,809,244 | |
24,945,205 | |||
TOTAL METALS & MINING | 951,830,203 | ||
China - 0.1% | |||
Metals & Mining - 0.1% | |||
Gold - 0.1% | |||
Zijin Mining Group Co. Ltd. (H Shares) | 464,000 | 730,108 | |
South Africa - 2.3% | |||
Metals & Mining - 2.3% | |||
Gold - 2.3% | |||
Gold Fields Ltd. | 2,500,000 | 31,984,188 | |
United States of America - 13.7% | |||
Metals & Mining - 13.7% | |||
Diversified Metals & Mining - 0.7% | |||
Ivanhoe Electric, Inc. (b) | 637,088 | 9,957,685 | |
Gold - 9.9% | |||
Dakota Gold Corp. (b) | 2,500,000 | 7,200,000 | |
Newmont Corp. | 3,187,000 | 125,631,540 | |
Royal Gold, Inc. | 50,000 | 5,604,500 | |
138,436,040 | |||
Silver - 3.1% | |||
Gatos Silver, Inc. (a)(b)(c) | 6,761,606 | 30,900,539 | |
Hecla Mining Co. (a) | 2,695,848 | 11,834,773 | |
42,735,312 | |||
TOTAL METALS & MINING | 191,129,037 | ||
TOTAL COMMON STOCKS (Cost $1,092,968,958) | 1,369,680,791 | ||
Commodities - 0.8% | |||
Troy Ounces | Value ($) | ||
Gold Bullion (Cost $4,575,085) | 5,582 | 10,829,694 | |
Money Market Funds - 9.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (e) | 14,517,990 | 14,520,894 | |
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f) | 124,381,909 | 124,394,347 | |
TOTAL MONEY MARKET FUNDS (Cost $138,915,241) | 138,915,241 | ||
TOTAL INVESTMENT IN SECURITIES - 108.7% (Cost $1,236,459,284) | 1,519,425,726 |
NET OTHER ASSETS (LIABILITIES) - (8.7)% | (121,994,670) |
NET ASSETS - 100.0% | 1,397,431,056 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated company |
(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 $3,996,448 or 0.3% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 14,257,857 | 440,498,086 | 440,235,049 | 521,763 | - | - | 14,520,894 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 297,711,327 | 606,289,717 | 779,606,697 | 190,625 | - | - | 124,394,347 | 0.4% |
Total | 311,969,184 | 1,046,787,803 | 1,219,841,746 | 712,388 | - | - | 138,915,241 | |
Fund | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain /loss ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Select Gold Cayman Ltd. | 10,218,783 | - | - | - | - | 629,681 | 10,848,464 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Ascot Resources Ltd. | 11,542,690 | 6,042,335 | 12,862 | - | (22,948) | (4,062,359) | 13,486,856 |
Atex Resources, Inc. | - | 9,398,641 | 6,410 | - | (3,844) | (3,325,776) | 6,062,611 |
Banyan Gold Corp. | 6,310,004 | - | - | - | - | (1,414,356) | 4,895,648 |
Bonterra Resources, Inc. | 1,786,369 | - | 6,094 | - | (35,187) | (641,105) | 1,103,983 |
Dolly Varden Silver Corp. | 11,835,837 | - | - | - | - | (2,777,222) | 9,058,615 |
Faraday Copper Corp. | 6,449,249 | 1,215,785 | 21,510 | - | (6,777) | (1,175,250) | 6,461,497 |
Fury Gold Mines Ltd. | - | 470,779 | - | - | - | (151,063) | 319,716 |
Fury Gold Mines Ltd. | 6,375,962 | - | - | - | - | (2,379,514) | 3,996,448 |
Gatos Silver, Inc. | 27,876,000 | - | 642,443 | - | (1,295,073) | 4,962,055 | 30,900,539 |
Guanajuato Silver Co. Ltd. | - | 5,977,531 | 7,503 | - | (1,215) | (914,028) | 5,054,785 |
Guanajuato Silver Co. Ltd. | - | 2,308,944 | - | - | - | (695,378) | 1,613,566 |
Guanajuato Silver Co. Ltd. warrants 2/10/25 | - | 5,596 | - | - | - | 92,389 | 97,985 |
Maple Gold Mines Ltd. | 2,638,329 | - | 1,017 | - | (6,752) | (1,595,428) | 1,035,132 |
Marathon Gold Corp. | 16,306,339 | - | 41,442 | - | (169,644) | (1,889,690) | 14,205,563 |
Marathon Gold Corp. warrants 9/20/24 | 432,958 | - | - | - | - | (273,697) | 159,261 |
Victoria Gold Corp. | 24,829,608 | 5,455,247 | 5,699,074 | - | (3,097,186) | (1,306,206) | 20,182,389 |
Western Copper & Gold Corp. (TSX) | 13,772,133 | 2,154,263 | 17,250 | - | (3,000) | (1,121,510) | 14,784,636 |
i-80 Gold Corp. | 22,792,232 | - | 3,086,245 | - | 21,432 | (2,704,060) | - |
i-80 Gold Corp. | 5,698,058 | - | - | - | - | (406,411) | - |
Total | 158,645,768 | 33,029,121 | 9,541,850 | - | (4,620,194) | (21,778,609) | 133,419,230 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,369,680,791 | 1,332,590,411 | 37,090,380 | - |
Commodities | 10,829,694 | 10,829,694 | - | - |
Money Market Funds | 138,915,241 | 138,915,241 | - | - |
Total Investments in Securities: | 1,519,425,726 | 1,482,335,346 | 37,090,380 | - |
Consolidated Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $116,689,459) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $903,139,385) | $ | 1,236,261,561 | ||
Fidelity Central Funds (cost $138,915,241) | 138,915,241 | |||
Commodities (cost $4,575,085) | 10,829,694 | |||
Other affiliated issuers (cost $189,829,573) | 133,419,230 | |||
Total Investment in Securities (cost $1,236,459,284) | $ | 1,519,425,726 | ||
Cash | 19,361 | |||
Foreign currency held at value (cost $116,487) | 116,682 | |||
Receivable for investments sold | 14,900,689 | |||
Receivable for fund shares sold | 2,218,932 | |||
Dividends receivable | 2,039,619 | |||
Distributions receivable from Fidelity Central Funds | 99,335 | |||
Prepaid expenses | 5,149 | |||
Other receivables | 205,585 | |||
Total assets | 1,539,031,078 | |||
Liabilities | ||||
Payable for investments purchased | $ | 14,926,813 | ||
Payable for fund shares redeemed | 1,141,388 | |||
Accrued management fee | 606,605 | |||
Distribution and service plan fees payable | 44,173 | |||
Other affiliated payables | 272,403 | |||
Other payables and accrued expenses | 213,587 | |||
Collateral on securities loaned | 124,395,053 | |||
Total Liabilities | 141,600,022 | |||
Net Assets | $ | 1,397,431,056 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,656,017,583 | ||
Total accumulated earnings (loss) | (1,258,586,527) | |||
Net Assets | $ | 1,397,431,056 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($76,575,242 ÷ 3,612,909 shares)(a) | $ | 21.19 | ||
Maximum offering price per share (100/94.25 of $21.19) | $ | 22.48 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($21,280,235 ÷ 1,030,963 shares)(a) | $ | 20.64 | ||
Maximum offering price per share (100/96.50 of $20.64) | $ | 21.39 | ||
Class C : | ||||
Net Asset Value and offering price per share ($23,790,303 ÷ 1,226,419 shares)(a) | $ | 19.40 | ||
Gold : | ||||
Net Asset Value, offering price and redemption price per share ($1,058,962,612 ÷ 48,271,842 shares) | $ | 21.94 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($113,152,352 ÷ 5,156,404 shares) | $ | 21.94 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($103,670,312 ÷ 4,718,508 shares) | $ | 21.97 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Consolidated Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 11,261,158 | ||
Income from Fidelity Central Funds (including $190,625 from security lending) | 712,388 | |||
Income before foreign taxes withheld | $ | 11,973,546 | ||
Less foreign taxes withheld | (1,081,874) | |||
Total Income | 10,891,672 | |||
Expenses | ||||
Management fee | $ | 4,341,914 | ||
Transfer agent fees | 1,463,926 | |||
Distribution and service plan fees | 300,088 | |||
Accounting fees | 353,008 | |||
Custodian fees and expenses | 47,865 | |||
Independent trustees' fees and expenses | 6,016 | |||
Registration fees | 75,507 | |||
Audit | 33,805 | |||
Legal | 454 | |||
Interest | 3,692 | |||
Miscellaneous | 4,975 | |||
Total expenses before reductions | 6,631,250 | |||
Expense reductions | (55,738) | |||
Total expenses after reductions | 6,575,512 | |||
Net Investment income (loss) | 4,316,160 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments: | ||||
Unaffiliated issuers | 33,921,675 | |||
Affiliated issuers | (4,620,194) | |||
Foreign currency transactions | 411,538 | |||
Total net realized gain (loss) | 29,713,019 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investments: | ||||
Investments | (12,293,962) | |||
Affiliated issuers | (21,778,609) | |||
Assets and liabilities in foreign currencies | (105,566) | |||
Commodities | 630,040 | |||
Total change in net unrealized appreciation (depreciation) | (33,548,097) | |||
Net gain (loss) | (3,835,078) | |||
Net increase (decrease) in net assets resulting from operations | $ | 481,082 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,316,160 | $ | 14,212,550 |
Net realized gain (loss) | 29,713,019 | (107,248,450) | ||
Change in net unrealized appreciation (depreciation) | (33,548,097) | (283,568,819) | ||
Net increase (decrease) in net assets resulting from operations | 481,082 | (376,604,719) | ||
Distributions to shareholders | (8,646,779) | (5,320,281) | ||
Share transactions - net increase (decrease) | (151,184,550) | 189,254,819 | ||
Total increase (decrease) in net assets | (159,350,247) | (192,670,181) | ||
Net Assets | ||||
Beginning of period | 1,556,781,303 | 1,749,451,484 | ||
End of period | $ | 1,397,431,056 | $ | 1,556,781,303 |
Fidelity Advisor® Gold Fund Class A |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 21.12 | $ | 26.27 | $ | 24.15 | $ | 21.67 | $ | 18.52 | $ | 18.30 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .03 | .15 | .27 D | (.04) | (.01) E | (.03) | ||||||
Net realized and unrealized gain (loss) | .09 F | (5.23) | 2.20 | 3.74 | 3.20 | .25 | ||||||
Total from investment operations | .12 | (5.08) | 2.47 | 3.70 | 3.19 | .22 | ||||||
Distributions from net investment income | (.05) | (.07) | (.35) | (1.22) | (.01) | - | ||||||
Distributions from net realized gain | - | - | - | - | (.03) | - | ||||||
Total distributions | (.05) | (.07) | (.35) | (1.22) | (.04) | - | ||||||
Net asset value, end of period | $ | 21.19 | $ | 21.12 | $ | 26.27 | $ | 24.15 | $ | 21.67 | $ | 18.52 |
Total Return G,H,I | .53% | (19.42)% | 10.37% | 16.59% | 17.23% | 1.20% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | 1.09% L | 1.09% | 1.07% | 1.08% | 1.13% | 1.19% | ||||||
Expenses net of fee waivers, if any | 1.08% L | 1.08% | 1.07% | 1.08% | 1.13% | 1.18% | ||||||
Expenses net of all reductions | 1.08% L | 1.08% | 1.07% | 1.07% | 1.12% | 1.18% | ||||||
Net investment income (loss) | .24% L | .67% | 1.02% D | (.12)% | (.05)% E | (.15)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 76,575 | $ | 73,943 | $ | 86,977 | $ | 82,989 | $ | 64,971 | $ | 50,479 |
Portfolio turnover rate M | 58% L | 46% | 38% | 46% | 56% | 37% |
Fidelity Advisor® Gold Fund Class M |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.55 | $ | 25.63 | $ | 23.57 | $ | 21.16 | $ | 18.11 | $ | 17.94 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | - D | .09 | .19 E | (.12) | (.07) F | (.07) | ||||||
Net realized and unrealized gain (loss) | .09 G | (5.11) | 2.16 | 3.67 | 3.12 | .24 | ||||||
Total from investment operations | .09 | (5.02) | 2.35 | 3.55 | 3.05 | .17 | ||||||
Distributions from net investment income | - | (.06) | (.29) | (1.14) | - | - | ||||||
Total distributions | - | (.06) | (.29) | (1.14) | - | - | ||||||
Net asset value, end of period | $ | 20.64 | $ | 20.55 | $ | 25.63 | $ | 23.57 | $ | 21.16 | $ | 18.11 |
Total Return H,I,J | .44% | (19.66)% | 10.08% | 16.28% | 16.84% | .95% | ||||||
Ratios to Average Net Assets C,K,L | ||||||||||||
Expenses before reductions | 1.35% M | 1.35% | 1.36% | 1.37% | 1.42% | 1.48% | ||||||
Expenses net of fee waivers, if any | 1.34% M | 1.35% | 1.35% | 1.37% | 1.42% | 1.46% | ||||||
Expenses net of all reductions | 1.33% M | 1.35% | 1.35% | 1.36% | 1.41% | 1.46% | ||||||
Net investment income (loss) | (.01)% M | .40% | .74% E | (.42)% | (.34)% F | (.43)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 21,280 | $ | 21,586 | $ | 26,201 | $ | 24,535 | $ | 19,620 | $ | 17,401 |
Portfolio turnover rate N | 58% M | 46% | 38% | 46% | 56% | 37% |
Fidelity Advisor® Gold Fund Class C |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.36 | $ | 24.24 | $ | 22.30 | $ | 20.07 | $ | 17.24 | $ | 17.15 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | (.05) | (.01) | .08 D | (.22) | (.14) E | (.13) | ||||||
Net realized and unrealized gain (loss) | .09 F | (4.82) | 2.05 | 3.49 | 2.97 | .22 | ||||||
Total from investment operations | .04 | (4.83) | 2.13 | 3.27 | 2.83 | .09 | ||||||
Distributions from net investment income | - | (.05) | (.19) | (1.04) | - | - | ||||||
Total distributions | - | (.05) | (.19) | (1.04) | - | - | ||||||
Net asset value, end of period | $ | 19.40 | $ | 19.36 | $ | 24.24 | $ | 22.30 | $ | 20.07 | $ | 17.24 |
Total Return G,H,I | .21% | (20.00)% | 9.62% | 15.81% | 16.42% | .52% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | 1.79% L | 1.79% | 1.77% | 1.78% | 1.80% | 1.84% | ||||||
Expenses net of fee waivers, if any | 1.79% L | 1.78% | 1.77% | 1.78% | 1.80% | 1.83% | ||||||
Expenses net of all reductions | 1.79% L | 1.78% | 1.77% | 1.77% | 1.79% | 1.83% | ||||||
Net investment income (loss) | (.47)% L | (.03)% | .32% D | (.83)% | (.72)% E | (.80)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 23,790 | $ | 27,978 | $ | 43,031 | $ | 51,195 | $ | 52,375 | $ | 67,760 |
Portfolio turnover rate M | 58% L | 46% | 38% | 46% | 56% | 37% |
Gold Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 21.88 | $ | 27.14 | $ | 24.93 | $ | 22.33 | $ | 19.07 | $ | 18.78 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .07 | .23 | .36 D | .06 | .06 E | .03 | ||||||
Net realized and unrealized gain (loss) | .11 F | (5.41) | 2.27 | 3.84 | 3.30 | .26 | ||||||
Total from investment operations | .18 | (5.18) | 2.63 | 3.90 | 3.36 | .29 | ||||||
Distributions from net investment income | (.12) | (.08) | (.42) | (1.30) | (.06) | - | ||||||
Distributions from net realized gain | - | - | - | - | (.03) | - | ||||||
Total distributions | (.12) | (.08) | (.42) | (1.30) | (.10) G | - | ||||||
Net asset value, end of period | $ | 21.94 | $ | 21.88 | $ | 27.14 | $ | 24.93 | $ | 22.33 | $ | 19.07 |
Total Return H,I | .73% | (19.17)% | 10.71% | 16.96% | 17.60% | 1.54% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | .77% L | .78% | .76% | .76% | .79% | .86% | ||||||
Expenses net of fee waivers, if any | .77% L | .78% | .76% | .76% | .79% | .85% | ||||||
Expenses net of all reductions | .77% L | .77% | .76% | .75% | .78% | .85% | ||||||
Net investment income (loss) | .55% L | .97% | 1.33% D | .19% | .29% E | .18% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,058,963 | $ | 1,229,416 | $ | 1,330,602 | $ | 1,319,440 | $ | 1,292,204 | $ | 1,035,697 |
Portfolio turnover rate M | 58% L | 46% | 38% | 46% | 56% | 37% |
Fidelity Advisor® Gold Fund Class I |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 21.88 | $ | 27.15 | $ | 24.93 | $ | 22.33 | $ | 19.07 | $ | 18.78 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .07 | .23 | .36 D | .05 | .06 E | .04 | ||||||
Net realized and unrealized gain (loss) | .11 F | (5.42) | 2.27 | 3.85 | 3.30 | .25 | ||||||
Total from investment operations | .18 | (5.19) | 2.63 | 3.90 | 3.36 | .29 | ||||||
Distributions from net investment income | (.12) | (.08) | (.41) | (1.30) | (.07) | - | ||||||
Distributions from net realized gain | - | - | - | - | (.03) | - | ||||||
Total distributions | (.12) | (.08) | (.41) | (1.30) | (.10) | - | ||||||
Net asset value, end of period | $ | 21.94 | $ | 21.88 | $ | 27.15 | $ | 24.93 | $ | 22.33 | $ | 19.07 |
Total Return G,H | .72% | (19.20)% | 10.74% | 16.96% | 17.60% | 1.54% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | .77% K | .77% | .76% | .77% | .79% | .84% | ||||||
Expenses net of fee waivers, if any | .76% K | .77% | .76% | .77% | .79% | .82% | ||||||
Expenses net of all reductions | .76% K | .77% | .76% | .76% | .77% | .82% | ||||||
Net investment income (loss) | .56% K | .98% | 1.33% D | .18% | .30% E | .21% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 113,152 | $ | 110,224 | $ | 152,799 | $ | 137,617 | $ | 115,699 | $ | 84,956 |
Portfolio turnover rate L | 58% K | 46% | 38% | 46% | 56% | 37% |
Fidelity Advisor® Gold Fund Class Z |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 21.92 | $ | 27.16 | $ | 24.94 | $ | 22.34 | $ | 19.08 | $ | 16.62 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .08 | .26 | .40 E | .09 | .10 F | .07 | ||||||
Net realized and unrealized gain (loss) | .12 G | (5.41) | 2.27 | 3.85 | 3.29 | 2.39 | ||||||
Total from investment operations | .20 | (5.15) | 2.67 | 3.94 | 3.39 | 2.46 | ||||||
Distributions from net investment income | (.15) | (.09) | (.45) | (1.34) | (.10) | - | ||||||
Distributions from net realized gain | - | - | - | - | (.03) | - | ||||||
Total distributions | (.15) | (.09) | (.45) | (1.34) | (.13) | - | ||||||
Net asset value, end of period | $ | 21.97 | $ | 21.92 | $ | 27.16 | $ | 24.94 | $ | 22.34 | $ | 19.08 |
Total Return H,I | .80% | (19.07)% | 10.88% | 17.12% | 17.75% | 14.80% | ||||||
Ratios to Average Net Assets D,J,K | ||||||||||||
Expenses before reductions | .63% L | .63% | .63% | .64% | .65% | .68% L | ||||||
Expenses net of fee waivers, if any | .63% L | .63% | .62% | .64% | .64% | .68% L | ||||||
Expenses net of all reductions | .62% L | .63% | .62% | .62% | .63% | .67% L | ||||||
Net investment income (loss) | .69% L | 1.12% | 1.47% E | .32% | .44% F | .97% L | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 103,670 | $ | 93,634 | $ | 109,842 | $ | 105,293 | $ | 95,076 | $ | 3,037 |
Portfolio turnover rate M | 58% L | 46% | 38% | 46% | 56% | 37% |
Subsidiary Name | Net Assets of Subsidiary | % of Fund's Net Assets | |
Gold Portfolio | Fidelity Select Gold Cayman Ltd. | 10,848,464 | .8 |
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% |
Gold Portfolio | $144,485 |
Gross unrealized appreciation | $398,311,976 |
Gross unrealized depreciation | (181,342,868) |
Net unrealized appreciation (depreciation) | $216,969,108 |
Tax cost | $1,302,456,618 |
Short-term | $(274,109,326) |
Long-term | (1,187,878,757) |
Total capital loss carryforward | $(1,461,988,083) |
Purchases ($) | Sales ($) | |
Gold Portfolio | 465,374,171 | 613,672,641 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $102,068 | $1,231 |
Class M | .25% | .25% | 57,812 | - |
Class C | .75% | .25% | 140,208 | 9,845 |
$300,088 | $11,076 |
Retained by FDC | |
Class A | $22,405 |
Class M | 2,297 |
Class CA | 368 |
$25,070 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $100,018 | .25 |
Class M | 29,479 | .26 |
Class C | 28,284 | .20 |
Gold | 1,167,907 | .18 |
Class I | 114,856 | .18 |
Class Z | 23,382 | .04 |
$1,463,926 |
% of Average Net Assets | |
Gold Portfolio | .04 |
Amount | |
Gold Portfolio | $4,294 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Gold Portfolio | Borrower | $ 3,573,571 | 5.31% | $3,692 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Gold Portfolio | - | 17,973,600 | 897,293 |
Amount | |
Gold Portfolio | $1,621 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Gold Portfolio | $19,697 | $- | $- |
Expense reduction | |
Class A | $682 |
Class M | 1,232 |
Class C | 51 |
$1,965 |
Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Gold Portfolio | ||
Distributions to shareholders | ||
Class A | $ 185,909 | $236,581 |
Class M | - | 64,063 |
Class C | - | 82,259 |
Gold | 7,056,735 | 4,119,368 |
Class I | 684,538 | 460,437 |
Class Z | 719,597 | 357,573 |
Total | $ 8,646,779 | $ 5,320,281 |
Shares | Shares | Dollars | Dollars | |
Six months ended August 31, 2023 | Year ended February 28, 2023 | Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Gold Portfolio | ||||
Class A | ||||
Shares sold | 565,019 | 1,122,921 | $13,115,424 | $27,099,950 |
Reinvestment of distributions | 7,073 | 7,775 | 182,695 | 230,842 |
Shares redeemed | (460,692) | (939,774) | (10,260,844) | (21,685,894) |
Net increase (decrease) | 111,400 | 190,922 | $3,037,275 | $5,644,898 |
Class M | ||||
Shares sold | 90,074 | 371,999 | $2,019,138 | $8,541,059 |
Reinvestment of distributions | - | 2,211 | - | 64,030 |
Shares redeemed | (109,545) | (346,180) | (2,435,398) | (7,235,921) |
Net increase (decrease) | (19,471) | 28,030 | $(416,260) | $1,369,168 |
Class C | ||||
Shares sold | 84,389 | 330,090 | $1,838,873 | $7,857,068 |
Reinvestment of distributions | - | 2,997 | - | 82,054 |
Shares redeemed | (303,324) | (663,298) | (6,290,981) | (13,627,374) |
Net increase (decrease) | (218,935) | (330,211) | $(4,452,108) | $(5,688,252) |
Gold | ||||
Shares sold | 7,888,207 | 24,882,743 | $191,443,286 | $614,447,230 |
Reinvestment of distributions | 250,900 | 128,260 | 6,699,035 | 3,933,734 |
Shares redeemed | (16,058,485) | (17,838,751) | (363,872,334) | (424,861,608) |
Net increase (decrease) | (7,919,378) | 7,172,252 | $(165,730,013) | $193,519,356 |
Class I | ||||
Shares sold | 1,313,135 | 1,703,267 | $31,812,894 | $41,572,132 |
Reinvestment of distributions | 24,910 | 14,570 | 665,353 | 447,009 |
Shares redeemed | (1,218,478) | (2,309,414) | (27,711,938) | (53,976,142) |
Net increase (decrease) | 119,567 | (591,577) | $4,766,309 | $(11,957,001) |
Class Z | ||||
Shares sold | 1,385,689 | 2,207,248 | $33,366,829 | $52,782,706 |
Reinvestment of distributions | 26,599 | 11,475 | 710,999 | 352,174 |
Shares redeemed | (965,105) | (1,991,473) | (22,467,581) | (46,768,230) |
Net increase (decrease) | 447,183 | 227,250 | $11,610,247 | $6,366,650 |
Top Holdings (% of Fund's net assets) | ||
Linde PLC | 21.2 | |
Freeport-McMoRan, Inc. | 6.3 | |
First Quantum Minerals Ltd. | 5.6 | |
LyondellBasell Industries NV Class A | 5.5 | |
Air Products & Chemicals, Inc. | 4.8 | |
Celanese Corp. Class A | 4.7 | |
DuPont de Nemours, Inc. | 4.2 | |
Corteva, Inc. | 4.1 | |
The Chemours Co. LLC | 3.3 | |
Aptargroup, Inc. | 3.1 | |
62.8 | ||
Industries (% of Fund's net assets) | ||
Chemicals | 64.0 | |
Metals & Mining | 21.7 | |
Containers & Packaging | 8.9 | |
Construction Materials | 5.2 | |
Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
Chemicals - 64.0% | |||
Commodity Chemicals - 17.7% | |||
Cabot Corp. (a) | 358,900 | 26,005,894 | |
Chemtrade Logistics Income Fund | 1,959,700 | 12,342,397 | |
Dow, Inc. | 195,800 | 10,682,848 | |
LyondellBasell Industries NV Class A | 560,900 | 55,400,093 | |
Olin Corp. | 492,100 | 28,551,642 | |
Orion SA | 210,800 | 4,768,296 | |
Tronox Holdings PLC | 1,769,403 | 24,134,657 | |
Westlake Corp. (a) | 132,400 | 17,341,752 | |
179,227,579 | |||
Diversified Chemicals - 4.0% | |||
Huntsman Corp. | 250,800 | 6,989,796 | |
The Chemours Co. LLC | 977,900 | 33,268,158 | |
40,257,954 | |||
Fertilizers & Agricultural Chemicals - 5.1% | |||
Corteva, Inc. | 805,411 | 40,681,310 | |
Nutrien Ltd. | 162,200 | 10,274,347 | |
50,955,657 | |||
Industrial Gases - 26.0% | |||
Air Products & Chemicals, Inc. | 163,400 | 48,283,066 | |
Linde PLC | 555,586 | 215,034,005 | |
263,317,071 | |||
Specialty Chemicals - 11.2% | |||
Ashland, Inc. | 155,500 | 13,470,965 | |
Celanese Corp. Class A (a) | 376,400 | 47,561,904 | |
DuPont de Nemours, Inc. | 548,917 | 42,206,228 | |
Eastman Chemical Co. | 64,100 | 5,449,141 | |
RPM International, Inc. | 49,600 | 4,947,104 | |
113,635,342 | |||
TOTAL CHEMICALS | 647,393,603 | ||
Construction Materials - 5.2% | |||
Construction Materials - 5.2% | |||
Martin Marietta Materials, Inc. | 57,800 | 25,802,498 | |
Vulcan Materials Co. | 123,100 | 26,866,575 | |
52,669,073 | |||
Containers & Packaging - 8.9% | |||
Metal, Glass & Plastic Containers - 7.1% | |||
Aptargroup, Inc. | 239,100 | 31,695,096 | |
Crown Holdings, Inc. | 174,759 | 16,193,169 | |
Greif, Inc. Class A | 337,000 | 24,462,830 | |
72,351,095 | |||
Paper & Plastic Packaging Products & Materials - 1.8% | |||
Avery Dennison Corp. | 95,400 | 17,971,452 | |
TOTAL CONTAINERS & PACKAGING | 90,322,547 | ||
Metals & Mining - 21.7% | |||
Copper - 11.9% | |||
First Quantum Minerals Ltd. | 2,089,000 | 56,121,004 | |
Freeport-McMoRan, Inc. | 1,602,500 | 63,955,775 | |
120,076,779 | |||
Diversified Metals & Mining - 2.4% | |||
E3 Lithium Ltd. (b) | 79,500 | 233,581 | |
Horizonte Minerals PLC (b) | 3,690,000 | 6,100,212 | |
Ivanhoe Mines Ltd. (b) | 1,443,200 | 12,838,413 | |
Major Drilling Group International, Inc. (b) | 756,800 | 4,872,824 | |
24,045,030 | |||
Gold - 2.1% | |||
Franco-Nevada Corp. | 110,000 | 15,847,099 | |
Wheaton Precious Metals Corp. | 118,800 | 5,182,114 | |
21,029,213 | |||
Steel - 5.3% | |||
Commercial Metals Co. | 308,200 | 17,348,578 | |
Reliance Steel & Aluminum Co. | 89,200 | 25,418,432 | |
Steel Dynamics, Inc. | 102,000 | 10,872,180 | |
53,639,190 | |||
TOTAL METALS & MINING | 218,790,212 | ||
TOTAL COMMON STOCKS (Cost $701,146,980) | 1,009,175,435 | ||
Money Market Funds - 6.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 2,286,226 | 2,286,683 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 66,095,515 | 66,102,125 | |
TOTAL MONEY MARKET FUNDS (Cost $68,388,808) | 68,388,808 | ||
TOTAL INVESTMENT IN SECURITIES - 106.5% (Cost $769,535,788) | 1,077,564,243 |
NET OTHER ASSETS (LIABILITIES) - (6.5)% | (66,209,421) |
NET ASSETS - 100.0% | 1,011,354,822 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 12,468,877 | 118,567,585 | 128,749,779 | 135,381 | - | - | 2,286,683 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 17,449,050 | 213,301,190 | 164,648,115 | 17,752 | - | - | 66,102,125 | 0.2% |
Total | 29,917,927 | 331,868,775 | 293,397,894 | 153,133 | - | - | 68,388,808 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,009,175,435 | 1,009,175,435 | - | - |
Money Market Funds | 68,388,808 | 68,388,808 | - | - |
Total Investments in Securities: | 1,077,564,243 | 1,077,564,243 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $64,825,998) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $701,146,980) | $ | 1,009,175,435 | ||
Fidelity Central Funds (cost $68,388,808) | 68,388,808 | |||
Total Investment in Securities (cost $769,535,788) | $ | 1,077,564,243 | ||
Foreign currency held at value (cost $19,046) | 19,058 | |||
Receivable for investments sold | 1,221,069 | |||
Receivable for fund shares sold | 156,868 | |||
Dividends receivable | 2,647,848 | |||
Distributions receivable from Fidelity Central Funds | 18,646 | |||
Prepaid expenses | 5,208 | |||
Other receivables | 192,914 | |||
Total assets | 1,081,825,854 | |||
Liabilities | ||||
Payable for investments purchased | $ | 704,873 | ||
Payable for fund shares redeemed | 2,780,329 | |||
Accrued management fee | 441,560 | |||
Distribution and service plan fees payable | 53,770 | |||
Other affiliated payables | 171,261 | |||
Other payables and accrued expenses | 217,114 | |||
Collateral on securities loaned | 66,102,125 | |||
Total Liabilities | 70,471,032 | |||
Net Assets | $ | 1,011,354,822 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 700,065,882 | ||
Total accumulated earnings (loss) | 311,288,940 | |||
Net Assets | $ | 1,011,354,822 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($121,942,180 ÷ 1,230,757 shares)(a) | $ | 99.08 | ||
Maximum offering price per share (100/94.25 of $99.08) | $ | 105.12 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($37,181,278 ÷ 380,541 shares)(a) | $ | 97.71 | ||
Maximum offering price per share (100/96.50 of $97.71) | $ | 101.25 | ||
Class C : | ||||
Net Asset Value and offering price per share ($16,064,474 ÷ 170,080 shares)(a) | $ | 94.45 | ||
Materials : | ||||
Net Asset Value, offering price and redemption price per share ($564,603,963 ÷ 5,654,950 shares) | $ | 99.84 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($171,427,065 ÷ 1,720,782 shares) | $ | 99.62 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($100,135,862 ÷ 1,006,214 shares) | $ | 99.52 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 11,433,807 | ||
Income from Fidelity Central Funds (including $17,752 from security lending) | 153,133 | |||
Total Income | 11,586,940 | |||
Expenses | ||||
Management fee | $ | 2,654,711 | ||
Transfer agent fees | 883,742 | |||
Distribution and service plan fees | 318,509 | |||
Accounting fees | 150,091 | |||
Custodian fees and expenses | 13,078 | |||
Independent trustees' fees and expenses | 3,794 | |||
Registration fees | 52,708 | |||
Audit | 21,994 | |||
Legal | 518 | |||
Miscellaneous | 3,974 | |||
Total expenses before reductions | 4,103,119 | |||
Expense reductions | (32,106) | |||
Total expenses after reductions | 4,071,013 | |||
Net Investment income (loss) | 7,515,927 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,954,584) | |||
Foreign currency transactions | (46,455) | |||
Total net realized gain (loss) | (2,001,039) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 24,295,559 | |||
Assets and liabilities in foreign currencies | 8,334 | |||
Total change in net unrealized appreciation (depreciation) | 24,303,893 | |||
Net gain (loss) | 22,302,854 | |||
Net increase (decrease) in net assets resulting from operations | $ | 29,818,781 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,515,927 | $ | 10,994,667 |
Net realized gain (loss) | (2,001,039) | 108,099,190 | ||
Change in net unrealized appreciation (depreciation) | 24,303,893 | (119,348,058) | ||
Net increase (decrease) in net assets resulting from operations | 29,818,781 | (254,201) | ||
Distributions to shareholders | (42,286,924) | (33,314,365) | ||
Share transactions - net increase (decrease) | (73,477,221) | (23,554,987) | ||
Total increase (decrease) in net assets | (85,945,364) | (57,123,553) | ||
Net Assets | ||||
Beginning of period | 1,097,300,186 | 1,154,423,739 | ||
End of period | $ | 1,011,354,822 | $ | 1,097,300,186 |
Fidelity Advisor® Materials Fund Class A |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 99.98 | $ | 102.68 | $ | 87.03 | $ | 59.39 | $ | 69.57 | $ | 88.50 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .60 | .79 | .46 | .33 | .58 | .84 | ||||||
Net realized and unrealized gain (loss) | 2.46 | (.54) | 15.77 | 27.72 | (10.10) | (12.01) | ||||||
Total from investment operations | 3.06 | .25 | 16.23 | 28.05 | (9.52) | (11.17) | ||||||
Distributions from net investment income | - | (.80) | (.58) | (.41) | (.66) | (.67) | ||||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | (7.09) | ||||||
Total distributions | (3.96) | (2.95) | (.58) | (.41) | (.66) | (7.76) | ||||||
Net asset value, end of period | $ | 99.08 | $ | 99.98 | $ | 102.68 | $ | 87.03 | $ | 59.39 | $ | 69.57 |
Total Return D,E,F | 3.23% | .39% | 18.64% | 47.27% | (13.81)% | (12.59)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | 1.03% I | 1.03% | 1.03% | 1.08% | 1.08% | 1.06% | ||||||
Expenses net of fee waivers, if any | 1.02% I | 1.03% | 1.03% | 1.08% | 1.08% | 1.06% | ||||||
Expenses net of all reductions | 1.02% I | 1.03% | 1.03% | 1.08% | 1.07% | 1.05% | ||||||
Net investment income (loss) | 1.26% I | .81% | .46% | .48% | .87% | 1.08% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 121,942 | $ | 124,777 | $ | 138,219 | $ | 101,238 | $ | 76,869 | $ | 126,182 |
Portfolio turnover rate J | 29% I | 47% | 43% | 36% | 69% | 77% K |
Fidelity Advisor® Materials Fund Class M |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 98.77 | $ | 101.52 | $ | 86.14 | $ | 58.84 | $ | 68.98 | $ | 87.79 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .48 | .54 | .20 | .14 | .39 | .61 | ||||||
Net realized and unrealized gain (loss) | 2.42 | (.53) | 15.59 | 27.42 | (10.01) | (11.88) | ||||||
Total from investment operations | 2.90 | .01 | 15.79 | 27.56 | (9.62) | (11.27) | ||||||
Distributions from net investment income | - | (.61) | (.41) | (.26) | (.52) | (.45) | ||||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | (7.09) | ||||||
Total distributions | (3.96) | (2.76) | (.41) | (.26) | (.52) | (7.54) | ||||||
Net asset value, end of period | $ | 97.71 | $ | 98.77 | $ | 101.52 | $ | 86.14 | $ | 58.84 | $ | 68.98 |
Total Return D,E,F | 3.10% | .15% | 18.32% | 46.86% | (14.05)% | (12.84)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | 1.28% I | 1.28% | 1.29% | 1.36% | 1.37% | 1.35% | ||||||
Expenses net of fee waivers, if any | 1.27% I | 1.28% | 1.29% | 1.36% | 1.36% | 1.35% | ||||||
Expenses net of all reductions | 1.27% I | 1.28% | 1.29% | 1.36% | 1.36% | 1.34% | ||||||
Net investment income (loss) | 1.02% I | .56% | .20% | .21% | .58% | .79% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 37,181 | $ | 38,570 | $ | 37,100 | $ | 24,768 | $ | 19,423 | $ | 27,436 |
Portfolio turnover rate J | 29% I | 47% | 43% | 36% | 69% | 77% K |
Fidelity Advisor® Materials Fund Class C |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 95.85 | $ | 98.63 | $ | 83.76 | $ | 57.30 | $ | 67.13 | $ | 85.52 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .23 | .06 | (.28) | (.18) | .08 | .25 | ||||||
Net realized and unrealized gain (loss) | 2.33 | (.53) | 15.15 | 26.64 | (9.76) | (11.50) | ||||||
Total from investment operations | 2.56 | (.47) | 14.87 | 26.46 | (9.68) | (11.25) | ||||||
Distributions from net investment income | - | (.16) | - | - | (.15) | (.04) | ||||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | (7.09) | ||||||
Total distributions | (3.96) | (2.31) | - | - | (.15) | (7.14) D | ||||||
Net asset value, end of period | $ | 94.45 | $ | 95.85 | $ | 98.63 | $ | 83.76 | $ | 57.30 | $ | 67.13 |
Total Return E,F,G | 2.83% | (.36)% | 17.75% | 46.18% | (14.46)% | (13.24)% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | 1.78% J | 1.78% | 1.78% | 1.83% | 1.82% | 1.81% | ||||||
Expenses net of fee waivers, if any | 1.78% J | 1.78% | 1.78% | 1.83% | 1.82% | 1.81% | ||||||
Expenses net of all reductions | 1.78% J | 1.78% | 1.78% | 1.83% | 1.81% | 1.79% | ||||||
Net investment income (loss) | .51% J | .06% | (.29)% | (.27)% | .12% | .33% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 16,064 | $ | 17,053 | $ | 21,261 | $ | 23,296 | $ | 24,239 | $ | 51,659 |
Portfolio turnover rate K | 29% J | 47% | 43% | 36% | 69% | 77% L |
Materials Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 100.63 | $ | 103.29 | $ | 87.46 | $ | 59.63 | $ | 69.84 | $ | 88.90 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .74 | 1.07 | .75 | .53 | .77 | 1.06 | ||||||
Net realized and unrealized gain (loss) | 2.48 | (.55) | 15.86 | 27.87 | (10.14) | (12.09) | ||||||
Total from investment operations | 3.22 | .52 | 16.61 | 28.40 | (9.37) | (11.03) | ||||||
Distributions from net investment income | (.04) | (1.03) | (.78) | (.57) | (.84) | (.93) | ||||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | (7.09) | ||||||
Total distributions | (4.01) D | (3.18) | (.78) | (.57) | (.84) | (8.03) D | ||||||
Net asset value, end of period | $ | 99.84 | $ | 100.63 | $ | 103.29 | $ | 87.46 | $ | 59.63 | $ | 69.84 |
Total Return E,F | 3.37% | .67% | 18.98% | 47.68% | (13.57)% | (12.35)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .76% I | .76% | .75% | .80% | .80% | .79% | ||||||
Expenses net of fee waivers, if any | .75% I | .75% | .74% | .80% | .80% | .79% | ||||||
Expenses net of all reductions | .75% I | .75% | .74% | .80% | .79% | .78% | ||||||
Net investment income (loss) | 1.54% I | 1.09% | .75% | .76% | 1.14% | 1.35% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 564,604 | $ | 603,330 | $ | 645,773 | $ | 533,073 | $ | 405,668 | $ | 626,759 |
Portfolio turnover rate J | 29% I | 47% | 43% | 36% | 69% | 77% K |
Fidelity Advisor® Materials Fund Class I |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 100.42 | $ | 103.07 | $ | 87.29 | $ | 59.52 | $ | 69.70 | $ | 88.73 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .74 | 1.06 | .74 | .55 | .78 | 1.07 | ||||||
Net realized and unrealized gain (loss) | 2.47 | (.54) | 15.83 | 27.80 | (10.12) | (12.08) | ||||||
Total from investment operations | 3.21 | .52 | 16.57 | 28.35 | (9.34) | (11.01) | ||||||
Distributions from net investment income | (.04) | (1.02) | (.79) | (.58) | (.84) | (.93) | ||||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | (7.09) | ||||||
Total distributions | (4.01) D | (3.17) | (.79) | (.58) | (.84) | (8.02) | ||||||
Net asset value, end of period | $ | 99.62 | $ | 100.42 | $ | 103.07 | $ | 87.29 | $ | 59.52 | $ | 69.70 |
Total Return E,F | 3.36% | .66% | 18.97% | 47.70% | (13.55)% | (12.34)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .76% I | .76% | .75% | .78% | .79% | .78% | ||||||
Expenses net of fee waivers, if any | .75% I | .76% | .75% | .78% | .79% | .78% | ||||||
Expenses net of all reductions | .75% I | .76% | .75% | .78% | .78% | .77% | ||||||
Net investment income (loss) | 1.54% I | 1.08% | .74% | .78% | 1.16% | 1.36% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 171,427 | $ | 208,630 | $ | 238,282 | $ | 190,132 | $ | 137,887 | $ | 254,240 |
Portfolio turnover rate J | 29% I | 47% | 43% | 36% | 69% | 77% K |
Fidelity Advisor® Materials Fund Class Z |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 100.27 | $ | 102.92 | $ | 87.14 | $ | 59.40 | $ | 69.58 | $ | 79.81 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .80 | 1.20 | .88 | .67 | .88 | .62 | ||||||
Net realized and unrealized gain (loss) | 2.48 | (.54) | 15.81 | 27.75 | (10.10) | (6.96) | ||||||
Total from investment operations | 3.28 | .66 | 16.69 | 28.42 | (9.22) | (6.34) | ||||||
Distributions from net investment income | (.07) | (1.16) | (.91) | (.68) | (.96) | (.96) | ||||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | (2.93) | ||||||
Total distributions | (4.03) | (3.31) | (.91) | (.68) | (.96) | (3.89) | ||||||
Net asset value, end of period | $ | 99.52 | $ | 100.27 | $ | 102.92 | $ | 87.14 | $ | 59.40 | $ | 69.58 |
Total Return E,F | 3.45% | .81% | 19.14% | 47.92% | (13.43)% | (7.35)% | ||||||
Ratios to Average Net Assets D,G,H | ||||||||||||
Expenses before reductions | .61% I | .62% | .62% | .64% | .63% | .63% I | ||||||
Expenses net of fee waivers, if any | .61% I | .61% | .62% | .64% | .63% | .62% I | ||||||
Expenses net of all reductions | .61% I | .61% | .62% | .63% | .62% | .61% I | ||||||
Net investment income (loss) | 1.68% I | 1.23% | .88% | .93% | 1.31% | 2.27% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 100,136 | $ | 104,940 | $ | 73,790 | $ | 47,051 | $ | 13,267 | $ | 10,039 |
Portfolio turnover rate J | 29% I | 47% | 43% | 36% | 69% | 77% K |
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% |
Materials Portfolio | $188,735 |
Gross unrealized appreciation | $319,139,791 |
Gross unrealized depreciation | (12,219,341) |
Net unrealized appreciation (depreciation) | $306,920,450 |
Tax cost | $770,643,793 |
Purchases ($) | Sales ($) | |
Materials Portfolio | 148,420,283 | 241,984,934 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $148,624 | $170 |
Class M | .25% | .25% | 91,922 | - |
Class C | .75% | .25% | 77,963 | 4,354 |
$318,509 | $4,524 |
Retained by FDC | |
Class A | $6,046 |
Class M | 347 |
Class CA | 548 |
$6,941 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $123,276 | .21 |
Class M | 37,404 | .20 |
Class C | 16,354 | .21 |
Materials | 519,418 | .19 |
Class I | 166,311 | .18 |
Class Z | 20,979 | .04 |
$883,742 |
% of Average Net Assets | |
Materials Portfolio | .03 |
Amount | |
Materials Portfolio | $2,024 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Materials Portfolio | 4,620,458 | 7,947,226 | 260,810 |
Amount | |
Materials Portfolio | $1,005 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Materials Portfolio | $1,932 | $- | $- |
Expense reduction | |
Class M | $480 |
Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Materials Portfolio | ||
Distributions to shareholders | ||
Class A | $ 4,867,811 | $3,653,799 |
Class M | 1,532,956 | 1,013,870 |
Class C | 679,917 | 430,794 |
Materials | 23,291,521 | 18,471,243 |
Class I | 7,818,959 | 6,523,647 |
Class Z | 4,095,760 | 3,221,012 |
Total | $ 42,286,924 | $ 33,314,365 |
Shares | Shares | Dollars | Dollars | |
Six months ended August 31, 2023 | Year ended February 28, 2023 | Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Materials Portfolio | ||||
Class A | ||||
Shares sold | 68,927 | 174,329 | $6,611,354 | $17,454,764 |
Reinvestment of distributions | 49,959 | 37,585 | 4,753,111 | 3,573,539 |
Shares redeemed | (136,128) | (310,006) | (12,983,557) | (30,402,251) |
Net increase (decrease) | (17,242) | (98,092) | $(1,619,092) | $(9,373,948) |
Class M | ||||
Shares sold | 26,935 | 92,789 | $2,519,204 | $9,181,513 |
Reinvestment of distributions | 16,246 | 10,767 | 1,525,637 | 1,011,814 |
Shares redeemed | (53,148) | (78,482) | (4,988,557) | (7,550,323) |
Net increase (decrease) | (9,967) | 25,074 | $(943,716) | $2,643,004 |
Class C | ||||
Shares sold | 16,471 | 33,396 | $1,535,663 | $3,198,388 |
Reinvestment of distributions | 7,273 | 4,589 | 661,582 | 418,955 |
Shares redeemed | (31,581) | (75,621) | (2,861,604) | (7,005,317) |
Net increase (decrease) | (7,837) | (37,636) | $(664,359) | $(3,387,974) |
Materials | ||||
Shares sold | 291,532 | 1,012,996 | $28,213,353 | $103,105,703 |
Reinvestment of distributions | 223,876 | 179,022 | 21,442,783 | 17,121,716 |
Shares redeemed | (855,825) | (1,448,920) | (82,250,241) | (140,887,042) |
Net increase (decrease) | (340,417) | (256,902) | $(32,594,105) | $(20,659,623) |
Class I | ||||
Shares sold | 171,576 | 699,555 | $16,675,799 | $69,977,727 |
Reinvestment of distributions | 78,040 | 64,549 | 7,457,503 | 6,160,539 |
Shares redeemed | (606,478) | (998,267) | (58,021,974) | (97,071,794) |
Net increase (decrease) | (356,862) | (234,163) | $(33,888,672) | $(20,933,528) |
Class Z | ||||
Shares sold | 202,617 | 598,908 | $19,417,178 | $54,583,653 |
Reinvestment of distributions | 40,766 | 32,902 | 3,889,902 | 3,134,918 |
Shares redeemed | (283,708) | (302,227) | (27,074,357) | (29,561,489) |
Net increase (decrease) | (40,325) | 329,583 | $(3,767,277) | $28,157,082 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Chemicals Portfolio | .74% | |||||||||
Actual | $ 1,000 | $ 1,013.80 | $ 3.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.42 | $ 3.76 | |||||||
Gold Portfolio | ||||||||||
Class A | 1.08% | |||||||||
Actual | $ 1,000 | $ 1,005.30 | $ 5.44 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.71 | $ 5.48 | |||||||
Class M | 1.34% | |||||||||
Actual | $ 1,000 | $ 1,004.40 | $ 6.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.40 | $ 6.80 | |||||||
Class C | 1.79% | |||||||||
Actual | $ 1,000 | $ 1,002.10 | $ 9.01 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.14 | $ 9.07 | |||||||
Gold Portfolio | .77% | |||||||||
Actual | $ 1,000 | $ 1,007.30 | $ 3.89 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.27 | $ 3.91 | |||||||
Class I | .76% | |||||||||
Actual | $ 1,000 | $ 1,007.20 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.32 | $ 3.86 | |||||||
Class Z | .63% | |||||||||
Actual | $ 1,000 | $ 1,008.00 | $ 3.18 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.97 | $ 3.20 | |||||||
Materials Portfolio | ||||||||||
Class A | 1.02% | |||||||||
Actual | $ 1,000 | $ 1,032.30 | $ 5.21 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.01 | $ 5.18 | |||||||
Class M | 1.27% | |||||||||
Actual | $ 1,000 | $ 1,031.00 | $ 6.48 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.75 | $ 6.44 | |||||||
Class C | 1.78% | |||||||||
Actual | $ 1,000 | $ 1,028.30 | $ 9.08 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.19 | $ 9.02 | |||||||
Materials Portfolio | .75% | |||||||||
Actual | $ 1,000 | $ 1,033.70 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Class I | .75% | |||||||||
Actual | $ 1,000 | $ 1,033.60 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Class Z | .61% | |||||||||
Actual | $ 1,000 | $ 1,034.50 | $ 3.12 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.07 | $ 3.10 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Verizon Communications, Inc. | 23.1 | |
AT&T, Inc. | 21.7 | |
T-Mobile U.S., Inc. | 5.0 | |
Liberty Latin America Ltd. Class C | 4.8 | |
Liberty Global PLC Class C | 4.7 | |
Cogent Communications Group, Inc. | 4.4 | |
Telephone & Data Systems, Inc. | 3.8 | |
Comcast Corp. Class A | 3.6 | |
Gogo, Inc. | 3.5 | |
Frontier Communications Parent, Inc. | 3.3 | |
77.9 | ||
Industries (% of Fund's net assets) | ||
Diversified Telecommunication Services | 77.4 | |
Wireless Telecommunication Services | 13.9 | |
Media | 7.2 | |
IT Services | 0.7 | |
Construction & Engineering | 0.1 | |
Software | 0.1 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Construction & Engineering - 0.1% | |||
Construction & Engineering - 0.1% | |||
Dycom Industries, Inc. (a) | 2,200 | 219,846 | |
Diversified Telecommunication Services - 77.4% | |||
Alternative Carriers - 26.0% | |||
Anterix, Inc. (a) | 133,300 | 4,410,897 | |
Bandwidth, Inc. (a) | 64,200 | 922,554 | |
Cogent Communications Group, Inc. | 115,339 | 8,140,627 | |
EchoStar Holding Corp. Class A (a) | 210,300 | 3,655,014 | |
Globalstar, Inc. (a)(b) | 3,353,965 | 4,829,710 | |
Iridium Communications, Inc. | 110,811 | 5,424,198 | |
Liberty Global PLC Class C (a) | 429,936 | 8,529,930 | |
Liberty Latin America Ltd. Class C (a) | 971,133 | 8,701,352 | |
Lumen Technologies, Inc. (b) | 1,862,500 | 2,961,375 | |
47,575,657 | |||
Integrated Telecommunication Services - 51.4% | |||
AT&T, Inc. | 2,685,820 | 39,723,278 | |
ATN International, Inc. | 44,900 | 1,610,563 | |
Deutsche Telekom AG | 66,200 | 1,416,913 | |
Frontier Communications Parent, Inc. (a)(b) | 377,500 | 6,047,550 | |
IDT Corp. Class B (a) | 123,000 | 2,875,740 | |
Verizon Communications, Inc. | 1,205,197 | 42,157,792 | |
93,831,836 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 141,407,493 | ||
IT Services - 0.7% | |||
Internet Services & Infrastructure - 0.1% | |||
Twilio, Inc. Class A (a) | 4,000 | 254,840 | |
IT Consulting & Other Services - 0.6% | |||
Amdocs Ltd. | 12,300 | 1,097,160 | |
TOTAL IT SERVICES | 1,352,000 | ||
Media - 7.2% | |||
Cable & Satellite - 7.2% | |||
Charter Communications, Inc. Class A (a) | 5,700 | 2,497,284 | |
Comcast Corp. Class A | 140,400 | 6,565,104 | |
Liberty Broadband Corp. Class C (a) | 42,924 | 4,015,969 | |
13,078,357 | |||
Software - 0.1% | |||
Application Software - 0.1% | |||
RingCentral, Inc. (a) | 5,400 | 167,022 | |
Wireless Telecommunication Services - 13.9% | |||
Wireless Telecommunication Services - 13.9% | |||
Gogo, Inc. (a) | 564,900 | 6,411,615 | |
Shenandoah Telecommunications Co. | 5,623 | 127,867 | |
T-Mobile U.S., Inc. (a) | 66,324 | 9,036,645 | |
Telephone & Data Systems, Inc. | 325,964 | 7,004,966 | |
U.S. Cellular Corp. (a) | 60,700 | 2,784,309 | |
25,365,402 | |||
TOTAL COMMON STOCKS (Cost $196,890,396) | 181,590,120 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 1,307,607 | 1,307,868 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 4,636,088 | 4,636,551 | |
TOTAL MONEY MARKET FUNDS (Cost $5,944,419) | 5,944,419 | ||
TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $202,834,815) | 187,534,539 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (4,866,726) |
NET ASSETS - 100.0% | 182,667,813 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 10,884,272 | 12,353,937 | 21,930,341 | 44,132 | - | - | 1,307,868 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 9,165,924 | 51,459,248 | 55,988,621 | 3,990 | - | - | 4,636,551 | 0.0% |
Total | 20,050,196 | 63,813,185 | 77,918,962 | 48,122 | - | - | 5,944,419 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 181,590,120 | 180,173,207 | 1,416,913 | - |
Money Market Funds | 5,944,419 | 5,944,419 | - | - |
Total Investments in Securities: | 187,534,539 | 186,117,626 | 1,416,913 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $4,293,306) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $196,890,396) | $ | 181,590,120 | ||
Fidelity Central Funds (cost $5,944,419) | 5,944,419 | |||
Total Investment in Securities (cost $202,834,815) | $ | 187,534,539 | ||
Receivable for fund shares sold | 13,470 | |||
Dividends receivable | 108,995 | |||
Distributions receivable from Fidelity Central Funds | 5,908 | |||
Prepaid expenses | 994 | |||
Other receivables | 6,769 | |||
Total assets | 187,670,675 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 221,839 | ||
Accrued management fee | 76,713 | |||
Distribution and service plan fees payable | 8,094 | |||
Other affiliated payables | 37,073 | |||
Other payables and accrued expenses | 23,068 | |||
Collateral on securities loaned | 4,636,075 | |||
Total Liabilities | 5,002,862 | |||
Net Assets | $ | 182,667,813 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 209,948,591 | ||
Total accumulated earnings (loss) | (27,280,778) | |||
Net Assets | $ | 182,667,813 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($16,089,530 ÷ 373,942 shares)(a) | $ | 43.03 | ||
Maximum offering price per share (100/94.25 of $43.03) | $ | 45.66 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($6,352,761 ÷ 148,844 shares)(a) | $ | 42.68 | ||
Maximum offering price per share (100/96.50 of $42.68) | $ | 44.23 | ||
Class C : | ||||
Net Asset Value and offering price per share ($2,706,400 ÷ 63,131 shares)(a) | $ | 42.87 | ||
Telecommunications : | ||||
Net Asset Value, offering price and redemption price per share ($146,735,403 ÷ 3,380,803 shares) | $ | 43.40 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($8,059,776 ÷ 186,082 shares) | $ | 43.31 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($2,723,943 ÷ 63,104 shares) | $ | 43.17 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 3,982,495 | ||
Income from Fidelity Central Funds (including $3,990 from security lending) | 48,122 | |||
Total Income | 4,030,617 | |||
Expenses | ||||
Management fee | $ | 524,481 | ||
Transfer agent fees | 211,217 | |||
Distribution and service plan fees | 53,681 | |||
Accounting fees | 35,428 | |||
Custodian fees and expenses | 4,360 | |||
Independent trustees' fees and expenses | 805 | |||
Registration fees | 42,479 | |||
Audit | 27,595 | |||
Legal | 803 | |||
Interest | 9,099 | |||
Miscellaneous | 696 | |||
Total expenses before reductions | 910,644 | |||
Expense reductions | (7,534) | |||
Total expenses after reductions | 903,110 | |||
Net Investment income (loss) | 3,127,507 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (12,592,557) | |||
Foreign currency transactions | (2,469) | |||
Total net realized gain (loss) | (12,595,026) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (5,246,688) | |||
Assets and liabilities in foreign currencies | (3) | |||
Total change in net unrealized appreciation (depreciation) | (5,246,691) | |||
Net gain (loss) | (17,841,717) | |||
Net increase (decrease) in net assets resulting from operations | $ | (14,714,210) |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,127,507 | $ | 5,140,003 |
Net realized gain (loss) | (12,595,026) | 7,530,927 | ||
Change in net unrealized appreciation (depreciation) | (5,246,691) | (35,292,068) | ||
Net increase (decrease) in net assets resulting from operations | (14,714,210) | (22,621,138) | ||
Distributions to shareholders | (4,821,812) | (16,991,172) | ||
Share transactions - net increase (decrease) | (30,774,601) | 20,395,222 | ||
Total increase (decrease) in net assets | (50,310,623) | (19,217,088) | ||
Net Assets | ||||
Beginning of period | 232,978,436 | 252,195,524 | ||
End of period | $ | 182,667,813 | $ | 232,978,436 |
Fidelity Advisor® Telecommunications Fund Class A |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.57 | $ | 54.28 | $ | 66.52 | $ | 60.60 | $ | 55.68 | $ | 55.58 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .62 | .93 | 1.51 D | .66 | .87 | 1.10 E | ||||||
Net realized and unrealized gain (loss) | (3.20) | (5.19) | (5.14) | 10.61 | 5.86 | .56 | ||||||
Total from investment operations | (2.58) | (4.26) | (3.63) | 11.27 | 6.73 | 1.66 | ||||||
Distributions from net investment income | (.49) | (.99) | (1.66) | (.39) | (.96) | (.94) | ||||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | (.62) | ||||||
Total distributions | (.96) F | (3.45) | (8.61) | (5.35) | (1.81) | (1.56) | ||||||
Net asset value, end of period | $ | 43.03 | $ | 46.57 | $ | 54.28 | $ | 66.52 | $ | 60.60 | $ | 55.68 |
Total Return G,H,I | (5.59)% | (7.98)% | (6.28)% | 18.75% | 12.12% | 3.03% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | 1.15% L | 1.13% | 1.09% | 1.11% | 1.18% | 1.18% | ||||||
Expenses net of fee waivers, if any | 1.15% L | 1.13% | 1.09% | 1.11% | 1.17% | 1.17% | ||||||
Expenses net of all reductions | 1.14% L | 1.13% | 1.09% | 1.10% | 1.17% | 1.16% | ||||||
Net investment income (loss) | 2.89% L | 1.89% | 2.27% D | 1.01% | 1.47% | 1.96% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 16,090 | $ | 18,744 | $ | 22,023 | $ | 29,800 | $ | 21,376 | $ | 20,589 |
Portfolio turnover rate M | 25% L | 24% | 28% | 58% | 58% | 64% N |
Fidelity Advisor® Telecommunications Fund Class M |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.21 | $ | 53.88 | $ | 66.09 | $ | 60.25 | $ | 55.40 | $ | 55.31 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .56 | .80 | 1.29 D | .46 | .70 | .92 E | ||||||
Net realized and unrealized gain (loss) | (3.17) | (5.14) | (5.08) | 10.54 | 5.83 | .55 | ||||||
Total from investment operations | (2.61) | (4.34) | (3.79) | 11.00 | 6.53 | 1.47 | ||||||
Distributions from net investment income | (.44) | (.86) | (1.48) | (.20) | (.83) | (.76) | ||||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | (.62) | ||||||
Total distributions | (.92) | (3.33) F | (8.42) F | (5.16) | (1.68) | (1.38) | ||||||
Net asset value, end of period | $ | 42.68 | $ | 46.21 | $ | 53.88 | $ | 66.09 | $ | 60.25 | $ | 55.40 |
Total Return G,H,I | (5.72)% | (8.21)% | (6.55)% | 18.39% | 11.81% | 2.69% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | 1.40% L | 1.39% | 1.39% | 1.41% | 1.46% | 1.50% | ||||||
Expenses net of fee waivers, if any | 1.40% L | 1.38% | 1.38% | 1.41% | 1.46% | 1.49% | ||||||
Expenses net of all reductions | 1.38% L | 1.38% | 1.38% | 1.40% | 1.45% | 1.48% | ||||||
Net investment income (loss) | 2.65% L | 1.64% | 1.97% D | .71% | 1.19% | 1.64% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 6,353 | $ | 7,301 | $ | 7,733 | $ | 9,038 | $ | 6,919 | $ | 6,018 |
Portfolio turnover rate M | 25% L | 24% | 28% | 58% | 58% | 64% N |
Fidelity Advisor® Telecommunications Fund Class C |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.38 | $ | 54.04 | $ | 66.17 | $ | 60.32 | $ | 55.45 | $ | 55.29 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .46 | .56 | 1.01 D | .17 | .46 | .70 E | ||||||
Net realized and unrealized gain (loss) | (3.20) | (5.15) | (5.09) | 10.54 | 5.82 | .56 | ||||||
Total from investment operations | (2.74) | (4.59) | (4.08) | 10.71 | 6.28 | 1.26 | ||||||
Distributions from net investment income | (.30) | (.61) | (1.10) | (.07) | (.56) | (.48) | ||||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.79) | (.85) | (.62) | ||||||
Total distributions | (.77) F | (3.07) | (8.05) | (4.86) | (1.41) | (1.10) | ||||||
Net asset value, end of period | $ | 42.87 | $ | 46.38 | $ | 54.04 | $ | 66.17 | $ | 60.32 | $ | 55.45 |
Total Return G,H,I | (5.96)% | (8.66)% | (6.97)% | 17.88% | 11.34% | 2.30% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | 1.90% L | 1.88% | 1.83% | 1.86% | 1.88% | 1.88% | ||||||
Expenses net of fee waivers, if any | 1.90% L | 1.87% | 1.83% | 1.86% | 1.87% | 1.88% | ||||||
Expenses net of all reductions | 1.89% L | 1.87% | 1.83% | 1.84% | 1.87% | 1.86% | ||||||
Net investment income (loss) | 2.14% L | 1.15% | 1.52% D | .26% | .77% | 1.26% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,706 | $ | 3,923 | $ | 5,254 | $ | 7,801 | $ | 6,491 | $ | 6,994 |
Portfolio turnover rate M | 25% L | 24% | 28% | 58% | 58% | 64% N |
Telecommunications Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.97 | $ | 54.73 | $ | 67.04 | $ | 60.99 | $ | 56.04 | $ | 55.88 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .69 | 1.09 | 1.71 D | .86 | 1.09 | 1.30 E | ||||||
Net realized and unrealized gain (loss) | (3.23) | (5.24) | (5.18) | 10.71 | 5.90 | .56 | ||||||
Total from investment operations | (2.54) | (4.15) | (3.47) | 11.57 | 6.99 | 1.86 | ||||||
Distributions from net investment income | (.55) | (1.15) | (1.89) | (.57) | (1.19) | (1.08) | ||||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | (.62) | ||||||
Total distributions | (1.03) | (3.61) | (8.84) | (5.52) F | (2.04) | (1.70) | ||||||
Net asset value, end of period | $ | 43.40 | $ | 46.97 | $ | 54.73 | $ | 67.04 | $ | 60.99 | $ | 56.04 |
Total Return G,H | (5.47)% | (7.71)% | (5.99)% | 19.15% | 12.50% | 3.38% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | .86% K | .82% | .79% | .81% | .83% | .84% | ||||||
Expenses net of fee waivers, if any | .85% K | .82% | .79% | .81% | .82% | .83% | ||||||
Expenses net of all reductions | .85% K | .82% | .79% | .79% | .82% | .82% | ||||||
Net investment income (loss) | 3.18% K | 2.20% | 2.57% D | 1.31% | 1.82% | 2.30% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 146,735 | $ | 171,885 | $ | 199,560 | $ | 242,284 | $ | 219,854 | $ | 227,438 |
Portfolio turnover rate L | 25% K | 24% | 28% | 58% | 58% | 64% M |
Fidelity Advisor® Telecommunications Fund Class I |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.84 | $ | 54.58 | $ | 66.84 | $ | 60.86 | $ | 55.84 | $ | 55.74 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .71 | 1.10 | 1.74 D | .88 | 1.04 | 1.27 E | ||||||
Net realized and unrealized gain (loss) | (3.23) | (5.21) | (5.18) | 10.66 | 5.91 | .57 | ||||||
Total from investment operations | (2.52) | (4.11) | (3.44) | 11.54 | 6.95 | 1.84 | ||||||
Distributions from net investment income | (.54) | (1.16) | (1.87) | (.60) | (1.08) | (1.12) | ||||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | (.62) | ||||||
Total distributions | (1.01) F | (3.63) F | (8.82) | (5.56) | (1.93) | (1.74) | ||||||
Net asset value, end of period | $ | 43.31 | $ | 46.84 | $ | 54.58 | $ | 66.84 | $ | 60.86 | $ | 55.84 |
Total Return G,H | (5.44)% | (7.67)% | (5.97)% | 19.13% | 12.47% | 3.35% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | .81% K | .78% | .77% | .79% | .88% | .91% | ||||||
Expenses net of fee waivers, if any | .80% K | .78% | .77% | .79% | .88% | .90% | ||||||
Expenses net of all reductions | .80% K | .78% | .77% | .78% | .88% | .88% | ||||||
Net investment income (loss) | 3.23% K | 2.25% | 2.59% D | 1.33% | 1.76% | 2.23% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 8,060 | $ | 28,441 | $ | 12,038 | $ | 30,622 | $ | 12,428 | $ | 25,181 |
Portfolio turnover rate L | 25% K | 24% | 28% | 58% | 58% | 64% M |
Fidelity Advisor® Telecommunications Fund Class Z |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.72 | $ | 54.46 | $ | 66.75 | $ | 60.75 | $ | 55.84 | $ | 60.97 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .72 | 1.18 | 1.83 E | .95 | 1.20 | .39 F | ||||||
Net realized and unrealized gain (loss) | (3.20) | (5.23) | (5.20) | 10.67 | 5.86 | (4.55) | ||||||
Total from investment operations | (2.48) | (4.05) | (3.37) | 11.62 | 7.06 | (4.16) | ||||||
Distributions from net investment income | (.59) | (1.22) | (1.98) | (.67) | (1.30) | (.97) | ||||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | - | ||||||
Total distributions | (1.07) | (3.69) G | (8.92) G | (5.62) G | (2.15) | (.97) | ||||||
Net asset value, end of period | $ | 43.17 | $ | 46.72 | $ | 54.46 | $ | 66.75 | $ | 60.75 | $ | 55.84 |
Total Return H,I | (5.38)% | (7.56)% | (5.87)% | 19.31% | 12.68% | (6.80)% | ||||||
Ratios to Average Net Assets D,J,K | ||||||||||||
Expenses before reductions | .69% L | .67% | .65% | .67% | .68% | .68% L | ||||||
Expenses net of fee waivers, if any | .68% L | .66% | .65% | .67% | .67% | .66% L | ||||||
Expenses net of all reductions | .68% L | .66% | .65% | .65% | .67% | .64% L | ||||||
Net investment income (loss) | 3.35% L | 2.36% | 2.71% E | 1.45% | 1.97% | 1.67% F,L | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,724 | $ | 2,685 | $ | 5,587 | $ | 31,271 | $ | 25,223 | $ | 383 |
Portfolio turnover rate M | 25% L | 24% | 28% | 58% | 58% | 64% N |
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 | $27,757,219 |
Gross unrealized depreciation | (44,143,696) |
Net unrealized appreciation (depreciation) | $(16,386,477) |
Tax cost | $203,921,016 |
Purchases ($) | Sales ($) | |
Telecommunications Portfolio | 24,777,323 | 49,928,668 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $21,138 | $380 |
Class M | .25% | .25% | 16,520 | - |
Class C | .75% | .25% | 16,023 | 775 |
$53,681 | $1,155 |
Retained by FDC | |
Class A | $ 1,922 |
Class M | 516 |
Class CA | 14 |
$2,452 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $ 21,662 | .26 |
Class M | 8,517 | .26 |
Class C | 4,091 | .26 |
Telecommunications | 162,093 | .21 |
Class I | 14,318 | .16 |
Class Z | 536 | .04 |
$211,217 |
% of Average Net Assets | |
Telecommunications Portfolio | .04 |
Amount | |
Telecommunications Portfolio | $ 3,574 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Telecommunications Portfolio | Borrower | $ 4,077,133 | 5.34% | $ 9,068 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Telecommunications Portfolio | 261,186 | 19,922 | (6,597) |
Amount | |
Telecommunications Portfolio | $208 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Telecommunications Portfolio | $395 | $ - | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Telecommunications Portfolio | $64,000 | 5.83% | $ 31 |
Expense reduction | |
Class A | $ 418 |
Class M | 681 |
Class C | 63 |
$ 1,162 |
Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Telecommunications Portfolio | ||
Distributions to shareholders | ||
Class A | $ 381,491 | $1,371,752 |
Class M | 143,040 | 479,499 |
Class C | 60,627 | 286,410 |
Telecommunications | 3,685,691 | 13,019,579 |
Class I | 481,558 | 1,515,681 |
Class Z | 69,405 | 318,251 |
Total | $ 4,821,812 | $ 16,991,172 |
Shares | Shares | Dollars | Dollars | |
Six months ended August 31, 2023 | Year ended February 28, 2023 | Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Telecommunications Portfolio | ||||
Class A | ||||
Shares sold | 21,881 | 78,714 | $926,529 | $3,917,123 |
Reinvestment of distributions | 8,256 | 27,038 | 367,945 | 1,318,232 |
Shares redeemed | (58,668) | (108,969) | (2,457,209) | (5,376,984) |
Net increase (decrease) | (28,531) | (3,217) | $(1,162,735) | $(141,629) |
Class M | ||||
Shares sold | 12,597 | 34,367 | $531,493 | $1,663,349 |
Reinvestment of distributions | 3,223 | 9,903 | 142,709 | 478,658 |
Shares redeemed | (24,964) | (29,810) | (1,041,620) | (1,403,232) |
Net increase (decrease) | (9,144) | 14,460 | $(367,418) | $738,775 |
Class C | ||||
Shares sold | 2,704 | 10,310 | $115,689 | $526,650 |
Reinvestment of distributions | 1,327 | 5,729 | 59,357 | 280,668 |
Shares redeemed | (25,481) | (28,682) | (1,062,320) | (1,415,361) |
Net increase (decrease) | (21,450) | (12,643) | $(887,274) | $(608,043) |
Telecommunications | ||||
Shares sold | 221,521 | 538,813 | $9,433,481 | $26,964,598 |
Reinvestment of distributions | 75,684 | 247,377 | 3,398,158 | 12,134,608 |
Shares redeemed | (575,732) | (773,315) | (24,465,653) | (38,015,718) |
Net increase (decrease) | (278,527) | 12,875 | $(11,634,014) | $1,083,488 |
Class I | ||||
Shares sold | 57,356 | 817,391 | $2,482,092 | $41,395,131 |
Reinvestment of distributions | 10,515 | 29,024 | 479,139 | 1,455,032 |
Shares redeemed | (488,952) | (459,823) | (19,973,776) | (21,772,889) |
Net increase (decrease) | (421,081) | 386,592 | $(17,012,545) | $21,077,274 |
Class Z | ||||
Shares sold | 41,989 | 30,184 | $1,790,066 | $1,459,810 |
Reinvestment of distributions | 757 | 4,499 | 33,759 | 231,168 |
Shares redeemed | (37,109) | (79,794) | (1,534,440) | (3,445,621) |
Net increase (decrease) | 5,637 | (45,111) | $289,385 | $(1,754,643) |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 11.9 | |
T-Mobile U.S., Inc. | 10.5 | |
AT&T, Inc. | 9.3 | |
American Tower Corp. | 8.1 | |
Marvell Technology, Inc. | 6.4 | |
Qualcomm, Inc. | 4.6 | |
Uber Technologies, Inc. | 4.4 | |
Meta Platforms, Inc. Class A | 4.3 | |
U.S. Cellular Corp. | 2.9 | |
Motorola Solutions, Inc. | 2.7 | |
65.1 | ||
Industries (% of Fund's net assets) | ||
Diversified Telecommunication Services | 19.5 | |
Wireless Telecommunication Services | 18.0 | |
Semiconductors & Semiconductor Equipment | 17.0 | |
Technology Hardware, Storage & Peripherals | 13.3 | |
Equity Real Estate Investment Trusts (Reits) | 10.3 | |
Communications Equipment | 6.3 | |
Interactive Media & Services | 5.4 | |
Ground Transportation | 4.4 | |
Broadline Retail | 2.6 | |
Oil, Gas & Consumable Fuels | 1.2 | |
IT Services | 0.6 | |
Entertainment | 0.5 | |
Software | 0.5 | |
Media | 0.2 | |
Financial Services | 0.1 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
Broadline Retail - 2.6% | |||
Broadline Retail - 2.6% | |||
Amazon.com, Inc. (a) | 57,400 | 7,921,774 | |
Communications Equipment - 6.3% | |||
Communications Equipment - 6.3% | |||
CommScope Holding Co., Inc. (a) | 246,400 | 822,976 | |
Ericsson: | |||
(B Shares) | 163,600 | 839,593 | |
(B Shares) sponsored ADR (b) | 466,100 | 2,405,076 | |
Motorola Solutions, Inc. | 28,668 | 8,129,385 | |
Nokia Corp. sponsored ADR (b) | 1,285,600 | 5,129,544 | |
ViaSat, Inc. (a)(b) | 61,201 | 1,697,716 | |
19,024,290 | |||
Diversified Telecommunication Services - 19.5% | |||
Alternative Carriers - 3.7% | |||
Iridium Communications, Inc. | 48,000 | 2,349,600 | |
Liberty Global PLC Class A (a) | 366,000 | 6,749,040 | |
Liberty Latin America Ltd. Class C (a) | 213,200 | 1,910,272 | |
11,008,912 | |||
Integrated Telecommunication Services - 15.8% | |||
AT&T, Inc. | 1,901,500 | 28,123,185 | |
Cellnex Telecom SA (c) | 78,915 | 3,020,673 | |
Orange SA ADR (b) | 662,700 | 7,408,986 | |
Telefonica SA sponsored ADR (b) | 667,849 | 2,731,502 | |
Verizon Communications, Inc. | 181,501 | 6,348,905 | |
47,633,251 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 58,642,163 | ||
Entertainment - 0.5% | |||
Movies & Entertainment - 0.5% | |||
Spotify Technology SA (a)(b) | 9,500 | 1,462,715 | |
Equity Real Estate Investment Trusts (REITs) - 10.3% | |||
Telecom Tower REITs - 10.3% | |||
American Tower Corp. | 133,792 | 24,259,165 | |
Crown Castle International Corp. | 12,801 | 1,286,501 | |
SBA Communications Corp. Class A | 24,100 | 5,411,173 | |
30,956,839 | |||
Financial Services - 0.1% | |||
Diversified Financial Services - 0.1% | |||
Jio Financial Services Ltd. | 123,000 | 347,245 | |
Ground Transportation - 4.4% | |||
Passenger Ground Transportation - 4.4% | |||
Uber Technologies, Inc. (a) | 279,800 | 13,214,954 | |
Interactive Media & Services - 5.4% | |||
Interactive Media & Services - 5.4% | |||
Meta Platforms, Inc. Class A (a) | 43,500 | 12,871,215 | |
Snap, Inc. Class A (a) | 331,800 | 3,434,130 | |
16,305,345 | |||
IT Services - 0.6% | |||
Internet Services & Infrastructure - 0.6% | |||
Shopify, Inc. Class A (a) | 26,200 | 1,742,038 | |
Media - 0.2% | |||
Cable & Satellite - 0.2% | |||
DISH Network Corp. Class A (a)(b) | 71,349 | 428,094 | |
Oil, Gas & Consumable Fuels - 1.2% | |||
Oil & Gas Refining & Marketing - 1.2% | |||
Reliance Industries Ltd. | 118,900 | 3,460,207 | |
Semiconductors & Semiconductor Equipment - 17.0% | |||
Semiconductor Materials & Equipment - 1.0% | |||
Teradyne, Inc. | 28,200 | 3,041,934 | |
Semiconductors - 16.0% | |||
Marvell Technology, Inc. | 327,200 | 19,059,400 | |
NXP Semiconductors NV | 25,300 | 5,204,716 | |
Qorvo, Inc. (a) | 44,500 | 4,778,855 | |
Qualcomm, Inc. | 120,750 | 13,829,498 | |
STMicroelectronics NV (depository receipt) | 105,400 | 4,981,204 | |
47,853,673 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 50,895,607 | ||
Software - 0.5% | |||
Application Software - 0.5% | |||
LivePerson, Inc. (a) | 84,000 | 352,800 | |
RingCentral, Inc. (a) | 31,400 | 971,202 | |
Zoom Video Communications, Inc. Class A (a) | 300 | 21,309 | |
1,345,311 | |||
Technology Hardware, Storage & Peripherals - 13.3% | |||
Technology Hardware, Storage & Peripherals - 13.3% | |||
Apple, Inc. | 190,520 | 35,792,992 | |
Samsung Electronics Co. Ltd. | 82,820 | 4,181,897 | |
39,974,889 | |||
Wireless Telecommunication Services - 18.0% | |||
Wireless Telecommunication Services - 18.0% | |||
Bharti Airtel Ltd. | 431,500 | 4,467,880 | |
Bharti Airtel Ltd. | 47,900 | 273,612 | |
Millicom International Cellular SA (a)(b) | 183,380 | 2,910,241 | |
Rogers Communications, Inc. Class B (non-vtg.) | 82,200 | 3,344,090 | |
Shenandoah Telecommunications Co. | 300 | 6,822 | |
Spok Holdings, Inc. | 1 | 14 | |
T-Mobile U.S., Inc. (a) | 232,116 | 31,625,805 | |
U.S. Cellular Corp. (a) | 191,800 | 8,797,866 | |
Vodafone Group PLC sponsored ADR | 282,581 | 2,633,655 | |
54,059,985 | |||
TOTAL COMMON STOCKS (Cost $238,188,438) | 299,781,456 | ||
Money Market Funds - 3.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (d) | 1,169,106 | 1,169,340 | |
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) | 10,534,852 | 10,535,905 | |
TOTAL MONEY MARKET FUNDS (Cost $11,705,245) | 11,705,245 | ||
TOTAL INVESTMENT IN SECURITIES - 103.8% (Cost $249,893,683) | 311,486,701 |
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (11,274,453) |
NET ASSETS - 100.0% | 300,212,248 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $3,020,673 or 1.0% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 2,912,303 | 25,809,892 | 27,552,855 | 37,961 | - | - | 1,169,340 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 10,799,733 | 71,780,885 | 72,044,713 | 62,829 | - | - | 10,535,905 | 0.0% |
Total | 13,712,036 | 97,590,777 | 99,597,568 | 100,790 | - | - | 11,705,245 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 299,781,456 | 298,941,863 | 839,593 | - |
Money Market Funds | 11,705,245 | 11,705,245 | - | - |
Total Investments in Securities: | 311,486,701 | 310,647,108 | 839,593 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $10,105,597) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $238,188,438) | $ | 299,781,456 | ||
Fidelity Central Funds (cost $11,705,245) | 11,705,245 | |||
Total Investment in Securities (cost $249,893,683) | $ | 311,486,701 | ||
Foreign currency held at value (cost $16) | 16 | |||
Receivable for fund shares sold | 20,089 | |||
Dividends receivable | 235,285 | |||
Distributions receivable from Fidelity Central Funds | 12,146 | |||
Prepaid expenses | 1,042 | |||
Other receivables | 13,156 | |||
Total assets | 311,768,435 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 295,839 | ||
Accrued management fee | 129,766 | |||
Other affiliated payables | 62,362 | |||
Other payables and accrued expenses | 532,245 | |||
Collateral on securities loaned | 10,535,975 | |||
Total Liabilities | 11,556,187 | |||
Net Assets | $ | 300,212,248 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 231,204,876 | ||
Total accumulated earnings (loss) | 69,007,372 | |||
Net Assets | $ | 300,212,248 | ||
Net Asset Value, offering price and redemption price per share ($300,212,248 ÷ 28,057,243 shares) | $ | 10.70 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 2,798,367 | ||
Income from Fidelity Central Funds (including $62,829 from security lending) | 100,790 | |||
Total Income | 2,899,157 | |||
Expenses | ||||
Management fee | $ | 800,093 | ||
Transfer agent fees | 321,311 | |||
Accounting fees | 54,053 | |||
Custodian fees and expenses | 7,533 | |||
Independent trustees' fees and expenses | 1,180 | |||
Registration fees | 23,925 | |||
Audit | 43,095 | |||
Legal | 737 | |||
Miscellaneous | 840 | |||
Total expenses before reductions | 1,252,767 | |||
Expense reductions | (9,499) | |||
Total expenses after reductions | 1,243,268 | |||
Net Investment income (loss) | 1,655,889 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $46,960) | 7,896,865 | |||
Foreign currency transactions | (433) | |||
Total net realized gain (loss) | 7,896,432 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $97,757) | 5,851,811 | |||
Assets and liabilities in foreign currencies | 2,269 | |||
Total change in net unrealized appreciation (depreciation) | 5,854,080 | |||
Net gain (loss) | 13,750,512 | |||
Net increase (decrease) in net assets resulting from operations | $ | 15,406,401 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,655,889 | $ | 2,866,892 |
Net realized gain (loss) | 7,896,432 | 10,204,800 | ||
Change in net unrealized appreciation (depreciation) | 5,854,080 | (72,760,166) | ||
Net increase (decrease) in net assets resulting from operations | 15,406,401 | (59,688,474) | ||
Distributions to shareholders | - | (26,743,653) | ||
Share transactions | ||||
Proceeds from sales of shares | 12,667,696 | 36,656,737 | ||
Reinvestment of distributions | - | 24,990,417 | ||
Cost of shares redeemed | (30,067,884) | (76,575,168) | ||
Net increase (decrease) in net assets resulting from share transactions | (17,400,188) | (14,928,014) | ||
Total increase (decrease) in net assets | (1,993,787) | (101,360,141) | ||
Net Assets | ||||
Beginning of period | 302,206,035 | 403,566,176 | ||
End of period | $ | 300,212,248 | $ | 302,206,035 |
Other Information | ||||
Shares | ||||
Sold | 1,206,315 | 3,281,452 | ||
Issued in reinvestment of distributions | - | 2,265,748 | ||
Redeemed | (2,863,393) | (7,089,181) | ||
Net increase (decrease) | (1,657,078) | (1,541,981) | ||
Wireless Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 12.91 | $ | 13.34 | $ | 10.69 | $ | 8.93 | $ | 10.29 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .06 | .09 | .10 | .10 | .14 | .20 D | ||||||
Net realized and unrealized gain (loss) | .47 | (1.95) | .54 | 3.50 | 1.93 | (.24) E | ||||||
Total from investment operations | .53 | (1.86) | .64 | 3.60 | 2.07 | (.04) | ||||||
Distributions from net investment income | - | (.09) | (.09) | (.10) | (.12) | (.19) | ||||||
Distributions from net realized gain | - | (.79) | (.98) | (.86) | (.19) | (1.13) | ||||||
Total distributions | - | (.88) | (1.07) | (.95) F | (.31) | (1.32) | ||||||
Net asset value, end of period | $ | 10.70 | $ | 10.17 | $ | 12.91 | $ | 13.34 | $ | 10.69 | $ | 8.93 |
Total Return G,H | 5.21% | (14.79)% | 4.40% | 36.09% | 23.01% | .21% E | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | .82% K | .79% | .77% | .79% | .81% | .83% | ||||||
Expenses net of fee waivers, if any | .81% K | .79% | .77% | .79% | .81% | .83% | ||||||
Expenses net of all reductions | .81% K | .79% | .77% | .78% | .81% | .82% | ||||||
Net investment income (loss) | 1.09% K | .85% | .69% | .80% | 1.39% | 2.07% D | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 300,212 | $ | 302,206 | $ | 403,566 | $ | 440,296 | $ | 355,309 | $ | 237,907 |
Portfolio turnover rate L | 22% K | 11% | 30% | 55% | 78% | 54% |
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 | $106,292,366 |
Gross unrealized depreciation | (46,174,266) |
Net unrealized appreciation (depreciation) | $60,118,100 |
Tax cost | $251,368,601 |
Purchases ($) | Sales ($) | |
Wireless Portfolio | 33,899,636 | 47,451,447 |
% of Average Net Assets | |
Wireless Portfolio | .04 |
Amount | |
Wireless Portfolio | $ 595 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Wireless Portfolio | 97,386 | 5,655,857 | (6,279,918) |
Amount | |
Wireless Portfolio | $293 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Wireless Portfolio | $6,560 | $ - | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Telecommunications Portfolio | ||||||||||
Class A | 1.15% | |||||||||
Actual | $ 1,000 | $ 944.10 | $ 5.62 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.36 | $ 5.84 | |||||||
Class M | 1.40% | |||||||||
Actual | $ 1,000 | $ 942.80 | $ 6.84 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.10 | $ 7.10 | |||||||
Class C | 1.90% | |||||||||
Actual | $ 1,000 | $ 940.40 | $ 9.27 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.58 | $ 9.63 | |||||||
Telecommunications Portfolio | .85% | |||||||||
Actual | $ 1,000 | $ 945.30 | $ 4.16 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.86 | $ 4.32 | |||||||
Class I | .80% | |||||||||
Actual | $ 1,000 | $ 945.60 | $ 3.91 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.11 | $ 4.06 | |||||||
Class Z | .68% | |||||||||
Actual | $ 1,000 | $ 946.20 | $ 3.33 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.72 | $ 3.46 | |||||||
Wireless Portfolio | .81% | |||||||||
Actual | $ 1,000 | $ 1,052.10 | $ 4.18 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.06 | $ 4.12 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Procter & Gamble Co. | 14.3 | |
The Coca-Cola Co. | 14.0 | |
Keurig Dr. Pepper, Inc. | 7.0 | |
Mondelez International, Inc. | 5.0 | |
Altria Group, Inc. | 4.5 | |
Philip Morris International, Inc. | 4.4 | |
Walmart, Inc. | 4.3 | |
Boston Beer Co., Inc. Class A | 3.5 | |
PepsiCo, Inc. | 3.3 | |
Monster Beverage Corp. | 3.2 | |
63.5 | ||
Industries (% of Fund's net assets) | ||
Beverages | 35.0 | |
Household Products | 22.8 | |
Food Products | 13.8 | |
Consumer Staples Distribution & Retail | 12.2 | |
Tobacco | 9.0 | |
Personal Care Products | 6.1 | |
Specialty Retail | 0.6 | |
Household Durables | 0.1 | |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
Beverages - 35.0% | |||
Brewers - 3.5% | |||
Boston Beer Co., Inc. Class A (a) | 160,700 | 58,724,601 | |
Distillers & Vintners - 3.7% | |||
Brown-Forman Corp. Class B (non-vtg.) | 42,600 | 2,817,138 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 131,384 | 34,233,415 | |
Diageo PLC | 532,600 | 21,811,579 | |
Duckhorn Portfolio, Inc. (a) | 216,000 | 2,687,040 | |
61,549,172 | |||
Soft Drinks & Non-alcoholic Beverages - 27.8% | |||
Keurig Dr. Pepper, Inc. | 3,499,627 | 117,762,449 | |
Monster Beverage Corp. | 923,626 | 53,025,369 | |
PepsiCo, Inc. | 306,904 | 54,604,360 | |
Primo Water Corp. | 305,100 | 4,655,826 | |
The Coca-Cola Co. | 3,923,618 | 234,750,065 | |
464,798,069 | |||
TOTAL BEVERAGES | 585,071,842 | ||
Consumer Staples Distribution & Retail - 12.2% | |||
Consumer Staples Merchandise Retail - 9.6% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 389,200 | 26,228,188 | |
Dollar General Corp. | 106,600 | 14,764,100 | |
Dollar Tree, Inc. (a) | 78,200 | 9,568,552 | |
Target Corp. | 299,800 | 37,939,690 | |
Walmart, Inc. | 444,700 | 72,312,667 | |
160,813,197 | |||
Drug Retail - 0.2% | |||
Walgreens Boots Alliance, Inc. | 99,500 | 2,518,345 | |
Food Distributors - 1.9% | |||
Performance Food Group Co. (a) | 127,300 | 7,909,149 | |
Sysco Corp. | 235,656 | 16,413,440 | |
U.S. Foods Holding Corp. (a) | 188,174 | 7,607,875 | |
United Natural Foods, Inc. (a)(b) | 17,700 | 356,301 | |
32,286,765 | |||
Food Retail - 0.5% | |||
Albertsons Companies, Inc. | 238,400 | 5,340,160 | |
George Weston Ltd. | 2,900 | 321,614 | |
Grocery Outlet Holding Corp. (a) | 31,950 | 985,658 | |
Kroger Co. | 32,000 | 1,484,480 | |
8,131,912 | |||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 203,750,219 | ||
Food Products - 13.8% | |||
Agricultural Products & Services - 2.7% | |||
Archer Daniels Midland Co. | 190,300 | 15,090,790 | |
Bunge Ltd. | 156,293 | 17,867,416 | |
Darling Ingredients, Inc. (a) | 182,661 | 11,281,143 | |
Ingredion, Inc. | 8,500 | 874,735 | |
45,114,084 | |||
Packaged Foods & Meats - 11.1% | |||
Conagra Brands, Inc. | 359,041 | 10,728,145 | |
Freshpet, Inc. (a)(b) | 48,900 | 3,692,439 | |
General Mills, Inc. | 174,800 | 11,826,968 | |
Laird Superfood, Inc. (a) | 220,582 | 224,994 | |
Lamb Weston Holdings, Inc. | 16,500 | 1,607,265 | |
Mondelez International, Inc. | 1,183,697 | 84,350,248 | |
Nomad Foods Ltd. (a) | 1,739,259 | 31,898,010 | |
Pilgrim's Pride Corp. (a) | 46,600 | 1,172,456 | |
The Hain Celestial Group, Inc. (a) | 113,100 | 1,197,729 | |
The Hershey Co. | 5,900 | 1,267,674 | |
The J.M. Smucker Co. | 17,500 | 2,536,625 | |
The Kraft Heinz Co. | 13,900 | 459,951 | |
The Real Good Food Co. LLC: | |||
Class B (a)(c) | 58,567 | 1 | |
Class B unit (a)(d) | 58,567 | 230,754 | |
The Real Good Food Co., Inc. (a) | 100 | 394 | |
The Simply Good Foods Co. (a) | 167,988 | 6,061,007 | |
TreeHouse Foods, Inc. (a) | 117,308 | 5,457,168 | |
Tyson Foods, Inc. Class A | 441,666 | 23,527,548 | |
186,239,376 | |||
TOTAL FOOD PRODUCTS | 231,353,460 | ||
Household Durables - 0.1% | |||
Housewares & Specialties - 0.1% | |||
Newell Brands, Inc. | 156,100 | 1,651,538 | |
Household Products - 22.8% | |||
Household Products - 22.8% | |||
Colgate-Palmolive Co. | 386,300 | 28,381,461 | |
Energizer Holdings, Inc. | 1,256,689 | 43,167,267 | |
Kimberly-Clark Corp. | 375,533 | 48,379,916 | |
Procter & Gamble Co. | 1,545,782 | 238,575,992 | |
Reynolds Consumer Products, Inc. | 658,139 | 17,960,613 | |
Spectrum Brands Holdings, Inc. (b) | 17,800 | 1,480,426 | |
The Clorox Co. | 16,674 | 2,608,647 | |
380,554,322 | |||
Personal Care Products - 6.1% | |||
Personal Care Products - 6.1% | |||
Edgewell Personal Care Co. (b) | 55,500 | 2,140,080 | |
Estee Lauder Companies, Inc. Class A | 289,655 | 46,498,317 | |
Herbalife Ltd. (a)(b) | 661,050 | 9,928,971 | |
Kenvue, Inc. | 1,419,600 | 32,721,780 | |
Olaplex Holdings, Inc. (a) | 4,123,300 | 11,174,143 | |
102,463,291 | |||
Specialty Retail - 0.6% | |||
Apparel Retail - 0.6% | |||
Aritzia, Inc. (a) | 523,100 | 9,601,007 | |
Tobacco - 9.0% | |||
Tobacco - 9.0% | |||
Altria Group, Inc. | 1,719,617 | 76,041,464 | |
British American Tobacco PLC (United Kingdom) | 47,200 | 1,563,471 | |
Philip Morris International, Inc. | 757,182 | 72,734,903 | |
150,339,838 | |||
TOTAL COMMON STOCKS (Cost $1,324,630,760) | 1,664,785,517 | ||
Money Market Funds - 2.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (e) | 27,520,285 | 27,525,789 | |
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f) | 10,292,849 | 10,293,879 | |
TOTAL MONEY MARKET FUNDS (Cost $37,819,668) | 37,819,668 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $1,362,450,428) | 1,702,605,185 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (31,077,021) |
NET ASSETS - 100.0% | 1,671,528,164 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(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 $230,754 or 0.0% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 691,618 | 161,269,669 | 134,435,498 | 119,546 | - | - | 27,525,789 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.44% | 36,898,404 | 111,481,147 | 138,085,672 | 70,398 | - | - | 10,293,879 | 0.0% |
Total | 37,590,022 | 272,750,816 | 272,521,170 | 189,944 | - | - | 37,819,668 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,664,785,517 | 1,641,410,466 | 23,375,050 | 1 |
Money Market Funds | 37,819,668 | 37,819,668 | - | - |
Total Investments in Securities: | 1,702,605,185 | 1,679,230,134 | 23,375,050 | 1 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $9,976,523) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,324,630,760) | $ | 1,664,785,517 | ||
Fidelity Central Funds (cost $37,819,668) | 37,819,668 | |||
Total Investment in Securities (cost $1,362,450,428) | $ | 1,702,605,185 | ||
Receivable for investments sold | 1,163,177 | |||
Receivable for fund shares sold | 3,327,180 | |||
Dividends receivable | 2,789,860 | |||
Distributions receivable from Fidelity Central Funds | 106,846 | |||
Prepaid expenses | 6,823 | |||
Other receivables | 303,952 | |||
Total assets | 1,710,303,023 | |||
Liabilities | ||||
Payable to custodian bank | $ | 139,113 | ||
Payable for investments purchased | 25,178,295 | |||
Payable for fund shares redeemed | 1,728,231 | |||
Accrued management fee | 704,047 | |||
Distribution and service plan fees payable | 150,853 | |||
Other affiliated payables | 255,246 | |||
Other payables and accrued expenses | 325,424 | |||
Collateral on securities loaned | 10,293,650 | |||
Total Liabilities | 38,774,859 | |||
Net Assets | $ | 1,671,528,164 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,284,640,146 | ||
Total accumulated earnings (loss) | 386,888,018 | |||
Net Assets | $ | 1,671,528,164 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($311,362,700 ÷ 3,243,831 shares)(a) | $ | 95.99 | ||
Maximum offering price per share (100/94.25 of $95.99) | $ | 101.85 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($62,964,276 ÷ 664,346 shares)(a) | $ | 94.78 | ||
Maximum offering price per share (100/96.50 of $94.78) | $ | 98.22 | ||
Class C : | ||||
Net Asset Value and offering price per share ($68,402,016 ÷ 737,123 shares)(a) | $ | 92.80 | ||
Consumer Staples : | ||||
Net Asset Value, offering price and redemption price per share ($958,756,051 ÷ 9,859,094 shares) | $ | 97.25 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($177,534,863 ÷ 1,830,968 shares) | $ | 96.96 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($92,508,258 ÷ 955,294 shares) | $ | 96.84 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 20,997,144 | ||
Income from Fidelity Central Funds (including $70,398 from security lending) | 189,944 | |||
Total Income | 21,187,088 | |||
Expenses | ||||
Management fee | $ | 4,166,790 | ||
Transfer agent fees | 1,299,045 | |||
Distribution and service plan fees | 920,312 | |||
Accounting fees | 219,349 | |||
Custodian fees and expenses | 21,230 | |||
Independent trustees' fees and expenses | 5,716 | |||
Registration fees | 66,146 | |||
Audit | 21,883 | |||
Legal | 1,676 | |||
Interest | 5,999 | |||
Miscellaneous | 5,647 | |||
Total expenses before reductions | 6,733,793 | |||
Expense reductions | (49,279) | |||
Total expenses after reductions | 6,684,514 | |||
Net Investment income (loss) | 14,502,574 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 50,982,844 | |||
Foreign currency transactions | 9,259 | |||
Total net realized gain (loss) | 50,992,103 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 25,706,598 | |||
Assets and liabilities in foreign currencies | 5,261 | |||
Total change in net unrealized appreciation (depreciation) | 25,711,859 | |||
Net gain (loss) | 76,703,962 | |||
Net increase (decrease) in net assets resulting from operations | $ | 91,206,536 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 14,502,574 | $ | 26,761,712 |
Net realized gain (loss) | 50,992,103 | 509,722 | ||
Change in net unrealized appreciation (depreciation) | 25,711,859 | (58,461,711) | ||
Net increase (decrease) in net assets resulting from operations | 91,206,536 | (31,190,277) | ||
Distributions to shareholders | (12,251,803) | (52,925,514) | ||
Share transactions - net increase (decrease) | 43,759,531 | (73,640,667) | ||
Total increase (decrease) in net assets | 122,714,264 | (157,756,458) | ||
Net Assets | ||||
Beginning of period | 1,548,813,900 | 1,706,570,358 | ||
End of period | $ | 1,671,528,164 | $ | 1,548,813,900 |
Fidelity Advisor® Consumer Staples Fund Class A |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 91.25 | $ | 95.55 | $ | 89.40 | $ | 79.57 | $ | 76.88 | $ | 87.07 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .79 | 1.38 | 1.40 | 1.34 | 1.40 | 2.08 D | ||||||
Net realized and unrealized gain (loss) | 4.62 | (2.79) | 14.98 | 11.24 | 3.54 | (2.64) | ||||||
Total from investment operations | 5.41 | (1.41) | 16.38 | 12.58 | 4.94 | (.56) | ||||||
Distributions from net investment income | (.65) | (1.36) | (1.55) | (1.42) | (1.35) | (2.11) | ||||||
Distributions from net realized gain | (.01) | (1.53) | (8.68) | (1.33) | (.90) | (7.53) | ||||||
Total distributions | (.67) E | (2.89) | (10.23) | (2.75) | (2.25) | (9.63) E | ||||||
Net asset value, end of period | $ | 95.99 | $ | 91.25 | $ | 95.55 | $ | 89.40 | $ | 79.57 | $ | 76.88 |
Total Return F,G,H | 5.94% | (1.49)% | 18.83% | 16.00% | 6.17% | (.32)% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | 1.01% K | 1.01% | 1.01% | 1.04% | 1.04% | 1.05% | ||||||
Expenses net of fee waivers, if any | 1.00% K | 1.01% | 1.01% | 1.04% | 1.04% | 1.05% | ||||||
Expenses net of all reductions | 1.00% K | 1.01% | 1.01% | 1.03% | 1.04% | 1.04% | ||||||
Net investment income (loss) | 1.66% K | 1.51% | 1.45% | 1.57% | 1.67% | 2.65% D | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 311,363 | $ | 297,850 | $ | 293,276 | $ | 248,234 | $ | 239,067 | $ | 232,020 |
Portfolio turnover rate L | 55% K | 46% | 61% | 51% | 40% | 41% M |
Fidelity Advisor® Consumer Staples Fund Class M |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 90.11 | $ | 94.39 | $ | 88.43 | $ | 78.74 | $ | 76.13 | $ | 86.30 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .66 | 1.13 | 1.13 | 1.10 | 1.16 | 1.85 D | ||||||
Net realized and unrealized gain (loss) | 4.56 | (2.76) | 14.81 | 11.11 | 3.50 | (2.61) | ||||||
Total from investment operations | 5.22 | (1.63) | 15.94 | 12.21 | 4.66 | (.76) | ||||||
Distributions from net investment income | (.54) | (1.12) | (1.30) | (1.19) | (1.15) | (1.88) | ||||||
Distributions from net realized gain | (.01) | (1.53) | (8.68) | (1.33) | (.90) | (7.53) | ||||||
Total distributions | (.55) | (2.65) | (9.98) | (2.52) | (2.05) | (9.41) | ||||||
Net asset value, end of period | $ | 94.78 | $ | 90.11 | $ | 94.39 | $ | 88.43 | $ | 78.74 | $ | 76.13 |
Total Return E,F,G | 5.80% | (1.74)% | 18.51% | 15.69% | 5.88% | (.59)% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | 1.27% J | 1.27% | 1.28% | 1.31% | 1.31% | 1.33% | ||||||
Expenses net of fee waivers, if any | 1.26% J | 1.27% | 1.28% | 1.31% | 1.31% | 1.32% | ||||||
Expenses net of all reductions | 1.26% J | 1.27% | 1.28% | 1.30% | 1.31% | 1.31% | ||||||
Net investment income (loss) | 1.40% J | 1.25% | 1.18% | 1.30% | 1.40% | 2.37% D | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 62,964 | $ | 62,870 | $ | 64,707 | $ | 56,664 | $ | 55,954 | $ | 60,069 |
Portfolio turnover rate K | 55% J | 46% | 61% | 51% | 40% | 41% L |
Fidelity Advisor® Consumer Staples Fund Class C |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 88.22 | $ | 92.48 | $ | 86.73 | $ | 77.27 | $ | 74.79 | $ | 84.85 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .42 | .67 | .65 | .68 | .75 | 1.46 D | ||||||
Net realized and unrealized gain (loss) | 4.47 | (2.69) | 14.51 | 10.87 | 3.44 | (2.57) | ||||||
Total from investment operations | 4.89 | (2.02) | 15.16 | 11.55 | 4.19 | (1.11) | ||||||
Distributions from net investment income | (.30) | (.71) | (.79) | (.80) | (.81) | (1.43) | ||||||
Distributions from net realized gain | (.01) | (1.53) | (8.62) | (1.30) | (.90) | (7.53) | ||||||
Total distributions | (.31) | (2.24) | (9.41) | (2.09) E | (1.71) | (8.95) E | ||||||
Net asset value, end of period | $ | 92.80 | $ | 88.22 | $ | 92.48 | $ | 86.73 | $ | 77.27 | $ | 74.79 |
Total Return F,G,H | 5.55% | (2.23)% | 17.92% | 15.14% | 5.39% | (1.05)% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | 1.76% K | 1.77% | 1.77% | 1.79% | 1.79% | 1.79% | ||||||
Expenses net of fee waivers, if any | 1.75% K | 1.76% | 1.76% | 1.79% | 1.79% | 1.79% | ||||||
Expenses net of all reductions | 1.75% K | 1.76% | 1.76% | 1.78% | 1.79% | 1.78% | ||||||
Net investment income (loss) | .91% K | .76% | .70% | .83% | .92% | 1.91% D | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 68,402 | $ | 78,497 | $ | 88,645 | $ | 104,955 | $ | 117,328 | $ | 150,822 |
Portfolio turnover rate L | 55% K | 46% | 61% | 51% | 40% | 41% M |
Consumer Staples Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 92.43 | $ | 96.75 | $ | 90.40 | $ | 80.42 | $ | 77.63 | $ | 87.85 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .93 | 1.66 | 1.69 | 1.60 | 1.66 | 2.34 D | ||||||
Net realized and unrealized gain (loss) | 4.69 | (2.84) | 15.16 | 11.39 | 3.59 | (2.67) | ||||||
Total from investment operations | 5.62 | (1.18) | 16.85 | 12.99 | 5.25 | (.33) | ||||||
Distributions from net investment income | (.78) | (1.61) | (1.81) | (1.68) | (1.55) | (2.36) | ||||||
Distributions from net realized gain | (.01) | (1.53) | (8.68) | (1.33) | (.90) | (7.53) | ||||||
Total distributions | (.80) E | (3.14) | (10.50) E | (3.01) | (2.46) E | (9.89) | ||||||
Net asset value, end of period | $ | 97.25 | $ | 92.43 | $ | 96.75 | $ | 90.40 | $ | 80.42 | $ | 77.63 |
Total Return F,G | 6.09% | (1.21)% | 19.16% | 16.34% | 6.48% | (.03)% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | .73% J | .73% | .73% | .75% | .75% | .77% | ||||||
Expenses net of fee waivers, if any | .72% J | .73% | .73% | .75% | .75% | .76% | ||||||
Expenses net of all reductions | .72% J | .73% | .73% | .74% | .75% | .75% | ||||||
Net investment income (loss) | 1.94% J | 1.79% | 1.74% | 1.86% | 1.96% | 2.94% D | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 958,756 | $ | 862,837 | $ | 1,032,956 | $ | 770,644 | $ | 773,437 | $ | 814,350 |
Portfolio turnover rate K | 55% J | 46% | 61% | 51% | 40% | 41% L |
Fidelity Advisor® Consumer Staples Fund Class I |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 92.16 | $ | 96.48 | $ | 90.17 | $ | 80.23 | $ | 77.45 | $ | 87.68 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .93 | 1.65 | 1.67 | 1.60 | 1.65 | 2.33 D | ||||||
Net realized and unrealized gain (loss) | 4.66 | (2.83) | 15.13 | 11.34 | 3.58 | (2.68) | ||||||
Total from investment operations | 5.59 | (1.18) | 16.80 | 12.94 | 5.23 | (.35) | ||||||
Distributions from net investment income | (.78) | (1.61) | (1.80) | (1.67) | (1.55) | (2.36) | ||||||
Distributions from net realized gain | (.01) | (1.53) | (8.68) | (1.33) | (.90) | (7.53) | ||||||
Total distributions | (.79) | (3.14) | (10.49) E | (3.00) | (2.45) | (9.88) E | ||||||
Net asset value, end of period | $ | 96.96 | $ | 92.16 | $ | 96.48 | $ | 90.17 | $ | 80.23 | $ | 77.45 |
Total Return F,G | 6.09% | (1.22)% | 19.15% | 16.32% | 6.48% | (.04)% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | .74% J | .74% | .74% | .76% | .76% | .77% | ||||||
Expenses net of fee waivers, if any | .73% J | .74% | .74% | .75% | .76% | .77% | ||||||
Expenses net of all reductions | .73% J | .74% | .74% | .75% | .76% | .76% | ||||||
Net investment income (loss) | 1.93% J | 1.78% | 1.72% | 1.86% | 1.95% | 2.93% D | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 177,535 | $ | 158,019 | $ | 149,160 | $ | 132,898 | $ | 149,514 | $ | 159,614 |
Portfolio turnover rate K | 55% J | 46% | 61% | 51% | 40% | 41% L |
Fidelity Advisor® Consumer Staples Fund Class Z |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 92.05 | $ | 96.36 | $ | 90.08 | $ | 80.14 | $ | 77.36 | $ | 81.61 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .99 | 1.76 | 1.79 | 1.71 | 1.78 | .05 E | ||||||
Net realized and unrealized gain (loss) | 4.65 | (2.82) | 15.10 | 11.35 | 3.56 | .33 | ||||||
Total from investment operations | 5.64 | (1.06) | 16.89 | 13.06 | 5.34 | .38 | ||||||
Distributions from net investment income | (.84) | (1.73) | (1.93) | (1.79) | (1.66) | (2.23) | ||||||
Distributions from net realized gain | (.01) | (1.53) | (8.68) | (1.33) | (.90) | (2.40) | ||||||
Total distributions | (.85) | (3.25) F | (10.61) | (3.12) | (2.56) | (4.63) | ||||||
Net asset value, end of period | $ | 96.84 | $ | 92.05 | $ | 96.36 | $ | 90.08 | $ | 80.14 | $ | 77.36 |
Total Return G,H | 6.15% | (1.09)% | 19.29% | 16.49% | 6.61% | .79% | ||||||
Ratios to Average Net Assets D,I,J | ||||||||||||
Expenses before reductions | .61% K | .61% | .61% | .62% | .63% | .63% K | ||||||
Expenses net of fee waivers, if any | .60% K | .61% | .61% | .62% | .63% | .62% K | ||||||
Expenses net of all reductions | .60% K | .61% | .61% | .62% | .62% | .61% K | ||||||
Net investment income (loss) | 2.06% K | 1.91% | 1.85% | 1.99% | 2.08% | .16% E,K | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 92,508 | $ | 88,741 | $ | 77,826 | $ | 43,591 | $ | 41,629 | $ | 8,052 |
Portfolio turnover rate L | 55% K | 46% | 61% | 51% | 40% | 41% M |
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% |
Consumer Staples Portfolio | $297,271 |
Gross unrealized appreciation | $395,010,200 |
Gross unrealized depreciation | (62,444,955) |
Net unrealized appreciation (depreciation) | $332,565,245 |
Tax cost | $1,370,039,940 |
Purchases ($) | Sales ($) | |
Consumer Staples Portfolio | 480,848,228 | 441,417,545 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $387,361 | $844 |
Class M | .25% | .25% | 159,788 | - |
Class C | .75% | .25% | 373,163 | 37,143 |
$920,312 | $37,987 |
Retained by FDC | |
Class A | $37,388 |
Class M | 3,111 |
Class CA | 3,557 |
$44,056 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $294,878 | .19 |
Class M | 63,848 | .20 |
Class C | 71,668 | .19 |
Consumer Staples | 702,243 | .16 |
Class I | 148,558 | .17 |
Class Z | 17,850 | .04 |
$1,299,045 |
% of Average Net Assets | |
Consumer Staples Portfolio | .03 |
Amount | |
Consumer Staples Portfolio | $7,358 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Consumer Staples Portfolio | Borrower | $8,979,000 | 4.81% | $5,999 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Consumer Staples Portfolio | 46,565,652 | 32,064,705 | 5,086,943 |
Amount | |
Consumer Staples Portfolio | $1,517 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Consumer Staples Portfolio | $6,388 | $- | $- |
Expense reduction | |
Class M | $215 |
Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Consumer Staples Portfolio | ||
Distributions to shareholders | ||
Class A | $2,177,159 | $9,061,460 |
Class M | 375,951 | 1,830,918 |
Class C | 257,667 | 2,098,957 |
Consumer Staples | 7,251,761 | 32,004,733 |
Class I | 1,445,011 | 5,160,204 |
Class Z | 744,254 | 2,769,242 |
Total | $12,251,803 | $52,925,514 |
Shares | Shares | Dollars | Dollars | |
Six months ended August 31, 2023 | Year ended February 28, 2023 | Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Consumer Staples Portfolio | ||||
Class A | ||||
Shares sold | 253,656 | 565,130 | $24,005,722 | $51,861,919 |
Reinvestment of distributions | 22,261 | 95,040 | 2,104,278 | 8,776,247 |
Shares redeemed | (296,355) | (465,315) | (28,082,781) | (42,475,640) |
Net increase (decrease) | (20,438) | 194,855 | $(1,972,781) | $18,162,526 |
Class M | ||||
Shares sold | 16,611 | 86,908 | $1,553,212 | $7,782,299 |
Reinvestment of distributions | 4,001 | 19,900 | 373,605 | 1,820,900 |
Shares redeemed | (54,001) | (94,625) | (5,073,436) | (8,558,414) |
Net increase (decrease) | (33,389) | 12,183 | $(3,146,619) | $1,044,785 |
Class C | ||||
Shares sold | 43,902 | 167,163 | $4,021,566 | $14,879,754 |
Reinvestment of distributions | 2,787 | 22,978 | 254,942 | 2,076,666 |
Shares redeemed | (199,316) | (258,894) | (18,276,933) | (22,861,871) |
Net increase (decrease) | (152,627) | (68,753) | $(14,000,425) | $(5,905,451) |
Consumer Staples | ||||
Shares sold | 1,445,293 | 2,183,669 | $140,279,244 | $203,864,179 |
Reinvestment of distributions | 68,922 | 316,888 | 6,597,611 | 29,626,850 |
Shares redeemed | (990,082) | (3,842,578) | (94,674,986) | (351,826,884) |
Net increase (decrease) | 524,133 | (1,342,021) | $52,201,869 | $(118,335,855) |
Class I | ||||
Shares sold | 435,199 | 795,767 | $41,580,466 | $73,693,384 |
Reinvestment of distributions | 14,289 | 52,268 | 1,363,914 | 4,854,356 |
Shares redeemed | (333,093) | (679,428) | (31,936,796) | (62,277,443) |
Net increase (decrease) | 116,395 | 168,607 | $11,007,584 | $16,270,297 |
Class Z | ||||
Shares sold | 340,565 | 568,677 | $32,803,320 | $52,889,407 |
Reinvestment of distributions | 6,981 | 27,861 | 665,326 | 2,580,426 |
Shares redeemed | (356,336) | (440,111) | (33,798,743) | (40,346,802) |
Net increase (decrease) | (8,790) | 156,427 | $(330,097) | $15,123,031 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Consumer Staples Portfolio | ||||||||||
Class A | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,059.40 | $ 5.18 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.11 | $ 5.08 | |||||||
Class M | 1.26% | |||||||||
Actual | $ 1,000 | $ 1,058.00 | $ 6.52 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.80 | $ 6.39 | |||||||
Class C | 1.75% | |||||||||
Actual | $ 1,000 | $ 1,055.50 | $ 9.04 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.34 | $ 8.87 | |||||||
Consumer Staples Portfolio | .72% | |||||||||
Actual | $ 1,000 | $ 1,060.90 | $ 3.73 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.66 | |||||||
Class I | .73% | |||||||||
Actual | $ 1,000 | $ 1,060.90 | $ 3.78 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Class Z | .60% | |||||||||
Actual | $ 1,000 | $ 1,061.50 | $ 3.11 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.12 | $ 3.05 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Tesla, Inc. | 12.3 | |
Toyota Motor Corp. sponsored ADR | 11.7 | |
O'Reilly Automotive, Inc. | 8.4 | |
General Motors Co. | 6.0 | |
Aptiv PLC | 5.8 | |
Li Auto, Inc. ADR | 5.0 | |
Ferrari NV | 4.8 | |
AutoZone, Inc. | 3.8 | |
Magna International, Inc. Class A (sub. vtg.) | 3.8 | |
Copart, Inc. | 3.3 | |
64.9 | ||
Industries (% of Fund's net assets) | ||
Automobiles | 52.9 | |
Automobile Components | 17.9 | |
Specialty Retail | 17.1 | |
Commercial Services & Supplies | 5.0 | |
Distributors | 3.4 | |
Ground Transportation | 1.6 | |
Electronic Equipment, Instruments & Components | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 97.9% | |||
Shares | Value ($) | ||
Automobile Components - 17.9% | |||
Automotive Parts & Equipment - 17.9% | |||
Adient PLC (a) | 36,568 | 1,432,369 | |
Aptiv PLC (a) | 80,474 | 8,164,087 | |
Autoliv, Inc. | 43,427 | 4,238,475 | |
Cie Automotive SA | 37,526 | 1,142,612 | |
Lear Corp. | 24,863 | 3,582,510 | |
Magna International, Inc. Class A (sub. vtg.) (b) | 89,605 | 5,270,726 | |
Novem Group SA | 117,634 | 1,273,013 | |
25,103,792 | |||
Automobiles - 52.9% | |||
Automobile Manufacturers - 52.9% | |||
Ferrari NV | 21,111 | 6,707,809 | |
Ford Motor Co. | 310,219 | 3,762,956 | |
General Motors Co. | 252,451 | 8,459,633 | |
Honda Motor Co. Ltd. sponsored ADR | 103,383 | 3,342,372 | |
Li Auto, Inc. ADR (a) | 169,193 | 7,046,888 | |
Lucid Group, Inc. Class A (a)(b) | 40,249 | 252,764 | |
Mercedes-Benz Group AG (Germany) | 23,983 | 1,754,950 | |
NIO, Inc. sponsored ADR (a)(b) | 179,749 | 1,846,022 | |
Rivian Automotive, Inc. (a)(b) | 70,115 | 1,593,714 | |
Stellantis NV (b) | 199,708 | 3,704,583 | |
Tesla, Inc. (a) | 66,989 | 17,288,521 | |
Toyota Motor Corp. sponsored ADR (b) | 95,141 | 16,376,620 | |
XPeng, Inc. ADR (a)(b) | 114,450 | 2,036,066 | |
74,172,898 | |||
Commercial Services & Supplies - 5.0% | |||
Diversified Support Services - 5.0% | |||
ACV Auctions, Inc. Class A (a) | 138,692 | 2,331,413 | |
Copart, Inc. | 103,266 | 4,629,415 | |
6,960,828 | |||
Distributors - 3.4% | |||
Distributors - 3.4% | |||
Genuine Parts Co. | 8,407 | 1,292,408 | |
LKQ Corp. | 67,224 | 3,531,277 | |
4,823,685 | |||
Ground Transportation - 1.6% | |||
Passenger Ground Transportation - 1.6% | |||
Uber Technologies, Inc. (a) | 47,678 | 2,251,832 | |
Specialty Retail - 17.1% | |||
Automotive Retail - 17.1% | |||
AutoZone, Inc. (a) | 2,132 | 5,396,796 | |
CarMax, Inc. (a)(b) | 15,844 | 1,294,138 | |
Carvana Co. Class A (a)(b) | 21,410 | 1,077,994 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 14,417 | 4,440,724 | |
O'Reilly Automotive, Inc. (a) | 12,578 | 11,819,547 | |
24,029,199 | |||
TOTAL COMMON STOCKS (Cost $94,964,935) | 137,342,234 | ||
Convertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Components - 0.0% | |||
CelLink Corp. Series D (a)(c)(d) (Cost $77,048) | 3,700 | 45,621 | |
Money Market Funds - 9.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (e) | 1,559,741 | 1,560,053 | |
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f) | 12,245,220 | 12,246,445 | |
TOTAL MONEY MARKET FUNDS (Cost $13,806,498) | 13,806,498 | ||
TOTAL INVESTMENT IN SECURITIES - 107.7% (Cost $108,848,481) | 151,194,353 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (10,847,190) |
NET ASSETS - 100.0% | 140,347,163 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $45,621 or 0.0% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
CelLink Corp. Series D | 1/20/22 | 77,048 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 311,913 | 34,023,059 | 32,774,919 | 23,821 | - | - | 1,560,053 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 19,448,485 | 113,246,063 | 120,448,103 | 110,810 | - | - | 12,246,445 | 0.0% |
Total | 19,760,398 | 147,269,122 | 153,223,022 | 134,631 | - | - | 13,806,498 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 137,342,234 | 135,587,284 | 1,754,950 | - |
Convertible Preferred Stocks | 45,621 | - | - | 45,621 |
Money Market Funds | 13,806,498 | 13,806,498 | - | - |
Total Investments in Securities: | 151,194,353 | 149,393,782 | 1,754,950 | 45,621 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $11,721,189) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $95,041,983) | $ | 137,387,855 | ||
Fidelity Central Funds (cost $13,806,498) | 13,806,498 | |||
Total Investment in Securities (cost $108,848,481) | $ | 151,194,353 | ||
Foreign currency held at value (cost $6) | 6 | |||
Receivable for investments sold | 3,949 | |||
Receivable for fund shares sold | 2,113,428 | |||
Dividends receivable | 144,593 | |||
Distributions receivable from Fidelity Central Funds | 7,943 | |||
Prepaid expenses | 295 | |||
Other receivables | 4,177 | |||
Total assets | 153,468,744 | |||
Liabilities | ||||
Payable for investments purchased | $ | 583,398 | ||
Payable for fund shares redeemed | 175,485 | |||
Accrued management fee | 62,073 | |||
Other affiliated payables | 31,492 | |||
Other payables and accrued expenses | 23,098 | |||
Collateral on securities loaned | 12,246,035 | |||
Total Liabilities | 13,121,581 | |||
Net Assets | $ | 140,347,163 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 112,996,728 | ||
Total accumulated earnings (loss) | 27,350,435 | |||
Net Assets | $ | 140,347,163 | ||
Net Asset Value, offering price and redemption price per share ($140,347,163 ÷ 2,667,850 shares) | $ | 52.61 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,152,324 | ||
Income from Fidelity Central Funds (including $110,810 from security lending) | 134,631 | |||
Total Income | 1,286,955 | |||
Expenses | ||||
Management fee | $ | 300,772 | ||
Transfer agent fees | 147,385 | |||
Accounting fees | 20,323 | |||
Custodian fees and expenses | 10,068 | |||
Independent trustees' fees and expenses | 426 | |||
Registration fees | 18,309 | |||
Audit | 18,304 | |||
Legal | 493 | |||
Miscellaneous | 262 | |||
Total expenses before reductions | 516,342 | |||
Expense reductions | (3,341) | |||
Total expenses after reductions | 513,001 | |||
Net Investment income (loss) | 773,954 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,290,351) | |||
Foreign currency transactions | 8,341 | |||
Total net realized gain (loss) | (1,282,010) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 14,343,150 | |||
Assets and liabilities in foreign currencies | 320 | |||
Total change in net unrealized appreciation (depreciation) | 14,343,470 | |||
Net gain (loss) | 13,061,460 | |||
Net increase (decrease) in net assets resulting from operations | $ | 13,835,414 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 773,954 | $ | 848,956 |
Net realized gain (loss) | (1,282,010) | (14,147,544) | ||
Change in net unrealized appreciation (depreciation) | 14,343,470 | (16,316,208) | ||
Net increase (decrease) in net assets resulting from operations | 13,835,414 | (29,614,796) | ||
Distributions to shareholders | (34,773) | (2,701,513) | ||
Share transactions | ||||
Proceeds from sales of shares | 52,883,591 | 45,458,045 | ||
Reinvestment of distributions | 31,867 | 2,537,929 | ||
Cost of shares redeemed | (32,848,107) | (74,376,081) | ||
Net increase (decrease) in net assets resulting from share transactions | 20,067,351 | (26,380,107) | ||
Total increase (decrease) in net assets | 33,867,992 | (58,696,416) | ||
Net Assets | ||||
Beginning of period | 106,479,171 | 165,175,587 | ||
End of period | $ | 140,347,163 | $ | 106,479,171 |
Other Information | ||||
Shares | ||||
Sold | 1,028,418 | 949,641 | ||
Issued in reinvestment of distributions | 697 | 51,998 | ||
Redeemed | (676,343) | (1,606,800) | ||
Net increase (decrease) | 352,772 | (605,161) | ||
Automotive Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 45.99 | $ | 56.56 | $ | 54.21 | $ | 34.91 | $ | 33.29 | $ | 37.52 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .33 | .34 D | .23 E | .05 F | .46 G | .36 | ||||||
Net realized and unrealized gain (loss) | 6.31 | (9.86) | 3.82 | 23.73 | 2.67 H | (2.15) | ||||||
Total from investment operations | 6.64 | (9.52) | 4.05 | 23.78 | 3.13 | (1.79) | ||||||
Distributions from net investment income | (.02) | (.28) | (.29) | (.01) | (.49) I | (.38) | ||||||
Distributions from net realized gain | - | (.77) | (1.40) | (4.47) | (1.02) I | (2.06) | ||||||
Total distributions | (.02) | (1.05) | (1.70) J | (4.48) | (1.51) | (2.44) | ||||||
Net asset value, end of period | $ | 52.61 | $ | 45.99 | $ | 56.56 | $ | 54.21 | $ | 34.91 | $ | 33.29 |
Total Return K,L | 14.43% | (16.92)% | 7.20% | 78.19% | 9.14% H | (4.66)% | ||||||
Ratios to Average Net Assets C,M,N | ||||||||||||
Expenses before reductions | .90% O | .89% | .80% | .88% | 1.00% | .97% | ||||||
Expenses net of fee waivers, if any | .89% O | .88% | .80% | .88% | 1.00% | .97% | ||||||
Expenses net of all reductions | .89% O | .88% | .80% | .87% | .99% | .97% | ||||||
Net investment income (loss) | 1.35% O | .73% D | .37% E | .10% F | 1.33% G | 1.04% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 140,347 | $ | 106,479 | $ | 165,176 | $ | 198,225 | $ | 36,480 | $ | 40,781 |
Portfolio turnover rate P | 53% O | 54% | 69% | 56% | 45% | 31% |
Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 21.4 | |
Alphabet, Inc. Class A | 20.1 | |
Netflix, Inc. | 6.9 | |
AT&T, Inc. | 4.8 | |
Liberty Broadband Corp. Class A | 4.7 | |
Charter Communications, Inc. Class A | 4.4 | |
T-Mobile U.S., Inc. | 4.3 | |
Amazon.com, Inc. | 4.2 | |
Comcast Corp. Class A | 3.3 | |
Uber Technologies, Inc. | 2.9 | |
77.0 | ||
Industries (% of Fund's net assets) | ||
Interactive Media & Services | 47.3 | |
Entertainment | 18.9 | |
Media | 12.9 | |
Diversified Telecommunication Services | 7.2 | |
Wireless Telecommunication Services | 4.3 | |
Broadline Retail | 4.2 | |
Ground Transportation | 2.9 | |
IT Services | 1.2 | |
Common Stocks - 98.7% | |||
Shares | Value ($) | ||
Broadline Retail - 4.2% | |||
Broadline Retail - 4.2% | |||
Amazon.com, Inc. (a) | 350,200 | 48,331,102 | |
Diversified Telecommunication Services - 7.2% | |||
Alternative Carriers - 2.4% | |||
EchoStar Holding Corp. Class A (a) | 1,700 | 29,546 | |
Liberty Global PLC Class C (a) | 616,800 | 12,237,312 | |
Liberty Latin America Ltd. Class C (a) | 1,724,986 | 15,455,875 | |
27,722,733 | |||
Integrated Telecommunication Services - 4.8% | |||
AT&T, Inc. | 3,680,200 | 54,430,158 | |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 82,152,891 | ||
Entertainment - 18.9% | |||
Interactive Home Entertainment - 3.4% | |||
Roblox Corp. (a) | 126,600 | 3,581,514 | |
Sea Ltd. ADR (a) | 299,500 | 11,270,185 | |
Skillz, Inc. (a)(b) | 1,330 | 10,893 | |
Take-Two Interactive Software, Inc. (a) | 165,600 | 23,548,320 | |
38,410,912 | |||
Movies & Entertainment - 15.5% | |||
Atlanta Braves Holdings, Inc. | 8,052 | 296,636 | |
Cinemark Holdings, Inc. (a)(b) | 395,200 | 6,433,856 | |
Endeavor Group Holdings, Inc. (b) | 182,900 | 4,003,681 | |
Liberty Media Corp. Liberty Formula One Class A | 299,062 | 18,138,110 | |
Liberty Media Corp. Liberty Live Class A | 12,132 | 404,117 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 34,500 | 273,240 | |
Class B (a) | 618,134 | 4,605,098 | |
Marcus Corp. (b) | 324,400 | 4,927,636 | |
Netflix, Inc. (a) | 181,000 | 78,496,080 | |
The Walt Disney Co. (a) | 398,871 | 33,377,525 | |
Warner Music Group Corp. Class A | 298,800 | 9,950,040 | |
World Wrestling Entertainment, Inc. Class A (b) | 168,600 | 16,278,330 | |
177,184,349 | |||
TOTAL ENTERTAINMENT | 215,595,261 | ||
Ground Transportation - 2.9% | |||
Passenger Ground Transportation - 2.9% | |||
Uber Technologies, Inc. (a) | 710,700 | 33,566,361 | |
Interactive Media & Services - 47.1% | |||
Interactive Media & Services - 47.1% | |||
Alphabet, Inc. Class A (a) | 1,689,100 | 230,004,747 | |
Angi, Inc. (a)(b) | 2,373,500 | 5,838,810 | |
Match Group, Inc. (a) | 364,270 | 17,073,335 | |
Meta Platforms, Inc. Class A (a) | 827,000 | 244,701,029 | |
Pinterest, Inc. Class A (a) | 598,700 | 16,458,263 | |
Snap, Inc. Class A (a) | 2,313,600 | 23,945,760 | |
538,021,944 | |||
IT Services - 1.2% | |||
Internet Services & Infrastructure - 1.2% | |||
Shopify, Inc. Class A (a) | 201,600 | 13,404,384 | |
X Holdings Corp. Class A (c) | 17,240 | 664,947 | |
14,069,331 | |||
Media - 12.9% | |||
Advertising - 0.1% | |||
S4 Capital PLC (a) | 929,800 | 1,168,448 | |
Cable & Satellite - 12.8% | |||
Altice U.S.A., Inc. Class A (a)(b) | 1,618,900 | 4,970,023 | |
Charter Communications, Inc. Class A (a) | 115,000 | 50,383,800 | |
Comcast Corp. Class A | 810,500 | 37,898,980 | |
DISH Network Corp. Class A (a)(b) | 44,539 | 267,234 | |
Liberty Broadband Corp. Class A (a) | 567,823 | 53,170,946 | |
146,690,983 | |||
TOTAL MEDIA | 147,859,431 | ||
Wireless Telecommunication Services - 4.3% | |||
Wireless Telecommunication Services - 4.3% | |||
T-Mobile U.S., Inc. (a) | 360,050 | 49,056,813 | |
TOTAL COMMON STOCKS (Cost $839,716,505) | 1,128,653,134 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
Interactive Media & Services - 0.2% | |||
Interactive Media & Services - 0.2% | |||
Reddit, Inc. Series F (a)(c)(d) (Cost $3,584,075) | 58,000 | 2,073,500 | |
Money Market Funds - 3.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (e) | 16,014,612 | 16,017,815 | |
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f) | 28,611,733 | 28,614,594 | |
TOTAL MONEY MARKET FUNDS (Cost $44,632,409) | 44,632,409 | ||
TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $887,932,989) | 1,175,359,043 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (31,568,721) |
NET ASSETS - 100.0% | 1,143,790,322 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(d) | 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 $2,073,500 or 0.2% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Reddit, Inc. Series F | 8/11/21 | 3,584,075 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 10,672,051 | 201,657,544 | 196,311,780 | 322,470 | - | - | 16,017,815 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 29,126,676 | 134,435,295 | 134,947,377 | 14,855 | - | - | 28,614,594 | 0.1% |
Total | 39,798,727 | 336,092,839 | 331,259,157 | 337,325 | - | - | 44,632,409 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,128,653,134 | 1,127,988,187 | - | 664,947 |
Convertible Preferred Stocks | 2,073,500 | - | - | 2,073,500 |
Money Market Funds | 44,632,409 | 44,632,409 | - | - |
Total Investments in Securities: | 1,175,359,043 | 1,172,620,596 | - | 2,738,447 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $25,389,579) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $843,300,580) | $ | 1,130,726,634 | ||
Fidelity Central Funds (cost $44,632,409) | 44,632,409 | |||
Total Investment in Securities (cost $887,932,989) | $ | 1,175,359,043 | ||
Receivable for investments sold | 7,970,611 | |||
Receivable for fund shares sold | 2,013,678 | |||
Dividends receivable | 71,135 | |||
Distributions receivable from Fidelity Central Funds | 65,820 | |||
Prepaid expenses | 2,633 | |||
Other receivables | 5,943 | |||
Total assets | 1,185,488,863 | |||
Liabilities | ||||
Payable for investments purchased | $ | 11,572,424 | ||
Payable for fund shares redeemed | 788,669 | |||
Accrued management fee | 483,833 | |||
Distribution and service plan fees payable | 19,445 | |||
Other affiliated payables | 195,131 | |||
Other payables and accrued expenses | 25,339 | |||
Collateral on securities loaned | 28,613,700 | |||
Total Liabilities | 41,698,541 | |||
Net Assets | $ | 1,143,790,322 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 897,348,061 | ||
Total accumulated earnings (loss) | 246,442,261 | |||
Net Assets | $ | 1,143,790,322 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($40,050,936 ÷ 505,294 shares)(a) | $ | 79.26 | ||
Maximum offering price per share (100/94.25 of $79.26) | $ | 84.10 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($7,128,691 ÷ 90,762 shares)(a) | $ | 78.54 | ||
Maximum offering price per share (100/96.50 of $78.54) | $ | 81.39 | ||
Class C : | ||||
Net Asset Value and offering price per share ($10,392,170 ÷ 135,204 shares)(a) | $ | 76.86 | ||
Communication Services : | ||||
Net Asset Value, offering price and redemption price per share ($1,037,563,884 ÷ 12,934,411 shares) | $ | 80.22 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($26,063,536 ÷ 324,939 shares) | $ | 80.21 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($22,591,105 ÷ 280,145 shares) | $ | 80.64 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 766,613 | ||
Income from Fidelity Central Funds (including $14,855 from security lending) | 337,325 | |||
Total Income | 1,103,938 | |||
Expenses | ||||
Management fee | $ | 2,467,826 | ||
Transfer agent fees | 934,719 | |||
Distribution and service plan fees | 97,228 | |||
Accounting fees | 141,551 | |||
Custodian fees and expenses | 7,754 | |||
Independent trustees' fees and expenses | 3,173 | |||
Registration fees | 67,810 | |||
Audit | 22,301 | |||
Legal | 953 | |||
Miscellaneous | 2,637 | |||
Total expenses before reductions | 3,745,952 | |||
Expense reductions | (27,851) | |||
Total expenses after reductions | 3,718,101 | |||
Net Investment income (loss) | (2,614,163) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 7,112,000 | |||
Foreign currency transactions | (475) | |||
Total net realized gain (loss) | 7,111,525 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 214,898,081 | |||
Assets and liabilities in foreign currencies | 169 | |||
Total change in net unrealized appreciation (depreciation) | 214,898,250 | |||
Net gain (loss) | 222,009,775 | |||
Net increase (decrease) in net assets resulting from operations | $ | 219,395,612 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (2,614,163) | $ | (3,828,083) |
Net realized gain (loss) | 7,111,525 | (27,566,910) | ||
Change in net unrealized appreciation (depreciation) | 214,898,250 | (178,867,990) | ||
Net increase (decrease) in net assets resulting from operations | 219,395,612 | (210,262,983) | ||
Share transactions - net increase (decrease) | 163,146,697 | (73,791,815) | ||
Total increase (decrease) in net assets | 382,542,309 | (284,054,798) | ||
Net Assets | ||||
Beginning of period | 761,248,013 | 1,045,302,811 | ||
End of period | $ | 1,143,790,322 | $ | 761,248,013 |
Fidelity Advisor® Communication Services Fund Class A |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.24 | $ | 78.37 | $ | 87.31 | $ | 60.63 | $ | 74.85 | $ | 78.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.30) | (.48) | (.60) | (.59) | (.30) | (.12) | ||||||
Net realized and unrealized gain (loss) | 17.32 | (15.65) | (3.18) | 30.37 | 8.77 | 2.68 | ||||||
Total from investment operations | 17.02 | (16.13) | (3.78) | 29.78 | 8.47 | 2.56 | ||||||
Distributions from net investment income | - | - | - | - | - | (.14) | ||||||
Distributions from net realized gain | - | - | (5.16) | (3.10) | (22.69) | (5.77) | ||||||
Total distributions | - | - | (5.16) | (3.10) | (22.69) | (5.91) | ||||||
Net asset value, end of period | $ | 79.26 | $ | 62.24 | $ | 78.37 | $ | 87.31 | $ | 60.63 | $ | 74.85 |
Total Return E,F,G | 27.35% | (20.58)% | (5.05)% | 50.81% | 11.90% | 3.83% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | 1.06% J | 1.07% | 1.03% | 1.08% | 1.07% | 1.13% J | ||||||
Expenses net of fee waivers, if any | 1.05% J | 1.07% | 1.03% | 1.08% | 1.07% | 1.12% J | ||||||
Expenses net of all reductions | 1.05% J | 1.07% | 1.03% | 1.07% | 1.06% | 1.11% J | ||||||
Net investment income (loss) | (.82)% J | (.74)% | (.65)% | (.81)% | (.47)% | (.68)% J | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 40,051 | $ | 24,285 | $ | 33,679 | $ | 22,962 | $ | 9,947 | $ | 715 |
Portfolio turnover rate K | 42% J | 45% | 57% | 63% | 73% | 107% |
Fidelity Advisor® Communication Services Fund Class M |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 61.75 | $ | 77.94 | $ | 86.94 | $ | 60.52 | $ | 74.82 | $ | 78.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.38) | (.63) | (.82) | (.77) | (.48) | (.16) | ||||||
Net realized and unrealized gain (loss) | 17.17 | (15.56) | (3.15) | 30.29 | 8.75 | 2.67 | ||||||
Total from investment operations | 16.79 | (16.19) | (3.97) | 29.52 | 8.27 | 2.51 | ||||||
Distributions from net investment income | - | - | - | - | - | (.12) | ||||||
Distributions from net realized gain | - | - | (5.03) | (3.10) | (22.57) | (5.77) | ||||||
Total distributions | - | - | (5.03) | (3.10) | (22.57) | (5.89) | ||||||
Net asset value, end of period | $ | 78.54 | $ | 61.75 | $ | 77.94 | $ | 86.94 | $ | 60.52 | $ | 74.82 |
Total Return E,F,G | 27.19% | (20.77)% | (5.28)% | 50.47% | 11.58% | 3.76% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | 1.30% J | 1.31% | 1.27% | 1.32% | 1.35% | 1.36% J | ||||||
Expenses net of fee waivers, if any | 1.30% J | 1.31% | 1.27% | 1.32% | 1.35% | 1.35% J | ||||||
Expenses net of all reductions | 1.30% J | 1.31% | 1.27% | 1.32% | 1.34% | 1.34% J | ||||||
Net investment income (loss) | (1.06)% J | (.98)% | (.88)% | (1.06)% | (.75)% | (.90)% J | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 7,129 | $ | 3,499 | $ | 5,817 | $ | 5,386 | $ | 2,264 | $ | 485 |
Portfolio turnover rate K | 42% J | 45% | 57% | 63% | 73% | 107% |
Fidelity Advisor® Communication Services Fund Class C |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 60.57 | $ | 76.81 | $ | 86.05 | $ | 60.20 | $ | 74.76 | $ | 78.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.53) | (.90) | (1.27) | (1.12) | (.81) | (.25) | ||||||
Net realized and unrealized gain (loss) | 16.82 | (15.34) | (3.07) | 30.07 | 8.74 | 2.67 | ||||||
Total from investment operations | 16.29 | (16.24) | (4.34) | 28.95 | 7.93 | 2.42 | ||||||
Distributions from net investment income | - | - | - | - | - | (.09) | ||||||
Distributions from net realized gain | - | - | (4.90) | (3.10) | (22.49) | (5.77) | ||||||
Total distributions | - | - | (4.90) | (3.10) | (22.49) | (5.86) | ||||||
Net asset value, end of period | $ | 76.86 | $ | 60.57 | $ | 76.81 | $ | 86.05 | $ | 60.20 | $ | 74.76 |
Total Return E,F,G | 26.89% | (21.14)% | (5.76)% | 49.77% | 11.01% | 3.63% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | 1.77% J | 1.78% | 1.78% | 1.80% | 1.86% | 1.87% J | ||||||
Expenses net of fee waivers, if any | 1.76% J | 1.78% | 1.78% | 1.80% | 1.86% | 1.85% J | ||||||
Expenses net of all reductions | 1.76% J | 1.78% | 1.78% | 1.79% | 1.85% | 1.84% J | ||||||
Net investment income (loss) | (1.53)% J | (1.45)% | (1.39)% | (1.53)% | (1.26)% | (1.37)% J | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 10,392 | $ | 7,478 | $ | 8,938 | $ | 6,856 | $ | 1,982 | $ | 377 |
Portfolio turnover rate K | 42% J | 45% | 57% | 63% | 73% | 107% |
Communication Services Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.90 | $ | 78.98 | $ | 87.88 | $ | 60.82 | $ | 74.88 | $ | 79.70 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | (.19) | (.30) | (.34) | (.36) | (.12) | .13 | ||||||
Net realized and unrealized gain (loss) | 17.51 | (15.78) | (3.22) | 30.52 | 8.79 | 5.31 | ||||||
Total from investment operations | 17.32 | (16.08) | (3.56) | 30.16 | 8.67 | 5.44 | ||||||
Distributions from net investment income | - | - | - | - | - | (.20) | ||||||
Distributions from net realized gain | - | - | (5.34) | (3.10) | (22.73) | (10.06) | ||||||
Total distributions | - | - | (5.34) | (3.10) | (22.73) | (10.26) | ||||||
Net asset value, end of period | $ | 80.22 | $ | 62.90 | $ | 78.98 | $ | 87.88 | $ | 60.82 | $ | 74.88 |
Total Return D,E | 27.54% | (20.36)% | (4.79)% | 51.29% | 12.22% | 8.12% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .77% H | .80% | .75% | .77% | .78% | .82% | ||||||
Expenses net of fee waivers, if any | .77% H | .79% | .74% | .77% | .78% | .81% | ||||||
Expenses net of all reductions | .77% H | .79% | .74% | .76% | .77% | .80% | ||||||
Net investment income (loss) | (.53)% H | (.47)% | (.36)% | (.51)% | (.18)% | .17% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,037,564 | $ | 710,710 | $ | 958,304 | $ | 859,871 | $ | 577,157 | $ | 562,422 |
Portfolio turnover rate I | 42% H | 45% | 57% | 63% | 73% | 107% |
Fidelity Advisor® Communication Services Fund Class I |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 62.89 | $ | 78.93 | $ | 87.86 | $ | 60.80 | $ | 74.89 | $ | 78.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.19) | (.28) | (.34) | (.39) | (.11) | (.06) | ||||||
Net realized and unrealized gain (loss) | 17.51 | (15.76) | (3.22) | 30.55 | 8.78 | 2.67 | ||||||
Total from investment operations | 17.32 | (16.04) | (3.56) | 30.16 | 8.67 | 2.61 | ||||||
Distributions from net investment income | - | - | - | - | - | (.15) | ||||||
Distributions from net realized gain | - | - | (5.37) | (3.10) | (22.76) | (5.77) | ||||||
Total distributions | - | - | (5.37) | (3.10) | (22.76) | (5.92) | ||||||
Net asset value, end of period | $ | 80.21 | $ | 62.89 | $ | 78.93 | $ | 87.86 | $ | 60.80 | $ | 74.89 |
Total Return E,F | 27.54% | (20.32)% | (4.79)% | 51.31% | 12.22% | 3.91% | ||||||
Ratios to Average Net Assets D,G,H | ||||||||||||
Expenses before reductions | .75% I | .76% | .75% | .78% | .77% | .70% I | ||||||
Expenses net of fee waivers, if any | .74% I | .75% | .75% | .77% | .77% | .69% I | ||||||
Expenses net of all reductions | .74% I | .75% | .75% | .77% | .76% | .68% I | ||||||
Net investment income (loss) | (.51)% I | (.43)% | (.37)% | (.51)% | (.17)% | (.30)% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 26,064 | $ | 11,961 | $ | 32,089 | $ | 26,521 | $ | 2,493 | $ | 452 |
Portfolio turnover rate J | 42% I | 45% | 57% | 63% | 73% | 107% |
Fidelity Advisor® Communication Services Fund Class Z |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 63.18 | $ | 79.20 | $ | 88.04 | $ | 60.85 | $ | 74.89 | $ | 78.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | (.14) | (.19) | (.22) | (.28) | (.03) | (.03) | ||||||
Net realized and unrealized gain (loss) | 17.60 | (15.83) | (3.23) | 30.57 | 8.80 | 2.65 | ||||||
Total from investment operations | 17.46 | (16.02) | (3.45) | 30.29 | 8.77 | 2.62 | ||||||
Distributions from net investment income | - | - | - | - | - | (.16) | ||||||
Distributions from net realized gain | - | - | (5.39) | (3.10) | (22.81) | (5.77) | ||||||
Total distributions | - | - | (5.39) | (3.10) | (22.81) | (5.93) | ||||||
Net asset value, end of period | $ | 80.64 | $ | 63.18 | $ | 79.20 | $ | 88.04 | $ | 60.85 | $ | 74.89 |
Total Return E,F | 27.64% | (20.23)% | (4.65)% | 51.48% | 12.38% | 3.92% | ||||||
Ratios to Average Net Assets D,G,H | ||||||||||||
Expenses before reductions | .62% I | .62% | .62% | .64% | .65% | .64% I | ||||||
Expenses net of fee waivers, if any | .61% I | .62% | .61% | .64% | .65% | .62% I | ||||||
Expenses net of all reductions | .61% I | .62% | .61% | .63% | .64% | .61% I | ||||||
Net investment income (loss) | (.38)% I | (.29)% | (.23)% | (.38)% | (.05)% | (.16)% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 22,591 | $ | 3,314 | $ | 6,477 | $ | 3,817 | $ | 1,833 | $ | 529 |
Portfolio turnover rate J | 42% I | 45% | 57% | 63% | 73% | 107% |
Top Holdings (% of Fund's net assets) | ||
�� | ||
The Home Depot, Inc. | 17.7 | |
Lowe's Companies, Inc. | 14.9 | |
Johnson Controls International PLC | 4.9 | |
Trane Technologies PLC | 4.0 | |
Vulcan Materials Co. | 3.4 | |
Invitation Homes, Inc. | 2.9 | |
Builders FirstSource, Inc. | 2.7 | |
Carrier Global Corp. | 2.6 | |
PulteGroup, Inc. | 2.6 | |
NVR, Inc. | 2.6 | |
58.3 | ||
Industries (% of Fund's net assets) | ||
Specialty Retail | 36.2 | |
Building Products | 23.2 | |
Household Durables | 13.9 | |
Equity Real Estate Investment Trusts (Reits) | 11.1 | |
Construction & Engineering | 8.8 | |
Construction Materials | 4.2 | |
Real Estate Management & Development | 0.6 | |
Chemicals | 0.5 | |
Ground Transportation | 0.3 | |
Electrical Equipment | 0.3 | |
Common Stocks - 99.1% | |||
Shares | Value ($) | ||
Building Products - 23.2% | |||
Building Products - 23.2% | |||
AAON, Inc. | 45,900 | 2,894,454 | |
Apogee Enterprises, Inc. | 76,250 | 3,847,575 | |
Armstrong World Industries, Inc. | 74,200 | 5,682,978 | |
Builders FirstSource, Inc. (a) | 119,965 | 17,399,724 | |
Carlisle Companies, Inc. | 53,830 | 14,158,367 | |
Carrier Global Corp. | 292,110 | 16,781,720 | |
Fortune Brands Home & Security, Inc. | 98,950 | 6,829,529 | |
Johnson Controls International PLC | 531,981 | 31,418,798 | |
MasterBrand, Inc. | 245,350 | 3,142,934 | |
Simpson Manufacturing Co. Ltd. | 52,730 | 8,424,145 | |
The AZEK Co., Inc. (a) | 190,760 | 6,487,748 | |
Trane Technologies PLC | 124,750 | 25,606,185 | |
UFP Industries, Inc. | 57,456 | 5,995,534 | |
148,669,691 | |||
Chemicals - 0.5% | |||
Specialty Chemicals - 0.5% | |||
PPG Industries, Inc. | 8,500 | 1,204,960 | |
Sherwin-Williams Co. | 6,420 | 1,744,442 | |
2,949,402 | |||
Construction & Engineering - 8.8% | |||
Construction & Engineering - 8.8% | |||
AECOM | 139,760 | 12,263,940 | |
EMCOR Group, Inc. | 55,020 | 12,338,235 | |
Granite Construction, Inc. | 92,858 | 3,834,107 | |
Quanta Services, Inc. | 57,299 | 12,025,341 | |
Willscot Mobile Mini Holdings (a) | 381,850 | 15,663,487 | |
56,125,110 | |||
Construction Materials - 4.2% | |||
Construction Materials - 4.2% | |||
CRH PLC sponsored ADR | 50,200 | 2,890,014 | |
Summit Materials, Inc. | 60,788 | 2,274,079 | |
Vulcan Materials Co. | 98,956 | 21,597,147 | |
26,761,240 | |||
Electrical Equipment - 0.3% | |||
Electrical Components & Equipment - 0.3% | |||
Generac Holdings, Inc. (a) | 14,600 | 1,734,626 | |
Equity Real Estate Investment Trusts (REITs) - 11.1% | |||
Multi-Family Residential REITs - 6.7% | |||
Elme Communities (SBI) | 623,270 | 9,585,893 | |
Equity Residential (SBI) | 104,790 | 6,793,536 | |
Essex Property Trust, Inc. | 63,620 | 15,166,372 | |
Mid-America Apartment Communities, Inc. | 78,950 | 11,465,909 | |
43,011,710 | |||
Single-Family Residential REITs - 4.4% | |||
Equity Lifestyle Properties, Inc. | 143,400 | 9,602,064 | |
Invitation Homes, Inc. | 548,030 | 18,682,343 | |
28,284,407 | |||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 71,296,117 | ||
Ground Transportation - 0.3% | |||
Cargo Ground Transportation - 0.3% | |||
U-Haul Holding Co. (non-vtg.) | 34,100 | 1,815,484 | |
Household Durables - 13.9% | |||
Home Furnishings - 1.7% | |||
Tempur Sealy International, Inc. | 233,710 | 10,918,931 | |
Homebuilding - 12.0% | |||
Blu Investments LLC (a)(b)(c) | 11,990,913 | 3,717 | |
D.R. Horton, Inc. | 52,486 | 6,246,884 | |
KB Home | 182,690 | 9,280,652 | |
Lennar Corp. Class A | 26,310 | 3,133,258 | |
M/I Homes, Inc. (a) | 36,670 | 3,600,261 | |
NVR, Inc. (a) | 2,594 | 16,542,794 | |
PulteGroup, Inc. | 202,215 | 16,593,763 | |
Toll Brothers, Inc. | 147,390 | 12,075,663 | |
TopBuild Corp. (a) | 30,800 | 8,934,464 | |
76,411,456 | |||
Household Appliances - 0.2% | |||
Whirlpool Corp. | 10,790 | 1,510,168 | |
TOTAL HOUSEHOLD DURABLES | 88,840,555 | ||
Real Estate Management & Development - 0.6% | |||
Diversified Real Estate Activities - 0.2% | |||
The RMR Group, Inc. | 47,260 | 1,194,733 | |
Real Estate Services - 0.4% | |||
Cushman & Wakefield PLC (a) | 288,785 | 2,653,934 | |
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 3,848,667 | ||
Specialty Retail - 36.2% | |||
Home Improvement Retail - 35.2% | |||
Floor & Decor Holdings, Inc. Class A (a)(d) | 165,820 | 16,532,254 | |
Lowe's Companies, Inc. | 413,175 | 95,228,574 | |
The Home Depot, Inc. | 342,860 | 113,246,653 | |
225,007,481 | |||
Homefurnishing Retail - 1.0% | |||
Williams-Sonoma, Inc. (d) | 44,720 | 6,314,464 | |
TOTAL SPECIALTY RETAIL | 231,321,945 | ||
TOTAL COMMON STOCKS (Cost $408,248,227) | 633,362,837 | ||
Money Market Funds - 2.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (e) | 5,945,421 | 5,946,610 | |
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f) | 10,879,987 | 10,881,075 | |
TOTAL MONEY MARKET FUNDS (Cost $16,827,685) | 16,827,685 | ||
TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $425,075,912) | 650,190,522 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (10,844,497) |
NET ASSETS - 100.0% | 639,346,025 |
(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 $3,717 or 0.0% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Blu Investments LLC | 5/21/20 | 20,739 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 3,549,508 | 73,075,161 | 70,678,059 | 95,650 | - | - | 5,946,610 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 25,266,725 | 62,315,576 | 76,701,226 | 8,834 | - | - | 10,881,075 | 0.0% |
Total | 28,816,233 | 135,390,737 | 147,379,285 | 104,484 | - | - | 16,827,685 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 633,362,837 | 633,359,120 | - | 3,717 |
Money Market Funds | 16,827,685 | 16,827,685 | - | - |
Total Investments in Securities: | 650,190,522 | 650,186,805 | - | 3,717 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $10,538,920) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $408,248,227) | $ | 633,362,837 | ||
Fidelity Central Funds (cost $16,827,685) | 16,827,685 | |||
Total Investment in Securities (cost $425,075,912) | $ | 650,190,522 | ||
Receivable for investments sold | 2,814,748 | |||
Receivable for fund shares sold | 992,522 | |||
Dividends receivable | 1,009,112 | |||
Distributions receivable from Fidelity Central Funds | 23,696 | |||
Prepaid expenses | 1,527 | |||
Other receivables | 928 | |||
Total assets | 655,033,055 | |||
Liabilities | ||||
Payable to custodian bank | $ | 25,708 | ||
Payable for investments purchased | 4,077,136 | |||
Payable for fund shares redeemed | 294,889 | |||
Accrued management fee | 274,376 | |||
Other affiliated payables | 112,117 | |||
Other payables and accrued expenses | 21,729 | |||
Collateral on securities loaned | 10,881,075 | |||
Total Liabilities | 15,687,030 | |||
Net Assets | $ | 639,346,025 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 419,459,374 | ||
Total accumulated earnings (loss) | 219,886,651 | |||
Net Assets | $ | 639,346,025 | ||
Net Asset Value, offering price and redemption price per share ($639,346,025 ÷ 6,366,015 shares) | $ | 100.43 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 5,512,650 | ||
Income from Fidelity Central Funds (including $8,834 from security lending) | 104,484 | |||
Total Income | 5,617,134 | |||
Expenses | ||||
Management fee | $ | 1,416,704 | ||
Transfer agent fees | 517,909 | |||
Accounting fees | 93,178 | |||
Custodian fees and expenses | 7,155 | |||
Independent trustees' fees and expenses | 1,945 | |||
Registration fees | 30,829 | |||
Audit | 18,105 | |||
Legal | 300 | |||
Miscellaneous | 1,545 | |||
Total expenses before reductions | 2,087,670 | |||
Expense reductions | (15,886) | |||
Total expenses after reductions | 2,071,784 | |||
Net Investment income (loss) | 3,545,350 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 7,512,293 | |||
Total net realized gain (loss) | 7,512,293 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 57,540,180 | |||
Net gain (loss) | 65,052,473 | |||
Net increase (decrease) in net assets resulting from operations | $ | 68,597,823 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,545,350 | $ | 4,652,110 |
Net realized gain (loss) | 7,512,293 | (12,450,749) | ||
Change in net unrealized appreciation (depreciation) | 57,540,180 | (9,276,236) | ||
Net increase (decrease) in net assets resulting from operations | 68,597,823 | (17,074,875) | ||
Distributions to shareholders | - | (3,697,710) | ||
Share transactions | ||||
Proceeds from sales of shares | 151,454,289 | 79,113,675 | ||
Reinvestment of distributions | - | 3,425,079 | ||
Cost of shares redeemed | (79,403,008) | (276,407,546) | ||
Net increase (decrease) in net assets resulting from share transactions | 72,051,281 | (193,868,792) | ||
Total increase (decrease) in net assets | 140,649,104 | (214,641,377) | ||
Net Assets | ||||
Beginning of period | 498,696,921 | 713,338,298 | ||
End of period | $ | 639,346,025 | $ | 498,696,921 |
Other Information | ||||
Shares | ||||
Sold | 1,596,537 | 926,693 | ||
Issued in reinvestment of distributions | - | 40,601 | ||
Redeemed | (866,936) | (3,274,232) | ||
Net increase (decrease) | 729,601 | (2,306,938) | ||
Construction and Housing Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 88.48 | $ | 89.80 | $ | 77.53 | $ | 58.56 | $ | 54.22 | $ | 59.88 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .61 | .76 | .57 | .59 | .53 | .49 | ||||||
Net realized and unrealized gain (loss) | 11.34 | (1.42) | 17.59 | 21.82 | 8.71 | 1.32 | ||||||
Total from investment operations | 11.95 | (.66) | 18.16 | 22.41 | 9.24 | 1.81 | ||||||
Distributions from net investment income | - | (.66) | (.53) | (.61) | (.60) | (.55) | ||||||
Distributions from net realized gain | - | - | (5.36) | (2.83) | (4.31) | (6.92) | ||||||
Total distributions | - | (.66) | (5.89) | (3.44) | (4.90) D | (7.47) | ||||||
Net asset value, end of period | $ | 100.43 | $ | 88.48 | $ | 89.80 | $ | 77.53 | $ | 58.56 | $ | 54.22 |
Total Return E,F | 13.51% | (.70)% | 22.95% | 41.70% | 17.10% | 4.03% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .77% I | .77% | .75% | .78% | .79% | .80% | ||||||
Expenses net of fee waivers, if any | .77% I | .76% | .75% | .78% | .79% | .80% | ||||||
Expenses net of all reductions | .77% I | .76% | .75% | .77% | .79% | .79% | ||||||
Net investment income (loss) | 1.31% I | .90% | .60% | .94% | .88% | .86% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 639,346 | $ | 498,697 | $ | 713,338 | $ | 343,461 | $ | 318,905 | $ | 225,255 |
Portfolio turnover rate J | 20% I | 20% | 70% | 93% | 161% | 90% |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 24.1 | |
Tesla, Inc. | 14.2 | |
Lowe's Companies, Inc. | 4.9 | |
The Home Depot, Inc. | 4.9 | |
TJX Companies, Inc. | 4.4 | |
NIKE, Inc. Class B | 3.0 | |
Hilton Worldwide Holdings, Inc. | 2.8 | |
McDonald's Corp. | 2.7 | |
Booking Holdings, Inc. | 2.4 | |
Aptiv PLC | 2.3 | |
65.7 | ||
Industries (% of Fund's net assets) | ||
Broadline Retail | 24.8 | |
Specialty Retail | 21.0 | |
Hotels, Restaurants & Leisure | 18.6 | |
Automobiles | 14.4 | |
Textiles, Apparel & Luxury Goods | 9.7 | |
Household Durables | 3.8 | |
Automobile Components | 3.7 | |
Consumer Staples Distribution & Retail | 3.0 | |
Building Products | 0.6 | |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
Automobile Components - 3.7% | |||
Automotive Parts & Equipment - 3.7% | |||
Adient PLC (a) | 94,800 | 3,713,316 | |
Aptiv PLC (a) | 111,300 | 11,291,385 | |
Magna International, Inc. Class A (b) | 56,270 | 3,309,801 | |
18,314,502 | |||
Automobiles - 14.4% | |||
Automobile Manufacturers - 14.4% | |||
General Motors Co. | 31,600 | 1,058,916 | |
Tesla, Inc. (a) | 272,851 | 70,417,386 | |
71,476,302 | |||
Broadline Retail - 24.8% | |||
Broadline Retail - 24.8% | |||
Amazon.com, Inc. (a) | 863,505 | 119,172,328 | |
eBay, Inc. | 15,456 | 692,120 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 35,382 | 2,727,245 | |
122,591,693 | |||
Building Products - 0.6% | |||
Building Products - 0.6% | |||
The AZEK Co., Inc. (a) | 88,246 | 3,001,246 | |
Consumer Staples Distribution & Retail - 3.0% | |||
Consumer Staples Merchandise Retail - 1.9% | |||
Dollar Tree, Inc. (a) | 68,050 | 8,326,598 | |
Target Corp. | 9,335 | 1,181,344 | |
9,507,942 | |||
Food Distributors - 1.1% | |||
Performance Food Group Co. (a) | 83,278 | 5,174,062 | |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 14,682,004 | ||
Hotels, Restaurants & Leisure - 18.6% | |||
Casinos & Gaming - 2.7% | |||
Caesars Entertainment, Inc. (a) | 53,778 | 2,971,772 | |
Churchill Downs, Inc. | 38,142 | 4,778,430 | |
Penn Entertainment, Inc. (a) | 139,304 | 3,300,112 | |
Red Rock Resorts, Inc. | 57,400 | 2,521,582 | |
13,571,896 | |||
Hotels, Resorts & Cruise Lines - 7.7% | |||
Booking Holdings, Inc. (a) | 3,847 | 11,945,050 | |
Hilton Worldwide Holdings, Inc. | 94,591 | 14,060,952 | |
Marriott International, Inc. Class A | 43,999 | 8,954,236 | |
Royal Caribbean Cruises Ltd. (a) | 33,250 | 3,289,755 | |
38,249,993 | |||
Leisure Facilities - 0.3% | |||
Planet Fitness, Inc. (a) | 20,323 | 1,235,638 | |
Restaurants - 7.9% | |||
ARAMARK Holdings Corp. | 66,054 | 2,455,888 | |
Brinker International, Inc. (a) | 27,030 | 884,692 | |
Chipotle Mexican Grill, Inc. (a) | 3,355 | 6,463,877 | |
Domino's Pizza, Inc. | 22,974 | 8,900,128 | |
Dutch Bros, Inc. (a)(b) | 19,871 | 588,380 | |
McDonald's Corp. | 47,115 | 13,246,382 | |
Starbucks Corp. | 64,920 | 6,325,805 | |
38,865,152 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 91,922,679 | ||
Household Durables - 3.8% | |||
Home Furnishings - 1.9% | |||
Tempur Sealy International, Inc. | 198,317 | 9,265,370 | |
Homebuilding - 1.9% | |||
KB Home | 77,070 | 3,915,156 | |
PulteGroup, Inc. | 69,090 | 5,669,525 | |
9,584,681 | |||
TOTAL HOUSEHOLD DURABLES | 18,850,051 | ||
Specialty Retail - 21.0% | |||
Apparel Retail - 5.5% | |||
Burlington Stores, Inc. (a) | 28,417 | 4,610,942 | |
TJX Companies, Inc. | 233,837 | 21,625,246 | |
Victoria's Secret & Co. (a) | 48,239 | 925,224 | |
27,161,412 | |||
Automotive Retail - 0.6% | |||
O'Reilly Automotive, Inc. (a) | 3,480 | 3,270,156 | |
Home Improvement Retail - 11.4% | |||
Floor & Decor Holdings, Inc. Class A (a)(b) | 81,667 | 8,142,200 | |
Lowe's Companies, Inc. | 104,631 | 24,115,353 | |
The Home Depot, Inc. | 72,951 | 24,095,715 | |
56,353,268 | |||
Homefurnishing Retail - 0.8% | |||
Wayfair LLC Class A (a) | 7,755 | 535,948 | |
Williams-Sonoma, Inc. (b) | 22,910 | 3,234,892 | |
3,770,840 | |||
Other Specialty Retail - 2.7% | |||
Academy Sports & Outdoors, Inc. | 14,400 | 785,808 | |
Bath & Body Works, Inc. | 39,688 | 1,463,297 | |
Dick's Sporting Goods, Inc. | 85,827 | 9,985,113 | |
Sally Beauty Holdings, Inc. (a) | 97,600 | 991,616 | |
13,225,834 | |||
TOTAL SPECIALTY RETAIL | 103,781,510 | ||
Textiles, Apparel & Luxury Goods - 9.7% | |||
Apparel, Accessories & Luxury Goods - 4.6% | |||
Levi Strauss & Co. Class A (b) | 104,700 | 1,441,719 | |
lululemon athletica, Inc. (a) | 20,730 | 7,903,520 | |
LVMH Moet Hennessy Louis Vuitton SE | 2,233 | 1,888,353 | |
PVH Corp. | 66,888 | 5,591,837 | |
Tapestry, Inc. | 172,778 | 5,756,963 | |
22,582,392 | |||
Footwear - 5.1% | |||
Deckers Outdoor Corp. (a) | 15,027 | 7,950,635 | |
NIKE, Inc. Class B | 146,852 | 14,936,317 | |
On Holding AG (a) | 30,193 | 870,464 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 23,200 | 1,167,192 | |
Wolverine World Wide, Inc. | 56,590 | 457,247 | |
25,381,855 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 47,964,247 | ||
TOTAL COMMON STOCKS (Cost $307,115,260) | 492,584,234 | ||
Money Market Funds - 2.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 1,343,866 | 1,344,135 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 12,069,962 | 12,071,169 | |
TOTAL MONEY MARKET FUNDS (Cost $13,415,304) | 13,415,304 | ||
TOTAL INVESTMENT IN SECURITIES - 102.3% (Cost $320,530,564) | 505,999,538 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (11,146,289) |
NET ASSETS - 100.0% | 494,853,249 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 1,290,832 | 38,891,518 | 38,838,215 | 54,422 | - | - | 1,344,135 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 16,277,814 | 85,690,206 | 89,896,851 | 40,980 | - | - | 12,071,169 | 0.0% |
Total | 17,568,646 | 124,581,724 | 128,735,066 | 95,402 | - | - | 13,415,304 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 492,584,234 | 490,695,881 | 1,888,353 | - |
Money Market Funds | 13,415,304 | 13,415,304 | - | - |
Total Investments in Securities: | 505,999,538 | 504,111,185 | 1,888,353 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $11,678,544) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $307,115,260) | $ | 492,584,234 | ||
Fidelity Central Funds (cost $13,415,304) | 13,415,304 | |||
Total Investment in Securities (cost $320,530,564) | $ | 505,999,538 | ||
Foreign currency held at value (cost $1) | 1 | |||
Receivable for investments sold | 6,279,099 | |||
Receivable for fund shares sold | 204,407 | |||
Dividends receivable | 332,527 | |||
Distributions receivable from Fidelity Central Funds | 14,575 | |||
Prepaid expenses | 2,304 | |||
Other receivables | 16,254 | |||
Total assets | 512,848,705 | |||
Liabilities | ||||
Payable to custodian bank | $ | 21,965 | ||
Payable for investments purchased | 5,113,742 | |||
Payable for fund shares redeemed | 477,204 | |||
Accrued management fee | 213,955 | |||
Other affiliated payables | 79,995 | |||
Other payables and accrued expenses | 21,715 | |||
Collateral on securities loaned | 12,066,880 | |||
Total Liabilities | 17,995,456 | |||
Net Assets | $ | 494,853,249 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 303,854,837 | ||
Total accumulated earnings (loss) | 190,998,412 | |||
Net Assets | $ | 494,853,249 | ||
Net Asset Value, offering price and redemption price per share ($494,853,249 ÷ 9,042,606 shares) | $ | 54.72 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,815,326 | ||
Income from Fidelity Central Funds (including $40,980 from security lending) | 95,402 | |||
Total Income | 1,910,728 | |||
Expenses | ||||
Management fee | $ | 1,175,611 | ||
Transfer agent fees | 376,423 | |||
Accounting fees | 79,430 | |||
Custodian fees and expenses | 7,328 | |||
Independent trustees' fees and expenses | 1,561 | |||
Registration fees | 24,971 | |||
Audit | 18,213 | |||
Legal | 882 | |||
Miscellaneous | 1,381 | |||
Total expenses before reductions | 1,685,800 | |||
Expense reductions | (13,524) | |||
Total expenses after reductions | 1,672,276 | |||
Net Investment income (loss) | 238,452 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 8,771,553 | |||
Foreign currency transactions | (981) | |||
Total net realized gain (loss) | 8,770,572 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 59,096,515 | |||
Assets and liabilities in foreign currencies | 220 | |||
Total change in net unrealized appreciation (depreciation) | 59,096,735 | |||
Net gain (loss) | 67,867,307 | |||
Net increase (decrease) in net assets resulting from operations | $ | 68,105,759 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 238,452 | $ | 95,341 |
Net realized gain (loss) | 8,770,572 | 14,823,468 | ||
Change in net unrealized appreciation (depreciation) | 59,096,735 | (78,175,485) | ||
Net increase (decrease) in net assets resulting from operations | 68,105,759 | (63,256,676) | ||
Distributions to shareholders | (5,732,885) | (36,965,013) | ||
Share transactions | ||||
Proceeds from sales of shares | 66,166,471 | 214,276,530 | ||
Reinvestment of distributions | 5,368,498 | 34,220,095 | ||
Cost of shares redeemed | (63,845,941) | (142,158,153) | ||
Net increase (decrease) in net assets resulting from share transactions | 7,689,028 | 106,338,472 | ||
Total increase (decrease) in net assets | 70,061,902 | 6,116,783 | ||
Net Assets | ||||
Beginning of period | 424,791,347 | 418,674,564 | ||
End of period | $ | 494,853,249 | $ | 424,791,347 |
Other Information | ||||
Shares | ||||
Sold | 1,271,538 | 4,618,411 | ||
Issued in reinvestment of distributions | 112,618 | 617,903 | ||
Redeemed | (1,277,925) | (2,921,858) | ||
Net increase (decrease) | 106,231 | 2,314,456 | ||
Consumer Discretionary Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 47.54 | $ | 63.23 | $ | 68.01 | $ | 45.58 | $ | 44.31 | $ | 43.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .03 | .01 | (.16) | (.03) | .11 | .12 | ||||||
Net realized and unrealized gain (loss) | 7.80 | (9.85) | 1.92 | 23.23 | 2.26 | 1.87 | ||||||
Total from investment operations | 7.83 | (9.84) | 1.76 | 23.20 | 2.37 | 1.99 | ||||||
Distributions from net investment income | - | (.02) | - | - | (.11) | (.15) | ||||||
Distributions from net realized gain | (.65) | (5.83) | (6.54) | (.77) | (.99) | (1.18) | ||||||
Total distributions | (.65) | (5.85) | (6.54) | (.77) | (1.10) | (1.33) | ||||||
Net asset value, end of period | $ | 54.72 | $ | 47.54 | $ | 63.23 | $ | 68.01 | $ | 45.58 | $ | 44.31 |
Total Return D,E | 16.67% | (16.87)% | 1.88% | 50.96% | 5.30% | 4.81% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .75% H | .76% | .73% | .76% | .76% | .78% | ||||||
Expenses net of fee waivers, if any | .75% H | .76% | .73% | .76% | .76% | .77% | ||||||
Expenses net of all reductions | .75% H | .76% | .73% | .75% | .76% | .77% | ||||||
Net investment income (loss) | .11% H | .02% | (.22)% | (.06)% | .23% | .27% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 494,853 | $ | 424,791 | $ | 418,675 | $ | 583,938 | $ | 402,403 | $ | 433,188 |
Portfolio turnover rate I | 37% H | 46% | 38% | 55% | 41% J | 46% J |
Top Holdings (% of Fund's net assets) | ||
McDonald's Corp. | 16.7 | |
Booking Holdings, Inc. | 11.7 | |
Hilton Worldwide Holdings, Inc. | 7.9 | |
Starbucks Corp. | 7.0 | |
Yum! Brands, Inc. | 6.2 | |
Airbnb, Inc. Class A | 4.8 | |
Marriott International, Inc. Class A | 4.8 | |
Chipotle Mexican Grill, Inc. | 4.3 | |
Las Vegas Sands Corp. | 3.4 | |
Domino's Pizza, Inc. | 3.3 | |
70.1 | ||
Industries (% of Fund's net assets) | ||
Hotels, Restaurants & Leisure | 91.7 | |
Diversified Consumer Services | 2.4 | |
Consumer Staples Distribution & Retail | 2.3 | |
Beverages | 1.7 | |
Financial Services | 1.1 | |
Specialty Retail | 0.3 | |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
Beverages - 1.7% | |||
Soft Drinks & Non-alcoholic Beverages - 1.7% | |||
The Coca-Cola Co. | 183,000 | 10,948,890 | |
Consumer Staples Distribution & Retail - 2.3% | |||
Food Distributors - 2.3% | |||
U.S. Foods Holding Corp. (a) | 357,600 | 14,457,768 | |
Diversified Consumer Services - 2.4% | |||
Specialized Consumer Services - 2.4% | |||
H&R Block, Inc. | 82,300 | 3,290,354 | |
OneSpaWorld Holdings Ltd. (a) | 704,100 | 8,054,904 | |
Service Corp. International | 53,600 | 3,382,696 | |
14,727,954 | |||
Financial Services - 1.1% | |||
Transaction & Payment Processing Services - 1.1% | |||
Toast, Inc. (a)(b) | 310,800 | 6,890,436 | |
Hotels, Restaurants & Leisure - 91.7% | |||
Casinos & Gaming - 13.2% | |||
Bally's Corp. (a) | 65,600 | 1,088,960 | |
Boyd Gaming Corp. | 200 | 13,374 | |
Caesars Entertainment, Inc. (a) | 218,549 | 12,077,018 | |
Churchill Downs, Inc. | 124,596 | 15,609,387 | |
Draftkings Holdings, Inc. (a) | 14,200 | 421,030 | |
Flutter Entertainment PLC (a) | 51,200 | 9,346,349 | |
Las Vegas Sands Corp. | 389,900 | 21,389,914 | |
MGM Resorts International | 92,200 | 4,054,956 | |
Penn Entertainment, Inc. (a) | 178,800 | 4,235,772 | |
Red Rock Resorts, Inc. | 309,700 | 13,605,121 | |
Wynn Resorts Ltd. | 8,300 | 841,454 | |
82,683,335 | |||
Hotels, Resorts & Cruise Lines - 33.1% | |||
Airbnb, Inc. Class A (a) | 230,300 | 30,295,965 | |
Booking Holdings, Inc. (a) | 23,576 | 73,204,187 | |
Carnival Corp. (a) | 27,800 | 439,796 | |
Expedia, Inc. (a) | 11,900 | 1,289,841 | |
Hilton Grand Vacations, Inc. (a) | 59,700 | 2,610,084 | |
Hilton Worldwide Holdings, Inc. | 335,732 | 49,906,562 | |
Marriott International, Inc. Class A | 147,125 | 29,941,409 | |
Royal Caribbean Cruises Ltd. (a)(b) | 173,100 | 17,126,514 | |
Wyndham Hotels & Resorts, Inc. | 40,900 | 3,083,451 | |
207,897,809 | |||
Leisure Facilities - 1.8% | |||
Planet Fitness, Inc. (a) | 34,844 | 2,118,515 | |
Vail Resorts, Inc. | 39,682 | 8,980,830 | |
11,099,345 | |||
Restaurants - 43.6% | |||
ARAMARK Holdings Corp. | 205,200 | 7,629,336 | |
Brinker International, Inc. (a) | 218,800 | 7,161,324 | |
Chipotle Mexican Grill, Inc. (a) | 14,109 | 27,182,964 | |
Darden Restaurants, Inc. | 17,900 | 2,783,629 | |
Domino's Pizza, Inc. | 53,042 | 20,548,471 | |
Dutch Bros, Inc. (a)(b) | 182,300 | 5,397,903 | |
First Watch Restaurant Group, Inc. (a) | 268,700 | 5,137,544 | |
McDonald's Corp. | 372,393 | 104,698,292 | |
Noodles & Co. (a) | 706,645 | 1,964,473 | |
Restaurant Brands International, Inc. | 106,474 | 7,395,341 | |
Starbucks Corp. | 446,956 | 43,551,393 | |
Wingstop, Inc. | 7,900 | 1,269,056 | |
Yum! Brands, Inc. | 299,000 | 38,684,620 | |
273,404,346 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 575,084,835 | ||
Specialty Retail - 0.3% | |||
Automotive Retail - 0.3% | |||
Diversified Royalty Corp. (b) | 783,200 | 1,663,546 | |
TOTAL COMMON STOCKS (Cost $426,235,977) | 623,773,429 | ||
Money Market Funds - 2.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 1,803,997 | 1,804,358 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 14,676,587 | 14,678,055 | |
TOTAL MONEY MARKET FUNDS (Cost $16,482,413) | 16,482,413 | ||
TOTAL INVESTMENT IN SECURITIES - 102.1% (Cost $442,718,390) | 640,255,842 |
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (13,445,498) |
NET ASSETS - 100.0% | 626,810,344 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.4% | 4,289,445 | 49,579,277 | 52,064,364 | 92,726 | - | - | 1,804,358 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.4% | 12,554,116 | 119,716,163 | 117,592,224 | 305,606 | - | - | 14,678,055 | 0.1% |
Total | 16,843,561 | 169,295,440 | 169,656,588 | 398,332 | - | - | 16,482,413 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 623,773,429 | 623,773,429 | - | - |
Money Market Funds | 16,482,413 | 16,482,413 | - | - |
Total Investments in Securities: | 640,255,842 | 640,255,842 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $14,202,007) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $426,235,977) | $ | 623,773,429 | ||
Fidelity Central Funds (cost $16,482,413) | 16,482,413 | |||
Total Investment in Securities (cost $442,718,390) | $ | 640,255,842 | ||
Foreign currency held at value (cost $6,133) | 6,130 | |||
Receivable for investments sold | 1,009,072 | |||
Receivable for fund shares sold | 429,050 | |||
Dividends receivable | 897,324 | |||
Distributions receivable from Fidelity Central Funds | 59,902 | |||
Prepaid expenses | 2,079 | |||
Other receivables | 2,170 | |||
Total assets | 642,661,569 | |||
Liabilities | ||||
Payable to custodian bank | $ | 2,075 | ||
Payable for investments purchased | 440,630 | |||
Payable for fund shares redeemed | 327,315 | |||
Accrued management fee | 277,330 | |||
Other affiliated payables | 103,299 | |||
Other payables and accrued expenses | 22,521 | |||
Collateral on securities loaned | 14,678,055 | |||
Total Liabilities | 15,851,225 | |||
Net Assets | $ | 626,810,344 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 427,722,989 | ||
Total accumulated earnings (loss) | 199,087,355 | |||
Net Assets | $ | 626,810,344 | ||
Net Asset Value, offering price and redemption price per share ($626,810,344 ÷ 36,643,828 shares) | $ | 17.11 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 3,263,053 | ||
Income from Fidelity Central Funds (including $305,606 from security lending) | 398,332 | |||
Total Income | 3,661,385 | |||
Expenses | ||||
Management fee | $ | 1,599,993 | ||
Transfer agent fees | 493,793 | |||
Accounting fees | 101,787 | |||
Custodian fees and expenses | 7,738 | |||
Independent trustees' fees and expenses | 2,124 | |||
Registration fees | 32,933 | |||
Audit | 18,566 | |||
Legal | 939 | |||
Miscellaneous | 1,807 | |||
Total expenses before reductions | 2,259,680 | |||
Expense reductions | (18,472) | |||
Total expenses after reductions | 2,241,208 | |||
Net Investment income (loss) | 1,420,177 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 3,928,040 | |||
Foreign currency transactions | 934 | |||
Total net realized gain (loss) | 3,928,974 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 42,821,943 | |||
Assets and liabilities in foreign currencies | 2,619 | |||
Total change in net unrealized appreciation (depreciation) | 42,824,562 | |||
Net gain (loss) | 46,753,536 | |||
Net increase (decrease) in net assets resulting from operations | $ | 48,173,713 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,420,177 | $ | 2,469,163 |
Net realized gain (loss) | 3,928,974 | 1,146,340 | ||
Change in net unrealized appreciation (depreciation) | 42,824,562 | (15,648,433) | ||
Net increase (decrease) in net assets resulting from operations | 48,173,713 | (12,032,930) | ||
Distributions to shareholders | (3,122,753) | (18,288,153) | ||
Share transactions | ||||
Proceeds from sales of shares | 89,801,143 | 73,923,002 | ||
Reinvestment of distributions | 2,880,486 | 17,168,093 | ||
Cost of shares redeemed | (74,302,921) | (144,189,598) | ||
Net increase (decrease) in net assets resulting from share transactions | 18,378,708 | (53,098,503) | ||
Total increase (decrease) in net assets | 63,429,668 | (83,419,586) | ||
Net Assets | ||||
Beginning of period | 563,380,676 | 646,800,262 | ||
End of period | $ | 626,810,344 | $ | 563,380,676 |
Other Information | ||||
Shares | ||||
Sold | 5,374,704 | 4,908,793 | ||
Issued in reinvestment of distributions | 176,825 | 1,119,877 | ||
Redeemed | (4,450,416) | (9,983,968) | ||
Net increase (decrease) | 1,101,113 | (3,955,298) | ||
Leisure Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 15.85 | $ | 16.38 | $ | 18.94 | $ | 13.89 | $ | 14.53 | $ | 16.58 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .04 | .07 | .01 | .07 | .12 | .16 | ||||||
Net realized and unrealized gain (loss) | 1.31 | (.12) | 1.41 | 5.40 | .25 | .39 | ||||||
Total from investment operations | 1.35 | (.05) | 1.42 | 5.47 | .37 | .55 | ||||||
Distributions from net investment income | (.02) | (.05) | (.02) | (.08) | (.11) | (.16) | ||||||
Distributions from net realized gain | (.07) | (.42) | (3.96) | (.34) | (.89) | (2.44) | ||||||
Total distributions | (.09) | (.48) E | (3.98) | (.42) | (1.01) E | (2.60) | ||||||
Redemption fees added to paid in capital D | - | - | - | - | - | - F | ||||||
Net asset value, end of period | $ | 17.11 | $ | 15.85 | $ | 16.38 | $ | 18.94 | $ | 13.89 | $ | 14.53 |
Total Return G,H | 8.53% | (.22)% | 7.53% | 41.30% | 1.76% | 4.48% | ||||||
Ratios to Average Net Assets C,I,J | ||||||||||||
Expenses before reductions | .74% K | .74% | .73% | .77% | .76% | .76% | ||||||
Expenses net of fee waivers, if any | .73% K | .74% | .73% | .77% | .75% | .76% | ||||||
Expenses net of all reductions | .73% K | .74% | .73% | .76% | .75% | .76% | ||||||
Net investment income (loss) | .47% K | .45% | .05% | .48% | .79% | 1.05% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 626,810 | $ | 563,381 | $ | 646,800 | $ | 653,709 | $ | 431,146 | $ | 472,923 |
Portfolio turnover rate L | 28% K | 46% | 79% | 72% | 53% | 41% |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 25.2 | |
The Home Depot, Inc. | 7.0 | |
TJX Companies, Inc. | 6.6 | |
Lowe's Companies, Inc. | 5.2 | |
Walmart, Inc. | 4.8 | |
O'Reilly Automotive, Inc. | 4.6 | |
Dollar Tree, Inc. | 3.7 | |
BJ's Wholesale Club Holdings, Inc. | 3.5 | |
MercadoLibre, Inc. | 3.1 | |
Ross Stores, Inc. | 2.5 | |
66.2 | ||
Industries (% of Fund's net assets) | ||
Specialty Retail | 34.9 | |
Broadline Retail | 33.8 | |
Consumer Staples Distribution & Retail | 20.0 | |
Textiles, Apparel & Luxury Goods | 5.6 | |
Hotels, Restaurants & Leisure | 1.4 | |
Interactive Media & Services | 1.2 | |
Entertainment | 0.8 | |
Personal Care Products | 0.7 | |
Common Stocks - 98.4% | |||
Shares | Value ($) | ||
Broadline Retail - 33.8% | |||
Broadline Retail - 33.8% | |||
Amazon.com, Inc. (a) | 5,232,700 | 722,164,925 | |
Dollarama, Inc. | 835,900 | 54,198,638 | |
eBay, Inc. | 723,600 | 32,402,808 | |
Etsy, Inc. (a) | 488,760 | 35,958,073 | |
MercadoLibre, Inc. (a) | 64,700 | 88,791,692 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 458,207 | 35,318,596 | |
968,834,732 | |||
Consumer Staples Distribution & Retail - 20.0% | |||
Consumer Staples Merchandise Retail - 16.9% | |||
BJ's Wholesale Club Holdings, Inc. (a)(b) | 1,476,600 | 99,508,074 | |
Costco Wholesale Corp. | 109,300 | 60,036,304 | |
Dollar General Corp. | 139,600 | 19,334,600 | |
Dollar Tree, Inc. (a) | 867,600 | 106,159,536 | |
Target Corp. | 488,500 | 61,819,675 | |
Walmart, Inc. | 846,900 | 137,714,409 | |
484,572,598 | |||
Food Distributors - 0.8% | |||
U.S. Foods Holding Corp. (a) | 544,300 | 22,006,049 | |
Food Retail - 2.3% | |||
Albertsons Companies, Inc. | 967,400 | 21,669,760 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 703,300 | 36,778,551 | |
Sprouts Farmers Market LLC (a) | 180,000 | 7,342,200 | |
65,790,511 | |||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 572,369,158 | ||
Entertainment - 0.8% | |||
Movies & Entertainment - 0.8% | |||
Netflix, Inc. (a) | 50,700 | 21,987,576 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Hotels, Resorts & Cruise Lines - 1.4% | |||
Hilton Worldwide Holdings, Inc. | 268,300 | 39,882,795 | |
Interactive Media & Services - 1.2% | |||
Interactive Media & Services - 1.2% | |||
Alphabet, Inc. Class A (a) | 153,400 | 20,888,478 | |
Pinterest, Inc. Class A (a) | 507,100 | 13,940,179 | |
34,828,657 | |||
Personal Care Products - 0.7% | |||
Personal Care Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 129,300 | 20,756,529 | |
Specialty Retail - 34.9% | |||
Apparel Retail - 11.9% | |||
American Eagle Outfitters, Inc. (b) | 871,400 | 14,778,944 | |
Aritzia, Inc. (a) | 2,523,100 | 46,309,118 | |
Farfetch Ltd. Class A (a)(b) | 3,370,200 | 9,605,070 | |
Ross Stores, Inc. | 573,500 | 69,858,035 | |
TJX Companies, Inc. | 2,032,732 | 187,987,055 | |
Victoria's Secret & Co. (a) | 640,133 | 12,277,751 | |
340,815,973 | |||
Automotive Retail - 5.4% | |||
CarMax, Inc. (a)(b) | 80,100 | 6,542,568 | |
Murphy U.S.A., Inc. | 39,606 | 12,580,450 | |
O'Reilly Automotive, Inc. (a) | 140,700 | 132,215,790 | |
Valvoline, Inc. | 122,500 | 4,218,900 | |
155,557,708 | |||
Home Improvement Retail - 12.2% | |||
Lowe's Companies, Inc. | 642,100 | 147,991,208 | |
The Home Depot, Inc. (b) | 612,600 | 202,341,780 | |
350,332,988 | |||
Homefurnishing Retail - 0.2% | |||
Wayfair LLC Class A (a) | 76,879 | 5,313,108 | |
Other Specialty Retail - 5.2% | |||
Bath & Body Works, Inc. | 1,027,200 | 37,872,864 | |
Dick's Sporting Goods, Inc. (b) | 596,600 | 69,408,444 | |
Ulta Beauty, Inc. (a) | 97,700 | 40,548,431 | |
147,829,739 | |||
TOTAL SPECIALTY RETAIL | 999,849,516 | ||
Textiles, Apparel & Luxury Goods - 5.6% | |||
Apparel, Accessories & Luxury Goods - 2.6% | |||
Canada Goose Holdings, Inc. (a)(b) | 292,800 | 4,611,297 | |
lululemon athletica, Inc. (a) | 80,957 | 30,865,666 | |
Tapestry, Inc. | 1,150,600 | 38,337,992 | |
73,814,955 | |||
Footwear - 3.0% | |||
Deckers Outdoor Corp. (a) | 78,300 | 41,427,747 | |
NIKE, Inc. Class B | 428,700 | 43,603,077 | |
On Holding AG (a) | 1,000 | 28,830 | |
85,059,654 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 158,874,609 | ||
TOTAL COMMON STOCKS (Cost $1,602,333,263) | 2,817,383,572 | ||
Money Market Funds - 4.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 27,493,558 | 27,499,057 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 88,234,823 | 88,243,646 | |
TOTAL MONEY MARKET FUNDS (Cost $115,742,703) | 115,742,703 | ||
TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $1,718,075,966) | 2,933,126,275 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (69,939,459) |
NET ASSETS - 100.0% | 2,863,186,816 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 87,162,494 | 380,281,548 | 439,944,985 | 861,981 | - | - | 27,499,057 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.44% | 112,262,759 | 561,087,520 | 585,106,633 | 43,746 | - | - | 88,243,646 | 0.3% |
Total | 199,425,253 | 941,369,068 | 1,025,051,618 | 905,727 | - | - | 115,742,703 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 2,817,383,572 | 2,817,383,572 | - | - |
Money Market Funds | 115,742,703 | 115,742,703 | - | - |
Total Investments in Securities: | 2,933,126,275 | 2,933,126,275 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $86,893,780) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,602,333,263) | $ | 2,817,383,572 | ||
Fidelity Central Funds (cost $115,742,703) | 115,742,703 | |||
Total Investment in Securities (cost $1,718,075,966) | $ | 2,933,126,275 | ||
Receivable for investments sold | 24,216,732 | |||
Receivable for fund shares sold | 285,318 | |||
Dividends receivable | 2,875,687 | |||
Distributions receivable from Fidelity Central Funds | 74,095 | |||
Prepaid expenses | 9,103 | |||
Other receivables | 12,663 | |||
Total assets | 2,960,599,873 | |||
Liabilities | ||||
Payable for investments purchased | $ | 5,499,931 | ||
Payable for fund shares redeemed | 1,959,154 | |||
Accrued management fee | 1,240,903 | |||
Other affiliated payables | 448,003 | |||
Other payables and accrued expenses | 25,754 | |||
Collateral on securities loaned | 88,239,312 | |||
Total Liabilities | 97,413,057 | |||
Net Assets | $ | 2,863,186,816 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,425,400,975 | ||
Total accumulated earnings (loss) | 1,437,785,841 | |||
Net Assets | $ | 2,863,186,816 | ||
Net Asset Value, offering price and redemption price per share ($2,863,186,816 ÷ 153,560,501 shares) | $ | 18.65 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 15,722,688 | ||
Income from Fidelity Central Funds (including $43,746 from security lending) | 905,727 | |||
Total Income | 16,628,415 | |||
Expenses | ||||
Management fee | $ | 7,276,825 | ||
Transfer agent fees | 2,317,970 | |||
Accounting fees | 361,804 | |||
Custodian fees and expenses | 10,726 | |||
Independent trustees' fees and expenses | 10,620 | |||
Registration fees | 21,587 | |||
Audit | 19,419 | |||
Legal | 1,281 | |||
Interest | 5,322 | |||
Miscellaneous | 9,375 | |||
Total expenses before reductions | 10,034,929 | |||
Expense reductions | (85,686) | |||
Total expenses after reductions | 9,949,243 | |||
Net Investment income (loss) | 6,679,172 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 223,900,840 | |||
Foreign currency transactions | 8,193 | |||
Total net realized gain (loss) | 223,909,033 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 76,210,652 | |||
Assets and liabilities in foreign currencies | 640 | |||
Total change in net unrealized appreciation (depreciation) | 76,211,292 | |||
Net gain (loss) | 300,120,325 | |||
Net increase (decrease) in net assets resulting from operations | $ | 306,799,497 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,679,172 | $ | 9,189,128 |
Net realized gain (loss) | 223,909,033 | 3,494,060 | ||
Change in net unrealized appreciation (depreciation) | 76,211,292 | (523,717,785) | ||
Net increase (decrease) in net assets resulting from operations | 306,799,497 | (511,034,597) | ||
Distributions to shareholders | (8,618,930) | (83,419,587) | ||
Share transactions | ||||
Proceeds from sales of shares | 59,266,136 | 155,857,098 | ||
Reinvestment of distributions | 8,031,418 | 78,542,305 | ||
Cost of shares redeemed | (276,381,691) | (570,045,662) | ||
Net increase (decrease) in net assets resulting from share transactions | (209,084,137) | (335,646,259) | ||
Total increase (decrease) in net assets | 89,096,430 | (930,100,443) | ||
Net Assets | ||||
Beginning of period | 2,774,090,386 | 3,704,190,829 | ||
End of period | $ | 2,863,186,816 | $ | 2,774,090,386 |
Other Information | ||||
Shares | ||||
Sold | 3,347,457 | 9,021,587 | ||
Issued in reinvestment of distributions | 476,077 | 4,134,935 | ||
Redeemed | (15,864,492) | (33,503,885) | ||
Net increase (decrease) | (12,040,958) | (20,347,363) | ||
Retailing Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.75 | $ | 19.92 | $ | 23.50 | $ | 15.71 | $ | 15.01 | $ | 14.35 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .04 | .05 | (.02) | (.01) | .04 | .03 | ||||||
Net realized and unrealized gain (loss) | 1.91 | (2.76) | .11 | 9.35 | 1.02 | .93 | ||||||
Total from investment operations | 1.95 | (2.71) | .09 | 9.34 | 1.06 | .96 | ||||||
Distributions from net investment income | - | (.06) | - | - | (.05) | (.02) | ||||||
Distributions from net realized gain | (.05) | (.41) | (3.67) | (1.55) | (.31) | (.27) | ||||||
Total distributions | (.05) | (.46) E | (3.67) | (1.55) | (.36) | (.30) E | ||||||
Net asset value, end of period | $ | 18.65 | $ | 16.75 | $ | 19.92 | $ | 23.50 | $ | 15.71 | $ | 15.01 |
Total Return F,G | 11.69% | (13.86)% | (1.23)% | 59.90% | 7.02% | 6.83% | ||||||
Ratios to Average Net Assets D,H,I | ||||||||||||
Expenses before reductions | .72% J | .72% | .70% | .73% | .74% | .76% | ||||||
Expenses net of fee waivers, if any | .72% J | .72% | .70% | .73% | .74% | .75% | ||||||
Expenses net of all reductions | .72% J | .72% | .70% | .73% | .74% | .75% | ||||||
Net investment income (loss) | .48% J | .31% | (.07)% | (.07)% | .26% | .20% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,863,187 | $ | 2,774,090 | $ | 3,704,191 | $ | 4,055,939 | $ | 2,698,998 | $ | 3,035,591 |
Portfolio turnover rate K | 64% J | 32% | 33% | 46% | 17% | 34% |
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% |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Automotive Portfolio | $110,187,083 | $45,541,099 | $ (4,533,829) | $41,007,270 |
Communication Services Portfolio | 908,375,451 | 344,083,323 | (77,099,731) | 266,983,592 |
Construction and Housing Portfolio | 427,320,474 | 245,727,707 | (22,857,659) | 222,870,048 |
Consumer Discretionary Portfolio | 322,266,850 | 192,382,468 | (8,649,780) | 183,732,688 |
Leisure Portfolio | 446,127,290 | 211,297,742 | (17,169,190) | 194,128,552 |
Retailing Portfolio | 1,719,399,596 | 1,292,118,410 | (78,391,731) | 1,213,726,679 |
Short-term | Long-term | Total capital loss carryforward | |
Automotive Portfolio | $ (9,853,453) | $ (4,012,545) | $ (13,865,998) |
Communication Services Portfolio | (17,461,483) | (-) | (17,461,483) |
Construction and Housing Portfolio | (14,661,781) | (-) | (14,661,781) |
Ordinary losses | |
Communication Services Portfolio | $(631,297) |
Consumer Discretionary Portfolio | (91,321) |
Retailing Portfolio | (184,284) |
Purchases ($) | Sales ($) | |
Automotive Portfolio | 49,199,028 | 30,653,803 |
Communication Services Portfolio | 357,277,111 | 199,264,065 |
Construction and Housing Portfolio | 127,408,378 | 55,036,487 |
Consumer Discretionary Portfolio | 85,789,054 | 83,795,574 |
Leisure Portfolio | 104,890,572 | 85,109,350 |
Retailing Portfolio | 874,362,771 | 1,028,076,388 |
Individual Rate | Group Rate | Total | |
Automotive Portfolio | .30% | .22% | .52% |
Communication Services Portfolio | .30% | .22% | .52% |
Construction and Housing Portfolio | .30% | .22% | .52% |
Consumer Discretionary Portfolio | .30% | .22% | .52% |
Leisure Portfolio | .30% | .22% | .52% |
Retailing Portfolio | .30% | .22% | .52% |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Communication Services Portfolio | ||||
Class A | - % | .25% | $40,070 | $- |
Class M | .25% | .25% | 13,206 | - |
Class C | .75% | .25% | 43,952 | 9,998 |
$97,228 | $9,998 |
Retained by FDC | |
Communication Services Portfolio | |
Class A | $ 18,332 |
Class M | 1,689 |
Class CA | 40 |
$20,061 |
Amount | % of Average Net AssetsA | |
Automotive Portfolio | $147,385 | .26 |
Communication Services Portfolio | ||
Class A | 37,491 | .23 |
Class M | 6,000 | .23 |
Class C | 8,527 | .19 |
Communication Services | 865,069 | .20 |
Class I | 16,482 | .17 |
Class Z | 1,150 | .04 |
934,719 | ||
Construction and Housing Portfolio | 517,909 | .19 |
Consumer Discretionary Portfolio | 376,423 | .17 |
Leisure Portfolio | 493,793 | .16 |
Retailing Portfolio | 2,317,970 | .17 |
% of Average Net Assets | |
Automotive Portfolio | .04 |
Communication Services Portfolio | .03 |
Construction and Housing Portfolio | .03 |
Consumer Discretionary Portfolio | .04 |
Leisure Portfolio | .03 |
Retailing Portfolio | .03 |
Amount | |
Automotive Portfolio | $1,235 |
Communication Services Portfolio | 4,896 |
Construction and Housing Portfolio | 801 |
Consumer Discretionary Portfolio | 1,189 |
Leisure Portfolio | 1,379 |
Retailing Portfolio | 10,218 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Retailing Portfolio | Borrower | $ 6,231,333 | 5.12% | $ 5,322 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Automotive Portfolio | 2,511,604 | 2,541,800 | 562 |
Communication Services Portfolio | 20,065,826 | 3,117,006 | 513,790 |
Construction and Housing Portfolio | 4,878,610 | 848,471 | 242,731 |
Consumer Discretionary Portfolio | 6,197,468 | 2,842,682 | 473,365 |
Leisure Portfolio | 5,088,514 | 1,610,203 | 54,569 |
Retailing Portfolio | 36,423,253 | 39,199,364 | (2,536,571) |
Amount | |
Automotive Portfolio | $99 |
Communication Services Portfolio | 780 |
Construction and Housing Portfolio | 478 |
Consumer Discretionary Portfolio | 403 |
Leisure Portfolio | 556 |
Retailing Portfolio | 2,669 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Automotive Portfolio | $11,579 | $ 7,836 | $- |
Communication Services Portfolio | $ 1,515 | $ - | $- |
Construction and Housing Portfolio | $ 930 | $ - | $- |
Consumer Discretionary Portfolio | $ 4,286 | $ 149 | $- |
Leisure Portfolio | $ 32,046 | $ 24,382 | $- |
Retailing Portfolio | $ 4,666 | $ 20 | $- |
Custodian credits | Transfer Agent credits | |
Communication Services Portfolio | 304 | - |
Class A | - | 32 |
Class M | - | 31 |
Amount | |
Automotive Portfolio | $ 3,341 |
Construction and Housing Portfolio | 15,886 |
Consumer Discretionary Portfolio | 13,524 |
Leisure Portfolio | 18,472 |
Retailing Portfolio | 85,686 |
Fund-Level Amount | |
Communication Services Portfolio | 27,484 |
Shares | Shares | Dollars | Dollars | |
Six months ended August 31, 2023 | Year ended February 28, 2023 | Six months ended August 31, 2023 | Year ended February 28, 2023 | |
Communication Services Portfolio | ||||
Class A | ||||
Shares sold | 159,705 | 106,946 | $11,593,555 | $6,909,623 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (44,597) | (146,490) | (3,213,342) | (9,350,947) |
Net increase (decrease) | 115,108 | (39,544) | $8,380,213 | $(2,441,324) |
Class M | ||||
Shares sold | 39,924 | 11,811 | $2,876,442 | $749,050 |
Shares redeemed | (5,827) | (29,773) | (417,692) | (1,798,790) |
Net increase (decrease) | 34,097 | (17,962) | $2,458,750 | $(1,049,740) |
Class C | ||||
Shares sold | 28,506 | 44,574 | $2,037,333 | $2,778,261 |
Shares redeemed | (16,765) | (37,470) | (1,148,882) | (2,303,544) |
Net increase (decrease) | 11,741 | 7,104 | $888,451 | $474,717 |
Communication Services | ||||
Shares sold | 3,049,472 | 2,037,740 | $226,403,064 | $131,199,352 |
Shares redeemed | (1,414,100) | (2,871,553) | (103,073,738) | (185,590,458) |
Net increase (decrease) | 1,635,372 | (833,813) | $123,329,326 | $(54,391,106) |
Class I | ||||
Shares sold | 173,391 | 74,777 | $12,567,592 | $4,946,728 |
Shares redeemed | (38,651) | (291,105) | (2,837,194) | (19,399,461) |
Net increase (decrease) | 134,740 | (216,328) | $9,730,398 | $(14,452,733) |
Class Z | ||||
Shares sold | 237,571 | 19,696 | $19,063,423 | $1,307,319 |
Shares redeemed | (9,882) | (49,019) | (703,864) | (3,238,948) |
Net increase (decrease) | 227,689 | (29,323) | $18,359,559 | $(1,931,629) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Automotive Portfolio | .89% | |||||||||
Actual | $ 1,000 | $ 1,144.30 | $ 4.80 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.66 | $ 4.52 | |||||||
Communication Services Portfolio | ||||||||||
Class A | 1.05% | |||||||||
Actual | $ 1,000 | $ 1,273.50 | $ 6.00 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.86 | $ 5.33 | |||||||
Class M | 1.30% | |||||||||
Actual | $ 1,000 | $ 1,271.90 | $ 7.42 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.60 | $ 6.60 | |||||||
Class C | 1.76% | |||||||||
Actual | $ 1,000 | $ 1,268.90 | $ 10.04 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.29 | $ 8.92 | |||||||
Communication Services Portfolio | .77% | |||||||||
Actual | $ 1,000 | $ 1,275.40 | $ 4.40 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.27 | $ 3.91 | |||||||
Class I | .74% | |||||||||
Actual | $ 1,000 | $ 1,275.40 | $ 4.23 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.42 | $ 3.76 | |||||||
Class Z | .61% | |||||||||
Actual | $ 1,000 | $ 1,276.40 | $ 3.49 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.07 | $ 3.10 | |||||||
Construction and Housing Portfolio | .77% | |||||||||
Actual | $ 1,000 | $ 1,135.10 | $ 4.13 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.27 | $ 3.91 | |||||||
Consumer Discretionary Portfolio | .75% | |||||||||
Actual | $ 1,000 | $ 1,166.70 | $ 4.08 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Leisure Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,085.30 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Retailing Portfolio | .72% | |||||||||
Actual | $ 1,000 | $ 1,116.90 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.66 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
The Boeing Co. | 19.4 | |
Lockheed Martin Corp. | 14.1 | |
RTX Corp. | 13.3 | |
TransDigm Group, Inc. | 5.0 | |
Howmet Aerospace, Inc. | 5.0 | |
HEICO Corp. Class A | 4.6 | |
Northrop Grumman Corp. | 4.4 | |
Textron, Inc. | 2.9 | |
L3Harris Technologies, Inc. | 2.8 | |
BWX Technologies, Inc. | 2.7 | |
74.2 | ||
Industries (% of Fund's net assets) | ||
Aerospace & Defense | 93.1 | |
Professional Services | 4.3 | |
Industrial Conglomerates | 1.0 | |
Metals & Mining | 0.8 | |
Common Stocks - 99.2% | |||
Shares | Value ($) | ||
Aerospace & Defense - 93.1% | |||
Aerospace & Defense - 93.1% | |||
AerSale Corp. (a) | 409,600 | 6,066,176 | |
Airbus Group NV | 181,600 | 26,569,364 | |
Axon Enterprise, Inc. (a) | 145,000 | 30,871,950 | |
BWX Technologies, Inc. | 538,400 | 39,712,384 | |
Curtiss-Wright Corp. | 102,500 | 21,318,975 | |
Elbit Systems Ltd. (b) | 81,600 | 16,097,232 | |
General Dynamics Corp. | 166,900 | 37,826,216 | |
HEICO Corp. Class A | 511,100 | 69,218,273 | |
Howmet Aerospace, Inc. | 1,499,800 | 74,195,106 | |
Huntington Ingalls Industries, Inc. | 161,200 | 35,515,584 | |
Kratos Defense & Security Solutions, Inc. (a) | 967,000 | 15,559,030 | |
L3Harris Technologies, Inc. | 231,600 | 41,245,644 | |
Lockheed Martin Corp. | 466,800 | 209,289,780 | |
Mercury Systems, Inc. (a) | 409,400 | 16,068,950 | |
Northrop Grumman Corp. | 152,500 | 66,046,225 | |
RTX Corp. | 2,303,400 | 198,184,536 | |
Spirit AeroSystems Holdings, Inc. Class A (b) | 1,178,400 | 25,123,488 | |
Textron, Inc. | 556,500 | 43,245,615 | |
The Boeing Co. (a) | 1,286,200 | 288,147,386 | |
TransDigm Group, Inc. | 82,600 | 74,658,010 | |
Triumph Group, Inc. (a) | 1,406,100 | 13,231,401 | |
Woodward, Inc. | 282,700 | 36,572,899 | |
1,384,764,224 | |||
Industrial Conglomerates - 1.0% | |||
Industrial Conglomerates - 1.0% | |||
General Electric Co. | 131,100 | 15,005,706 | |
Metals & Mining - 0.8% | |||
Steel - 0.8% | |||
ATI, Inc. (a) | 271,700 | 12,316,161 | |
Professional Services - 4.3% | |||
Research & Consulting Services - 4.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 191,400 | 21,687,534 | |
CACI International, Inc. Class A (a) | 76,000 | 24,928,760 | |
Leidos Holdings, Inc. | 174,700 | 17,034,997 | |
63,651,291 | |||
TOTAL COMMON STOCKS (Cost $1,024,883,336) | 1,475,737,382 | ||
Money Market Funds - 1.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 9,894,836 | 9,896,815 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 17,996,209 | 17,998,008 | |
TOTAL MONEY MARKET FUNDS (Cost $27,894,823) | 27,894,823 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $1,052,778,159) | 1,503,632,205 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (15,732,760) |
NET ASSETS - 100.0% | 1,487,899,445 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 20,590,806 | 99,545,011 | 110,239,002 | 219,253 | - | - | 9,896,815 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 1,136,708 | 91,248,752 | 74,387,452 | 10,973 | - | - | 17,998,008 | 0.1% |
Total | 21,727,514 | 190,793,763 | 184,626,454 | 230,226 | - | - | 27,894,823 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,475,737,382 | 1,449,168,018 | 26,569,364 | - |
Money Market Funds | 27,894,823 | 27,894,823 | - | - |
Total Investments in Securities: | 1,503,632,205 | 1,477,062,841 | 26,569,364 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $17,186,776) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,024,883,336) | $ | 1,475,737,382 | ||
Fidelity Central Funds (cost $27,894,823) | 27,894,823 | |||
Total Investment in Securities (cost $1,052,778,159) | $ | 1,503,632,205 | ||
Foreign currency held at value (cost $21) | 21 | |||
Receivable for investments sold | 454,207 | |||
Receivable for fund shares sold | 166,043 | |||
Dividends receivable | 3,368,301 | |||
Distributions receivable from Fidelity Central Funds | 28,471 | |||
Prepaid expenses | 8,336 | |||
Other receivables | 123,507 | |||
Total assets | 1,507,781,091 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 825,957 | ||
Accrued management fee | 653,149 | |||
Other affiliated payables | 258,341 | |||
Other payables and accrued expenses | 146,049 | |||
Collateral on securities loaned | 17,998,150 | |||
Total Liabilities | 19,881,646 | |||
Net Assets | $ | 1,487,899,445 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 974,899,134 | ||
Total accumulated earnings (loss) | 513,000,311 | |||
Net Assets | $ | 1,487,899,445 | ||
Net Asset Value, offering price and redemption price per share ($1,487,899,445 ÷ 92,086,518 shares) | $ | 16.16 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 9,063,750 | ||
Income from Fidelity Central Funds (including $10,973 from security lending) | 230,226 | |||
Total Income | 9,293,976 | |||
Expenses | ||||
Management fee | $ | 4,015,597 | ||
Transfer agent fees | 1,364,806 | |||
Accounting fees | 212,418 | |||
Custodian fees and expenses | 5,774 | |||
Independent trustees' fees and expenses | 5,440 | |||
Registration fees | 37,667 | |||
Audit | 18,634 | |||
Legal | 2,128 | |||
Miscellaneous | 5,880 | |||
Total expenses before reductions | 5,668,344 | |||
Expense reductions | (47,944) | |||
Total expenses after reductions | 5,620,400 | |||
Net Investment income (loss) | 3,673,576 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 63,652,159 | |||
Foreign currency transactions | 887 | |||
Total net realized gain (loss) | 63,653,046 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (31,906,967) | |||
Net gain (loss) | 31,746,079 | |||
Net increase (decrease) in net assets resulting from operations | $ | 35,419,655 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,673,576 | $ | 8,425,259 |
Net realized gain (loss) | 63,653,046 | 8,893,228 | ||
Change in net unrealized appreciation (depreciation) | (31,906,967) | (9,553,385) | ||
Net increase (decrease) in net assets resulting from operations | 35,419,655 | 7,765,102 | ||
Distributions to shareholders | (12,685,716) | (131,285,966) | ||
Share transactions | ||||
Proceeds from sales of shares | 79,982,237 | 374,622,368 | ||
Reinvestment of distributions | 11,838,858 | 123,852,822 | ||
Cost of shares redeemed | (200,429,961) | (337,711,083) | ||
Net increase (decrease) in net assets resulting from share transactions | (108,608,866) | 160,764,107 | ||
Total increase (decrease) in net assets | (85,874,927) | 37,243,243 | ||
Net Assets | ||||
Beginning of period | 1,573,774,372 | 1,536,531,129 | ||
End of period | $ | 1,487,899,445 | $ | 1,573,774,372 |
Other Information | ||||
Shares | ||||
Sold | 5,001,724 | 23,993,181 | ||
Issued in reinvestment of distributions | 744,582 | 8,055,567 | ||
Redeemed | (12,606,371) | (23,077,316) | ||
Net increase (decrease) | (6,860,065) | 8,971,432 | ||
Defense and Aerospace Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 B | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 15.91 | $ | 17.08 | $ | 16.28 | $ | 16.61 | $ | 17.27 | $ | 18.45 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) C,D | .04 | .09 E | .01 | (.04) | .27 F | .11 | ||||||
Net realized and unrealized gain (loss) | .34 | .12 G | 2.12 | .06 | (.45) | .33 | ||||||
Total from investment operations | .38 | .21 | 2.13 | .02 | (.18) | .44 | ||||||
Distributions from net investment income | (.02) | (.07) | - | (.05) | (.22) | (.10) | ||||||
Distributions from net realized gain | (.11) | (1.31) | (1.33) | (.30) | (.26) | (1.52) | ||||||
Total distributions | (.13) | (1.38) | (1.33) | (.35) | (.48) | (1.62) | ||||||
Net asset value, end of period | $ | 16.16 | $ | 15.91 | $ | 17.08 | $ | 16.28 | $ | 16.61 | $ | 17.27 |
Total Return H,I | 2.40% | 1.54% | 14.06% | .69% | (1.32)% | 3.57% | ||||||
Ratios to Average Net Assets D,J,K | ||||||||||||
Expenses before reductions | .74% L | .75% | .74% | .77% | .75% | .75% | ||||||
Expenses net of fee waivers, if any | .73% L | .74% | .74% | .77% | .74% | .75% | ||||||
Expenses net of all reductions | .73% L | .74% | .74% | .76% | .74% | .75% | ||||||
Net investment income (loss) | .48% L | .58% E | .06% | (.29)% | 1.49% F | .66% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,487,899 | $ | 1,573,774 | $ | 1,536,531 | $ | 1,638,194 | $ | 2,728,959 | $ | 2,795,259 |
Portfolio turnover rate M | 13% L | 15% | 52% | 30% | 40% | 44% |
Top Holdings (% of Fund's net assets) | ||
Union Pacific Corp. | 6.1 | |
The Boeing Co. | 5.8 | |
General Electric Co. | 5.8 | |
FedEx Corp. | 4.7 | |
Ingersoll Rand, Inc. | 4.7 | |
Parker Hannifin Corp. | 4.2 | |
Fortive Corp. | 3.9 | |
TransDigm Group, Inc. | 3.6 | |
Regal Rexnord Corp. | 3.4 | |
Howmet Aerospace, Inc. | 3.4 | |
45.6 | ||
Industries (% of Fund's net assets) | ||
Machinery | 24.3 | |
Ground Transportation | 15.1 | |
Aerospace & Defense | 14.9 | |
Building Products | 11.0 | |
Electrical Equipment | 8.7 | |
Industrial Conglomerates | 5.8 | |
Air Freight & Logistics | 4.7 | |
Construction & Engineering | 4.1 | |
Commercial Services & Supplies | 3.8 | |
Trading Companies & Distributors | 2.6 | |
Professional Services | 2.4 | |
Construction Materials | 2.0 | |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Aerospace & Defense - 14.9% | |||
Aerospace & Defense - 14.9% | |||
Howmet Aerospace, Inc. | 336,037 | 16,623,750 | |
Lockheed Martin Corp. | 22,523 | 10,098,187 | |
The Boeing Co. (a) | 128,648 | 28,821,011 | |
TransDigm Group, Inc. | 19,737 | 17,839,287 | |
73,382,235 | |||
Air Freight & Logistics - 4.7% | |||
Air Freight & Logistics - 4.7% | |||
FedEx Corp. | 89,800 | 23,439,596 | |
Building Products - 11.0% | |||
Building Products - 11.0% | |||
Carlisle Companies, Inc. | 32,800 | 8,627,056 | |
Johnson Controls International PLC | 216,500 | 12,786,490 | |
Owens Corning | 6,300 | 906,633 | |
Simpson Manufacturing Co. Ltd. | 73,680 | 11,771,117 | |
The AZEK Co., Inc. (a) | 136,200 | 4,632,162 | |
Trane Technologies PLC | 75,035 | 15,401,684 | |
54,125,142 | |||
Commercial Services & Supplies - 3.8% | |||
Environmental & Facilities Services - 3.8% | |||
GFL Environmental, Inc. | 259,283 | 8,400,769 | |
Republic Services, Inc. | 73,723 | 10,625,696 | |
19,026,465 | |||
Construction & Engineering - 4.1% | |||
Construction & Engineering - 4.1% | |||
AECOM | 125,541 | 11,016,223 | |
Willscot Mobile Mini Holdings (a) | 220,600 | 9,049,012 | |
20,065,235 | |||
Construction Materials - 2.0% | |||
Construction Materials - 2.0% | |||
Eagle Materials, Inc. | 51,974 | 9,839,718 | |
Electrical Equipment - 8.7% | |||
Electrical Components & Equipment - 8.7% | |||
AMETEK, Inc. | 56,720 | 9,047,407 | |
Eaton Corp. PLC | 68,000 | 15,665,160 | |
Regal Rexnord Corp. | 104,370 | 16,927,770 | |
Vertiv Holdings Co. | 27,300 | 1,075,347 | |
42,715,684 | |||
Ground Transportation - 15.1% | |||
Cargo Ground Transportation - 6.2% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 275,100 | 15,080,982 | |
Saia, Inc. (a) | 37,100 | 15,812,020 | |
30,893,002 | |||
Passenger Ground Transportation - 2.4% | |||
Uber Technologies, Inc. (a) | 249,900 | 11,802,777 | |
Rail Transportation - 6.5% | |||
CSX Corp. | 72,969 | 2,203,664 | |
Union Pacific Corp. | 135,400 | 29,865,181 | |
32,068,845 | |||
TOTAL GROUND TRANSPORTATION | 74,764,624 | ||
Industrial Conglomerates - 5.8% | |||
Industrial Conglomerates - 5.8% | |||
General Electric Co. | 249,703 | 28,581,005 | |
Machinery - 24.3% | |||
Construction Machinery & Heavy Transportation Equipment - 2.0% | |||
Caterpillar, Inc. | 34,500 | 9,698,985 | |
Industrial Machinery & Supplies & Components - 22.3% | |||
Chart Industries, Inc. (a)(b) | 77,900 | 14,067,182 | |
Dover Corp. | 111,181 | 16,488,142 | |
Fortive Corp. | 241,711 | 19,058,912 | |
Ingersoll Rand, Inc. | 336,164 | 23,400,376 | |
ITT, Inc. | 157,600 | 16,119,328 | |
Parker Hannifin Corp. | 50,300 | 20,970,070 | |
110,104,010 | |||
TOTAL MACHINERY | 119,802,995 | ||
Professional Services - 2.4% | |||
Research & Consulting Services - 2.4% | |||
Leidos Holdings, Inc. | 122,889 | 11,982,906 | |
Trading Companies & Distributors - 2.6% | |||
Trading Companies & Distributors - 2.6% | |||
W.W. Grainger, Inc. (b) | 17,709 | 12,646,705 | |
TOTAL COMMON STOCKS (Cost $432,806,943) | 490,372,310 | ||
Money Market Funds - 0.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 2,424,734 | 2,425,219 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 1,467,113 | 1,467,260 | |
TOTAL MONEY MARKET FUNDS (Cost $3,892,479) | 3,892,479 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $436,699,422) | 494,264,789 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (1,008,887) |
NET ASSETS - 100.0% | 493,255,902 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | - | 97,974,838 | 95,549,619 | 94,372 | - | - | 2,425,219 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 4,537,200 | 28,558,598 | 31,628,538 | 1,537 | - | - | 1,467,260 | 0.0% |
Total | 4,537,200 | 126,533,436 | 127,178,157 | 95,909 | - | - | 3,892,479 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 490,372,310 | 490,372,310 | - | - |
Money Market Funds | 3,892,479 | 3,892,479 | - | - |
Total Investments in Securities: | 494,264,789 | 494,264,789 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,435,746) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $432,806,943) | $ | 490,372,310 | ||
Fidelity Central Funds (cost $3,892,479) | 3,892,479 | |||
Total Investment in Securities (cost $436,699,422) | $ | 494,264,789 | ||
Receivable for fund shares sold | 299,810 | |||
Dividends receivable | 568,365 | |||
Distributions receivable from Fidelity Central Funds | 12,570 | |||
Prepaid expenses | 2,774 | |||
Deferred trustee fee receivable | 117,027 | |||
Other receivables | 2,696 | |||
Total assets | 495,268,031 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 118,347 | ||
Accrued management fee | 212,090 | |||
Other affiliated payables | 75,453 | |||
Deferred trustee fee payable | 117,027 | |||
Other payables and accrued expenses | 21,952 | |||
Collateral on securities loaned | 1,467,260 | |||
Total Liabilities | 2,012,129 | |||
Net Assets | $ | 493,255,902 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 390,796,832 | ||
Total accumulated earnings (loss) | 102,459,070 | |||
Net Assets | $ | 493,255,902 | ||
Net Asset Value, offering price and redemption price per share ($493,255,902 ÷ 14,799,394 shares) | $ | 33.33 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,746,727 | ||
Income from Fidelity Central Funds (including $1,537 from security lending) | 95,909 | |||
Total Income | 1,842,636 | |||
Expenses | ||||
Management fee | $ | 1,188,735 | ||
Transfer agent fees | 357,185 | |||
Accounting fees | 80,313 | |||
Custodian fees and expenses | 7,629 | |||
Independent trustees' fees and expenses | 1,496 | |||
Registration fees | 18,198 | |||
Audit | 18,215 | |||
Legal | 2,062 | |||
Interest | 2,105 | |||
Miscellaneous | 1,477 | |||
Total expenses before reductions | 1,677,415 | |||
Expense reductions | (17,463) | |||
Total expenses after reductions | 1,659,952 | |||
Net Investment income (loss) | 182,684 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 29,114,166 | |||
Redemptions in-kind | 16,577,795 | |||
Total net realized gain (loss) | 45,691,961 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (2,786,788) | |||
Net gain (loss) | 42,905,173 | |||
Net increase (decrease) in net assets resulting from operations | $ | 43,087,857 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 182,684 | $ | 507,971 |
Net realized gain (loss) | 45,691,961 | 4,346,664 | ||
Change in net unrealized appreciation (depreciation) | (2,786,788) | 7,991,988 | ||
Net increase (decrease) in net assets resulting from operations | 43,087,857 | 12,846,623 | ||
Distributions to shareholders | (3,747,257) | (13,235,663) | ||
Share transactions | ||||
Proceeds from sales of shares | 72,585,546 | 164,045,053 | ||
Reinvestment of distributions | 3,530,851 | 12,491,921 | ||
Cost of shares redeemed | (75,726,588) | (82,387,426) | ||
Net increase (decrease) in net assets resulting from share transactions | 389,809 | 94,149,548 | ||
Total increase (decrease) in net assets | 39,730,409 | 93,760,508 | ||
Net Assets | ||||
Beginning of period | 453,525,493 | 359,764,985 | ||
End of period | $ | 493,255,902 | $ | 453,525,493 |
Other Information | ||||
Shares | ||||
Sold | 2,263,128 | 5,797,934 | ||
Issued in reinvestment of distributions | 120,384 | 419,387 | ||
Redeemed | (2,409,834) | (2,846,988) | ||
Net increase (decrease) | (26,322) | 3,370,333 | ||
Industrials Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 30.59 | $ | 31.41 | $ | 37.17 | $ | 31.90 | $ | 33.84 | $ | 36.96 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .01 | .04 D | (.04) | (.02) | .28 E | .32 | ||||||
Net realized and unrealized gain (loss) | 2.99 | .30 | 3.70 | 6.38 | (.76) | (.70) | ||||||
Total from investment operations | 3.00 | .34 | 3.66 | 6.36 | (.48) | (.38) | ||||||
Distributions from net investment income | - F | (.04) | - | (.07) G | (.24) | (.25) | ||||||
Distributions from net realized gain | (.25) | (1.13) | (9.42) | (1.02) G | (1.23) | (2.49) | ||||||
Total distributions | (.26) H | (1.16) H | (9.42) | (1.09) | (1.46) H | (2.74) | ||||||
Net asset value, end of period | $ | 33.33 | $ | 30.59 | $ | 31.41 | $ | 37.17 | $ | 31.90 | $ | 33.84 |
Total Return I,J | 9.90% | 1.19% | 9.33% | 21.41% | (1.82)% | (.45)% | ||||||
Ratios to Average Net Assets C,K,L | ||||||||||||
Expenses before reductions | .74% M | .76% | .74% | .76% | .76% | .76% | ||||||
Expenses net of fee waivers, if any | .73% M | .76% | .74% | .76% | .76% | .76% | ||||||
Expenses net of all reductions | .73% M | .76% | .74% | .74% | .75% | .75% | ||||||
Net investment income (loss) | .08% M | .14% D | (.10)% | (.05)% | .81% E | .92% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 493,256 | $ | 453,525 | $ | 359,765 | $ | 564,209 | $ | 529,023 | $ | 632,470 |
Portfolio turnover rate N | 198% M,O | 125% | 151% | 272% | 143% O | 88% O |
Top Holdings (% of Fund's net assets) | ||
Union Pacific Corp. | 15.1 | |
United Parcel Service, Inc. Class B | 13.1 | |
Uber Technologies, Inc. | 7.7 | |
Air Transport Services Group, Inc. | 5.5 | |
FedEx Corp. | 5.2 | |
Kirby Corp. | 5.0 | |
CSX Corp. | 4.8 | |
Scorpio Tankers, Inc. | 4.1 | |
Delta Air Lines, Inc. | 4.0 | |
Copa Holdings SA Class A | 3.5 | |
68.0 | ||
Industries (% of Fund's net assets) | ||
Ground Transportation | 38.2 | |
Air Freight & Logistics | 28.2 | |
Passenger Airlines | 15.1 | |
Oil, Gas & Consumable Fuels | 9.6 | |
Marine Transportation | 6.0 | |
Energy Equipment & Services | 1.7 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
Air Freight & Logistics - 28.2% | |||
Air Freight & Logistics - 28.2% | |||
Air Transport Services Group, Inc. (a) | 1,512,813 | 32,616,248 | |
C.H. Robinson Worldwide, Inc. | 91,851 | 8,306,086 | |
Expeditors International of Washington, Inc. | 91,461 | 10,674,413 | |
FedEx Corp. | 117,799 | 30,747,895 | |
Forward Air Corp. | 33,884 | 2,399,665 | |
GXO Logistics, Inc. (a) | 40,013 | 2,559,632 | |
Hub Group, Inc. Class A (a) | 21,349 | 1,666,076 | |
United Parcel Service, Inc. Class B | 456,347 | 77,305,182 | |
166,275,197 | |||
Energy Equipment & Services - 1.7% | |||
Oil & Gas Drilling - 1.7% | |||
Noble Corp. PLC | 168,866 | 8,905,993 | |
Valaris Ltd. (a) | 15,000 | 1,129,800 | |
10,035,793 | |||
Ground Transportation - 38.2% | |||
Cargo Ground Transportation - 6.6% | |||
ArcBest Corp. | 37,000 | 3,906,830 | |
Knight-Swift Transportation Holdings, Inc. Class A | 97,935 | 5,368,797 | |
Ryder System, Inc. | 69,122 | 6,960,585 | |
Saia, Inc. (a) | 33,487 | 14,272,159 | |
TFI International, Inc. (Canada) | 27,700 | 3,774,515 | |
U-Haul Holding Co. (non-vtg.) | 91,208 | 4,855,914 | |
39,138,800 | |||
Passenger Ground Transportation - 8.5% | |||
Hertz Global Holdings, Inc. (a)(b) | 81,700 | 1,384,815 | |
Lyft, Inc. (a) | 272,000 | 3,204,160 | |
Uber Technologies, Inc. (a) | 962,932 | 45,479,278 | |
50,068,253 | |||
Rail Transportation - 23.1% | |||
CSX Corp. | 947,697 | 28,620,449 | |
Norfolk Southern Corp. (b) | 91,853 | 18,830,784 | |
Union Pacific Corp. | 402,704 | 88,824,420 | |
136,275,653 | |||
TOTAL GROUND TRANSPORTATION | 225,482,706 | ||
Marine Transportation - 6.0% | |||
Marine Transportation - 6.0% | |||
Eagle Bulk Shipping, Inc. (b) | 46,250 | 2,023,900 | |
Kirby Corp. (a) | 357,988 | 29,652,146 | |
Matson, Inc. | 37,795 | 3,321,425 | |
34,997,471 | |||
Oil, Gas & Consumable Fuels - 9.6% | |||
Oil & Gas Storage & Transportation - 9.6% | |||
Ardmore Shipping Corp. | 128,805 | 1,602,334 | |
Cool Co. Ltd. | 233,874 | 3,286,471 | |
DHT Holdings, Inc. | 393,892 | 3,643,501 | |
Frontline PLC (NY Shares) | 281,422 | 4,958,656 | |
Hafnia Ltd. | 1,874,347 | 10,992,178 | |
International Seaways, Inc. | 184,458 | 7,926,160 | |
Scorpio Tankers, Inc. | 482,596 | 24,375,924 | |
56,785,224 | |||
Passenger Airlines - 14.9% | |||
Passenger Airlines - 14.9% | |||
Alaska Air Group, Inc. (a) | 405,242 | 17,008,007 | |
Allegiant Travel Co. | 16,200 | 1,439,208 | |
Copa Holdings SA Class A | 202,131 | 20,556,723 | |
Delta Air Lines, Inc. | 550,116 | 23,588,974 | |
Frontier Group Holdings, Inc. (a)(b) | 302,311 | 1,898,513 | |
Joby Aviation, Inc. (a)(b) | 118,114 | 879,949 | |
Ryanair Holdings PLC sponsored ADR (a) | 15,000 | 1,488,750 | |
SkyWest, Inc. (a) | 140,980 | 6,358,198 | |
Southwest Airlines Co. | 149,035 | 4,709,506 | |
Spirit Airlines, Inc. | 72,200 | 1,191,300 | |
Sun Country Airlines Holdings, Inc. (a) | 446,156 | 6,643,263 | |
United Airlines Holdings, Inc. (a) | 39,599 | 1,972,426 | |
87,734,817 | |||
TOTAL COMMON STOCKS (Cost $388,006,526) | 581,311,208 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
Passenger Airlines - 0.2% | |||
Passenger Airlines - 0.2% | |||
Azul SA (a) (Cost $1,177,391) | 485,200 | 1,419,727 | |
Money Market Funds - 2.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 6,142,408 | 6,143,636 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 6,753,527 | 6,754,201 | |
TOTAL MONEY MARKET FUNDS (Cost $12,897,837) | 12,897,837 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $402,081,754) | 595,628,772 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (5,848,607) |
NET ASSETS - 100.0% | 589,780,165 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 7,755,607 | 43,617,677 | 45,229,648 | 205,307 | - | - | 6,143,636 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 21,906,175 | 95,489,950 | 110,641,924 | 10,093 | - | - | 6,754,201 | 0.0% |
Total | 29,661,782 | 139,107,627 | 155,871,572 | 215,400 | - | - | 12,897,837 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 581,311,208 | 581,311,208 | - | - |
Nonconvertible Preferred Stocks | 1,419,727 | 1,419,727 | - | - |
Money Market Funds | 12,897,837 | 12,897,837 | - | - |
Total Investments in Securities: | 595,628,772 | 595,628,772 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $6,478,484) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $389,183,917) | $ | 582,730,935 | ||
Fidelity Central Funds (cost $12,897,837) | 12,897,837 | |||
Total Investment in Securities (cost $402,081,754) | $ | 595,628,772 | ||
Foreign currency held at value (cost $31) | 30 | |||
Receivable for investments sold | 3,696,126 | |||
Receivable for fund shares sold | 113,392 | |||
Dividends receivable | 1,436,671 | |||
Distributions receivable from Fidelity Central Funds | 33,700 | |||
Prepaid expenses | 1,942 | |||
Other receivables | 3,349 | |||
Total assets | 600,913,982 | |||
Liabilities | ||||
Payable for investments purchased | $ | 3,600,117 | ||
Payable for fund shares redeemed | 386,643 | |||
Accrued management fee | 261,465 | |||
Other affiliated payables | 109,144 | |||
Other payables and accrued expenses | 22,245 | |||
Collateral on securities loaned | 6,754,203 | |||
Total Liabilities | 11,133,817 | |||
Net Assets | $ | 589,780,165 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 393,756,355 | ||
Total accumulated earnings (loss) | 196,023,810 | |||
Net Assets | $ | 589,780,165 | ||
Net Asset Value, offering price and redemption price per share ($589,780,165 ÷ 5,814,351 shares) | $ | 101.44 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 8,328,132 | ||
Interest | 2 | |||
Income from Fidelity Central Funds (including $10,093 from security lending) | 215,400 | |||
Total Income | 8,543,534 | |||
Expenses | ||||
Management fee | $ | 1,514,960 | ||
Transfer agent fees | 545,232 | |||
Accounting fees | 97,891 | |||
Custodian fees and expenses | 4,270 | |||
Independent trustees' fees and expenses | 2,138 | |||
Registration fees | 23,248 | |||
Audit | 18,337 | |||
Legal | 3,945 | |||
Miscellaneous | 2,025 | |||
Total expenses before reductions | 2,212,046 | |||
Expense reductions | (18,484) | |||
Total expenses after reductions | 2,193,562 | |||
Net Investment income (loss) | 6,349,972 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (134,256) | |||
Foreign currency transactions | 32,725 | |||
Total net realized gain (loss) | (101,531) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 22,098,411 | |||
Assets and liabilities in foreign currencies | 915 | |||
Total change in net unrealized appreciation (depreciation) | 22,099,326 | |||
Net gain (loss) | 21,997,795 | |||
Net increase (decrease) in net assets resulting from operations | $ | 28,347,767 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,349,972 | $ | 7,761,668 |
Net realized gain (loss) | (101,531) | 28,240,342 | ||
Change in net unrealized appreciation (depreciation) | 22,099,326 | (46,772,250) | ||
Net increase (decrease) in net assets resulting from operations | 28,347,767 | (10,770,240) | ||
Distributions to shareholders | (2,697,420) | (48,641,050) | ||
Share transactions | ||||
Proceeds from sales of shares | 34,341,586 | 81,246,776 | ||
Reinvestment of distributions | 2,546,049 | 46,145,200 | ||
Cost of shares redeemed | (59,864,839) | (160,176,373) | ||
Net increase (decrease) in net assets resulting from share transactions | (22,977,204) | (32,784,397) | ||
Total increase (decrease) in net assets | 2,673,143 | (92,195,687) | ||
Net Assets | ||||
Beginning of period | 587,107,022 | 679,302,709 | ||
End of period | $ | 589,780,165 | $ | 587,107,022 |
Other Information | ||||
Shares | ||||
Sold | 352,969 | 813,431 | ||
Issued in reinvestment of distributions | 26,957 | 489,169 | ||
Redeemed | (618,168) | (1,669,220) | ||
Net increase (decrease) | (238,242) | (366,620) | ||
Transportation Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 97.00 | $ | 105.82 | $ | 98.97 | $ | 82.12 | $ | 95.41 | $ | 99.07 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | 1.07 | 1.24 | .64 | 1.06 D | .93 | .85 | ||||||
Net realized and unrealized gain (loss) | 3.82 | (2.12) | 19.26 | 23.43 | (10.43) | 5.05 | ||||||
Total from investment operations | 4.89 | (.88) | 19.90 | 24.49 | (9.50) | 5.90 | ||||||
Distributions from net investment income | (.15) | (1.16) | (1.03) | (.76) | (1.10) | (.78) | ||||||
Distributions from net realized gain | (.30) | (6.78) | (12.03) | (6.88) | (2.70) | (8.78) | ||||||
Total distributions | (.45) | (7.94) | (13.05) E | (7.64) | (3.79) E | (9.56) | ||||||
Net asset value, end of period | $ | 101.44 | $ | 97.00 | $ | 105.82 | $ | 98.97 | $ | 82.12 | $ | 95.41 |
Total Return F,G | 5.07% | (.46)% | 20.35% | 34.62% | (10.49)% | 6.85% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .77% J | .76% | .77% | .80% | .79% | .79% | ||||||
Expenses net of fee waivers, if any | .76% J | .76% | .77% | .80% | .79% | .79% | ||||||
Expenses net of all reductions | .76% J | .76% | .77% | .80% | .79% | .78% | ||||||
Net investment income (loss) | 2.20% J | 1.28% | .60% | 1.29% D | 1.00% | .87% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 589,780 | $ | 587,107 | $ | 679,303 | $ | 335,780 | $ | 310,441 | $ | 451,192 |
Portfolio turnover rate K | 39% J | 23% | 66% L | 52% | 78% | 58% |
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% |
Defense and Aerospace Portfolio | $122,635 |
Industrials Portfolio | 117,027 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Defense and Aerospace Portfolio | $1,053,999,201 | $485,642,694 | $(36,009,690) | $449,633,004 |
Industrials Portfolio | 437,736,250 | 65,818,400 | (9,289,861) | 56,528,539 |
Transportation Portfolio | 403,139,668 | 216,565,408 | (24,076,304) | 192,489,104 |
Purchases ($) | Sales ($) | |
Defense and Aerospace Portfolio | 95,963,781 | 202,878,820 |
Industrials Portfolio | 465,680,216 | 450,152,236 |
Transportation Portfolio | 112,476,744 | 128,453,589 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Industrials Portfolio | 707,692 | 16,577,795 | 23,283,076 |
Individual Rate | Group Rate | Total | |
Defense and Aerospace Portfolio | .30% | .22% | .52% |
Industrials Portfolio | .30% | .22% | .52% |
Transportation Portfolio | .30% | .22% | .52% |
Defense and Aerospace Portfolio | .18% |
Industrials Portfolio | .16% |
Transportation Portfolio | .19% |
% of Average Net Assets | |
Defense and Aerospace Portfolio | .03 |
Industrials Portfolio | .04 |
Transportation Portfolio | .03 |
Amount | |
Defense and Aerospace Portfolio | $ 3,032 |
Industrials Portfolio | 9,445 |
Transportation Portfolio | 2,854 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Industrials Portfolio | Borrower | $ 3,595,750 | 5.27% | $ 2,105 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Defense and Aerospace Portfolio | - | 1,966,487 | 2,085 |
Industrials Portfolio | 18,428,310 | 35,456,052 | 4,741,735 |
Transportation Portfolio | 3,888,649 | - | - |
Amount | |
Defense and Aerospace Portfolio | $1,488 |
Industrials Portfolio | 426 |
Transportation Portfolio | 552 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Defense and Aerospace Portfolio | $1,165 | $ - | $- |
Industrials Portfolio | $160 | $ - | $- |
Transportation Portfolio | $1,052 | $ - | $- |
Custodian credits | |
Industrials Portfolio | 3,606 |
Transportation Portfolio | 565 |
Amount | |
Defense and Aerospace Portfolio | $ 47,944 |
Industrials Portfolio | 13,857 |
Transportation Portfolio | 17,919 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Defense and Aerospace Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,024.00 | $ 3.71 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Industrials Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,099.00 | $ 3.85 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
Transportation Portfolio | .76% | |||||||||
Actual | $ 1,000 | $ 1,050.70 | $ 3.92 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.32 | $ 3.86 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
NextEra Energy, Inc. | 13.3 | |
Southern Co. | 12.7 | |
Sempra | 7.6 | |
Constellation Energy Corp. | 7.5 | |
PG&E Corp. | 6.9 | |
Edison International | 4.7 | |
Vistra Corp. | 4.1 | |
American Water Works Co., Inc. | 4.1 | |
Public Service Enterprise Group, Inc. | 3.9 | |
NiSource, Inc. | 3.3 | |
68.1 | ||
Industries (% of Fund's net assets) | ||
Electric Utilities | 64.1 | |
Multi-Utilities | 20.1 | |
Independent Power and Renewable Electricity Producers | 8.7 | |
Water Utilities | 4.1 | |
Oil, Gas & Consumable Fuels | 1.3 | |
Common Stocks - 98.3% | |||
Shares | Value ($) | ||
Electric Utilities - 64.1% | |||
Electric Utilities - 64.1% | |||
Constellation Energy Corp. | 915,276 | 95,335,148 | |
Duke Energy Corp. | 387,647 | 34,423,054 | |
Edison International | 866,923 | 59,687,649 | |
Entergy Corp. | 234,000 | 22,288,500 | |
Eversource Energy | 404,500 | 25,815,190 | |
Exelon Corp. | 822,989 | 33,018,319 | |
FirstEnergy Corp. | 1,058,745 | 38,188,932 | |
NextEra Energy, Inc. | 2,522,706 | 168,516,759 | |
NRG Energy, Inc. | 868,767 | 32,622,201 | |
PG&E Corp. (a) | 5,329,992 | 86,878,870 | |
Pinnacle West Capital Corp. | 354,140 | 27,364,398 | |
PPL Corp. | 1,057,983 | 26,364,936 | |
Southern Co. | 2,372,394 | 160,682,246 | |
811,186,202 | |||
Independent Power and Renewable Electricity Producers - 8.7% | |||
Independent Power Producers & Energy Traders - 7.0% | |||
Energy Harbor Corp. (a) | 231,300 | 18,272,700 | |
The AES Corp. | 1,074,500 | 19,265,785 | |
Vistra Corp. | 1,652,184 | 51,911,621 | |
89,450,106 | |||
Renewable Electricity - 1.7% | |||
Clearway Energy, Inc.: | |||
Class A | 166,124 | 3,893,947 | |
Class C | 24,900 | 616,773 | |
NextEra Energy Partners LP | 338,012 | 16,860,039 | |
21,370,759 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 110,820,865 | ||
Multi-Utilities - 20.1% | |||
Multi-Utilities - 20.1% | |||
Dominion Energy, Inc. | 570,160 | 27,675,566 | |
DTE Energy Co. | 385,114 | 39,813,085 | |
NiSource, Inc. | 1,568,319 | 41,968,216 | |
Public Service Enterprise Group, Inc. | 810,303 | 49,493,307 | |
Sempra | 1,361,616 | 95,612,676 | |
254,562,850 | |||
Oil, Gas & Consumable Fuels - 1.3% | |||
Oil & Gas Storage & Transportation - 1.3% | |||
Cheniere Energy, Inc. | 98,700 | 16,107,840 | |
Water Utilities - 4.1% | |||
Water Utilities - 4.1% | |||
American Water Works Co., Inc. | 372,400 | 51,666,776 | |
TOTAL COMMON STOCKS (Cost $1,054,550,805) | 1,244,344,533 | ||
Money Market Funds - 0.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (b) (Cost $1,858,059) | 1,857,687 | 1,858,059 | |
TOTAL INVESTMENT IN SECURITIES - 98.4% (Cost $1,056,408,864) | 1,246,202,592 |
NET OTHER ASSETS (LIABILITIES) - 1.6% | 20,080,724 |
NET ASSETS - 100.0% | 1,266,283,316 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 13,606,856 | 398,367,915 | 410,116,712 | 435,790 | - | - | 1,858,059 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 9,119,850 | 77,976,837 | 87,096,687 | 5,777 | - | - | - | 0.0% |
Total | 22,726,706 | 476,344,752 | 497,213,399 | 441,567 | - | - | 1,858,059 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,244,344,533 | 1,244,344,533 | - | - |
Money Market Funds | 1,858,059 | 1,858,059 | - | - |
Total Investments in Securities: | 1,246,202,592 | 1,246,202,592 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,054,550,805) | $ | 1,244,344,533 | ||
Fidelity Central Funds (cost $1,858,059) | 1,858,059 | |||
Total Investment in Securities (cost $1,056,408,864) | $ | 1,246,202,592 | ||
Foreign currency held at value (cost $354) | 358 | |||
Receivable for investments sold | 17,586,906 | |||
Receivable for fund shares sold | 463,616 | |||
Dividends receivable | 5,570,782 | |||
Distributions receivable from Fidelity Central Funds | 29,617 | |||
Prepaid expenses | 3,747 | |||
Other receivables | 29,734 | |||
Total assets | 1,269,887,352 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 2,762,300 | ||
Accrued management fee | 583,373 | |||
Transfer agent fee payable | 204,481 | |||
Other affiliated payables | 31,515 | |||
Other payables and accrued expenses | 22,367 | |||
Total Liabilities | 3,604,036 | |||
Net Assets | $ | 1,266,283,316 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,092,181,051 | ||
Total accumulated earnings (loss) | 174,102,265 | |||
Net Assets | $ | 1,266,283,316 | ||
Net Asset Value, offering price and redemption price per share ($1,266,283,316 ÷ 12,958,497 shares) | $ | 97.72 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 20,864,242 | ||
Income from Fidelity Central Funds (including $5,777 from security lending) | 441,567 | |||
Total Income | 21,305,809 | |||
Expenses | ||||
Management fee | $ | 3,626,292 | ||
Transfer agent fees | 1,213,444 | |||
Accounting fees | 194,591 | |||
Custodian fees and expenses | 7,138 | |||
Independent trustees' fees and expenses | 4,910 | |||
Registration fees | 57,945 | |||
Audit | 18,682 | |||
Legal | 581 | |||
Interest | 8,200 | |||
Miscellaneous | 4,228 | |||
Total expenses before reductions | 5,136,011 | |||
Expense reductions | (43,663) | |||
Total expenses after reductions | 5,092,348 | |||
Net Investment income (loss) | 16,213,461 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (14,619,655) | |||
Foreign currency transactions | (90) | |||
Total net realized gain (loss) | (14,619,745) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 34,573,646 | |||
Assets and liabilities in foreign currencies | 426 | |||
Total change in net unrealized appreciation (depreciation) | 34,574,072 | |||
Net gain (loss) | 19,954,327 | |||
Net increase (decrease) in net assets resulting from operations | $ | 36,167,788 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 16,213,461 | $ | 24,300,868 |
Net realized gain (loss) | (14,619,745) | 32,167,095 | ||
Change in net unrealized appreciation (depreciation) | 34,574,072 | (78,850,488) | ||
Net increase (decrease) in net assets resulting from operations | 36,167,788 | (22,382,525) | ||
Distributions to shareholders | (30,702,059) | (62,216,948) | ||
Share transactions | ||||
Proceeds from sales of shares | 192,027,766 | 921,832,942 | ||
Reinvestment of distributions | 27,824,778 | 57,299,028 | ||
Cost of shares redeemed | (311,800,904) | (613,822,146) | ||
Net increase (decrease) in net assets resulting from share transactions | (91,948,360) | 365,309,824 | ||
Total increase (decrease) in net assets | (86,482,631) | 280,710,351 | ||
Net Assets | ||||
Beginning of period | 1,352,765,947 | 1,072,055,596 | ||
End of period | $ | 1,266,283,316 | $ | 1,352,765,947 |
Other Information | ||||
Shares | ||||
Sold | 1,903,145 | 8,651,956 | ||
Issued in reinvestment of distributions | 273,502 | 535,973 | ||
Redeemed | (3,120,131) | (5,965,477) | ||
Net increase (decrease) | (943,484) | 3,222,452 | ||
Utilities Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 97.31 | $ | 100.38 | $ | 86.55 | $ | 91.20 | $ | 85.32 | $ | 76.75 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | 1.18 | 1.82 | 1.92 | 1.61 | 2.09 | 2.06 | ||||||
Net realized and unrealized gain (loss) | 1.48 | .04 D | 14.72 | (1.81) | 5.99 | 13.35 | ||||||
Total from investment operations | 2.66 | 1.86 | 16.64 | (.20) | 8.08 | 15.41 | ||||||
Distributions from net investment income | (.84) | (1.75) | (1.71) | (2.12) | (1.94) | (1.37) | ||||||
Distributions from net realized gain | (1.42) | (3.18) | (1.10) | (2.34) | (.26) | (5.46) | ||||||
Total distributions | (2.25) E | (4.93) | (2.81) | (4.45) E | (2.20) | (6.84) E | ||||||
Net asset value, end of period | $ | 97.72 | $ | 97.31 | $ | 100.38 | $ | 86.55 | $ | 91.20 | $ | 85.32 |
Total Return F,G | 2.65% | 1.46% | 19.19% | (.05)% | 9.34% | 20.17% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | .74% J | .74% | .74% | .76% | .75% | .78% | ||||||
Expenses net of fee waivers, if any | .74% J | .74% | .73% | .76% | .75% | .78% | ||||||
Expenses net of all reductions | .74% J | .74% | .73% | .75% | .74% | .76% | ||||||
Net investment income (loss) | 2.35% J | 1.74% | 1.96% | 1.88% | 2.25% | 2.45% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,266,283 | $ | 1,352,766 | $ | 1,072,056 | $ | 896,285 | $ | 1,247,009 | $ | 1,040,763 |
Portfolio turnover rate K | 71% J | 53% | 37% | 64% | 65% L | 97% 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 | $227,097,011 |
Gross unrealized depreciation | (42,783,309) |
Net unrealized appreciation (depreciation) | $184,313,702 |
Tax cost | $1,061,888,890 |
Purchases ($) | Sales ($) | |
Utilities Portfolio | 476,503,975 | 550,762,104 |
% of Average Net Assets | |
Utilities Portfolio | .03 |
Amount | |
Utilities Portfolio | $5,069 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Utilities Portfolio | Borrower | $11,022,200 | 5.36% | $8,200 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Utilities Portfolio | 15,858,484 | 19,724,995 | (1,638,730) |
Amount | |
Utilities Portfolio | $1,355 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Utilities Portfolio | $598 | $ - | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Utilities Portfolio | .74% | |||||||||
Actual | $ 1,000 | $ 1,026.50 | $ 3.77 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.42 | $ 3.76 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 12.6 | |
Linde PLC | 8.1 | |
Danaher Corp. | 7.5 | |
Tesla, Inc. | 6.9 | |
IBM Corp. | 5.4 | |
Eaton Corp. PLC | 4.9 | |
Prologis (REIT), Inc. | 4.4 | |
Union Pacific Corp. | 4.0 | |
Analog Devices, Inc. | 2.9 | |
Republic Services, Inc. | 2.8 | |
59.5 | ||
Industries (% of Fund's net assets) | ||
Software | 12.6 | |
Chemicals | 9.4 | |
Semiconductors & Semiconductor Equipment | 8.8 | |
Life Sciences Tools & Services | 8.2 | |
Electrical Equipment | 7.1 | |
Automobiles | 6.9 | |
IT Services | 6.2 | |
Electric Utilities | 5.6 | |
Machinery | 4.7 | |
Building Products | 4.5 | |
Equity Real Estate Investment Trusts (Reits) | 4.4 | |
Commercial Services & Supplies | 4.2 | |
Ground Transportation | 4.0 | |
Communications Equipment | 2.6 | |
Construction & Engineering | 1.9 | |
Professional Services | 1.9 | |
Independent Power and Renewable Electricity Producers | 1.8 | |
Containers & Packaging | 1.6 | |
Energy Equipment & Services | 1.0 | |
Aerospace & Defense | 0.8 | |
Electronic Equipment, Instruments & Components | 0.6 | |
Oil, Gas & Consumable Fuels | 0.6 | |
Household Durables | 0.3 | |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Aerospace & Defense - 0.8% | |||
Aerospace & Defense - 0.8% | |||
BWX Technologies, Inc. | 17,430 | 1,285,637 | |
Woodward, Inc. | 21,670 | 2,803,448 | |
4,089,085 | |||
Automobiles - 6.9% | |||
Automobile Manufacturers - 6.9% | |||
Tesla, Inc. (a) | 135,320 | 34,923,386 | |
Building Products - 4.5% | |||
Building Products - 4.5% | |||
Owens Corning | 32,200 | 4,633,902 | |
The AZEK Co., Inc. (a) | 115,020 | 3,911,830 | |
Trane Technologies PLC | 68,500 | 14,060,310 | |
22,606,042 | |||
Chemicals - 9.4% | |||
Commodity Chemicals - 0.3% | |||
PureCycle Technologies, Inc. (a)(b) | 187,480 | 1,674,196 | |
Diversified Chemicals - 0.7% | |||
The Chemours Co. LLC | 103,770 | 3,530,255 | |
Industrial Gases - 8.1% | |||
Linde PLC | 105,290 | 40,751,442 | |
Specialty Chemicals - 0.3% | |||
Aspen Aerogels, Inc. (a)(b) | 256,510 | 1,562,146 | |
TOTAL CHEMICALS | 47,518,039 | ||
Commercial Services & Supplies - 4.2% | |||
Environmental & Facilities Services - 4.2% | |||
Clean Harbors, Inc. (a) | 21,060 | 3,566,300 | |
Republic Services, Inc. | 98,380 | 14,179,509 | |
Tetra Tech, Inc. | 22,710 | 3,573,419 | |
21,319,228 | |||
Communications Equipment - 2.6% | |||
Communications Equipment - 2.6% | |||
Arista Networks, Inc. (a) | 67,360 | 13,150,693 | |
Construction & Engineering - 1.9% | |||
Construction & Engineering - 1.9% | |||
AECOM | 54,210 | 4,756,928 | |
Quanta Services, Inc. | 23,210 | 4,871,083 | |
9,628,011 | |||
Containers & Packaging - 1.6% | |||
Metal, Glass & Plastic Containers - 1.6% | |||
Ball Corp. | 146,030 | 7,951,334 | |
Electric Utilities - 5.6% | |||
Electric Utilities - 5.6% | |||
Kansai Electric Power Co., Inc. | 511,060 | 7,285,051 | |
ORSTED A/S (c) | 63,060 | 4,059,893 | |
PG&E Corp. (a) | 607,280 | 9,898,664 | |
Southern Co. | 104,300 | 7,064,239 | |
28,307,847 | |||
Electrical Equipment - 7.1% | |||
Electrical Components & Equipment - 6.9% | |||
Array Technologies, Inc. (a) | 118,860 | 2,956,048 | |
Eaton Corp. PLC | 107,540 | 24,773,990 | |
Fluence Energy, Inc. (a)(b) | 122,480 | 3,227,348 | |
Vertiv Holdings Co. | 106,320 | 4,187,945 | |
35,145,331 | |||
Heavy Electrical Equipment - 0.2% | |||
Bloom Energy Corp. Class A (a)(b) | 63,290 | 948,717 | |
TOTAL ELECTRICAL EQUIPMENT | 36,094,048 | ||
Electronic Equipment, Instruments & Components - 0.6% | |||
Electronic Components - 0.6% | |||
Coherent Corp. (a) | 86,100 | 3,239,943 | |
Energy Equipment & Services - 1.0% | |||
Oil & Gas Equipment & Services - 1.0% | |||
Baker Hughes Co. Class A | 137,030 | 4,959,116 | |
Equity Real Estate Investment Trusts (REITs) - 4.4% | |||
Industrial REITs - 4.4% | |||
Prologis (REIT), Inc. | 180,820 | 22,457,844 | |
Ground Transportation - 4.0% | |||
Rail Transportation - 4.0% | |||
Union Pacific Corp. | 91,810 | 20,250,532 | |
Household Durables - 0.3% | |||
Household Appliances - 0.3% | |||
Chervon Holdings Ltd. | 430,490 | 1,421,728 | |
Independent Power and Renewable Electricity Producers - 1.8% | |||
Independent Power Producers & Energy Traders - 1.8% | |||
RWE AG | 214,500 | 8,852,492 | |
IT Services - 6.2% | |||
IT Consulting & Other Services - 6.2% | |||
Amdocs Ltd. | 44,940 | 4,008,648 | |
IBM Corp. | 186,170 | 27,335,341 | |
31,343,989 | |||
Life Sciences Tools & Services - 8.2% | |||
Life Sciences Tools & Services - 8.2% | |||
Agilent Technologies, Inc. | 30,910 | 3,742,274 | |
Danaher Corp. | 142,810 | 37,844,650 | |
41,586,924 | |||
Machinery - 4.7% | |||
Agricultural & Farm Machinery - 0.7% | |||
Deere & Co. | 9,290 | 3,817,633 | |
Construction Machinery & Heavy Transportation Equipment - 2.2% | |||
Cummins, Inc. | 48,332 | 11,118,293 | |
Industrial Machinery & Supplies & Components - 1.8% | |||
Industrie de Nora SpA | 107,040 | 2,077,632 | |
Parker Hannifin Corp. | 9,830 | 4,098,127 | |
Timken Co. | 36,100 | 2,758,762 | |
8,934,521 | |||
TOTAL MACHINERY | 23,870,447 | ||
Oil, Gas & Consumable Fuels - 0.6% | |||
Oil & Gas Refining & Marketing - 0.6% | |||
Neste OYJ | 80,000 | 2,930,347 | |
Professional Services - 1.9% | |||
Research & Consulting Services - 1.9% | |||
KBR, Inc. | 160,030 | 9,845,046 | |
Semiconductors & Semiconductor Equipment - 8.8% | |||
Semiconductor Materials & Equipment - 0.8% | |||
SolarEdge Technologies, Inc. (a) | 23,970 | 3,896,803 | |
Semiconductors - 8.0% | |||
Allegro MicroSystems LLC (a) | 17,320 | 662,490 | |
Analog Devices, Inc. | 80,650 | 14,660,557 | |
First Solar, Inc. (a) | 23,050 | 4,359,216 | |
NXP Semiconductors NV | 59,670 | 12,275,312 | |
ON Semiconductor Corp. (a) | 90,040 | 8,865,338 | |
40,822,913 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 44,719,716 | ||
Software - 12.6% | |||
Systems Software - 12.6% | |||
Microsoft Corp. | 193,910 | 63,555,940 | |
TOTAL COMMON STOCKS (Cost $411,786,276) | 504,621,777 | ||
Convertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Components - 0.0% | |||
CelLink Corp. Series D (a)(d)(e) (Cost $295,699) | 14,200 | 175,086 | |
Money Market Funds - 1.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (f) | 722,671 | 722,816 | |
Fidelity Securities Lending Cash Central Fund 5.44% (f)(g) | 5,988,201 | 5,988,800 | |
TOTAL MONEY MARKET FUNDS (Cost $6,711,616) | 6,711,616 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $418,793,591) | 511,508,479 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (5,199,208) |
NET ASSETS - 100.0% | 506,309,271 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | 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 $4,059,893 or 0.8% of net assets. |
(d) | 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 $175,086 or 0.0% of net assets. |
(e) | Level 3 security |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
CelLink Corp. Series D | 1/20/22 | 295,699 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 480,638 | 36,267,204 | 36,025,026 | 59,190 | - | - | 722,816 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 5,110,325 | 57,535,636 | 56,657,161 | 39,512 | - | - | 5,988,800 | 0.0% |
Total | 5,590,963 | 93,802,840 | 92,682,187 | 98,702 | - | - | 6,711,616 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 504,621,777 | 504,621,777 | - | - |
Convertible Preferred Stocks | 175,086 | - | - | 175,086 |
Money Market Funds | 6,711,616 | 6,711,616 | - | - |
Total Investments in Securities: | 511,508,479 | 511,333,393 | - | 175,086 |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,770,476) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $412,081,975) | $ | 504,796,863 | ||
Fidelity Central Funds (cost $6,711,616) | 6,711,616 | |||
Total Investment in Securities (cost $418,793,591) | $ | 511,508,479 | ||
Receivable for investments sold | 506,610 | |||
Receivable for fund shares sold | 105,765 | |||
Dividends receivable | 991,540 | |||
Distributions receivable from Fidelity Central Funds | 9,048 | |||
Prepaid expenses | 1,199 | |||
Other receivables | 8,703 | |||
Total assets | 513,131,344 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 476,739 | ||
Accrued management fee | 219,817 | |||
Other affiliated payables | 114,409 | |||
Other payables and accrued expenses | 22,308 | |||
Collateral on securities loaned | 5,988,800 | |||
Total Liabilities | 6,822,073 | |||
Net Assets | $ | 506,309,271 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 527,272,699 | ||
Total accumulated earnings (loss) | (20,963,428) | |||
Net Assets | $ | 506,309,271 | ||
Net Asset Value, offering price and redemption price per share ($506,309,271 ÷ 16,280,260 shares) | $ | 31.10 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 3,510,415 | ||
Income from Fidelity Central Funds (including $39,512 from security lending) | 98,702 | |||
Total Income | 3,609,117 | |||
Expenses | ||||
Management fee | $ | 1,272,554 | ||
Transfer agent fees | 580,742 | |||
Accounting fees | 85,749 | |||
Custodian fees and expenses | 9,672 | |||
Independent trustees' fees and expenses | 1,969 | |||
Registration fees | 20,058 | |||
Audit | 21,584 | |||
Legal | 337 | |||
Miscellaneous | 1,746 | |||
Total expenses before reductions | 1,994,411 | |||
Expense reductions | (15,065) | |||
Total expenses after reductions | 1,979,346 | |||
Net Investment income (loss) | 1,629,771 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 14,036,606 | |||
Foreign currency transactions | 33,248 | |||
Total net realized gain (loss) | 14,069,854 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $5,386) | 37,349,526 | |||
Assets and liabilities in foreign currencies | 2,080 | |||
Total change in net unrealized appreciation (depreciation) | 37,351,606 | |||
Net gain (loss) | 51,421,460 | |||
Net increase (decrease) in net assets resulting from operations | $ | 53,051,231 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,629,771 | $ | 3,192,349 |
Net realized gain (loss) | 14,069,854 | (103,186,796) | ||
Change in net unrealized appreciation (depreciation) | 37,351,606 | 14,327,854 | ||
Net increase (decrease) in net assets resulting from operations | 53,051,231 | (85,666,593) | ||
Distributions to shareholders | - | (3,228,177) | ||
Share transactions | ||||
Proceeds from sales of shares | 44,236,961 | 106,568,582 | ||
Reinvestment of distributions | - | 3,006,815 | ||
Cost of shares redeemed | (63,582,751) | (303,818,497) | ||
Net increase (decrease) in net assets resulting from share transactions | (19,345,790) | (194,243,100) | ||
Total increase (decrease) in net assets | 33,705,441 | (283,137,870) | ||
Net Assets | ||||
Beginning of period | 472,603,830 | 755,741,700 | ||
End of period | $ | 506,309,271 | $ | 472,603,830 |
Other Information | ||||
Shares | ||||
Sold | 1,476,111 | 3,656,658 | ||
Issued in reinvestment of distributions | - | 111,940 | ||
Redeemed | (2,164,731) | (11,200,238) | ||
Net increase (decrease) | (688,620) | (7,431,640) | ||
Fidelity® Environment and Alternative Energy Fund |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 27.85 | $ | 30.97 | $ | 30.16 | $ | 23.80 | $ | 24.92 | $ | 26.31 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .10 | .15 | .11 | .24 | .27 | .24 | ||||||
Net realized and unrealized gain (loss) | 3.15 | (3.09) | 3.46 | 8.02 | (.81) | (.25) | ||||||
Total from investment operations | 3.25 | (2.94) | 3.57 | 8.26 | (.54) | (.01) | ||||||
Distributions from net investment income | - | (.18) | (.10) | (.26) | (.23) | (.22) | ||||||
Distributions from net realized gain | - | - | (2.66) | (1.64) | (.35) | (1.16) | ||||||
Total distributions | - | (.18) | (2.76) | (1.90) | (.58) | (1.38) | ||||||
Net asset value, end of period | $ | 31.10 | $ | 27.85 | $ | 30.97 | $ | 30.16 | $ | 23.80 | $ | 24.92 |
Total Return D,E | 11.67% | (9.46)% | 11.02% | 38.97% | (2.35)% | .39% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .82% H | .79% | .79% | .85% | .85% | .87% | ||||||
Expenses net of fee waivers, if any | .82% H | .79% | .79% | .85% | .85% | .87% | ||||||
Expenses net of all reductions | .82% H | .79% | .79% | .85% | .85% | .87% | ||||||
Net investment income (loss) | .67% H | .52% | .33% | .95% | 1.08% | .96% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 506,309 | $ | 472,604 | $ | 755,742 | $ | 373,982 | $ | 181,456 | $ | 160,960 |
Portfolio turnover rate I | 56% H | 34% | 89% | 28% | 49% | 62% |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 19.9 | |
Hess Corp. | 7.5 | |
Imperial Oil Ltd. | 6.7 | |
Canadian Natural Resources Ltd. | 6.5 | |
MEG Energy Corp. | 5.0 | |
Valero Energy Corp. | 4.9 | |
Phillips 66 Co. | 4.0 | |
Weatherford International PLC | 3.8 | |
Freeport-McMoRan, Inc. | 3.3 | |
First Quantum Minerals Ltd. | 3.0 | |
64.6 | ||
Industries (% of Fund's net assets) | ||
Oil, Gas & Consumable Fuels | 63.6 | |
Metals & Mining | 12.8 | |
Energy Equipment & Services | 12.2 | |
Containers & Packaging | 5.9 | |
Chemicals | 4.7 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.2% | |||
Shares | Value ($) | ||
Chemicals - 4.7% | |||
Commodity Chemicals - 1.9% | |||
Cabot Corp. | 28,300 | 2,050,618 | |
LyondellBasell Industries NV Class A | 106,300 | 10,499,251 | |
12,549,869 | |||
Industrial Gases - 2.0% | |||
Linde PLC | 33,700 | 13,043,248 | |
Specialty Chemicals - 0.8% | |||
Celanese Corp. Class A | 43,000 | 5,433,480 | |
TOTAL CHEMICALS | 31,026,597 | ||
Containers & Packaging - 5.9% | |||
Metal, Glass & Plastic Containers - 4.3% | |||
Aptargroup, Inc. | 76,500 | 10,140,840 | |
Crown Holdings, Inc. | 100,300 | 9,293,798 | |
Greif, Inc. Class A | 120,200 | 8,725,318 | |
28,159,956 | |||
Paper & Plastic Packaging Products & Materials - 1.6% | |||
Avery Dennison Corp. | 58,300 | 10,982,554 | |
TOTAL CONTAINERS & PACKAGING | 39,142,510 | ||
Energy Equipment & Services - 12.2% | |||
Oil & Gas Drilling - 1.4% | |||
Diamond Offshore Drilling, Inc. (a) | 134,600 | 2,001,502 | |
Noble Corp. PLC | 44,700 | 2,357,478 | |
Valaris Ltd. (a) | 61,200 | 4,609,584 | |
8,968,564 | |||
Oil & Gas Equipment & Services - 10.8% | |||
Expro Group Holdings NV (a) | 745,900 | 17,536,109 | |
Schlumberger Ltd. | 280,900 | 16,561,864 | |
TechnipFMC PLC | 645,400 | 12,288,416 | |
Weatherford International PLC (a) | 282,564 | 25,012,565 | |
71,398,954 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 80,367,518 | ||
Metals & Mining - 12.8% | |||
Copper - 6.3% | |||
First Quantum Minerals Ltd. | 727,400 | 19,541,607 | |
Freeport-McMoRan, Inc. | 546,300 | 21,802,833 | |
41,344,440 | |||
Diversified Metals & Mining - 1.6% | |||
E3 Lithium Ltd. (a) | 52,200 | 153,370 | |
Horizonte Minerals PLC (a) | 1,985,500 | 3,282,377 | |
Ivanhoe Mines Ltd. (a) | 767,600 | 6,828,413 | |
10,264,160 | |||
Gold - 4.9% | |||
Agnico Eagle Mines Ltd. (United States) | 150,000 | 7,276,500 | |
Franco-Nevada Corp. | 110,000 | 15,847,099 | |
Newmont Corp. | 236,200 | 9,311,004 | |
32,434,603 | |||
TOTAL METALS & MINING | 84,043,203 | ||
Oil, Gas & Consumable Fuels - 63.6% | |||
Coal & Consumable Fuels - 0.8% | |||
Cameco Corp. (b) | 140,753 | 5,207,861 | |
Integrated Oil & Gas - 27.8% | |||
Equinor ASA sponsored ADR | 260,500 | 7,963,485 | |
Exxon Mobil Corp. | 1,182,400 | 131,471,057 | |
Imperial Oil Ltd. | 774,700 | 43,992,548 | |
183,427,090 | |||
Oil & Gas Exploration & Production - 25.5% | |||
Africa Oil Corp. | 6,544,100 | 15,740,323 | |
Athabasca Oil Corp. (a)(b) | 3,196,100 | 8,870,171 | |
Canadian Natural Resources Ltd. | 660,800 | 42,747,152 | |
Eco Atlantic Oil & Gas Ltd. (a) | 5,573,500 | 1,154,959 | |
Hess Corp. | 320,500 | 49,517,250 | |
Kosmos Energy Ltd. (a) | 2,335,800 | 17,004,624 | |
MEG Energy Corp. (a) | 1,821,912 | 32,590,004 | |
167,624,483 | |||
Oil & Gas Refining & Marketing - 9.5% | |||
PBF Energy, Inc. Class A | 79,700 | 3,737,133 | |
Phillips 66 Co. | 232,416 | 26,532,611 | |
Valero Energy Corp. | 247,600 | 32,163,240 | |
62,432,984 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 418,692,418 | ||
TOTAL COMMON STOCKS (Cost $400,180,054) | 653,272,246 | ||
Money Market Funds - 1.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (c) | 3,523,623 | 3,524,328 | |
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d) | 4,151,426 | 4,151,841 | |
TOTAL MONEY MARKET FUNDS (Cost $7,676,169) | 7,676,169 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $407,856,223) | 660,948,415 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (2,298,591) |
NET ASSETS - 100.0% | 658,649,824 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 8,697,934 | 70,325,294 | 75,498,900 | 77,753 | - | - | 3,524,328 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 5,144,250 | 72,014,693 | 73,007,102 | 44,639 | - | - | 4,151,841 | 0.0% |
Total | 13,842,184 | 142,339,987 | 148,506,002 | 122,392 | - | - | 7,676,169 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 653,272,246 | 653,272,246 | - | - |
Money Market Funds | 7,676,169 | 7,676,169 | - | - |
Total Investments in Securities: | 660,948,415 | 660,948,415 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,990,515) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $400,180,054) | $ | 653,272,246 | ||
Fidelity Central Funds (cost $7,676,169) | 7,676,169 | |||
Total Investment in Securities (cost $407,856,223) | $ | 660,948,415 | ||
Foreign currency held at value (cost $19) | 24 | |||
Receivable for investments sold | 1,041,169 | |||
Receivable for fund shares sold | 313,932 | |||
Dividends receivable | 2,094,075 | |||
Distributions receivable from Fidelity Central Funds | 40,460 | |||
Prepaid expenses | 2,771 | |||
Other receivables | 97,094 | |||
Total assets | 664,537,940 | |||
Liabilities | ||||
Payable for investments purchased | $ | 592,269 | ||
Payable for fund shares redeemed | 625,633 | |||
Accrued management fee | 282,055 | |||
Other affiliated payables | 118,593 | |||
Other payables and accrued expenses | 117,725 | |||
Collateral on securities loaned | 4,151,841 | |||
Total Liabilities | 5,888,116 | |||
Net Assets | $ | 658,649,824 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 660,528,452 | ||
Total accumulated earnings (loss) | (1,878,628) | |||
Net Assets | $ | 658,649,824 | ||
Net Asset Value, offering price and redemption price per share ($658,649,824 ÷ 15,261,440 shares) | $ | 43.16 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 8,475,775 | ||
Income from Fidelity Central Funds (including $44,639 from security lending) | 122,392 | |||
Total Income | 8,598,167 | |||
Expenses | ||||
Management fee | $ | 1,800,960 | ||
Transfer agent fees | 653,262 | |||
Accounting fees | 110,979 | |||
Custodian fees and expenses | 17,604 | |||
Independent trustees' fees and expenses | 2,551 | |||
Registration fees | 31,129 | |||
Audit | 17,951 | |||
Legal | 773 | |||
Interest | 9,931 | |||
Miscellaneous | 2,519 | |||
Total expenses before reductions | 2,647,659 | |||
Expense reductions | (21,527) | |||
Total expenses after reductions | 2,626,132 | |||
Net Investment income (loss) | 5,972,035 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 12,524,266 | |||
Foreign currency transactions | (12,010) | |||
Total net realized gain (loss) | 12,512,256 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 21,642,906 | |||
Assets and liabilities in foreign currencies | 283 | |||
Total change in net unrealized appreciation (depreciation) | 21,643,189 | |||
Net gain (loss) | 34,155,445 | |||
Net increase (decrease) in net assets resulting from operations | $ | 40,127,480 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,972,035 | $ | 16,561,675 |
Net realized gain (loss) | 12,512,256 | 15,932,931 | ||
Change in net unrealized appreciation (depreciation) | 21,643,189 | 64,590,252 | ||
Net increase (decrease) in net assets resulting from operations | 40,127,480 | 97,084,858 | ||
Distributions to shareholders | (1,209,586) | (18,584,123) | ||
Share transactions | ||||
Proceeds from sales of shares | 74,660,707 | 634,417,680 | ||
Reinvestment of distributions | 1,123,291 | 17,432,108 | ||
Cost of shares redeemed | (268,481,148) | (515,954,973) | ||
Net increase (decrease) in net assets resulting from share transactions | (192,697,150) | 135,894,815 | ||
Total increase (decrease) in net assets | (153,779,256) | 214,395,550 | ||
Net Assets | ||||
Beginning of period | 812,429,080 | 598,033,530 | ||
End of period | $ | 658,649,824 | $ | 812,429,080 |
Other Information | ||||
Shares | ||||
Sold | 1,863,585 | 16,884,073 | ||
Issued in reinvestment of distributions | 26,970 | 466,676 | ||
Redeemed | (6,950,644) | (14,503,991) | ||
Net increase (decrease) | (5,060,089) | 2,846,758 | ||
Fidelity® Natural Resources Fund |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 39.98 | $ | 34.22 | $ | 23.21 | $ | 20.59 | $ | 25.55 | $ | 27.51 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .34 | .83 | .51 | .30 | .30 | .29 | ||||||
Net realized and unrealized gain (loss) | 2.90 | 5.87 | 10.91 | 2.69 | (4.88) | (1.97) | ||||||
Total from investment operations | 3.24 | 6.70 | 11.42 | 2.99 | (4.58) | (1.68) | ||||||
Distributions from net investment income | (.06) | (.94) | (.41) | (.37) | (.30) | (.28) | ||||||
Distributions from net realized gain | - | - | - | - | (.08) | - D | ||||||
Total distributions | (.06) | (.94) | (.41) | (.37) | (.38) | (.28) | ||||||
Net asset value, end of period | $ | 43.16 | $ | 39.98 | $ | 34.22 | $ | 23.21 | $ | 20.59 | $ | 25.55 |
Total Return E,F | 8.12% | 19.78% | 49.71% | 14.76% | (18.25)% | (6.06)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .77% I | .77% | .82% | .89% | .84% | .81% | ||||||
Expenses net of fee waivers, if any | .76% I | .77% | .81% | .89% | .84% | .81% | ||||||
Expenses net of all reductions | .76% I | .77% | .81% | .88% | .84% | .80% | ||||||
Net investment income (loss) | 1.74% I | 2.21% | 1.84% | 1.62% | 1.18% | 1.02% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 658,650 | $ | 812,429 | $ | 598,034 | $ | 292,887 | $ | 315,533 | $ | 424,167 |
Portfolio turnover rate J | 28% I | 74% | 98% | 90% | 8% | 26% |
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% |
Fidelity Natural Resources Fund | 90,794 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Environment and Alternative Energy Fund | $419,560,337 | $112,950,450 | $(21,002,308) | $91,948,142 |
Fidelity Natural Resources Fund | 411,598,570 | 253,089,716 | (3,739,871) | 249,349,845 |
Short-term | Long-term | Total capital loss carryforward | |
Fidelity Environment and Alternative Energy Fund | $(90,583,038) | $(34,476,402) | $(125,059,440) |
Fidelity Natural Resources Fund | (93,181,409) | (174,488,777) | (267,670,186) |
Purchases ($) | Sales ($) | |
Fidelity Environment and Alternative Energy Fund | 137,205,386 | 153,819,185 |
Fidelity Natural Resources Fund | 97,134,643 | 271,288,156 |
Individual Rate | Group Rate | Total | |
Fidelity Environment and Alternative Energy Fund | .30% | .22% | .52% |
Fidelity Natural Resources Fund | .30% | .22% | .52% |
Fidelity Environment and Alternative Energy Fund | .24% |
Fidelity Natural Resources Fund | .19% |
% of Average Net Assets | |
Fidelity Environment and Alternative Energy Fund | .04 |
Fidelity Natural Resources Fund | .03 |
Amount | |
Fidelity Environment and Alternative Energy Fund | $ 3,922 |
Fidelity Natural Resources Fund | 3,151 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Natural Resources Fund | Borrower | $2,589,962 | 5.17% | $9,669 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Environment and Alternative Energy Fund | 6,955,767 | 11,022,612 | 2,346,782 |
Fidelity Natural Resources Fund | 13,812,764 | 12,900,155 | 2,263,414 |
Amount | |
Fidelity Environment and Alternative Energy Fund | $455 |
Fidelity Natural Resources Fund | 729 |
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 Environment and Alternative Energy Fund | $4,097 | $ 10,756 | $- |
Fidelity Natural Resources Fund | $ 4,544 | $ - | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Natural Resources Fund | $576,333 | 5.46% | $262 |
Amount | |
Fidelity Environment and Alternative Energy Fund | $15,065 |
Fidelity Natural Resources Fund | 21,527 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Fidelity® Environment and Alternative Energy Fund | .82% | |||||||||
Actual | $ 1,000 | $ 1,116.70 | $ 4.36 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.01 | $ 4.17 | |||||||
Fidelity® Natural Resources Fund | .76% | |||||||||
Actual | $ 1,000 | $ 1,081.20 | $ 3.98 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.32 | $ 3.86 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 24.7 | |
Chevron Corp. | 6.0 | |
Schlumberger Ltd. | 4.8 | |
Canadian Natural Resources Ltd. | 4.3 | |
Occidental Petroleum Corp. | 4.2 | |
Marathon Petroleum Corp. | 4.2 | |
Cenovus Energy, Inc. (Canada) | 4.2 | |
Halliburton Co. | 4.0 | |
Hess Corp. | 3.9 | |
ConocoPhillips Co. | 3.9 | |
64.2 | ||
Industries (% of Fund's net assets) | ||
Oil, Gas & Consumable Fuels | 81.8 | |
Energy Equipment & Services | 17.3 | |
Independent Power and Renewable Electricity Producers | 0.5 | |
Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
Energy Equipment & Services - 17.3% | |||
Oil & Gas Drilling - 2.4% | |||
Noble Corp. PLC | 261,900 | 13,812,606 | |
Odfjell Drilling Ltd. | 1,535,318 | 5,213,181 | |
Shelf Drilling Ltd. (a)(b) | 1,347,589 | 3,644,119 | |
Valaris Ltd. (a) | 488,000 | 36,756,160 | |
59,426,066 | |||
Oil & Gas Equipment & Services - 14.9% | |||
Halliburton Co. | 2,559,200 | 98,836,304 | |
Nextier Oilfield Solutions, Inc. (a) | 3,418,500 | 36,270,285 | |
NOV, Inc. | 872,400 | 18,433,812 | |
Oceaneering International, Inc. (a) | 843,230 | 19,217,212 | |
ProFrac Holding Corp. (a)(c) | 633,700 | 6,970,700 | |
ProPetro Holding Corp. (a) | 850,601 | 8,199,794 | |
Schlumberger Ltd. | 1,968,869 | 116,084,516 | |
TechnipFMC PLC | 3,115,972 | 59,328,107 | |
363,340,730 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 422,766,796 | ||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Independent Power Producers & Energy Traders - 0.5% | |||
Vistra Corp. | 399,800 | 12,561,716 | |
Oil, Gas & Consumable Fuels - 81.8% | |||
Integrated Oil & Gas - 41.7% | |||
Cenovus Energy, Inc. | 97,500 | 1,943,175 | |
Cenovus Energy, Inc. (Canada) | 5,104,706 | 101,776,776 | |
Chevron Corp. | 920,217 | 148,246,959 | |
Exxon Mobil Corp. | 5,437,046 | 604,545,143 | |
Imperial Oil Ltd. | 444,600 | 25,247,305 | |
Occidental Petroleum Corp. | 1,641,915 | 103,095,843 | |
Occidental Petroleum Corp. warrants 8/3/27 (a) | 99,550 | 4,066,618 | |
Suncor Energy, Inc. (c) | 933,100 | 31,607,450 | |
1,020,529,269 | |||
Oil & Gas Exploration & Production - 25.3% | |||
Antero Resources Corp. (a) | 1,095,900 | 30,323,553 | |
APA Corp. | 797,000 | 34,940,480 | |
Canadian Natural Resources Ltd. | 1,623,980 | 105,068,333 | |
Chord Energy Corp. | 78,652 | 12,702,298 | |
Civitas Resources, Inc. | 152,754 | 12,559,434 | |
ConocoPhillips Co. | 797,366 | 94,910,475 | |
Coterra Energy, Inc. | 326,598 | 9,206,798 | |
Devon Energy Corp. | 544,400 | 27,813,396 | |
Diamondback Energy, Inc. | 146,700 | 22,266,126 | |
EOG Resources, Inc. | 235,164 | 30,246,794 | |
EQT Corp. | 244,300 | 10,558,646 | |
Hess Corp. | 617,700 | 95,434,650 | |
Magnolia Oil & Gas Corp. Class A | 293,900 | 6,700,920 | |
National Energy Services Reunited Corp. (a) | 1,808,118 | 8,226,937 | |
Northern Oil & Gas, Inc. | 123,860 | 5,181,064 | |
Ovintiv, Inc. (c) | 687,600 | 32,289,696 | |
Pioneer Natural Resources Co. | 156,466 | 37,227,955 | |
Range Resources Corp. | 1,112,500 | 36,022,750 | |
SM Energy Co. | 222,200 | 9,401,282 | |
621,081,587 | |||
Oil & Gas Refining & Marketing - 9.3% | |||
Marathon Petroleum Corp. | 716,792 | 102,336,394 | |
Phillips 66 Co. | 287,873 | 32,863,582 | |
Valero Energy Corp. | 716,100 | 93,021,390 | |
228,221,366 | |||
Oil & Gas Storage & Transportation - 5.5% | |||
Cheniere Energy, Inc. | 501,412 | 81,830,438 | |
Energy Transfer LP | 3,322,800 | 44,758,116 | |
Golar LNG Ltd. | 370,433 | 8,186,569 | |
134,775,123 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 2,004,607,345 | ||
TOTAL COMMON STOCKS (Cost $1,327,813,614) | 2,439,935,857 | ||
Money Market Funds - 2.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (d) | 5,066,020 | 5,067,033 | |
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e) | 52,830,806 | 52,836,089 | |
TOTAL MONEY MARKET FUNDS (Cost $57,903,122) | 57,903,122 | ||
TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $1,385,716,736) | 2,497,838,979 |
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (48,494,673) |
NET ASSETS - 100.0% | 2,449,344,306 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,644,119 or 0.1% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.43% | 613 | 70,568,803 | 65,502,383 | 35,350 | - | - | 5,067,033 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.44% | 46,148,408 | 535,484,315 | 528,796,634 | 39,382 | - | - | 52,836,089 | 0.2% |
Total | 46,149,021 | 606,053,118 | 594,299,017 | 74,732 | - | - | 57,903,122 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 2,439,935,857 | 2,439,935,857 | - | - |
Money Market Funds | 57,903,122 | 57,903,122 | - | - |
Total Investments in Securities: | 2,497,838,979 | 2,497,838,979 | - | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $50,162,539) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,327,813,614) | $ | 2,439,935,857 | ||
Fidelity Central Funds (cost $57,903,122) | 57,903,122 | |||
Total Investment in Securities (cost $1,385,716,736) | $ | 2,497,838,979 | ||
Receivable for investments sold | 29,135,911 | |||
Receivable for fund shares sold | 1,609,673 | |||
Dividends receivable | 9,596,734 | |||
Distributions receivable from Fidelity Central Funds | 25,811 | |||
Prepaid expenses | 7,238 | |||
Other receivables | 432,025 | |||
Total assets | 2,538,646,371 | |||
Liabilities | ||||
Payable to custodian bank | $ | 471,782 | ||
Payable for investments purchased | 31,616,321 | |||
Payable for fund shares redeemed | 2,531,101 | |||
Accrued management fee | 1,054,195 | |||
Other affiliated payables | 391,148 | |||
Other payables and accrued expenses | 402,037 | |||
Collateral on securities loaned | 52,835,481 | |||
Total Liabilities | 89,302,065 | |||
Net Assets | $ | 2,449,344,306 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,371,964,777 | ||
Total accumulated earnings (loss) | 77,379,529 | |||
Net Assets | $ | 2,449,344,306 | ||
Net Asset Value, offering price and redemption price per share ($2,449,344,306 ÷ 41,005,660 shares) | $ | 59.73 |
Statement of Operations | ||||
Six months ended August 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 36,835,868 | ||
Income from Fidelity Central Funds (including $39,382 from security lending) | 74,732 | |||
Total Income | 36,910,600 | |||
Expenses | ||||
Management fee | $ | 6,448,436 | ||
Transfer agent fees | 2,100,929 | |||
Accounting fees | 323,836 | |||
Custodian fees and expenses | 36,985 | |||
Independent trustees' fees and expenses | 9,362 | |||
Registration fees | 69,901 | |||
Audit | 19,228 | |||
Legal | 2,057 | |||
Interest | 82,221 | |||
Miscellaneous | 8,266 | |||
Total expenses before reductions | 9,101,221 | |||
Expense reductions | (77,831) | |||
Total expenses after reductions | 9,023,390 | |||
Net Investment income (loss) | 27,887,210 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 152,750,973 | |||
Foreign currency transactions | 29,431 | |||
Total net realized gain (loss) | 152,780,404 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (6,840,409) | |||
Assets and liabilities in foreign currencies | 731 | |||
Total change in net unrealized appreciation (depreciation) | (6,839,678) | |||
Net gain (loss) | 145,940,726 | |||
Net increase (decrease) in net assets resulting from operations | $ | 173,827,936 |
Statement of Changes in Net Assets | ||||
Six months ended August 31, 2023 (Unaudited) | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 27,887,210 | $ | 79,896,791 |
Net realized gain (loss) | 152,780,404 | 62,550,606 | ||
Change in net unrealized appreciation (depreciation) | (6,839,678) | 379,242,037 | ||
Net increase (decrease) in net assets resulting from operations | 173,827,936 | 521,689,434 | ||
Distributions to shareholders | - | (76,651,144) | ||
Share transactions | ||||
Proceeds from sales of shares | 249,360,237 | 2,107,751,018 | ||
Reinvestment of distributions | - | 71,674,644 | ||
Cost of shares redeemed | (814,553,629) | (2,191,394,921) | ||
Net increase (decrease) in net assets resulting from share transactions | (565,193,392) | (11,969,259) | ||
Total increase (decrease) in net assets | (391,365,456) | 433,069,031 | ||
Net Assets | ||||
Beginning of period | 2,840,709,762 | 2,407,640,731 | ||
End of period | $ | 2,449,344,306 | $ | 2,840,709,762 |
Other Information | ||||
Shares | ||||
Sold | 4,547,970 | 39,822,947 | ||
Issued in reinvestment of distributions | - | 1,340,218 | ||
Redeemed | (15,248,443) | (42,677,565) | ||
Net increase (decrease) | (10,700,473) | (1,514,400) | ||
Energy Portfolio |
Six months ended (Unaudited) August 31, 2023 | Years ended February 28, 2023 | 2022 | 2021 | 2020 A | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 54.94 | $ | 45.24 | $ | 29.25 | $ | 26.79 | $ | 37.50 | $ | 41.01 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .62 | 1.46 | .96 | .99 D | .71 | .49 | ||||||
Net realized and unrealized gain (loss) | 4.17 | 9.64 | 15.82 | 2.27 | (10.76) | (3.51) | ||||||
Total from investment operations | 4.79 | 11.10 | 16.78 | 3.26 | (10.05) | (3.02) | ||||||
Distributions from net investment income | - | (1.40) | (.79) | (.80) | (.64) | (.48) | ||||||
Distributions from net realized gain | - | - | - | - | (.02) | (.01) | ||||||
Total distributions | - | (1.40) | (.79) | (.80) | (.66) | (.49) | ||||||
Net asset value, end of period | $ | 59.73 | $ | 54.94 | $ | 45.24 | $ | 29.25 | $ | 26.79 | $ | 37.50 |
Total Return E,F | 8.72% | 24.63% | 58.37% | 13.03% | (27.24)% | (7.30)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .74% I | .73% | .77% | .85% | .81% | .78% | ||||||
Expenses net of fee waivers, if any | .73% I | .73% | .77% | .85% | .81% | .78% | ||||||
Expenses net of all reductions | .73% I | .73% | .77% | .84% | .80% | .77% | ||||||
Net investment income (loss) | 2.26% I | 2.75% | 2.79% | 4.50% D | 2.00% | 1.12% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,449,344 | $ | 2,840,710 | $ | 2,407,641 | $ | 980,644 | $ | 676,312 | $ | 1,152,173 |
Portfolio turnover rate J | 14% I | 43% | 56% K | 31% | 79% | 59% |
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% |
Energy Portfolio | $371,188 |
Gross unrealized appreciation | $1,119,013,142 |
Gross unrealized depreciation | (12,189,922) |
Net unrealized appreciation (depreciation) | $1,106,823,220 |
Tax cost | $1,391,015,759 |
Short-term | $(463,978,664) |
Long-term | (736,184,311) |
Total capital loss carryforward | $(1,200,162,975) |
Purchases ($) | Sales ($) | |
Energy Portfolio | 174,201,909 | 716,255,917 |
% of Average Net Assets | |
Energy Portfolio | .03 |
Amount | |
Energy Portfolio | $12,142 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Energy Portfolio | Borrower | $ 6,217,568 | 5.13% | $77,892 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Energy Portfolio | 13,813,068 | 29,410,902 | 4,184,700 |
Amount | |
Energy Portfolio | $2,639 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Energy Portfolio | $4,206 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Energy Portfolio | $2,242,231 | 5.35% | $4,329 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Energy Portfolio | .73% | |||||||||
Actual | $ 1,000 | $ 1,087.20 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.71 | |||||||
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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 Select Portfolios’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 Select Portfolios’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 Select Portfolios
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | October 23, 2023 |
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: | October 23, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | October 23, 2023 |