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, Massachusetts 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 29 |
Date of reporting period: | February 29, 2024 |
Item 1.
Reports to Stockholders
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95775_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95775_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | -7.26% | 1.26% | 3.39% |
Class M (incl. 3.50% sales charge) | -5.28% | 1.47% | 3.32% |
Class C (incl. contingent deferred sales charge) | -3.28% | 1.72% | 3.40% |
Telecommunications Portfolio | -1.33% | 2.79% | 4.34% |
Class I | -1.25% | 2.81% | 4.34% |
Class Z | -1.16% | 2.95% | 4.42% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Telecommunications Portfolio, a class of the fund, on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Verizon Communications, Inc. | 23.7 | |
AT&T, Inc. | 22.8 | |
Cogent Communications Group, Inc. | 4.9 | |
T-Mobile U.S., Inc. | 4.8 | |
Liberty Global Ltd. Class C | 4.2 | |
Iridium Communications, Inc. | 4.1 | |
Liberty Latin America Ltd. Class C | 4.0 | |
Frontier Communications Parent, Inc. | 3.5 | |
Anterix, Inc. | 3.2 | |
Telephone & Data Systems, Inc. | 3.0 | |
78.2 | ||
Industries (% of Fund's net assets) | ||
Diversified Telecommunication Services | 79.6 | |
Wireless Telecommunication Services | 11.9 | |
Media | 5.4 | |
IT Services | 0.8 | |
Construction & Engineering | 0.3 | |
Common Stocks - 98.0% | |||
Shares | Value ($) | ||
Construction & Engineering - 0.3% | |||
Construction & Engineering - 0.3% | |||
Dycom Industries, Inc. (a) | 4,400 | 556,556 | |
Diversified Telecommunication Services - 79.6% | |||
Alternative Carriers - 24.7% | |||
Anterix, Inc. (a) | 146,600 | 5,820,020 | |
Bandwidth, Inc. (a) | 45,800 | 940,732 | |
Cogent Communications Group, Inc. (b) | 109,739 | 8,878,982 | |
GCI Liberty, Inc. Class A (Escrow) (c)(f) | 182,800 | 2 | |
Globalstar, Inc. (a)(b) | 3,353,965 | 5,232,185 | |
Iridium Communications, Inc. | 260,111 | 7,530,213 | |
Liberty Global Ltd. Class C (b) | 407,836 | 7,565,358 | |
Liberty Latin America Ltd. Class C (a) | 1,102,733 | 7,189,819 | |
Lumen Technologies, Inc. (a)(b) | 972,400 | 1,575,288 | |
44,732,599 | |||
Integrated Telecommunication Services - 54.9% | |||
AT&T, Inc. | 2,442,220 | 41,346,785 | |
ATN International, Inc. | 38,500 | 1,291,290 | |
Consolidated Communications Holdings, Inc. (a) | 594,600 | 2,562,726 | |
Frontier Communications Parent, Inc. (a)(b) | 266,200 | 6,303,616 | |
IDT Corp. Class B (a) | 132,000 | 4,911,720 | |
Shenandoah Telecommunications Co. | 5,623 | 104,925 | |
Verizon Communications, Inc. | 1,074,897 | 43,017,380 | |
99,538,442 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 144,271,041 | ||
IT Services - 0.8% | |||
Internet Services & Infrastructure - 0.1% | |||
Twilio, Inc. Class A (a) | 4,000 | 238,360 | |
IT Consulting & Other Services - 0.7% | |||
Amdocs Ltd. | 14,000 | 1,276,800 | |
TOTAL IT SERVICES | 1,515,160 | ||
Media - 5.4% | |||
Cable & Satellite - 5.4% | |||
Charter Communications, Inc. Class A (a) | 7,300 | 2,145,689 | |
Comcast Corp. Class A | 121,200 | 5,193,420 | |
Liberty Broadband Corp. Class C (a) | 41,824 | 2,516,968 | |
9,856,077 | |||
Wireless Telecommunication Services - 11.9% | |||
Wireless Telecommunication Services - 11.9% | |||
Gogo, Inc. (a) | 665,400 | 5,429,664 | |
T-Mobile U.S., Inc. | 52,724 | 8,609,829 | |
Telephone & Data Systems, Inc. | 355,164 | 5,434,009 | |
U.S. Cellular Corp. (a) | 59,100 | 2,061,999 | |
21,535,501 | |||
TOTAL COMMON STOCKS (Cost $174,408,698) | 177,734,335 | ||
Money Market Funds - 11.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) | 2,486,775 | 2,487,272 | |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 17,516,200 | 17,517,951 | |
TOTAL MONEY MARKET FUNDS (Cost $20,005,223) | 20,005,223 | ||
TOTAL INVESTMENT IN SECURITIES - 109.1% (Cost $194,413,921) | 197,739,558 |
NET OTHER ASSETS (LIABILITIES) - (9.1)% | (16,437,024) |
NET ASSETS - 100.0% | 181,302,534 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
(f) | 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 $2 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 10,884,272 | 34,229,008 | 42,626,008 | 89,677 | - | - | 2,487,272 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 9,165,924 | 139,866,787 | 131,514,760 | 9,224 | - | - | 17,517,951 | 0.1% |
Total | 20,050,196 | 174,095,795 | 174,140,768 | 98,901 | - | - | 20,005,223 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 177,734,335 | 177,734,333 | - | 2 |
Money Market Funds | 20,005,223 | 20,005,223 | - | - |
Total Investments in Securities: | 197,739,558 | 197,739,556 | - | 2 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $16,928,821) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $174,408,698) | $ | 177,734,335 | ||
Fidelity Central Funds (cost $20,005,223) | 20,005,223 | |||
Total Investment in Securities (cost $194,413,921) | $ | 197,739,558 | ||
Foreign currency held at value (cost $21,712) | 23,805 | |||
Receivable for investments sold | 3,788,929 | |||
Receivable for fund shares sold | 50,103 | |||
Dividends receivable | 34,270 | |||
Distributions receivable from Fidelity Central Funds | 2,880 | |||
Prepaid expenses | 577 | |||
Other receivables | 5,969 | |||
Total assets | 201,646,091 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,564,752 | ||
Payable for fund shares redeemed | 97,602 | |||
Accrued management fee | 80,312 | |||
Distribution and service plan fees payable | 8,340 | |||
Other affiliated payables | 35,668 | |||
Other payables and accrued expenses | 39,408 | |||
Collateral on securities loaned | 17,517,475 | |||
Total Liabilities | 20,343,557 | |||
Net Assets | $ | 181,302,534 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 203,153,430 | ||
Total accumulated earnings (loss) | (21,850,896) | |||
Net Assets | $ | 181,302,534 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($16,322,599 ÷ 369,260 shares)(a) | $ | 44.20 | ||
Maximum offering price per share (100/94.25 of $44.20) | $ | 46.90 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($6,380,271 ÷ 145,526 shares)(a) | $ | 43.84 | ||
Maximum offering price per share (100/96.50 of $43.84) | $ | 45.43 | ||
Class C : | ||||
Net Asset Value and offering price per share ($2,546,783 ÷ 57,814 shares)(a) | $ | 44.05 | ||
Telecommunications : | ||||
Net Asset Value, offering price and redemption price per share ($147,413,277 ÷ 3,305,904 shares) | $ | 44.59 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($6,343,626 ÷ 142,594 shares) | $ | 44.49 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($2,295,978 ÷ 51,782 shares) | $ | 44.34 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 6,787,855 | ||
Income from Fidelity Central Funds (including $9,224 from security lending) | 98,901 | |||
Total Income | 6,886,756 | |||
Expenses | ||||
Management fee | $ | 1,001,334 | ||
Transfer agent fees | 396,851 | |||
Distribution and service plan fees | 102,790 | |||
Accounting fees | 67,753 | |||
Custodian fees and expenses | 8,024 | |||
Independent trustees' fees and expenses | 1,276 | |||
Registration fees | 84,711 | |||
Audit | 56,196 | |||
Legal | 1,025 | |||
Interest | 9,099 | |||
Miscellaneous | 1,257 | |||
Total expenses before reductions | 1,730,316 | |||
Expense reductions | (15,437) | |||
Total expenses after reductions | 1,714,879 | |||
Net Investment income (loss) | 5,171,877 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (25,059,062) | |||
Foreign currency transactions | (3,022) | |||
Total net realized gain (loss) | (25,062,084) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 13,379,225 | |||
Assets and liabilities in foreign currencies | 2,080 | |||
Total change in net unrealized appreciation (depreciation) | 13,381,305 | |||
Net gain (loss) | (11,680,779) | |||
Net increase (decrease) in net assets resulting from operations | $ | (6,508,902) |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,171,877 | $ | 5,140,003 |
Net realized gain (loss) | (25,062,084) | 7,530,927 | ||
Change in net unrealized appreciation (depreciation) | 13,381,305 | (35,292,068) | ||
Net increase (decrease) in net assets resulting from operations | (6,508,902) | (22,621,138) | ||
Distributions to shareholders | (7,597,238) | (16,991,172) | ||
Share transactions - net increase (decrease) | (37,569,762) | 20,395,222 | ||
Total increase (decrease) in net assets | (51,675,902) | (19,217,088) | ||
Net Assets | ||||
Beginning of period | 232,978,436 | 252,195,524 | ||
End of period | $ | 181,302,534 | $ | 232,978,436 |
Fidelity Advisor® Telecommunications Fund Class A |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.57 | $ | 54.28 | $ | 66.52 | $ | 60.60 | $ | 55.68 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.06 | .93 | 1.51 D | .66 | .87 | |||||
Net realized and unrealized gain (loss) | (1.85) E | (5.19) | (5.14) | 10.61 | 5.86 | |||||
Total from investment operations | (.79) | (4.26) | (3.63) | 11.27 | 6.73 | |||||
Distributions from net investment income | (1.10) | (.99) | (1.66) | (.39) | (.96) | |||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | |||||
Total distributions | (1.58) | (3.45) | (8.61) | (5.35) | (1.81) | |||||
Net asset value, end of period | $ | 44.20 | $ | 46.57 | $ | 54.28 | $ | 66.52 | $ | 60.60 |
Total Return F,G | (1.60)% E | (7.98)% | (6.28)% | 18.75% | 12.12% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | 1.13% | 1.13% | 1.09% | 1.11% | 1.18% | |||||
Expenses net of fee waivers, if any | 1.13% | 1.13% | 1.09% | 1.11% | 1.17% | |||||
Expenses net of all reductions | 1.12% | 1.13% | 1.09% | 1.10% | 1.17% | |||||
Net investment income (loss) | 2.48% | 1.89% | 2.27% D | 1.01% | 1.47% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 16,323 | $ | 18,744 | $ | 22,023 | $ | 29,800 | $ | 21,376 |
Portfolio turnover rate J | 26% | 24% | 28% | 58% | 58% |
Fidelity Advisor® Telecommunications Fund Class M |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.21 | $ | 53.88 | $ | 66.09 | $ | 60.25 | $ | 55.40 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .95 | .80 | 1.29 D | .46 | .70 | |||||
Net realized and unrealized gain (loss) | (1.84) E | (5.14) | (5.08) | 10.54 | 5.83 | |||||
Total from investment operations | (.89) | (4.34) | (3.79) | 11.00 | 6.53 | |||||
Distributions from net investment income | (1.00) | (.86) | (1.48) | (.20) | (.83) | |||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | |||||
Total distributions | (1.48) | (3.33) F | (8.42) F | (5.16) | (1.68) | |||||
Net asset value, end of period | $ | 43.84 | $ | 46.21 | $ | 53.88 | $ | 66.09 | $ | 60.25 |
Total Return G,H | (1.84)% E | (8.21)% | (6.55)% | 18.39% | 11.81% | |||||
Ratios to Average Net Assets C,I,J | ||||||||||
Expenses before reductions | 1.38% | 1.39% | 1.39% | 1.41% | 1.46% | |||||
Expenses net of fee waivers, if any | 1.38% | 1.38% | 1.38% | 1.41% | 1.46% | |||||
Expenses net of all reductions | 1.37% | 1.38% | 1.38% | 1.40% | 1.45% | |||||
Net investment income (loss) | 2.23% | 1.64% | 1.97% D | .71% | 1.19% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 6,380 | $ | 7,301 | $ | 7,733 | $ | 9,038 | $ | 6,919 |
Portfolio turnover rate K | 26% | 24% | 28% | 58% | 58% |
Fidelity Advisor® Telecommunications Fund Class C |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.38 | $ | 54.04 | $ | 66.17 | $ | 60.32 | $ | 55.45 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .74 | .56 | 1.01 D | .17 | .46 | |||||
Net realized and unrealized gain (loss) | (1.85) E | (5.15) | (5.09) | 10.54 | 5.82 | |||||
Total from investment operations | (1.11) | (4.59) | (4.08) | 10.71 | 6.28 | |||||
Distributions from net investment income | (.75) | (.61) | (1.10) | (.07) | (.56) | |||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.79) | (.85) | |||||
Total distributions | (1.22) F | (3.07) | (8.05) | (4.86) | (1.41) | |||||
Net asset value, end of period | $ | 44.05 | $ | 46.38 | $ | 54.04 | $ | 66.17 | $ | 60.32 |
Total Return G,H | (2.33)% E | (8.66)% | (6.97)% | 17.88% | 11.34% | |||||
Ratios to Average Net Assets C,I,J | ||||||||||
Expenses before reductions | 1.88% | 1.88% | 1.83% | 1.86% | 1.88% | |||||
Expenses net of fee waivers, if any | 1.88% | 1.87% | 1.83% | 1.86% | 1.87% | |||||
Expenses net of all reductions | 1.87% | 1.87% | 1.83% | 1.84% | 1.87% | |||||
Net investment income (loss) | 1.73% | 1.15% | 1.52% D | .26% | .77% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,547 | $ | 3,923 | $ | 5,254 | $ | 7,801 | $ | 6,491 |
Portfolio turnover rate K | 26% | 24% | 28% | 58% | 58% |
Telecommunications Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.97 | $ | 54.73 | $ | 67.04 | $ | 60.99 | $ | 56.04 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.20 | 1.09 | 1.71 D | .86 | 1.09 | |||||
Net realized and unrealized gain (loss) | (1.87) E | (5.24) | (5.18) | 10.71 | 5.90 | |||||
Total from investment operations | (.67) | (4.15) | (3.47) | 11.57 | 6.99 | |||||
Distributions from net investment income | (1.23) | (1.15) | (1.89) | (.57) | (1.19) | |||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | |||||
Total distributions | (1.71) | (3.61) | (8.84) | (5.52) F | (2.04) | |||||
Net asset value, end of period | $ | 44.59 | $ | 46.97 | $ | 54.73 | $ | 67.04 | $ | 60.99 |
Total Return G | (1.33)% E | (7.71)% | (5.99)% | 19.15% | 12.50% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .85% | .82% | .79% | .81% | .83% | |||||
Expenses net of fee waivers, if any | .84% | .82% | .79% | .81% | .82% | |||||
Expenses net of all reductions | .84% | .82% | .79% | .79% | .82% | |||||
Net investment income (loss) | 2.75% | 2.20% | 2.57% D | 1.31% | 1.82% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 147,413 | $ | 171,885 | $ | 199,560 | $ | 242,284 | $ | 219,854 |
Portfolio turnover rate J | 26% | 24% | 28% | 58% | 58% |
Fidelity Advisor® Telecommunications Fund Class I |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.84 | $ | 54.58 | $ | 66.84 | $ | 60.86 | $ | 55.84 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.23 | 1.10 | 1.74 D | .88 | 1.04 | |||||
Net realized and unrealized gain (loss) | (1.87) E | (5.21) | (5.18) | 10.66 | 5.91 | |||||
Total from investment operations | (.64) | (4.11) | (3.44) | 11.54 | 6.95 | |||||
Distributions from net investment income | (1.23) | (1.16) | (1.87) | (.60) | (1.08) | |||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | |||||
Total distributions | (1.71) | (3.63) F | (8.82) | (5.56) | (1.93) | |||||
Net asset value, end of period | $ | 44.49 | $ | 46.84 | $ | 54.58 | $ | 66.84 | $ | 60.86 |
Total Return G | (1.25)% E | (7.67)% | (5.97)% | 19.13% | 12.47% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .80% | .78% | .77% | .79% | .88% | |||||
Expenses net of fee waivers, if any | .79% | .78% | .77% | .79% | .88% | |||||
Expenses net of all reductions | .79% | .78% | .77% | .78% | .88% | |||||
Net investment income (loss) | 2.81% | 2.25% | 2.59% D | 1.33% | 1.76% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 6,344 | $ | 28,441 | $ | 12,038 | $ | 30,622 | $ | 12,428 |
Portfolio turnover rate J | 26% | 24% | 28% | 58% | 58% |
Fidelity Advisor® Telecommunications Fund Class Z |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 46.72 | $ | 54.46 | $ | 66.75 | $ | 60.75 | $ | 55.84 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.26 | 1.18 | 1.83 D | .95 | 1.20 | |||||
Net realized and unrealized gain (loss) | (1.86) E | (5.23) | (5.20) | 10.67 | 5.86 | |||||
Total from investment operations | (.60) | (4.05) | (3.37) | 11.62 | 7.06 | |||||
Distributions from net investment income | (1.31) | (1.22) | (1.98) | (.67) | (1.30) | |||||
Distributions from net realized gain | (.48) | (2.46) | (6.95) | (4.96) | (.85) | |||||
Total distributions | (1.78) F | (3.69) F | (8.92) F | (5.62) F | (2.15) | |||||
Net asset value, end of period | $ | 44.34 | $ | 46.72 | $ | 54.46 | $ | 66.75 | $ | 60.75 |
Total Return G | (1.16)% E | (7.56)% | (5.87)% | 19.31% | 12.68% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .69% | .67% | .65% | .67% | .68% | |||||
Expenses net of fee waivers, if any | .68% | .66% | .65% | .67% | .67% | |||||
Expenses net of all reductions | .68% | .66% | .65% | .65% | .67% | |||||
Net investment income (loss) | 2.92% | 2.36% | 2.71% D | 1.45% | 1.97% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,296 | $ | 2,685 | $ | 5,587 | $ | 31,271 | $ | 25,223 |
Portfolio turnover rate J | 26% | 24% | 28% | 58% | 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% |
Gross unrealized appreciation | $26,454,151 |
Gross unrealized depreciation | (24,566,427) |
Net unrealized appreciation (depreciation) | $1,887,724 |
Tax Cost | $195,851,834 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $647,266 |
Capital loss carryforward | $(24,383,431) |
Net unrealized appreciation (depreciation) on securities and other investments | $1,885,273 |
Short-term | $(2,815,930) |
Long-term | (21,567,501) |
Total capital loss carryforward | $(24,383,431) |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $5,255,215 | $ 5,364,741 |
Long-term Capital Gains | 2,342,023 | 11,626,431 |
Total | $7,597,238 | $ 16,991,172 |
Purchases ($) | Sales ($) | |
Telecommunications Portfolio | 50,113,160 | 84,581,317 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $41,163 | $1,006 |
Class M | .25% | .25% | 32,480 | - |
Class C | .75% | .25% | 29,147 | 1,643 |
$102,790 | $2,649 |
Retained by FDC | |
Class A | $3,593 |
Class M | 826 |
Class CA | 53 |
$4,472 |
% of Class-Level Average Net Assets | |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Telecommunications | .2000 |
Class I | .1500 |
Amount | % of Class-Level Average Net Assets | |
Class A | $39,521 | .24 |
Class M | 15,661 | .24 |
Class C | 7,026 | .24 |
Telecommunications | 314,104 | .21 |
Class I | 19,456 | .16 |
Class Z | 1,083 | .04 |
$396,851 |
% of Average Net Assets | |
Telecommunications Portfolio | .0354% |
% of Average Net Assets | |
Telecommunications Portfolio | .04 |
Maximum Management Fee Rate % | |
Class A | 0.72% |
Class M | 0.72% |
Class C | 0.72% |
Telecommunications | 0.72% |
Class I | 0.67% |
Class Z | 0.56% |
Amount | |
Telecommunications Portfolio | $6,856 |
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 | 343,444 | (32,379) |
Amount | |
Telecommunications Portfolio | $352 |
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 | $926 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Telecommunications Portfolio | $64,000 | 5.83% | $31 |
Expense reduction | |
Class A | $413 |
Class M | 787 |
Class C | 62 |
$1,262 |
Year ended February 29, 2024 | Year ended February 28, 2023 | |
Telecommunications Portfolio | ||
Distributions to shareholders | ||
Class A | $ 608,617 | $1,371,752 |
Class M | 226,115 | 479,499 |
Class C | 88,039 | 286,410 |
Telecommunications | 5,963,168 | 13,019,579 |
Class I | 598,796 | 1,515,681 |
Class Z | 112,503 | 318,251 |
Total | $ 7,597,238 | $ 16,991,172 |
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2024 | Year ended February 28, 2023 | Year ended February 29, 2024 | Year ended February 28, 2023 | |
Telecommunications Portfolio | ||||
Class A | ||||
Shares sold | 43,001 | 78,714 | $1,846,776 | $3,917,123 |
Reinvestment of distributions | 13,440 | 27,038 | 586,014 | 1,318,232 |
Shares redeemed | (89,654) | (108,969) | (3,795,896) | (5,376,984) |
Net increase (decrease) | (33,213) | (3,217) | $(1,363,106) | $(141,629) |
Class M | ||||
Shares sold | 29,602 | 34,367 | $1,262,425 | $1,663,349 |
Reinvestment of distributions | 5,207 | 9,903 | 225,496 | 478,658 |
Shares redeemed | (47,271) | (29,810) | (2,010,396) | (1,403,232) |
Net increase (decrease) | (12,462) | 14,460 | $(522,475) | $738,775 |
Class C | ||||
Shares sold | 5,255 | 10,310 | $224,808 | $526,650 |
Reinvestment of distributions | 1,964 | 5,729 | 86,122 | 280,668 |
Shares redeemed | (33,986) | (28,682) | (1,431,291) | (1,415,361) |
Net increase (decrease) | (26,767) | (12,643) | $(1,120,361) | $(608,043) |
Telecommunications | ||||
Shares sold | 643,117 | 538,813 | $27,478,363 | $26,964,598 |
Reinvestment of distributions | 125,072 | 247,377 | 5,494,243 | 12,134,608 |
Shares redeemed | (1,121,615) | (773,315) | (48,452,953) | (38,015,718) |
Net increase (decrease) | (353,426) | 12,875 | $(15,480,347) | $1,083,488 |
Class I | ||||
Shares sold | 92,263 | 817,391 | $3,962,229 | $41,395,131 |
Reinvestment of distributions | 13,260 | 29,024 | 594,502 | 1,455,032 |
Shares redeemed | (570,092) | (459,823) | (23,438,458) | (21,772,889) |
Net increase (decrease) | (464,569) | 386,592 | $(18,881,727) | $21,077,274 |
Class Z | ||||
Shares sold | 45,276 | 30,184 | $1,933,594 | $1,459,810 |
Reinvestment of distributions | 1,463 | 4,499 | 63,497 | 231,168 |
Shares redeemed | (52,424) | (79,794) | (2,198,837) | (3,445,621) |
Net increase (decrease) | (5,685) | (45,111) | $(201,746) | $(1,754,643) |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Wireless Portfolio | 19.83% | 12.28% | 9.54% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Wireless Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 10.1 | |
AT&T, Inc. | 9.4 | |
T-Mobile U.S., Inc. | 9.1 | |
American Tower Corp. | 7.8 | |
Marvell Technology, Inc. | 7.2 | |
Qualcomm, Inc. | 5.6 | |
Meta Platforms, Inc. Class A | 4.4 | |
Amazon.com, Inc. | 2.9 | |
Motorola Solutions, Inc. | 2.7 | |
Rogers Communications, Inc. Class B (non-vtg.) | 2.5 | |
61.7 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 18.6 | |
Diversified Telecommunication Services | 18.1 | |
Wireless Telecommunication Services | 17.0 | |
Technology Hardware, Storage & Peripherals | 12.4 | |
Equity Real Estate Investment Trusts (Reits) | 9.6 | |
Interactive Media & Services | 5.9 | |
Communications Equipment | 5.0 | |
Broadline Retail | 2.9 | |
Entertainment | 2.1 | |
Software | 1.8 | |
Ground Transportation | 1.7 | |
Oil, Gas & Consumable Fuels | 1.2 | |
IT Services | 0.6 | |
Consumer Staples Distribution & Retail | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 96.9% | |||
Shares | Value ($) | ||
Broadline Retail - 2.9% | |||
Broadline Retail - 2.9% | |||
Amazon.com, Inc. (a) | 53,600 | 9,474,336 | |
Communications Equipment - 5.0% | |||
Communications Equipment - 5.0% | |||
Ericsson: | |||
(B Shares) | 163,600 | 888,350 | |
(B Shares) sponsored ADR (b) | 472,000 | 2,567,680 | |
Motorola Solutions, Inc. | 26,568 | 8,777,802 | |
Nokia Corp. sponsored ADR | 793,800 | 2,802,114 | |
ViaSat, Inc. (a)(b) | 60,301 | 1,180,091 | |
16,216,037 | |||
Consumer Staples Distribution & Retail - 0.0% | |||
Food Retail - 0.0% | |||
Maplebear, Inc. (NASDAQ) | 700 | 22,778 | |
Diversified Telecommunication Services - 18.1% | |||
Alternative Carriers - 2.7% | |||
GCI Liberty, Inc. Class A (Escrow) (c)(g) | 112,300 | 1 | |
Iridium Communications, Inc. | 47,400 | 1,372,230 | |
Liberty Global Ltd. Class A | 337,800 | 5,911,500 | |
Liberty Latin America Ltd. Class C (a) | 212,100 | 1,382,892 | |
8,666,623 | |||
Integrated Telecommunication Services - 15.4% | |||
AT&T, Inc. | 1,797,300 | 30,428,289 | |
Cellnex Telecom SA (d) | 79,715 | 2,882,060 | |
Orange SA ADR | 619,800 | 7,127,700 | |
Shenandoah Telecommunications Co. | 300 | 5,598 | |
Telefonica SA sponsored ADR (b) | 677,149 | 2,769,539 | |
Verizon Communications, Inc. | 167,901 | 6,719,398 | |
49,932,584 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 58,599,207 | ||
Entertainment - 2.1% | |||
Movies & Entertainment - 2.1% | |||
Spotify Technology SA (a) | 26,600 | 6,820,506 | |
Equity Real Estate Investment Trusts (REITs) - 9.6% | |||
Telecom Tower REITs - 9.6% | |||
American Tower Corp. | 126,592 | 25,174,085 | |
Crown Castle, Inc. | 12,201 | 1,341,378 | |
SBA Communications Corp. Class A | 21,900 | 4,582,137 | |
31,097,600 | |||
Ground Transportation - 1.7% | |||
Passenger Ground Transportation - 1.7% | |||
Uber Technologies, Inc. (a) | 69,200 | 5,501,400 | |
Interactive Media & Services - 5.9% | |||
Interactive Media & Services - 5.9% | |||
Match Group, Inc. (a) | 37,000 | 1,333,480 | |
Meta Platforms, Inc. Class A | 29,400 | 14,409,822 | |
Snap, Inc. Class A (a) | 314,600 | 3,466,892 | |
19,210,194 | |||
IT Services - 0.6% | |||
Internet Services & Infrastructure - 0.6% | |||
Shopify, Inc. Class A (a) | 26,200 | 2,000,894 | |
Oil, Gas & Consumable Fuels - 1.2% | |||
Oil & Gas Refining & Marketing - 1.2% | |||
Reliance Industries Ltd. | 113,800 | 4,010,834 | |
Semiconductors & Semiconductor Equipment - 18.6% | |||
Semiconductors - 18.6% | |||
Marvell Technology, Inc. | 327,200 | 23,447,152 | |
NXP Semiconductors NV | 25,300 | 6,318,169 | |
Qorvo, Inc. (a) | 42,000 | 4,811,100 | |
Qualcomm, Inc. | 114,150 | 18,011,729 | |
STMicroelectronics NV (depository receipt) (b) | 168,300 | 7,677,846 | |
60,265,996 | |||
Software - 1.8% | |||
Application Software - 1.8% | |||
LivePerson, Inc. (a) | 84,000 | 106,680 | |
RingCentral, Inc. (a)(b) | 169,200 | 5,654,664 | |
Zoom Video Communications, Inc. Class A (a) | 300 | 21,219 | |
5,782,563 | |||
Technology Hardware, Storage & Peripherals - 12.4% | |||
Technology Hardware, Storage & Peripherals - 12.4% | |||
Apple, Inc. | 180,020 | 32,538,613 | |
Samsung Electronics Co. Ltd. (a) | 136,470 | 7,500,963 | |
40,039,576 | |||
Wireless Telecommunication Services - 17.0% | |||
Wireless Telecommunication Services - 17.0% | |||
Bharti Airtel Ltd. | 386,000 | 5,230,872 | |
Bharti Airtel Ltd. | 47,900 | 416,998 | |
Millicom International Cellular SA (a)(b) | 177,680 | 3,313,732 | |
Rogers Communications, Inc. Class B (non-vtg.) | 179,500 | 7,943,683 | |
Spok Holdings, Inc. | 1 | 18 | |
T-Mobile U.S., Inc. | 180,016 | 29,396,613 | |
U.S. Cellular Corp. (a) | 179,100 | 6,248,799 | |
Vodafone Group PLC sponsored ADR (b) | 280,581 | 2,508,394 | |
55,059,109 | |||
TOTAL COMMON STOCKS (Cost $219,110,327) | 314,101,030 | ||
Money Market Funds - 4.1% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) (Cost $13,115,605) | 13,114,294 | 13,115,605 | |
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $232,225,932) | 327,216,635 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (3,110,015) |
NET ASSETS - 100.0% | 324,106,620 |
(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 $2,882,060 or 0.9% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
(g) | 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 $1 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 2,912,303 | 60,718,633 | 63,630,936 | 69,670 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 10,799,733 | 136,103,550 | 133,787,678 | 89,050 | - | - | 13,115,605 | 0.0% |
Total | 13,712,036 | 196,822,183 | 197,418,614 | 158,720 | - | - | 13,115,605 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 314,101,030 | 310,330,619 | 3,770,410 | 1 |
Money Market Funds | 13,115,605 | 13,115,605 | - | - |
Total Investments in Securities: | 327,216,635 | 323,446,224 | 3,770,410 | 1 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $12,835,249) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $219,110,327) | $ | 314,101,030 | ||
Fidelity Central Funds (cost $13,115,605) | 13,115,605 | |||
Total Investment in Securities (cost $232,225,932) | $ | 327,216,635 | ||
Foreign currency held at value (cost $134,615) | 134,664 | |||
Receivable for investments sold | 22,594,539 | |||
Receivable for fund shares sold | 149,531 | |||
Dividends receivable | 410,340 | |||
Distributions receivable from Fidelity Central Funds | 4,619 | |||
Prepaid expenses | 554 | |||
Other receivables | 12,095 | |||
Total assets | 350,522,977 | |||
Liabilities | ||||
Payable to custodian bank | $ | 132,597 | ||
Payable for investments purchased | 3,223,025 | |||
Payable for fund shares redeemed | 128,488 | |||
Accrued management fee | 144,803 | |||
Notes payable to affiliates | 8,855,000 | |||
Other affiliated payables | 65,372 | |||
Other payables and accrued expenses | 751,397 | |||
Collateral on securities loaned | 13,115,675 | |||
Total Liabilities | 26,416,357 | |||
Net Assets | $ | 324,106,620 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 223,116,156 | ||
Total accumulated earnings (loss) | 100,990,464 | |||
Net Assets | $ | 324,106,620 | ||
Net Asset Value, offering price and redemption price per share ($324,106,620 ÷ 27,229,325 shares) | $ | 11.90 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 5,867,630 | ||
Income from Fidelity Central Funds (including $89,050 from security lending) | 158,720 | |||
Total Income | 6,026,350 | |||
Expenses | ||||
Management fee | $ | 1,611,636 | ||
Transfer agent fees | 638,611 | |||
Accounting fees | 108,986 | |||
Custodian fees and expenses | 15,086 | |||
Independent trustees' fees and expenses | 1,965 | |||
Registration fees | 31,428 | |||
Audit | 76,697 | |||
Legal | 984 | |||
Interest | 2,739 | |||
Miscellaneous | 1,569 | |||
Total expenses before reductions | 2,489,701 | |||
Expense reductions | (22,764) | |||
Total expenses after reductions | 2,466,937 | |||
Net Investment income (loss) | 3,559,413 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $130,049) | 13,401,584 | |||
Foreign currency transactions | (3,452) | |||
Total net realized gain (loss) | 13,398,132 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $288,050) | 39,059,203 | |||
Assets and liabilities in foreign currencies | 1,365 | |||
Total change in net unrealized appreciation (depreciation) | 39,060,568 | |||
Net gain (loss) | 52,458,700 | |||
Net increase (decrease) in net assets resulting from operations | $ | 56,018,113 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,559,413 | $ | 2,866,892 |
Net realized gain (loss) | 13,398,132 | 10,204,800 | ||
Change in net unrealized appreciation (depreciation) | 39,060,568 | (72,760,166) | ||
Net increase (decrease) in net assets resulting from operations | 56,018,113 | (59,688,474) | ||
Distributions to shareholders | (7,837,214) | (26,743,653) | ||
Share transactions | ||||
Proceeds from sales of shares | 39,969,785 | 36,656,737 | ||
Reinvestment of distributions | 7,189,424 | 24,990,417 | ||
Cost of shares redeemed | (73,439,523) | (76,575,168) | ||
Net increase (decrease) in net assets resulting from share transactions | (26,280,314) | (14,928,014) | ||
Total increase (decrease) in net assets | 21,900,585 | (101,360,141) | ||
Net Assets | ||||
Beginning of period | 302,206,035 | 403,566,176 | ||
End of period | $ | 324,106,620 | $ | 302,206,035 |
Other Information | ||||
Shares | ||||
Sold | 3,580,709 | 3,281,452 | ||
Issued in reinvestment of distributions | 622,461 | 2,265,748 | ||
Redeemed | (6,688,166) | (7,089,181) | ||
Net increase (decrease) | (2,484,996) | (1,541,981) | ||
Wireless Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 12.91 | $ | 13.34 | $ | 10.69 | $ | 8.93 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .12 | .09 | .10 | .10 | .14 | |||||
Net realized and unrealized gain (loss) | 1.89 | (1.95) | .54 | 3.50 | 1.93 | |||||
Total from investment operations | 2.01 | (1.86) | .64 | 3.60 | 2.07 | |||||
Distributions from net investment income | (.11) | (.09) | (.09) | (.10) | (.12) | |||||
Distributions from net realized gain | (.17) | (.79) | (.98) | (.86) | (.19) | |||||
Total distributions | (.28) | (.88) | (1.07) | (.95) D | (.31) | |||||
Net asset value, end of period | $ | 11.90 | $ | 10.17 | $ | 12.91 | $ | 13.34 | $ | 10.69 |
Total Return E | 19.83% | (14.79)% | 4.40% | 36.09% | 23.01% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .81% | .79% | .77% | .79% | .81% | |||||
Expenses net of fee waivers, if any | .80% | .79% | .77% | .79% | .81% | |||||
Expenses net of all reductions | .80% | .79% | .77% | .78% | .81% | |||||
Net investment income (loss) | 1.16% | .85% | .69% | .80% | 1.39% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 324,107 | $ | 302,206 | $ | 403,566 | $ | 440,296 | $ | 355,309 |
Portfolio turnover rate H | 22% | 11% | 30% | 55% | 78% |
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 | $128,289,492 |
Gross unrealized depreciation | (36,846,924) |
Net unrealized appreciation (depreciation) | $91,442,568 |
Tax Cost | $235,774,067 |
Undistributed tax-exempt income | $- | ||
Undistributed ordinary income | $426,423 | ||
Undistributed long-term capital gain | $9,829,064 | ||
Net unrealized appreciation (depreciation) on securities and other investments | $91,435,546 |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $3,157,438 | $2,921,826 |
Long-term Capital Gains | 4,679,776 | 23,821,827 |
Total | $7,837,214 | $ 26,743,653 |
Purchases ($) | Sales ($) | |
Wireless Portfolio | 66,941,172 | 105,069,003 |
% of Average Net Assets | |
Wireless Portfolio | 0.0353% |
% of Average Net Assets | |
Wireless Portfolio | .04 |
Maximum Management Fee Rate % | |
Wireless Portfolio | 0.72% |
Amount | |
Wireless Portfolio | $1,449 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Wireless Portfolio | Borrower | $ 8,855,000 | 5.56% | $2,739 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Wireless Portfolio | 561,937 | 9,807,651 | (6,099,885) |
Amount | |
Wireless Portfolio | $534 |
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 | $9,303 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Telecommunications Portfolio | ||||||||||
Class A ** | 1.11% | |||||||||
Actual | $ 1,000 | $ 1,042.30 | $ 5.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.34 | $ 5.57 | |||||||
Class M ** | 1.36% | |||||||||
Actual | $ 1,000 | $ 1,041.10 | $ 6.90 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.10 | $ 6.82 | |||||||
Class C | 1.86% | |||||||||
Actual | $ 1,000 | $ 1,038.50 | $ 9.43 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.61 | $ 9.32 | |||||||
Telecommunications Portfolio ** | .84% | |||||||||
Actual | $ 1,000 | $ 1,043.90 | $ 4.27 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.69 | $ 4.22 | |||||||
Class I ** | .79% | |||||||||
Actual | $ 1,000 | $ 1,044.30 | $ 4.02 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.93 | $ 3.97 | |||||||
Class Z ** | .67% | |||||||||
Actual | $ 1,000 | $ 1,044.60 | $ 3.41 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.37 | |||||||
Wireless Portfolio ** | .79% | |||||||||
Actual | $ 1,000 | $ 1,138.90 | $ 4.20 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.93 | $ 3.97 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Telecommunications Portfolio | ||||||
Class A | 1.03% | |||||
Actual | $ 5.23 | |||||
Hypothetical- B | $ 5.17 | |||||
Class M | 1.28% | |||||
Actual | $ 6.50 | |||||
Hypothetical- B | $ 6.42 | |||||
Telecommunications Portfolio | .71% | |||||
Actual | $ 3.61 | |||||
Hypothetical- B | $ 3.57 | |||||
Class I | .74% | |||||
Actual | $ 3.76 | |||||
Hypothetical- B | $ 3.72 | |||||
Class Z | .63% | |||||
Actual | $ 3.20 | |||||
Hypothetical- B | $ 3.17 | |||||
Wireless Portfolio | .71% | |||||
Actual | $ 3.78 | |||||
Hypothetical- B | $ 3.57 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Wireless Portfolio | $15,300,245 |
Telecommunications Portfolio | 0.09% |
Wireless Portfolio | $24,637 |
April 2023 | July 2023 | October 2023 | December 2023 | |
Telecommunications Portfolio | ||||
Class A | 100% | 100% | 100% | 100% |
Class M | 100% | 100% | 100% | 100% |
Class C | 100% | 100% | 100% | 100% |
Telecommunications | 100% | 100% | 100% | 100% |
Class I | 100% | 100% | 100% | 100% |
Class Z | 100% | 100% | 100% | 100% |
Wireless Portfolio | ||||
Wireless | 80% |
April 2023 | July 2023 | October 2023 | December 2023 | |
Telecommunications Portfolio | ||||
Class A | 100% | 100% | 100% | 100% |
Class M | 100% | 100% | 100% | 100% |
Class C | 100% | 100% | 100% | 100% |
Telecommunications | 100% | 100% | 100% | 100% |
Class I | 100% | 100% | 100% | 100% |
Class Z | 100% | 100% | 100% | 100% |
Wireless Portfolio | ||||
Wireless | 100% |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95783_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95783_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Utilities Portfolio | 6.01% | 6.98% | 8.33% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Utilities Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
NextEra Energy, Inc. | 13.0 | |
Sempra | 8.9 | |
Constellation Energy Corp. | 6.6 | |
PG&E Corp. | 6.1 | |
Edison International | 6.0 | |
FirstEnergy Corp. | 5.5 | |
American Electric Power Co., Inc. | 4.9 | |
Entergy Corp. | 4.9 | |
Southern Co. | 4.9 | |
Eversource Energy | 4.8 | |
65.6 | ||
Industries (% of Fund's net assets) | ||
Electric Utilities | 68.8 | |
Multi-Utilities | 17.5 | |
Independent Power and Renewable Electricity Producers | 8.6 | |
Electrical Equipment | 1.2 | |
Gas Utilities | 1.2 | |
Water Utilities | 1.0 | |
Chemicals | 0.3 | |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
Chemicals - 0.3% | |||
Industrial Gases - 0.3% | |||
Air Products & Chemicals, Inc. | 15,300 | 3,580,812 | |
Electric Utilities - 68.8% | |||
Electric Utilities - 68.8% | |||
Allete, Inc. | 2,707 | 153,324 | |
American Electric Power Co., Inc. (a) | 668,927 | 56,985,891 | |
Constellation Energy Corp. | 451,474 | 76,050,795 | |
Duke Energy Corp. | 177,447 | 16,294,958 | |
Edison International | 1,017,721 | 69,225,382 | |
Entergy Corp. | 555,963 | 56,469,162 | |
Evergy, Inc. | 491,100 | 24,329,094 | |
Eversource Energy | 956,499 | 56,146,491 | |
Exelon Corp. | 627,100 | 22,475,264 | |
FirstEnergy Corp. | 1,732,845 | 63,439,455 | |
Fortum Corp. | 240,700 | 3,004,716 | |
Kansai Electric Power Co., Inc. | 89,200 | 1,142,667 | |
NextEra Energy, Inc. | 2,737,806 | 151,099,513 | |
NRG Energy, Inc. | 108,099 | 5,980,037 | |
PG&E Corp. | 4,213,492 | 70,323,181 | |
Pinnacle West Capital Corp. | 152,800 | 10,440,824 | |
PPL Corp. | 1,885,406 | 49,718,156 | |
Southern Co. | 837,395 | 56,314,814 | |
Xcel Energy, Inc. | 143,959 | 7,585,200 | |
797,178,924 | |||
Electrical Equipment - 1.2% | |||
Electrical Components & Equipment - 1.2% | |||
Fluence Energy, Inc. (b) | 465,300 | 7,114,437 | |
Nextracker, Inc. Class A | 61,900 | 3,481,256 | |
Sunrun, Inc. (a)(b) | 232,700 | 2,801,708 | |
13,397,401 | |||
Gas Utilities - 1.2% | |||
Gas Utilities - 1.2% | |||
Southwest Gas Holdings, Inc. | 87,534 | 5,965,442 | |
UGI Corp. (a) | 316,295 | 7,742,902 | |
13,708,344 | |||
Independent Power and Renewable Electricity Producers - 8.6% | |||
Independent Power Producers & Energy Traders - 7.4% | |||
Energy Harbor Corp. (b) | 231,300 | 19,429,200 | |
The AES Corp. | 1,786,533 | 27,155,302 | |
Vistra Corp. | 714,627 | 38,975,757 | |
85,560,259 | |||
Renewable Electricity - 1.2% | |||
Clearway Energy, Inc. Class A (a) | 166,124 | 3,365,672 | |
NextEra Energy Partners LP | 338,012 | 9,285,190 | |
Sunnova Energy International, Inc. (a)(b) | 139,933 | 1,018,712 | |
13,669,574 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 99,229,833 | ||
Multi-Utilities - 17.5% | |||
Multi-Utilities - 17.5% | |||
DTE Energy Co. | 238,955 | 25,890,774 | |
NiSource, Inc. | 1,498,176 | 39,042,467 | |
Public Service Enterprise Group, Inc. | 555,252 | 34,647,725 | |
Sempra | 1,465,508 | 103,464,865 | |
203,045,831 | |||
Water Utilities - 1.0% | |||
Water Utilities - 1.0% | |||
Essential Utilities, Inc. (a) | 338,294 | 11,765,865 | |
TOTAL COMMON STOCKS (Cost $981,829,058) | 1,141,907,010 | ||
Money Market Funds - 4.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 4,515,263 | 4,516,166 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 43,353,942 | 43,358,278 | |
TOTAL MONEY MARKET FUNDS (Cost $47,874,444) | 47,874,444 | ||
TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $1,029,703,502) | 1,189,781,454 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (31,747,923) |
NET ASSETS - 100.0% | 1,158,033,531 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 13,606,856 | 582,351,500 | 591,442,190 | 637,232 | - | - | 4,516,166 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 9,119,850 | 204,098,094 | 169,859,666 | 14,950 | - | - | 43,358,278 | 0.1% |
Total | 22,726,706 | 786,449,594 | 761,301,856 | 652,182 | - | - | 47,874,444 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,141,907,010 | 1,141,907,010 | - | - |
Money Market Funds | 47,874,444 | 47,874,444 | - | - |
Total Investments in Securities: | 1,189,781,454 | 1,189,781,454 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $43,132,336) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $981,829,058) | $ | 1,141,907,010 | ||
Fidelity Central Funds (cost $47,874,444) | 47,874,444 | |||
Total Investment in Securities (cost $1,029,703,502) | $ | 1,189,781,454 | ||
Receivable for investments sold | 38,886,527 | |||
Receivable for fund shares sold | 2,852,483 | |||
Dividends receivable | 5,154,793 | |||
Distributions receivable from Fidelity Central Funds | 31,228 | |||
Prepaid expenses | 1,856 | |||
Other receivables | 27,101 | |||
Total assets | 1,236,735,442 | |||
Liabilities | ||||
Payable for investments purchased | $ | 32,280,076 | ||
Payable for fund shares redeemed | 2,337,429 | |||
Accrued management fee | 496,379 | |||
Other affiliated payables | 192,095 | |||
Other payables and accrued expenses | 37,654 | |||
Collateral on securities loaned | 43,358,278 | |||
Total Liabilities | 78,701,911 | |||
Net Assets | $ | 1,158,033,531 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 966,106,674 | ||
Total accumulated earnings (loss) | 191,926,857 | |||
Net Assets | $ | 1,158,033,531 | ||
Net Asset Value, offering price and redemption price per share ($1,158,033,531 ÷ 11,632,452 shares) | $ | 99.55 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 37,577,905 | ||
Income from Fidelity Central Funds (including $14,950 from security lending) | 652,182 | |||
Total Income | 38,230,087 | |||
Expenses | ||||
Management fee | $ | 6,746,116 | ||
Transfer agent fees | 2,267,986 | |||
Accounting fees | 364,069 | |||
Custodian fees and expenses | 12,127 | |||
Independent trustees' fees and expenses | 8,146 | |||
Registration fees | 68,804 | |||
Audit | 40,789 | |||
Legal | 1,213 | |||
Interest | 12,236 | |||
Miscellaneous | 7,133 | |||
Total expenses before reductions | 9,528,619 | |||
Expense reductions | (96,700) | |||
Total expenses after reductions | 9,431,919 | |||
Net Investment income (loss) | 28,798,168 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 38,799,030 | |||
Foreign currency transactions | 73 | |||
Total net realized gain (loss) | 38,799,103 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,857,870 | |||
Assets and liabilities in foreign currencies | 1,063 | |||
Total change in net unrealized appreciation (depreciation) | 4,858,933 | |||
Net gain (loss) | 43,658,036 | |||
Net increase (decrease) in net assets resulting from operations | $ | 72,456,204 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 28,798,168 | $ | 24,300,868 |
Net realized gain (loss) | 38,799,103 | 32,167,095 | ||
Change in net unrealized appreciation (depreciation) | 4,858,933 | (78,850,488) | ||
Net increase (decrease) in net assets resulting from operations | 72,456,204 | (22,382,525) | ||
Distributions to shareholders | (46,638,898) | (62,216,948) | ||
Share transactions | ||||
Proceeds from sales of shares | 299,175,604 | 921,832,942 | ||
Reinvestment of distributions | 42,202,004 | 57,299,028 | ||
Cost of shares redeemed | (561,927,330) | (613,822,146) | ||
Net increase (decrease) in net assets resulting from share transactions | (220,549,722) | 365,309,824 | ||
Total increase (decrease) in net assets | (194,732,416) | 280,710,351 | ||
Net Assets | ||||
Beginning of period | 1,352,765,947 | 1,072,055,596 | ||
End of period | $ | 1,158,033,531 | $ | 1,352,765,947 |
Other Information | ||||
Shares | ||||
Sold | 3,004,338 | 8,651,956 | ||
Issued in reinvestment of distributions | 425,669 | 535,973 | ||
Redeemed | (5,699,536) | (5,965,477) | ||
Net increase (decrease) | (2,269,529) | 3,222,452 | ||
Utilities Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 97.31 | $ | 100.38 | $ | 86.55 | $ | 91.20 | $ | 85.32 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 2.21 | 1.82 | 1.92 | 1.61 | 2.09 | |||||
Net realized and unrealized gain (loss) | 3.57 | .04 D | 14.72 | (1.81) | 5.99 | |||||
Total from investment operations | 5.78 | 1.86 | 16.64 | (.20) | 8.08 | |||||
Distributions from net investment income | (2.13) | (1.75) | (1.71) | (2.12) | (1.94) | |||||
Distributions from net realized gain | (1.42) | (3.18) | (1.10) | (2.34) | (.26) | |||||
Total distributions | (3.54) E | (4.93) | (2.81) | (4.45) E | (2.20) | |||||
Net asset value, end of period | $ | 99.55 | $ | 97.31 | $ | 100.38 | $ | 86.55 | $ | 91.20 |
Total Return F | 6.01% | 1.46% | 19.19% | (.05)% | 9.34% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .74% | .74% | .74% | .76% | .75% | |||||
Expenses net of fee waivers, if any | .73% | .74% | .73% | .76% | .75% | |||||
Expenses net of all reductions | .73% | .74% | .73% | .75% | .74% | |||||
Net investment income (loss) | 2.23% | 1.74% | 1.96% | 1.88% | 2.25% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,158,034 | $ | 1,352,766 | $ | 1,072,056 | $ | 896,285 | $ | 1,247,009 |
Portfolio turnover rate I | 83% | 53% | 37% | 64% | 65% J |
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 | $204,449,057 |
Gross unrealized depreciation | (53,606,910) |
Net unrealized appreciation (depreciation) | $150,842,147 |
Tax Cost | $1,038,939,307 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $2,564,134 |
Undistributed long-term capital gain | $38,520,487 |
Net unrealized appreciation (depreciation) on securities and other investments | $150,842,236 |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $27,455,620 | $23,713,330 |
Long-term Capital Gains | 19,183,278 | 38,503,618 |
Total | $46,638,898 | $62,216,948 |
Purchases ($) | Sales ($) | |
Utilities Portfolio | 1,047,534,061 | 1,245,526,318 |
% of Average Net Assets | |
Utilities Portfolio | 0.0280% |
% of Average Net Assets | |
Utilities Portfolio | .03% |
Maximum Management Fee Rate % | |
Utilities Portfolio | 0.69% |
Amount | |
Utilities Portfolio | $11,798 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Utilities Portfolio | Borrower | $ 8,120,400 | 5.42% | $12,236 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Utilities Portfolio | 17,450,089 | 45,535,052 | 1,971,959 |
Amount | |
Utilities Portfolio | $2,367 |
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 | $1,568 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Utilities Portfolio ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,032.70 | $ 3.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.23 | $ 3.67 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Utilities Portfolio | .68% | |||||
Actual | $ 3.44 | |||||
Hypothetical- B | $ 3.42 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95798_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95798_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Environment and Alternative Energy Fund | 24.26% | 11.13% | 9.30% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Environment and Alternative Energy Fund on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 13.3 | |
Linde PLC | 8.3 | |
Danaher Corp. | 6.3 | |
IBM Corp. | 5.9 | |
Eaton Corp. PLC | 5.5 | |
Prologis, Inc. | 5.1 | |
Union Pacific Corp. | 5.0 | |
Tesla, Inc. | 4.8 | |
Trane Technologies PLC | 3.4 | |
Republic Services, Inc. | 3.2 | |
60.8 | ||
Industries (% of Fund's net assets) | ||
Software | 13.3 | |
Chemicals | 9.9 | |
Electrical Equipment | 8.9 | |
Semiconductors & Semiconductor Equipment | 7.5 | |
IT Services | 6.9 | |
Life Sciences Tools & Services | 6.9 | |
Equity Real Estate Investment Trusts (Reits) | 5.1 | |
Ground Transportation | 5.0 | |
Automobiles | 4.8 | |
Commercial Services & Supplies | 4.6 | |
Machinery | 4.5 | |
Building Products | 4.3 | |
Electric Utilities | 4.2 | |
Communications Equipment | 3.2 | |
Containers & Packaging | 2.1 | |
Construction & Engineering | 2.1 | |
Independent Power and Renewable Electricity Producers | 1.7 | |
Professional Services | 1.4 | |
Aerospace & Defense | 0.9 | |
Electronic Equipment, Instruments & Components | 0.8 | |
Energy Equipment & Services | 0.8 | |
Oil, Gas & Consumable Fuels | 0.6 | |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
Aerospace & Defense - 0.9% | |||
Aerospace & Defense - 0.9% | |||
BWX Technologies, Inc. | 17,430 | 1,757,467 | |
Woodward, Inc. | 21,670 | 3,066,088 | |
4,823,555 | |||
Automobiles - 4.8% | |||
Automobile Manufacturers - 4.8% | |||
Tesla, Inc. (a) | 125,290 | 25,293,545 | |
Building Products - 4.3% | |||
Building Products - 4.3% | |||
The AZEK Co., Inc. (a) | 93,870 | 4,516,086 | |
Trane Technologies PLC | 64,060 | 18,062,998 | |
22,579,084 | |||
Chemicals - 9.9% | |||
Commodity Chemicals - 0.2% | |||
PureCycle Technologies, Inc. (a)(b) | 225,910 | 1,308,019 | |
Diversified Chemicals - 0.3% | |||
The Chemours Co. LLC | 67,600 | 1,329,692 | |
Industrial Gases - 8.3% | |||
Linde PLC | 97,420 | 43,724,044 | |
Specialty Chemicals - 1.1% | |||
Aspen Aerogels, Inc. (a)(b) | 276,690 | 4,753,534 | |
PPG Industries, Inc. | 5,520 | 781,632 | |
5,535,166 | |||
TOTAL CHEMICALS | 51,896,921 | ||
Commercial Services & Supplies - 4.6% | |||
Environmental & Facilities Services - 4.6% | |||
Clean Harbors, Inc. (a) | 9,040 | 1,646,184 | |
Republic Services, Inc. | 90,820 | 16,674,552 | |
Tetra Tech, Inc. | 22,710 | 4,026,937 | |
Veralto Corp. | 17,036 | 1,472,251 | |
23,819,924 | |||
Communications Equipment - 3.2% | |||
Communications Equipment - 3.2% | |||
Arista Networks, Inc. (a) | 59,950 | 16,638,523 | |
Construction & Engineering - 2.1% | |||
Construction & Engineering - 2.1% | |||
AECOM | 51,340 | 4,560,532 | |
Quanta Services, Inc. | 25,970 | 6,272,015 | |
10,832,547 | |||
Containers & Packaging - 2.1% | |||
Metal, Glass & Plastic Containers - 2.1% | |||
Ball Corp. | 170,050 | 10,886,601 | |
Electric Utilities - 4.2% | |||
Electric Utilities - 4.2% | |||
Kansai Electric Power Co., Inc. | 447,530 | 5,732,933 | |
PG&E Corp. | 607,280 | 10,135,503 | |
Southern Co. | 89,920 | 6,047,120 | |
21,915,556 | |||
Electrical Equipment - 8.9% | |||
Electrical Components & Equipment - 7.9% | |||
Array Technologies, Inc. (a)(b) | 111,480 | 1,520,587 | |
Eaton Corp. PLC | 99,830 | 28,850,870 | |
Fluence Energy, Inc. (a)(b) | 101,170 | 1,546,889 | |
Nextracker, Inc. Class A | 59,160 | 3,327,158 | |
Sunrun, Inc. (a)(b) | 128,440 | 1,546,418 | |
Vertiv Holdings Co. | 67,940 | 4,594,103 | |
41,386,025 | |||
Heavy Electrical Equipment - 1.0% | |||
Vestas Wind Systems A/S (a) | 194,740 | 5,427,022 | |
TOTAL ELECTRICAL EQUIPMENT | 46,813,047 | ||
Electronic Equipment, Instruments & Components - 0.8% | |||
Electronic Components - 0.8% | |||
Coherent Corp. (a) | 72,020 | 4,283,750 | |
Energy Equipment & Services - 0.8% | |||
Oil & Gas Equipment & Services - 0.8% | |||
Baker Hughes Co. Class A | 137,030 | 4,054,718 | |
Equity Real Estate Investment Trusts (REITs) - 5.1% | |||
Industrial REITs - 5.1% | |||
Prologis, Inc. | 198,030 | 26,391,458 | |
Ground Transportation - 5.0% | |||
Rail Transportation - 5.0% | |||
Union Pacific Corp. | 102,730 | 26,061,574 | |
Independent Power and Renewable Electricity Producers - 1.7% | |||
Independent Power Producers & Energy Traders - 1.7% | |||
RWE AG | 146,580 | 4,910,043 | |
The AES Corp. | 269,020 | 4,089,104 | |
8,999,147 | |||
IT Services - 6.9% | |||
IT Consulting & Other Services - 6.9% | |||
Amdocs Ltd. | 58,750 | 5,358,000 | |
IBM Corp. | 167,370 | 30,968,471 | |
36,326,471 | |||
Life Sciences Tools & Services - 6.9% | |||
Life Sciences Tools & Services - 6.9% | |||
Agilent Technologies, Inc. | 24,600 | 3,379,056 | |
Danaher Corp. | 129,800 | 32,857,572 | |
36,236,628 | |||
Machinery - 4.5% | |||
Agricultural & Farm Machinery - 0.7% | |||
Deere & Co. | 9,290 | 3,391,315 | |
Construction Machinery & Heavy Transportation Equipment - 2.5% | |||
Cummins, Inc. | 48,332 | 12,982,459 | |
Industrial Machinery & Supplies & Components - 1.3% | |||
Parker Hannifin Corp. | 9,830 | 5,263,474 | |
Timken Co. | 20,340 | 1,708,357 | |
6,971,831 | |||
TOTAL MACHINERY | 23,345,605 | ||
Oil, Gas & Consumable Fuels - 0.6% | |||
Coal & Consumable Fuels - 0.2% | |||
Cameco Corp. | 32,320 | 1,309,930 | |
Oil & Gas Refining & Marketing - 0.4% | |||
Neste OYJ | 72,720 | 1,993,975 | |
TOTAL OIL, GAS & CONSUMABLE FUELS | 3,303,905 | ||
Professional Services - 1.4% | |||
Research & Consulting Services - 1.4% | |||
KBR, Inc. | 124,000 | 7,443,720 | |
Semiconductors & Semiconductor Equipment - 7.5% | |||
Semiconductor Materials & Equipment - 0.9% | |||
Enphase Energy, Inc. (a) | 36,300 | 4,610,463 | |
Semiconductors - 6.6% | |||
Analog Devices, Inc. | 40,750 | 7,816,665 | |
First Solar, Inc. (a) | 43,080 | 6,629,581 | |
NXP Semiconductors NV | 55,960 | 13,974,891 | |
ON Semiconductor Corp. (a) | 79,740 | 6,293,081 | |
34,714,218 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 39,324,681 | ||
Software - 13.3% | |||
Systems Software - 13.3% | |||
Microsoft Corp. | 168,900 | 69,863,795 | |
TOTAL COMMON STOCKS (Cost $374,257,997) | 521,134,755 | ||
Convertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Components - 0.0% | |||
CelLink Corp. Series D (a)(c)(d) (Cost $295,699) | 14,200 | 133,622 | |
Money Market Funds - 1.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 144,225 | 144,254 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 8,818,993 | 8,819,875 | |
TOTAL MONEY MARKET FUNDS (Cost $8,964,129) | 8,964,129 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $383,517,825) | 530,232,506 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (6,455,955) |
NET ASSETS - 100.0% | 523,776,551 |
(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 $133,622 or 0.0% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
CelLink Corp. Series D | 1/20/22 | 295,699 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 480,638 | 57,406,147 | 57,742,531 | 77,916 | - | - | 144,254 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 5,110,325 | 89,534,503 | 85,824,953 | 77,765 | - | - | 8,819,875 | 0.0% |
Total | 5,590,963 | 146,940,650 | 143,567,484 | 155,681 | - | - | 8,964,129 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 521,134,755 | 510,797,690 | 10,337,065 | - |
Convertible Preferred Stocks | 133,622 | - | - | 133,622 |
Money Market Funds | 8,964,129 | 8,964,129 | - | - |
Total Investments in Securities: | 530,232,506 | 519,761,819 | 10,337,065 | 133,622 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $8,622,550) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $374,553,696) | $ | 521,268,377 | ||
Fidelity Central Funds (cost $8,964,129) | 8,964,129 | |||
Total Investment in Securities (cost $383,517,825) | $ | 530,232,506 | ||
Foreign currency held at value (cost $5,478) | 5,500 | |||
Receivable for investments sold | 2,308,385 | |||
Receivable for fund shares sold | 248,365 | |||
Dividends receivable | 961,789 | |||
Distributions receivable from Fidelity Central Funds | 21,969 | |||
Prepaid expenses | 573 | |||
Other receivables | 1,486 | |||
Total assets | 533,780,573 | |||
Liabilities | ||||
Payable for investments purchased | $ | 521,645 | ||
Payable for fund shares redeemed | 301,493 | |||
Accrued management fee | 223,993 | |||
Other affiliated payables | 100,952 | |||
Other payables and accrued expenses | 36,064 | |||
Collateral on securities loaned | 8,819,875 | |||
Total Liabilities | 10,004,022 | |||
Net Assets | $ | 523,776,551 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 493,658,111 | ||
Total accumulated earnings (loss) | 30,118,440 | |||
Net Assets | $ | 523,776,551 | ||
Net Asset Value, offering price and redemption price per share ($523,776,551 ÷ 15,196,043 shares) | $ | 34.47 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 6,664,478 | ||
Income from Fidelity Central Funds (including $77,765 from security lending) | 155,681 | |||
Total Income | 6,820,159 | |||
Expenses | ||||
Management fee | $ | 2,555,793 | ||
Transfer agent fees | 1,118,422 | |||
Accounting fees | 172,100 | |||
Custodian fees and expenses | 14,409 | |||
Independent trustees' fees and expenses | 3,238 | |||
Registration fees | 29,662 | |||
Audit | 46,359 | |||
Legal | 623 | |||
Miscellaneous | 2,766 | |||
Total expenses before reductions | 3,943,372 | |||
Expense reductions | (36,428) | |||
Total expenses after reductions | 3,906,944 | |||
Net Investment income (loss) | 2,913,215 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 12,092,522 | |||
Foreign currency transactions | 34,192 | |||
Total net realized gain (loss) | 12,126,714 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $5,386) | 91,349,319 | |||
Assets and liabilities in foreign currencies | 2,201 | |||
Total change in net unrealized appreciation (depreciation) | 91,351,520 | |||
Net gain (loss) | 103,478,234 | |||
Net increase (decrease) in net assets resulting from operations | $ | 106,391,449 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,913,215 | $ | 3,192,349 |
Net realized gain (loss) | 12,126,714 | (103,186,796) | ||
Change in net unrealized appreciation (depreciation) | 91,351,520 | 14,327,854 | ||
Net increase (decrease) in net assets resulting from operations | 106,391,449 | (85,666,593) | ||
Distributions to shareholders | (2,019,768) | (3,228,177) | ||
Share transactions | ||||
Proceeds from sales of shares | 82,337,401 | 106,568,582 | ||
Reinvestment of distributions | 1,855,046 | 3,006,815 | ||
Cost of shares redeemed | (137,391,407) | (303,818,497) | ||
Net increase (decrease) in net assets resulting from share transactions | (53,198,960) | (194,243,100) | ||
Total increase (decrease) in net assets | 51,172,721 | (283,137,870) | ||
Net Assets | ||||
Beginning of period | 472,603,830 | 755,741,700 | ||
End of period | $ | 523,776,551 | $ | 472,603,830 |
Other Information | ||||
Shares | ||||
Sold | 2,685,092 | 3,656,658 | ||
Issued in reinvestment of distributions | 56,695 | 111,940 | ||
Redeemed | (4,514,624) | (11,200,238) | ||
Net increase (decrease) | (1,772,837) | (7,431,640) | ||
Fidelity® Environment and Alternative Energy Fund |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 27.85 | $ | 30.97 | $ | 30.16 | $ | 23.80 | $ | 24.92 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .18 | .15 | .11 | .24 | .27 | |||||
Net realized and unrealized gain (loss) | 6.57 | (3.09) | 3.46 | 8.02 | (.81) | |||||
Total from investment operations | 6.75 | (2.94) | 3.57 | 8.26 | (.54) | |||||
Distributions from net investment income | (.13) | (.18) | (.10) | (.26) | (.23) | |||||
Distributions from net realized gain | - | - | (2.66) | (1.64) | (.35) | |||||
Total distributions | (.13) | (.18) | (2.76) | (1.90) | (.58) | |||||
Net asset value, end of period | $ | 34.47 | $ | 27.85 | $ | 30.97 | $ | 30.16 | $ | 23.80 |
Total Return D | 24.26% | (9.46)% | 11.02% | 38.97% | (2.35)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .81% | .79% | .79% | .85% | .85% | |||||
Expenses net of fee waivers, if any | .80% | .79% | .79% | .85% | .85% | |||||
Expenses net of all reductions | .80% | .79% | .79% | .85% | .85% | |||||
Net investment income (loss) | .60% | .52% | .33% | .95% | 1.08% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 523,777 | $ | 472,604 | $ | 755,742 | $ | 373,982 | $ | 181,456 |
Portfolio turnover rate G | 35% | 34% | 89% | 28% | 49% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Natural Resources Fund | 6.57% | 12.38% | 2.98% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Natural Resources Fund on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 18.6 | |
Imperial Oil Ltd. | 8.2 | |
MEG Energy Corp. | 6.9 | |
Shell PLC ADR | 6.3 | |
Valero Energy Corp. | 5.0 | |
Phillips 66 Co. | 4.9 | |
Pioneer Natural Resources Co. | 4.5 | |
Canadian Natural Resources Ltd. | 4.2 | |
Athabasca Oil Corp. | 3.3 | |
Weatherford International PLC | 3.2 | |
65.1 | ||
Industries (% of Fund's net assets) | ||
Oil, Gas & Consumable Fuels | 72.0 | |
Metals & Mining | 11.3 | |
Energy Equipment & Services | 7.1 | |
Containers & Packaging | 5.8 | |
Chemicals | 3.0 | |
Paper & Forest Products | 0.2 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Chemicals - 3.0% | |||
Commodity Chemicals - 1.6% | |||
Dow, Inc. | 162,500 | 9,080,500 | |
Industrial Gases - 1.4% | |||
Linde PLC | 18,900 | 8,482,698 | |
TOTAL CHEMICALS | 17,563,198 | ||
Containers & Packaging - 5.8% | |||
Metal, Glass & Plastic Containers - 3.8% | |||
Aptargroup, Inc. | 71,100 | 9,986,706 | |
Crown Holdings, Inc. | 69,100 | 5,294,442 | |
Greif, Inc. Class A | 107,800 | 6,948,788 | |
22,229,936 | |||
Paper & Plastic Packaging Products & Materials - 2.0% | |||
Avery Dennison Corp. | 56,400 | 12,212,292 | |
TOTAL CONTAINERS & PACKAGING | 34,442,228 | ||
Energy Equipment & Services - 7.1% | |||
Oil & Gas Equipment & Services - 7.1% | |||
Expro Group Holdings NV (a) | 540,400 | 9,667,756 | |
Schlumberger Ltd. | 89,300 | 4,315,869 | |
TechnipFMC PLC | 413,900 | 8,977,491 | |
Weatherford International PLC (a) | 181,564 | 18,630,282 | |
41,591,398 | |||
Metals & Mining - 11.3% | |||
Copper - 3.9% | |||
First Quantum Minerals Ltd. | 775,600 | 7,343,669 | |
Freeport-McMoRan, Inc. | 407,000 | 15,388,670 | |
22,732,339 | |||
Diversified Metals & Mining - 3.3% | |||
Ivanhoe Mines Ltd. (a)(b) | 962,400 | 10,232,791 | |
Teck Resources Ltd. Class B | 246,000 | 9,451,320 | |
19,684,111 | |||
Gold - 4.1% | |||
Agnico Eagle Mines Ltd. (United States) | 59,400 | 2,854,764 | |
Franco-Nevada Corp. | 81,400 | 8,522,364 | |
Newmont Corp. | 185,300 | 5,790,625 | |
Wheaton Precious Metals Corp. (b) | 162,250 | 6,683,078 | |
23,850,831 | |||
TOTAL METALS & MINING | 66,267,281 | ||
Oil, Gas & Consumable Fuels - 72.0% | |||
Coal & Consumable Fuels - 1.0% | |||
Cameco Corp. | 150,153 | 6,085,701 | |
Integrated Oil & Gas - 35.5% | |||
Exxon Mobil Corp. | 1,043,504 | 109,067,038 | |
Galp Energia SGPS SA Class B | 906,500 | 14,274,888 | |
Imperial Oil Ltd. | 774,300 | 48,449,734 | |
Shell PLC ADR | 587,000 | 36,881,210 | |
208,672,870 | |||
Oil & Gas Exploration & Production - 24.6% | |||
Africa Oil Corp. | 7,895,000 | 12,158,236 | |
Athabasca Oil Corp. (a) | 5,422,400 | 19,657,523 | |
Canadian Natural Resources Ltd. (b) | 350,900 | 24,454,221 | |
Eco Atlantic Oil & Gas Ltd. (a) | 3,500,000 | 425,524 | |
Hess Corp. | 43,200 | 6,296,400 | |
Kosmos Energy Ltd. (a) | 2,339,000 | 14,361,460 | |
MEG Energy Corp. (a) | 1,904,639 | 40,769,084 | |
Pioneer Natural Resources Co. | 113,800 | 26,764,622 | |
144,887,070 | |||
Oil & Gas Refining & Marketing - 10.9% | |||
PBF Energy, Inc. Class A | 122,300 | 5,711,410 | |
Phillips 66 Co. | 201,516 | 28,718,045 | |
Valero Energy Corp. | 209,300 | 29,607,578 | |
64,037,033 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 423,682,674 | ||
Paper & Forest Products - 0.2% | |||
Forest Products - 0.2% | |||
Interfor Corp. (a) | 82,500 | 1,233,412 | |
TOTAL COMMON STOCKS (Cost $395,031,245) | 584,780,191 | ||
Money Market Funds - 5.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 7,575,014 | 7,576,529 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 23,961,469 | 23,963,865 | |
TOTAL MONEY MARKET FUNDS (Cost $31,540,394) | 31,540,394 | ||
TOTAL INVESTMENT IN SECURITIES - 104.8% (Cost $426,571,639) | 616,320,585 |
NET OTHER ASSETS (LIABILITIES) - (4.8)% | (28,078,115) |
NET ASSETS - 100.0% | 588,242,470 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 8,697,934 | 172,105,401 | 173,226,806 | 179,721 | - | - | 7,576,529 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 5,144,250 | 188,664,812 | 169,845,197 | 92,010 | - | - | 23,963,865 | 0.1% |
Total | 13,842,184 | 360,770,213 | 343,072,003 | 271,731 | - | - | 31,540,394 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 584,780,191 | 584,780,191 | - | - |
Money Market Funds | 31,540,394 | 31,540,394 | - | - |
Total Investments in Securities: | 616,320,585 | 616,320,585 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $23,794,975) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $395,031,245) | $ | 584,780,191 | ||
Fidelity Central Funds (cost $31,540,394) | 31,540,394 | |||
Total Investment in Securities (cost $426,571,639) | $ | 616,320,585 | ||
Receivable for investments sold | 658,405 | |||
Receivable for fund shares sold | 357,147 | |||
Dividends receivable | 2,244,297 | |||
Distributions receivable from Fidelity Central Funds | 9,961 | |||
Prepaid expenses | 1,562 | |||
Other receivables | 103,909 | |||
Total assets | 619,695,866 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,624,143 | ||
Payable for fund shares redeemed | 364,630 | |||
Accrued management fee | 252,572 | |||
Other affiliated payables | 110,294 | |||
Other payables and accrued expenses | 137,892 | |||
Collateral on securities loaned | 23,963,865 | |||
Total Liabilities | 31,453,396 | |||
Net Assets | $ | 588,242,470 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 614,276,670 | ||
Total accumulated earnings (loss) | (26,034,200) | |||
Net Assets | $ | 588,242,470 | ||
Net Asset Value, offering price and redemption price per share ($588,242,470 ÷ 14,026,330 shares) | $ | 41.94 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 15,380,202 | ||
Income from Fidelity Central Funds (including $92,010 from security lending) | 271,731 | |||
Total Income | 15,651,933 | |||
Expenses | ||||
Management fee | $ | 3,456,468 | ||
Transfer agent fees | 1,271,109 | |||
Accounting fees | 214,958 | |||
Custodian fees and expenses | 36,213 | |||
Independent trustees' fees and expenses | 4,247 | |||
Registration fees | 56,081 | |||
Audit | 46,487 | |||
Legal | 1,700 | |||
Interest | 12,426 | |||
Miscellaneous | 4,248 | |||
Total expenses before reductions | 5,103,937 | |||
Expense reductions | (49,234) | |||
Total expenses after reductions | 5,054,703 | |||
Net Investment income (loss) | 10,597,230 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 57,572,997 | |||
Foreign currency transactions | (9,852) | |||
Total net realized gain (loss) | 57,563,145 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (41,700,340) | |||
Assets and liabilities in foreign currencies | (56) | |||
Total change in net unrealized appreciation (depreciation) | (41,700,396) | |||
Net gain (loss) | 15,862,749 | |||
Net increase (decrease) in net assets resulting from operations | $ | 26,459,979 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 10,597,230 | $ | 16,561,675 |
Net realized gain (loss) | 57,563,145 | 15,932,931 | ||
Change in net unrealized appreciation (depreciation) | (41,700,396) | 64,590,252 | ||
Net increase (decrease) in net assets resulting from operations | 26,459,979 | 97,084,858 | ||
Distributions to shareholders | (10,079,753) | (18,584,123) | ||
Share transactions | ||||
Proceeds from sales of shares | 175,332,712 | 634,417,680 | ||
Reinvestment of distributions | 9,365,908 | 17,432,108 | ||
Cost of shares redeemed | (425,265,456) | (515,954,973) | ||
Net increase (decrease) in net assets resulting from share transactions | (240,566,836) | 135,894,815 | ||
Total increase (decrease) in net assets | (224,186,610) | 214,395,550 | ||
Net Assets | ||||
Beginning of period | 812,429,080 | 598,033,530 | ||
End of period | $ | 588,242,470 | $ | 812,429,080 |
Other Information | ||||
Shares | ||||
Sold | 4,251,604 | 16,884,073 | ||
Issued in reinvestment of distributions | 228,353 | 466,676 | ||
Redeemed | (10,775,156) | (14,503,991) | ||
Net increase (decrease) | (6,295,199) | 2,846,758 | ||
Fidelity® Natural Resources Fund |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 39.98 | $ | 34.22 | $ | 23.21 | $ | 20.59 | $ | 25.55 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .65 | .83 | .51 | .30 | .30 | |||||
Net realized and unrealized gain (loss) | 1.96 | 5.87 | 10.91 | 2.69 | (4.88) | |||||
Total from investment operations | 2.61 | 6.70 | 11.42 | 2.99 | (4.58) | |||||
Distributions from net investment income | (.65) | (.94) | (.41) | (.37) | (.30) | |||||
Distributions from net realized gain | - | - | - | - | (.08) | |||||
Total distributions | (.65) | (.94) | (.41) | (.37) | (.38) | |||||
Net asset value, end of period | $ | 41.94 | $ | 39.98 | $ | 34.22 | $ | 23.21 | $ | 20.59 |
Total Return D | 6.57% | 19.78% | 49.71% | 14.76% | (18.25)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .77% | .77% | .82% | .89% | .84% | |||||
Expenses net of fee waivers, if any | .76% | .77% | .81% | .89% | .84% | |||||
Expenses net of all reductions | .76% | .77% | .81% | .88% | .84% | |||||
Net investment income (loss) | 1.60% | 2.21% | 1.84% | 1.62% | 1.18% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 588,242 | $ | 812,429 | $ | 598,034 | $ | 292,887 | $ | 315,533 |
Portfolio turnover rate G | 50% | 74% | 98% | 90% | 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% |
Fidelity Natural Resources Fund | 94,026 |
Tax Cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Environment and Alternative Energy Fund | $384,670,825 | $157,018,710 | $(11,457,029) | $145,561,681 |
Fidelity Natural Resources Fund | 429,259,489 | 199,859,372 | (12,798,276) | 187,061,096 |
Undistributed ordinary income | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Environment and Alternative Energy Fund | $135,161 | $(115,575,035) | $145,558,314 |
Fidelity Natural Resources Fund | - | (213,012,313) | 187,060,930 |
Short-term | Long-term | Total capital loss carryforward | |
Fidelity Environment and Alternative Energy Fund | $(92,561,271) | $(23,013,764) | $(115,575,035) |
Fidelity Natural Resources Fund | (109,009,339) | (104,002,974) | (213,012,313) |
February 29, 2024 | ||||
Ordinary Income | Total | |||
Fidelity Environment and Alternative Energy Fund | $2,019,768 | $2,019,768 | ||
Fidelity Natural Resources Fund | 10,079,753 | 10,079,753 | ||
February 28, 2023 | ||||
Ordinary Income | Total | |||
Fidelity Environment and Alternative Energy Fund | $3,228,177 | $3,228,177 | ||
Fidelity Natural Resources Fund | 18,584,123 | 18,584,123 | ||
Purchases ($) | Sales ($) | |
Fidelity Environment and Alternative Energy Fund | 170,661,888 | 222,823,135 |
Fidelity Natural Resources Fund | 330,636,675 | 554,747,879 |
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 | .2000% |
Fidelity Natural Resources Fund | .1945% |
Fidelity Environment and Alternative Energy Fund | .23% |
Fidelity Natural Resources Fund | .19% |
% of Average Net Assets | |
Fidelity Environment and Alternative Energy Fund | 0.0349% |
Fidelity Natural Resources Fund | 0.0331% |
% of Average Net Assets | |
Fidelity Environment and Alternative Energy Fund | 0.04% |
Fidelity Natural Resources Fund | 0.03% |
Maximum Management Fee Rate % | |
Fidelity Environment and Alternative Energy Fund | 0.72 |
Fidelity Natural Resources Fund | 0.71 |
Amount | |
Fidelity Environment and Alternative Energy Fund | $4,915 |
Fidelity Natural Resources Fund | 7,258 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Natural Resources Fund | Borrower | $ 2,980,536 | 5.25% | $12,164 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Environment and Alternative Energy Fund | 7,614,935 | 16,426,606 | 2,612,088 |
Fidelity Natural Resources Fund | 15,743,390 | 24,291,358 | 3,093,140 |
Amount | |
Fidelity Environment and Alternative Energy Fund | $848 |
Fidelity Natural Resources Fund | 1,248 |
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 | $8,194 | $15,303 | $167,910 |
Fidelity Natural Resources Fund | $9,560 | $- | $- |
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 | $36,428 |
Fidelity Natural Resources Fund | 49,234 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Fidelity® Environment and Alternative Energy Fund ** | .79% | |||||||||
Actual | $ 1,000 | $ 1,112.70 | $ 4.15 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.93 | $ 3.97 | |||||||
Fidelity® Natural Resources Fund ** | .77% | |||||||||
Actual | $ 1,000 | $ 985.70 | $ 3.80 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.03 | $ 3.87 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Environment and Alternative Energy Fund | .69% | |||||
Actual | $ 3.63 | |||||
Hypothetical- B | $ 3.47 | |||||
Fidelity® Natural Resources Fund | .71% | |||||
Actual | $ 3.51 | |||||
Hypothetical- B | $ 3.57 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Fidelity Environment and Alternative Energy Fund | |
December 2023 | 100% |
Fidelity Natural Resources Fund | |
April 2023 | 99% |
December 2023 | 80% |
Fidelity Environment and Alternative Energy Fund | |
December 2023 | 100% |
Fidelity Natural Resources Fund | |
April 2023 | 100% |
December 2023 | 100% |
Fidelity Natural Resources Fund | $96,237 |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95781_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95781_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Energy Portfolio | 6.66% | 11.60% | 2.88% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Energy Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 24.2 | |
Canadian Natural Resources Ltd. | 5.8 | |
Chevron Corp. | 5.2 | |
Schlumberger Ltd. | 5.2 | |
Cenovus Energy, Inc. (Canada) | 5.1 | |
Marathon Petroleum Corp. | 4.8 | |
Occidental Petroleum Corp. | 4.2 | |
Valero Energy Corp. | 3.8 | |
Hess Corp. | 3.7 | |
ConocoPhillips Co. | 3.4 | |
65.4 | ||
Industries (% of Fund's net assets) | ||
Oil, Gas & Consumable Fuels | 82.8 | |
Energy Equipment & Services | 15.6 | |
Machinery | 0.8 | |
Independent Power and Renewable Electricity Producers | 0.7 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
Energy Equipment & Services - 15.6% | |||
Oil & Gas Drilling - 3.4% | |||
Noble Corp. PLC | 282,400 | 11,807,144 | |
Odfjell Drilling Ltd. | 1,485,118 | 6,257,147 | |
Patterson-UTI Energy, Inc. | 1,910,112 | 22,099,996 | |
Shelf Drilling Ltd. (a)(b) | 1,347,589 | 3,457,373 | |
Valaris Ltd. (a) | 460,800 | 29,053,440 | |
72,675,100 | |||
Oil & Gas Equipment & Services - 12.2% | |||
Halliburton Co. | 1,812,000 | 63,546,840 | |
NOV, Inc. | 163,000 | 2,754,700 | |
Oceaneering International, Inc. (a) | 895,430 | 17,693,697 | |
ProFrac Holding Corp. (a)(c) | 439,100 | 3,591,838 | |
ProPetro Holding Corp. (a) | 327,201 | 2,421,287 | |
Schlumberger Ltd. | 2,282,169 | 110,297,228 | |
TechnipFMC PLC | 2,771,772 | 60,119,735 | |
260,425,325 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 333,100,425 | ||
Independent Power and Renewable Electricity Producers - 0.7% | |||
Independent Power Producers & Energy Traders - 0.7% | |||
Vistra Corp. | 255,300 | 13,924,062 | |
Machinery - 0.8% | |||
Industrial Machinery & Supplies & Components - 0.8% | |||
Chart Industries, Inc. (a)(c) | 112,500 | 16,071,750 | |
Oil, Gas & Consumable Fuels - 82.8% | |||
Integrated Oil & Gas - 41.3% | |||
Cenovus Energy, Inc. (Canada) | 6,199,906 | 108,040,951 | |
Chevron Corp. | 734,717 | 111,684,331 | |
Exxon Mobil Corp. | 4,928,746 | 515,152,533 | |
Imperial Oil Ltd. | 404,600 | 25,316,753 | |
Occidental Petroleum Corp. | 1,466,215 | 88,867,291 | |
Occidental Petroleum Corp. warrants 8/3/27 (a) | 99,550 | 3,842,630 | |
Suncor Energy, Inc. | 779,900 | 26,796,402 | |
879,700,891 | |||
Oil & Gas Exploration & Production - 25.3% | |||
Antero Resources Corp. (a) | 998,700 | 25,666,590 | |
Canadian Natural Resources Ltd. | 1,773,580 | 123,548,799 | |
Chord Energy Corp. | 78,652 | 12,777,017 | |
ConocoPhillips Co. | 653,466 | 73,541,064 | |
Devon Energy Corp. | 129,600 | 5,710,176 | |
Diamondback Energy, Inc. | 318,000 | 58,041,360 | |
EOG Resources, Inc. | 127,164 | 14,555,191 | |
Hess Corp. | 541,100 | 78,865,325 | |
National Energy Services Reunited Corp. (a) | 3,280,520 | 25,424,030 | |
Northern Oil & Gas, Inc. | 123,860 | 4,425,518 | |
Ovintiv, Inc. | 990,000 | 48,915,900 | |
Pioneer Natural Resources Co. | 136,166 | 32,024,882 | |
Range Resources Corp. | 802,100 | 25,362,402 | |
SM Energy Co. | 222,200 | 9,725,694 | |
538,583,948 | |||
Oil & Gas Refining & Marketing - 9.8% | |||
Marathon Petroleum Corp. | 607,092 | 102,738,179 | |
Phillips 66 Co. | 179,973 | 25,647,952 | |
Valero Energy Corp. | 576,400 | 81,537,544 | |
209,923,675 | |||
Oil & Gas Storage & Transportation - 6.4% | |||
Cheniere Energy, Inc. | 432,012 | 67,048,262 | |
Energy Transfer LP | 3,320,400 | 48,610,656 | |
Golar LNG Ltd. | 277,033 | 5,621,000 | |
New Fortress Energy, Inc. (c) | 449,700 | 15,806,955 | |
137,086,873 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 1,765,295,387 | ||
TOTAL COMMON STOCKS (Cost $1,200,555,954) | 2,128,391,624 | ||
Money Market Funds - 1.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) | 392,058 | 392,136 | |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 29,767,077 | 29,770,054 | |
TOTAL MONEY MARKET FUNDS (Cost $30,162,190) | 30,162,190 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% (Cost $1,230,718,144) | 2,158,553,814 |
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (26,991,659) |
NET ASSETS - 100.0% | 2,131,562,155 |
(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 $3,457,373 or 0.2% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 613 | 197,524,045 | 197,132,522 | 151,144 | - | - | 392,136 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 46,148,408 | 1,170,426,027 | 1,186,804,381 | 98,701 | - | - | 29,770,054 | 0.1% |
Total | 46,149,021 | 1,367,950,072 | 1,383,936,903 | 249,845 | - | - | 30,162,190 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 2,128,391,624 | 2,128,391,624 | - | - |
Money Market Funds | 30,162,190 | 30,162,190 | - | - |
Total Investments in Securities: | 2,158,553,814 | 2,158,553,814 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $30,228,358) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,200,555,954) | $ | 2,128,391,624 | ||
Fidelity Central Funds (cost $30,162,190) | 30,162,190 | |||
Total Investment in Securities (cost $1,230,718,144) | $ | 2,158,553,814 | ||
Receivable for investments sold | 1,955,140 | |||
Receivable for fund shares sold | 603,187 | |||
Dividends receivable | 8,526,781 | |||
Distributions receivable from Fidelity Central Funds | 2,910 | |||
Prepaid expenses | 3,781 | |||
Other receivables | 447,857 | |||
Total assets | 2,170,093,470 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 7,061,973 | ||
Accrued management fee | 911,942 | |||
Other affiliated payables | 353,964 | |||
Other payables and accrued expenses | 433,989 | |||
Collateral on securities loaned | 29,769,447 | |||
Total Liabilities | 38,531,315 | |||
Net Assets | $ | 2,131,562,155 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,162,702,107 | ||
Total accumulated earnings (loss) | (31,139,952) | |||
Net Assets | $ | 2,131,562,155 | ||
Net Asset Value, offering price and redemption price per share ($2,131,562,155 ÷ 37,086,993 shares) | $ | 57.47 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 64,839,917 | ||
Income from Fidelity Central Funds (including $98,701 from security lending) | 249,845 | |||
Total Income | 65,089,762 | |||
Expenses | ||||
Management fee | $ | 12,454,601 | ||
Transfer agent fees | 4,117,652 | |||
Accounting fees | 626,899 | |||
Custodian fees and expenses | 67,432 | |||
Independent trustees' fees and expenses | 15,577 | |||
Registration fees | 102,216 | |||
Audit | 49,958 | |||
Legal | 2,863 | |||
Interest | 111,068 | |||
Miscellaneous | 13,633 | |||
Total expenses before reductions | 17,561,899 | |||
Expense reductions | (178,492) | |||
Total expenses after reductions | 17,383,407 | |||
Net Investment income (loss) | 47,706,355 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 257,814,004 | |||
Foreign currency transactions | 33,126 | |||
Total net realized gain (loss) | 257,847,130 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (191,126,982) | |||
Assets and liabilities in foreign currencies | 797 | |||
Total change in net unrealized appreciation (depreciation) | (191,126,185) | |||
Net gain (loss) | 66,720,945 | |||
Net increase (decrease) in net assets resulting from operations | $ | 114,427,300 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 47,706,355 | $ | 79,896,791 |
Net realized gain (loss) | 257,847,130 | 62,550,606 | ||
Change in net unrealized appreciation (depreciation) | (191,126,185) | 379,242,037 | ||
Net increase (decrease) in net assets resulting from operations | 114,427,300 | 521,689,434 | ||
Distributions to shareholders | (42,949,687) | (76,651,144) | ||
Share transactions | ||||
Proceeds from sales of shares | 545,563,294 | 2,107,751,018 | ||
Reinvestment of distributions | 39,788,327 | 71,674,644 | ||
Cost of shares redeemed | (1,365,976,841) | (2,191,394,921) | ||
Net increase (decrease) in net assets resulting from share transactions | (780,625,220) | (11,969,259) | ||
Total increase (decrease) in net assets | (709,147,607) | 433,069,031 | ||
Net Assets | ||||
Beginning of period | 2,840,709,762 | 2,407,640,731 | ||
End of period | $ | 2,131,562,155 | $ | 2,840,709,762 |
Other Information | ||||
Shares | ||||
Sold | 9,594,074 | 39,822,947 | ||
Issued in reinvestment of distributions | 711,141 | 1,340,218 | ||
Redeemed | (24,924,355) | (42,677,565) | ||
Net increase (decrease) | (14,619,140) | (1,514,400) | ||
Energy Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 54.94 | $ | 45.24 | $ | 29.25 | $ | 26.79 | $ | 37.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.12 | 1.46 | .96 | .99 D | .71 | |||||
Net realized and unrealized gain (loss) | 2.51 | 9.64 | 15.82 | 2.27 | (10.76) | |||||
Total from investment operations | 3.63 | 11.10 | 16.78 | 3.26 | (10.05) | |||||
Distributions from net investment income | (1.10) | (1.40) | (.79) | (.80) | (.64) | |||||
Distributions from net realized gain | - | - | - | - | (.02) | |||||
Total distributions | (1.10) | (1.40) | (.79) | (.80) | (.66) | |||||
Net asset value, end of period | $ | 57.47 | $ | 54.94 | $ | 45.24 | $ | 29.25 | $ | 26.79 |
Total Return E | 6.66% | 24.63% | 58.37% | 13.03% | (27.24)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .74% | .73% | .77% | .85% | .81% | |||||
Expenses net of fee waivers, if any | .73% | .73% | .77% | .85% | .81% | |||||
Expenses net of all reductions | .73% | .73% | .77% | .84% | .80% | |||||
Net investment income (loss) | 2.00% | 2.75% | 2.79% | 4.50% D | 2.00% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,131,562 | $ | 2,840,710 | $ | 2,407,641 | $ | 980,644 | $ | 676,312 |
Portfolio turnover rate H | 17% | 43% | 56% I | 31% | 79% |
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 | $385,006 |
Gross unrealized appreciation | $937,472,196 |
Gross unrealized depreciation | (14,942,711) |
Net unrealized appreciation (depreciation) | $922,529,485 |
Tax Cost | $1,236,024,329 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $2,381,765 |
Capital loss carryforward | $(952,341,441) |
Net unrealized appreciation (depreciation) on securities and other investments | $919,165,139 |
Short-term | $(484,417,665) |
Long-term | (467,923,776) |
Total capital loss carryforward | $(952,341,441) |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $42,949,687 | $ 76,651,144 |
Total | $42,949,687 | $ 76,651,144 |
Purchases ($) | Sales ($) | |
Energy Portfolio | 409,090,045 | 1,178,498,406 |
% of Average Net Assets | |
Energy Portfolio | 0.0264% |
% of Average Net Assets | |
Energy Portfolio | .03 |
Maximum Management Fee Rate % | |
Energy Portfolio | 0.70 |
Amount | |
Energy Portfolio | $ 19,566 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Energy Portfolio | Borrower | $ 5,494,895 | 5.24% | $106,310 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Energy Portfolio | 31,789,651 | 41,133,244 | 5,697,223 |
Amount | |
Energy Portfolio | $4,546 |
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 | $10,418 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Energy Portfolio | $1,514,048 | 5.39% | $4,758 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Energy Portfolio ** | .73% | |||||||||
Actual | $ 1,000 | $ 981.10 | $ 3.60 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.23 | $ 3.67 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Energy Portfolio | .67% | |||||
Actual | $ 3.30 | |||||
Hypothetical- B | $ 3.37 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95776_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95776_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Chemicals Portfolio | 5.75% | 7.84% | 6.71% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Chemicals Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Linde PLC | 22.7 | |
Sherwin-Williams Co. | 11.2 | |
Air Products & Chemicals, Inc. | 7.9 | |
Ecolab, Inc. | 5.4 | |
Celanese Corp. Class A | 5.0 | |
Axalta Coating Systems Ltd. | 4.5 | |
Element Solutions, Inc. | 4.1 | |
Westlake Corp. | 4.0 | |
Corteva, Inc. | 4.0 | |
DuPont de Nemours, Inc. | 3.7 | |
72.5 | ||
Industries (% of Fund's net assets) | ||
Chemicals | 99.2 | |
Common Stocks - 99.2% | |||
Shares | Value ($) | ||
Chemicals - 99.2% | |||
Commodity Chemicals - 18.1% | |||
Cabot Corp. (a) | 216,500 | 18,391,675 | |
Koppers Holdings, Inc. | 65,400 | 3,702,948 | |
LyondellBasell Industries NV Class A | 200,600 | 20,116,168 | |
Olin Corp. | 298,000 | 16,032,400 | |
Orion SA | 774,826 | 17,464,578 | |
Tronox Holdings PLC | 828,269 | 12,175,554 | |
Westlake Corp. | 179,056 | 24,836,858 | |
112,720,181 | |||
Diversified Chemicals - 2.6% | |||
The Chemours Co. LLC | 805,559 | 15,845,346 | |
Fertilizers & Agricultural Chemicals - 7.2% | |||
CF Industries Holdings, Inc. | 107,217 | 8,654,556 | |
Corteva, Inc. | 463,893 | 24,827,553 | |
FMC Corp. | 197,300 | 11,125,747 | |
44,607,856 | |||
Industrial Gases - 30.6% | |||
Air Products & Chemicals, Inc. | 210,411 | 49,244,590 | |
Linde PLC | 314,016 | 140,936,661 | |
190,181,251 | |||
Specialty Chemicals - 40.7% | |||
Albemarle Corp. (a) | 122,200 | 16,845,270 | |
Arcadium Lithium PLC | 480 | 2,635 | |
Axalta Coating Systems Ltd. (b) | 859,200 | 28,121,616 | |
Celanese Corp. Class A (a) | 206,300 | 31,351,411 | |
DuPont de Nemours, Inc. | 330,394 | 22,859,961 | |
Ecolab, Inc. | 148,800 | 33,456,192 | |
Element Solutions, Inc. | 1,081,043 | 25,404,511 | |
International Flavors & Fragrances, Inc. | 113,816 | 8,593,108 | |
PPG Industries, Inc. | 119,800 | 16,963,680 | |
Sherwin-Williams Co. | 209,199 | 69,460,344 | |
253,058,728 | |||
TOTAL COMMON STOCKS (Cost $398,672,289) | 616,413,362 | ||
Money Market Funds - 8.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 4,114,978 | 4,115,801 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 49,125,762 | 49,130,675 | |
TOTAL MONEY MARKET FUNDS (Cost $53,246,476) | 53,246,476 | ||
TOTAL INVESTMENT IN SECURITIES - 107.8% (Cost $451,918,765) | 669,659,838 |
NET OTHER ASSETS (LIABILITIES) - (7.8)% | (48,478,050) |
NET ASSETS - 100.0% | 621,181,788 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 2,631,570 | 107,252,542 | 105,768,311 | 169,547 | - | - | 4,115,801 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 41,326,325 | 302,374,148 | 294,569,798 | 25,595 | - | - | 49,130,675 | 0.2% |
Total | 43,957,895 | 409,626,690 | 400,338,109 | 195,142 | - | - | 53,246,476 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 616,413,362 | 616,413,362 | - | - |
Money Market Funds | 53,246,476 | 53,246,476 | - | - |
Total Investments in Securities: | 669,659,838 | 669,659,838 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $49,340,404) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $398,672,289) | $ | 616,413,362 | ||
Fidelity Central Funds (cost $53,246,476) | 53,246,476 | |||
Total Investment in Securities (cost $451,918,765) | $ | 669,659,838 | ||
Receivable for fund shares sold | 37,101 | |||
Dividends receivable | 1,054,390 | |||
Reclaims receivable | 332,439 | |||
Distributions receivable from Fidelity Central Funds | 12,726 | |||
Prepaid expenses | 2,676 | |||
Other receivables | 162,361 | |||
Total assets | 671,261,531 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 381,452 | ||
Accrued management fee | 265,533 | |||
Other affiliated payables | 106,071 | |||
Other payables and accrued expenses | 196,012 | |||
Collateral on securities loaned | 49,130,675 | |||
Total Liabilities | 50,079,743 | |||
Net Assets | $ | 621,181,788 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 373,881,191 | ||
Total accumulated earnings (loss) | 247,300,597 | |||
Net Assets | $ | 621,181,788 | ||
Net Asset Value, offering price and redemption price per share ($621,181,788 ÷ 40,512,590 shares) | $ | 15.33 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 11,502,761 | ||
Income from Fidelity Central Funds (including $25,595 from security lending) | 195,142 | |||
Total Income | 11,697,903 | |||
Expenses | ||||
Management fee | $ | 3,292,782 | ||
Transfer agent fees | 1,119,960 | |||
Accounting fees | 207,152 | |||
Custodian fees and expenses | 7,980 | |||
Independent trustees' fees and expenses | 4,048 | |||
Registration fees | 21,772 | |||
Audit | 49,058 | |||
Legal | 336 | |||
Miscellaneous | 5,268 | |||
Total expenses before reductions | 4,708,356 | |||
Expense reductions | (47,127) | |||
Total expenses after reductions | 4,661,229 | |||
Net Investment income (loss) | 7,036,674 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 60,376,339 | |||
Total net realized gain (loss) | 60,376,339 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (34,228,705) | |||
Assets and liabilities in foreign currencies | 7,106 | |||
Total change in net unrealized appreciation (depreciation) | (34,221,599) | |||
Net gain (loss) | 26,154,740 | |||
Net increase (decrease) in net assets resulting from operations | $ | 33,191,414 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,036,674 | $ | 6,689,344 |
Net realized gain (loss) | 60,376,339 | 48,415,100 | ||
Change in net unrealized appreciation (depreciation) | (34,221,599) | (52,586,087) | ||
Net increase (decrease) in net assets resulting from operations | 33,191,414 | 2,518,357 | ||
Distributions to shareholders | (39,559,398) | (71,422,793) | ||
Share transactions | ||||
Proceeds from sales of shares | 16,937,515 | 27,760,569 | ||
Reinvestment of distributions | 36,948,117 | 67,243,473 | ||
Cost of shares redeemed | (104,444,954) | (106,890,154) | ||
Net increase (decrease) in net assets resulting from share transactions | (50,559,322) | (11,886,112) | ||
Total increase (decrease) in net assets | (56,927,306) | (80,790,548) | ||
Net Assets | ||||
Beginning of period | 678,109,094 | 758,899,642 | ||
End of period | $ | 621,181,788 | $ | 678,109,094 |
Other Information | ||||
Shares | ||||
Sold | 1,129,005 | 1,728,193 | ||
Issued in reinvestment of distributions | 2,420,166 | 4,320,957 | ||
Redeemed | (6,985,170) | (6,887,077) | ||
Net increase (decrease) | (3,435,999) | (837,927) | ||
Chemicals Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.43 | $ | 16.94 | $ | 14.67 | $ | 10.47 | $ | 13.57 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .17 | .15 | .15 | .15 | .15 | |||||
Net realized and unrealized gain (loss) | .71 | .01 | 2.34 | 4.21 | (2.39) | |||||
Total from investment operations | .88 | .16 | 2.49 | 4.36 | (2.24) | |||||
Distributions from net investment income | (.18) | (.16) | (.14) | (.16) | (.20) | |||||
Distributions from net realized gain | (.80) | (1.51) | (.08) | - | (.66) | |||||
Total distributions | (.98) | (1.67) | (.22) | (.16) | (.86) | |||||
Net asset value, end of period | $ | 15.33 | $ | 15.43 | $ | 16.94 | $ | 14.67 | $ | 10.47 |
Total Return D | 5.75% | 1.09% | 16.90% | 41.65% | (17.63)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .75% | .75% | .74% | .79% | .78% | |||||
Expenses net of fee waivers, if any | .74% | .75% | .74% | .79% | .78% | |||||
Expenses net of all reductions | .74% | .75% | .74% | .78% | .77% | |||||
Net investment income (loss) | 1.12% | .96% | .85% | 1.28% | 1.21% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 621,182 | $ | 678,109 | $ | 758,900 | $ | 700,680 | $ | 656,441 |
Portfolio turnover rate G | 19% | 54% | 15% | 50% | 77% |
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 | $161,309 |
Gross unrealized appreciation | $244,222,217 |
Gross unrealized depreciation | (27,616,047) |
Net unrealized appreciation (depreciation) | $216,606,170 |
Tax Cost | $453,053,668 |
Undistributed ordinary income | $376,989 |
Undistributed long-term capital gain | $30,491,203 |
Net unrealized appreciation (depreciation) on securities and other investments | $216,573,493 |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $7,032,123 | $ 6,622,169 |
Long-term Capital Gains | 32,527,275 | 64,800,624 |
Total | $39,559,398 | $ 71,422,793 |
Purchases ($) | Sales ($) | |
Chemicals Portfolio | 117,097,509 | 197,746,491 |
% of Average Net Assets | |
Chemicals Portfolio | .0326% |
% of Average Net Assets | |
Chemicals Portfolio | .03 |
Maximum Management Fee Rate % | |
Chemicals Portfolio | 0.69 |
Amount | |
Chemicals Portfolio | $1,885 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Chemicals Portfolio | 7,469,777 | 5,173,500 | 2,501,148 |
Amount | |
Chemicals Portfolio | $1,131 |
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 | $2,703 | $- | $- |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | -17.14% | 0.14% | -1.30% |
Class M (incl. 3.50% sales charge) | -15.33% | 0.35% | -1.34% |
Class C (incl. contingent deferred sales charge) | -13.58% | 0.63% | -1.26% |
Gold Portfolio | -11.78% | 1.66% | -0.40% |
Class I | -11.75% | 1.67% | -0.39% |
Class Z | -11.67% | 1.80% | -0.32% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Gold Portfolio, a class of the fund, on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Agnico Eagle Mines Ltd. (Canada) | 12.8 | |
Wheaton Precious Metals Corp. | 10.2 | |
Newmont Corp. | 10.0 | |
Franco-Nevada Corp. | 9.7 | |
Barrick Gold Corp. (Canada) | 4.8 | |
Northern Star Resources Ltd. | 4.2 | |
Osisko Gold Royalties Ltd. | 3.2 | |
Alamos Gold, Inc. | 3.1 | |
Gold Fields Ltd. | 2.7 | |
AngloGold Ashanti PLC | 2.3 | |
63.0 | ||
Industries (% of Fund's net assets) | ||
Gold | 92.2 | |
Silver | 2.6 | |
Diversified Metals & Mining | 2.1 | |
Precious Metals & Minerals | 1.2 | |
Commodities & Related Investments* | 1.1 | |
Copper | 0.3 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.4% | |||
Shares | Value ($) | ||
Australia - 6.9% | |||
Metals & Mining - 6.9% | |||
Gold - 6.9% | |||
Gold Road Resources Ltd. | 11,305,573 | 10,875,961 | |
Northern Star Resources Ltd. | 5,257,155 | 44,081,245 | |
OceanaGold Corp. | 10,887,400 | 18,050,068 | |
73,007,274 | |||
Brazil - 10.2% | |||
Metals & Mining - 10.2% | |||
Gold - 10.2% | |||
Wheaton Precious Metals Corp. | 2,634,182 | 108,558,228 | |
Burkina Faso - 1.5% | |||
Metals & Mining - 1.5% | |||
Gold - 1.5% | |||
IAMGOLD Corp. (a)(b) | 6,059,000 | 15,804,340 | |
Canada - 60.4% | |||
Metals & Mining - 60.4% | |||
Copper - 0.3% | |||
Faraday Copper Corp. (a)(c) | 9,251,880 | 3,476,741 | |
Diversified Metals & Mining - 1.8% | |||
Solaris Resources, Inc. (a)(b) | 766,031 | 2,082,787 | |
Vizsla Silver Corp. (a) | 4,763,000 | 5,229,245 | |
Western Copper & Gold Corp. (TSX) (a)(b)(c) | 9,336,273 | 11,970,022 | |
19,282,054 | |||
Gold - 56.3% | |||
Agnico Eagle Mines Ltd. (Canada) (b) | 2,821,802 | 135,335,884 | |
Alamos Gold, Inc. | 2,747,700 | 32,414,012 | |
Artemis Gold, Inc. (a)(b) | 3,345,028 | 17,475,039 | |
Ascot Resources Ltd. (a)(b) | 22,609,000 | 9,329,138 | |
B2Gold Corp. | 6,710,500 | 16,168,688 | |
Banyan Gold Corp. (a)(c) | 21,000,000 | 4,564,713 | |
Barrick Gold Corp. (Canada) | 3,461,000 | 50,468,401 | |
Bonterra Resources, Inc. (a)(c) | 7,387,297 | 1,115,865 | |
Calibre Mining Corp. (a)(b) | 11,302,306 | 12,908,355 | |
Dundee Precious Metals, Inc. | 1,718,700 | 11,625,587 | |
Franco-Nevada Corp. | 983,578 | 102,978,004 | |
Fury Gold Mines Ltd. (a)(c) | 800,000 | 274,104 | |
Fury Gold Mines Ltd. (a)(c) | 10,000,000 | 3,426,298 | |
i-80 Gold Corp. (a)(b) | 8,324,358 | 10,488,636 | |
Kinross Gold Corp. | 1,731,900 | 8,473,504 | |
Lundin Gold, Inc. | 1,871,200 | 21,798,380 | |
Maple Gold Mines Ltd. (a)(c) | 18,373,019 | 609,207 | |
Marathon Gold Corp. warrants 9/20/24 (a)(d) | 5,000,000 | 87,267 | |
Novagold Resources, Inc. (a) | 3,142,400 | 7,756,725 | |
Orla Mining Ltd. (a)(b) | 7,494,098 | 24,683,062 | |
Osisko Development Corp. (a) | 3,669,647 | 7,246,549 | |
Osisko Development Corp.: | |||
rights(a) | 666,666 | 12,103 | |
warrants(a) | 1,144,505 | 70,308 | |
Osisko Gold Royalties Ltd. | 2,303,100 | 33,634,780 | |
Osisko Mining, Inc. warrants 8/6/24 (a) | 1,350,000 | 44,432 | |
Rupert Resources Ltd. (a)(b) | 2,481,200 | 5,612,706 | |
Seabridge Gold, Inc. (a) | 877,100 | 9,937,543 | |
Skeena Resources Ltd. (a)(b) | 1,981,900 | 7,301,698 | |
SSR Mining, Inc. (b) | 2,151,300 | 9,225,632 | |
Torex Gold Resources, Inc. (a) | 1,260,200 | 13,185,602 | |
Triple Flag Precious Metals Corp. | 915,400 | 11,608,174 | |
Victoria Gold Corp. (a) | 2,102,800 | 8,227,438 | |
Wesdome Gold Mines, Inc. (a) | 2,558,476 | 17,060,905 | |
595,148,739 | |||
Precious Metals & Minerals - 1.2% | |||
Dolly Varden Silver Corp. (a)(c) | 17,000,000 | 8,517,850 | |
Guanajuato Silver Co. Ltd. (a)(c) | 31,097,000 | 3,895,288 | |
Guanajuato Silver Co. Ltd. warrants 2/10/25 (a)(c) | 7,396,381 | 2,739 | |
12,415,877 | |||
Silver - 0.8% | |||
Aya Gold & Silver, Inc. (a)(b) | 813,734 | 5,852,002 | |
GoGold Resources, Inc. (a)(b) | 3,668,100 | 2,675,768 | |
8,527,770 | |||
TOTAL METALS & MINING | 638,851,181 | ||
China - 1.3% | |||
Metals & Mining - 1.3% | |||
Gold - 1.3% | |||
Zijin Mining Group Co. Ltd. (H Shares) | 8,452,000 | 13,666,559 | |
South Africa - 2.7% | |||
Metals & Mining - 2.7% | |||
Gold - 2.7% | |||
Gold Fields Ltd. | 2,181,400 | 28,736,527 | |
United Kingdom - 2.3% | |||
Metals & Mining - 2.3% | |||
Gold - 2.3% | |||
AngloGold Ashanti PLC (b) | 1,329,500 | 24,741,995 | |
United States of America - 13.1% | |||
Metals & Mining - 13.1% | |||
Diversified Metals & Mining - 0.3% | |||
Ivanhoe Electric, Inc. (a) | 441,100 | 3,264,140 | |
Gold - 11.0% | |||
Dakota Gold Corp. (a)(b) | 2,369,100 | 5,022,492 | |
Newmont Corp. (b) | 3,391,648 | 105,989,000 | |
Royal Gold, Inc. | 46,300 | 4,751,769 | |
115,763,261 | |||
Silver - 1.8% | |||
Gatos Silver, Inc. (a)(b) | 2,442,700 | 14,363,076 | |
Hecla Mining Co. (b) | 1,417,500 | 5,017,950 | |
19,381,026 | |||
TOTAL METALS & MINING | 138,408,427 | ||
TOTAL COMMON STOCKS (Cost $872,733,644) | 1,041,774,531 | ||
Commodities - 1.1% | |||
Troy Ounces | Value ($) | ||
Gold Bullion (a) (Cost $4,575,085) | 5,582 | 11,408,827 | |
Money Market Funds - 18.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 3,342,213 | 3,342,881 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 188,850,454 | 188,869,339 | |
TOTAL MONEY MARKET FUNDS (Cost $192,212,220) | 192,212,220 | ||
TOTAL INVESTMENT IN SECURITIES - 117.7% (Cost $1,069,520,949) | 1,245,395,578 |
NET OTHER ASSETS (LIABILITIES) - (17.7)% | (187,119,026) |
NET ASSETS - 100.0% | 1,058,276,552 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated company |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 14,257,857 | 538,684,834 | 549,599,810 | 690,931 | - | - | 3,342,881 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 297,711,327 | 1,072,624,190 | 1,181,466,178 | 451,343 | - | - | 188,869,339 | 0.6% |
Total | 311,969,184 | 1,611,309,024 | 1,731,065,988 | 1,142,274 | - | - | 192,212,220 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Ascot Resources Ltd. | 11,542,690 | 6,042,336 | 5,670,723 | - | (7,404,419) | 4,819,254 | - |
Atex Resources, Inc. | - | 9,398,640 | 4,977,717 | - | (4,420,923) | - | - |
Banyan Gold Corp. | 6,310,004 | - | - | - | - | (1,745,291) | 4,564,713 |
Bonterra Resources, Inc. | 1,786,369 | - | 15,651 | - | (96,477) | (558,376) | 1,115,865 |
Dolly Varden Silver Corp. | 11,835,837 | - | - | - | - | (3,317,987) | 8,517,850 |
Faraday Copper Corp. | 6,449,249 | 1,215,785 | 1,320,370 | - | (376,867) | (2,491,056) | 3,476,741 |
Fury Gold Mines Ltd. | 6,375,962 | - | - | - | - | (196,675) | 3,426,298 |
Fury Gold Mines Ltd. | - | 470,779 | - | - | - | (2,949,664) | 274,104 |
Gatos Silver, Inc. | 27,876,000 | - | 22,785,523 | - | (1,358,679) | 10,631,278 | - |
Guanajuato Silver Co. Ltd. | - | 5,977,529 | 272,738 | - | (76,698) | - | 3,895,288 |
Guanajuato Silver Co. Ltd. | - | 2,308,944 | - | - | - | (4,041,749) | - |
Guanajuato Silver Co. Ltd. warrants 2/10/25 | - | 5,596 | - | - | - | (2,857) | 2,739 |
Maple Gold Mines Ltd. | 2,638,329 | - | 67,569 | - | (578,749) | (1,382,804) | 609,207 |
Marathon Gold Corp. | 16,306,339 | - | 3,126,261 | 1 | (15,381,451) | 21,536,794 | - |
Marathon Gold Corp. warrants 9/20/24 | 432,958 | - | - | - | - | (345,691) | - |
Victoria Gold Corp. | 24,829,608 | 5,455,245 | 14,240,190 | - | (8,746,683) | 929,458 | - |
Western Copper & Gold Corp. (TSX) | 13,772,133 | 2,154,263 | 830,557 | - | (322,488) | (2,803,329) | 11,970,022 |
i-80 Gold Corp. | 22,792,232 | - | 10,646,443 | - | (1,963,692) | (8,446,142) | - |
i-80 Gold Corp. | 5,698,058 | - | - | - | - | (406,411) | - |
i-80 Gold Corp. | - | 1,025,018 | - | - | - | - | - |
Total | 158,645,768 | 34,054,135 | 63,953,742 | 1 | (40,727,126) | 9,228,752 | 37,852,827 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,041,774,531 | 1,012,821,155 | 28,866,109 | 87,267 |
Commodities | 11,408,827 | 11,408,827 | - | - |
Money Market Funds | 192,212,220 | 192,212,220 | - | - |
Total Investments in Securities: | 1,245,395,578 | 1,216,442,202 | 28,866,109 | 87,267 |
Consolidated Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $185,649,757) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $818,133,127) | $ | 1,003,921,704 | ||
Fidelity Central Funds (cost $192,212,220) | 192,212,220 | |||
Commodities (cost $4,575,085) | 11,408,827 | |||
Other affiliated issuers (cost $54,600,517) | 37,852,827 | |||
Total Investment in Securities (cost $1,069,520,949) | $ | 1,245,395,578 | ||
Cash | 19,309 | |||
Foreign currency held at value (cost $116,427) | 116,119 | |||
Receivable for investments sold | 1,039,663 | |||
Receivable for fund shares sold | 1,087,567 | |||
Dividends receivable | 1,327,727 | |||
Distributions receivable from Fidelity Central Funds | 49,062 | |||
Prepaid expenses | 2,680 | |||
Other receivables | 159,043 | |||
Total assets | 1,249,196,748 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 1,092,704 | ||
Accrued management fee | 472,104 | |||
Distribution and service plan fees payable | 36,653 | |||
Other affiliated payables | 205,069 | |||
Other payables and accrued expenses | 243,621 | |||
Collateral on securities loaned | 188,870,045 | |||
Total Liabilities | 190,920,196 | |||
Net Assets | $ | 1,058,276,552 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,481,660,616 | ||
Total accumulated earnings (loss) | (1,423,384,064) | |||
Net Assets | $ | 1,058,276,552 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($66,421,211 ÷ 3,591,436 shares)(a) | $ | 18.49 | ||
Maximum offering price per share (100/94.25 of $18.49) | $ | 19.62 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($17,184,986 ÷ 953,332 shares)(a) | $ | 18.03 | ||
Maximum offering price per share (100/96.50 of $18.03) | $ | 18.68 | ||
Class C : | ||||
Net Asset Value and offering price per share ($17,176,746 ÷ 1,016,263 shares)(a) | $ | 16.90 | ||
Gold : | ||||
Net Asset Value, offering price and redemption price per share ($858,204,252 ÷ 44,870,461 shares) | $ | 19.13 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($77,125,007 ÷ 4,030,393 shares) | $ | 19.14 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($22,164,350 ÷ 1,156,689 shares) | $ | 19.16 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Consolidated Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends (including $1 earned from affiliated issuers) | $ | 21,088,558 | ||
Interest | 874 | |||
Income from Fidelity Central Funds (including $451,343 from security lending) | 1,142,274 | |||
Income before foreign taxes withheld | $ | 22,231,706 | ||
Less foreign taxes withheld | (2,003,644) | |||
Total Income | 20,228,062 | |||
Expenses | ||||
Management fee | $ | 7,558,985 | ||
Transfer agent fees | 2,602,217 | |||
Distribution and service plan fees | 544,052 | |||
Accounting fees | 619,209 | |||
Custodian fees and expenses | 79,322 | |||
Independent trustees' fees and expenses | 9,430 | |||
Registration fees | 126,534 | |||
Audit | 72,756 | |||
Legal | 1,762 | |||
Interest | 11,643 | |||
Miscellaneous | 8,516 | |||
Total expenses before reductions | 11,634,426 | |||
Expense reductions | (118,116) | |||
Total expenses after reductions | 11,516,310 | |||
Net Investment income (loss) | 8,711,752 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investments: | ||||
Unaffiliated issuers | 14,692,168 | |||
Affiliated issuers | (40,727,126) | |||
Foreign currency transactions | 480,581 | |||
Total net realized gain (loss) | (25,554,377) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investments: | ||||
Unaffiliated issuers | (150,972,269) | |||
Affiliated issuers | 9,228,752 | |||
Assets and liabilities in foreign currencies | (103,169) | |||
Commodities | 1,209,173 | |||
Total change in net unrealized appreciation (depreciation) | (140,637,513) | |||
Net gain (loss) | (166,191,890) | |||
Net increase (decrease) in net assets resulting from operations | $ | (157,480,138) |
Consolidated Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 8,711,752 | $ | 14,212,550 |
Net realized gain (loss) | (25,554,377) | (107,248,450) | ||
Change in net unrealized appreciation (depreciation) | (140,637,513) | (283,568,819) | ||
Net increase (decrease) in net assets resulting from operations | (157,480,138) | (376,604,719) | ||
Distributions to shareholders | (13,979,739) | (5,320,281) | ||
Share transactions - net increase (decrease) | (327,044,874) | 189,254,819 | ||
Total increase (decrease) in net assets | (498,504,751) | (192,670,181) | ||
Net Assets | ||||
Beginning of period | 1,556,781,303 | 1,749,451,484 | ||
End of period | $ | 1,058,276,552 | $ | 1,556,781,303 |
Fidelity Advisor® Gold Fund Class A |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.12 | $ | 26.27 | $ | 24.15 | $ | 21.67 | $ | 18.52 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .07 | .15 | .27 D | (.04) | (.01) E | |||||
Net realized and unrealized gain (loss) | (2.60) | (5.23) | 2.20 | 3.74 | 3.20 | |||||
Total from investment operations | (2.53) | (5.08) | 2.47 | 3.70 | 3.19 | |||||
Distributions from net investment income | (.10) | (.07) | (.35) | (1.22) | (.01) | |||||
Distributions from net realized gain | - | - | - | - | (.03) | |||||
Total distributions | (.10) | (.07) | (.35) | (1.22) | (.04) | |||||
Net asset value, end of period | $ | 18.49 | $ | 21.12 | $ | 26.27 | $ | 24.15 | $ | 21.67 |
Total Return F,G | (12.09)% | (19.42)% | 10.37% | 16.59% | 17.23% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | 1.07% | 1.09% | 1.07% | 1.08% | 1.13% | |||||
Expenses net of fee waivers, if any | 1.06% | 1.08% | 1.07% | 1.08% | 1.13% | |||||
Expenses net of all reductions | 1.06% | 1.08% | 1.07% | 1.07% | 1.12% | |||||
Net investment income (loss) | .34% | .67% | 1.02% D | (.12)% | (.05)% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 66,421 | $ | 73,943 | $ | 86,977 | $ | 82,989 | $ | 64,971 |
Portfolio turnover rate J | 46% | 46% | 38% | 46% | 56% |
Fidelity Advisor® Gold Fund Class M |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.55 | $ | 25.63 | $ | 23.57 | $ | 21.16 | $ | 18.11 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .02 | .09 | .19 D | (.12) | (.07) E | |||||
Net realized and unrealized gain (loss) | (2.54) | (5.11) | 2.16 | 3.67 | 3.12 | |||||
Total from investment operations | (2.52) | (5.02) | 2.35 | 3.55 | 3.05 | |||||
Distributions from net investment income | - F | (.06) | (.29) | (1.14) | - | |||||
Total distributions | - F | (.06) | (.29) | (1.14) | - | |||||
Net asset value, end of period | $ | 18.03 | $ | 20.55 | $ | 25.63 | $ | 23.57 | $ | 21.16 |
Total Return G,H | (12.25)% | (19.66)% | 10.08% | 16.28% | 16.84% | |||||
Ratios to Average Net Assets C,I,J | ||||||||||
Expenses before reductions | 1.33% | 1.35% | 1.36% | 1.37% | 1.42% | |||||
Expenses net of fee waivers, if any | 1.32% | 1.35% | 1.35% | 1.37% | 1.42% | |||||
Expenses net of all reductions | 1.31% | 1.35% | 1.35% | 1.36% | 1.41% | |||||
Net investment income (loss) | .09% | .40% | .74% D | (.42)% | (.34)% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 17,185 | $ | 21,586 | $ | 26,201 | $ | 24,535 | $ | 19,620 |
Portfolio turnover rate K | 46% | 46% | 38% | 46% | 56% |
Fidelity Advisor® Gold Fund Class C |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.36 | $ | 24.24 | $ | 22.30 | $ | 20.07 | $ | 17.24 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.07) | (.01) | .08 D | (.22) | (.14) E | |||||
Net realized and unrealized gain (loss) | (2.39) | (4.82) | 2.05 | 3.49 | 2.97 | |||||
Total from investment operations | (2.46) | (4.83) | 2.13 | 3.27 | 2.83 | |||||
Distributions from net investment income | - | (.05) | (.19) | (1.04) | - | |||||
Total distributions | - | (.05) | (.19) | (1.04) | - | |||||
Net asset value, end of period | $ | 16.90 | $ | 19.36 | $ | 24.24 | $ | 22.30 | $ | 20.07 |
Total Return F,G | (12.71)% | (20.00)% | 9.62% | 15.81% | 16.42% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | 1.79% | 1.79% | 1.77% | 1.78% | 1.80% | |||||
Expenses net of fee waivers, if any | 1.78% | 1.78% | 1.77% | 1.78% | 1.80% | |||||
Expenses net of all reductions | 1.78% | 1.78% | 1.77% | 1.77% | 1.79% | |||||
Net investment income (loss) | (.38)% | (.03)% | .32% D | (.83)% | (.72)% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 17,177 | $ | 27,978 | $ | 43,031 | $ | 51,195 | $ | 52,375 |
Portfolio turnover rate J | 46% | 46% | 38% | 46% | 56% |
Gold Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.88 | $ | 27.14 | $ | 24.93 | $ | 22.33 | $ | 19.07 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .14 | .23 | .36 D | .06 | .06 E | |||||
Net realized and unrealized gain (loss) | (2.67) | (5.41) | 2.27 | 3.84 | 3.30 | |||||
Total from investment operations | (2.53) | (5.18) | 2.63 | 3.90 | 3.36 | |||||
Distributions from net investment income | (.22) | (.08) | (.42) | (1.30) | (.06) | |||||
Distributions from net realized gain | - | - | - | - | (.03) | |||||
Total distributions | (.22) | (.08) | (.42) | (1.30) | (.10) F | |||||
Net asset value, end of period | $ | 19.13 | $ | 21.88 | $ | 27.14 | $ | 24.93 | $ | 22.33 |
Total Return G | (11.78)% | (19.17)% | 10.71% | 16.96% | 17.60% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .77% | .78% | .76% | .76% | .79% | |||||
Expenses net of fee waivers, if any | .76% | .78% | .76% | .76% | .79% | |||||
Expenses net of all reductions | .76% | .77% | .76% | .75% | .78% | |||||
Net investment income (loss) | .64% | .97% | 1.33% D | .19% | .29% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 858,204 | $ | 1,229,416 | $ | 1,330,602 | $ | 1,319,440 | $ | 1,292,204 |
Portfolio turnover rate J | 46% | 46% | 38% | 46% | 56% |
Fidelity Advisor® Gold Fund Class I |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.88 | $ | 27.15 | $ | 24.93 | $ | 22.33 | $ | 19.07 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .14 | .23 | .36 D | .05 | .06 E | |||||
Net realized and unrealized gain (loss) | (2.67) | (5.42) | 2.27 | 3.85 | 3.30 | |||||
Total from investment operations | (2.53) | (5.19) | 2.63 | 3.90 | 3.36 | |||||
Distributions from net investment income | (.21) | (.08) | (.41) | (1.30) | (.07) | |||||
Distributions from net realized gain | - | - | - | - | (.03) | |||||
Total distributions | (.21) | (.08) | (.41) | (1.30) | (.10) | |||||
Net asset value, end of period | $ | 19.14 | $ | 21.88 | $ | 27.15 | $ | 24.93 | $ | 22.33 |
Total Return F | (11.75)% | (19.20)% | 10.74% | 16.96% | 17.60% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .76% | .77% | .76% | .77% | .79% | |||||
Expenses net of fee waivers, if any | .76% | .77% | .76% | .77% | .79% | |||||
Expenses net of all reductions | .76% | .77% | .76% | .76% | .77% | |||||
Net investment income (loss) | .64% | .98% | 1.33% D | .18% | .30% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 77,125 | $ | 110,224 | $ | 152,799 | $ | 137,617 | $ | 115,699 |
Portfolio turnover rate I | 46% | 46% | 38% | 46% | 56% |
Fidelity Advisor® Gold Fund Class Z |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.92 | $ | 27.16 | $ | 24.94 | $ | 22.34 | $ | 19.08 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .18 | .26 | .40 D | .09 | .10 E | |||||
Net realized and unrealized gain (loss) | (2.68) | (5.41) | 2.27 | 3.85 | 3.29 | |||||
Total from investment operations | (2.50) | (5.15) | 2.67 | 3.94 | 3.39 | |||||
Distributions from net investment income | (.26) | (.09) | (.45) | (1.34) | (.10) | |||||
Distributions from net realized gain | - | - | - | - | (.03) | |||||
Total distributions | (.26) | (.09) | (.45) | (1.34) | (.13) | |||||
Net asset value, end of period | $ | 19.16 | $ | 21.92 | $ | 27.16 | $ | 24.94 | $ | 22.34 |
Total Return F | (11.67)% | (19.07)% | 10.88% | 17.12% | 17.75% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .63% | .63% | .63% | .64% | .65% | |||||
Expenses net of fee waivers, if any | .62% | .63% | .62% | .64% | .64% | |||||
Expenses net of all reductions | .62% | .63% | .62% | .62% | .63% | |||||
Net investment income (loss) | .78% | 1.12% | 1.47% D | .32% | .44% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 22,164 | $ | 93,634 | $ | 109,842 | $ | 105,293 | $ | 95,076 |
Portfolio turnover rate I | 46% | 46% | 38% | 46% | 56% |
Subsidiary Name | Net Assets of Subsidiary | % of Fund's Net Assets | |
Gold Portfolio | Fidelity Select Gold Cayman Ltd. | 11,427,292 | 1.1 |
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 | $149,545 |
Gross unrealized appreciation | $266,777,567 |
Gross unrealized depreciation | (174,594,176) |
Net unrealized appreciation (depreciation) | $92,183,391 |
Tax Cost | $1,153,212,187 |
Undistributed ordinary income | $2,283,107 |
Capital loss carryforward | $(1,517,717,810) |
Net unrealized appreciation (depreciation) on securities and other investments | $92,183,036 |
Short-term | $(336,479,589) |
Long-term | (1,181,238,221) |
Total Capital loss carryforward | $(1,517,719,810) |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $13,979,739 | $ 5,320,281 |
Purchases ($) | Sales ($) | |
Gold Portfolio | 647,130,405 | 960,309,194 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $192,293 | $3,056 |
Class M | .25% | .25% | 107,184 | - |
Class C | .75% | .25% | 244,575 | 18,074 |
$544,052 | $21,130 |
Retained by FDC | |
Class A | $33,889 |
Class M | 2,966 |
Class CA | 692 |
$37,547 |
% of Class-Level Average Net Assets | |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Gold | .1857 |
Class I | .1774 |
Amount | % of Class-Level Average Net Assets | |
Class A | $180,449 | .23 |
Class M | 51,456 | .24 |
Class C | 49,059 | .20 |
Gold | 2,088,613 | .18 |
Class I | 199,006 | .18 |
Class Z | 33,634 | .04 |
$2,602,217 |
% of Average Net Assets | |
Gold Portfolio | .0429 |
% of Average Net Assets | |
Gold Portfolio | .04 |
Maximum Management Fee Rate % | |
Class A | 0.74 |
Class M | 0.74 |
Class C | 0.74 |
Gold | 0.72 |
Class I | 0.71 |
Class Z | 0.58 |
Amount | |
Gold Portfolio | $8,626 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Gold Portfolio | Borrower | $ 5,090,000 | 5.49% | $11,643 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Gold Portfolio | 6,192,615 | 21,319,841 | 1,300,514 |
Amount | |
Gold Portfolio | $2,691 |
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 | $48,007 | $- | $- |
Expense reduction | |
Class A | $654 |
Class M | 1,397 |
Class C | 22 |
$2,073 |
Year ended February 29, 2024 | Year ended February 28, 2023 | |
Gold Portfolio | ||
Distributions to shareholders | ||
Class A | $350,874 | $236,581 |
Class M | 2,042 | 64,063 |
Class C | - | 82,259 |
Gold | 11,696,291 | 4,119,368 |
Class I | 1,092,039 | 460,437 |
Class Z | 838,493 | 357,573 |
Total | $13,979,739 | $5,320,281 |
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2024 | Year ended February 28, 2023 | Year ended February 29, 2024 | Year ended February 28, 2023 | |
Gold Portfolio | ||||
Class A | ||||
Shares sold | 975,413 | 1,122,921 | $21,270,418 | $27,099,950 |
Reinvestment of distributions | 14,774 | 7,775 | 345,409 | 230,842 |
Shares redeemed | (900,260) | (939,774) | (19,061,868) | (21,685,894) |
Net increase (decrease) | 89,927 | 190,922 | $2,553,959 | $5,644,898 |
Class M | ||||
Shares sold | 186,583 | 371,999 | $3,870,128 | $8,541,059 |
Reinvestment of distributions | 99 | 2,211 | 2,034 | 64,030 |
Shares redeemed | (283,784) | (346,180) | (5,830,363) | (7,235,921) |
Net increase (decrease) | (97,102) | 28,030 | $(1,958,201) | $1,369,168 |
Class C | ||||
Shares sold | 121,024 | 330,090 | $2,515,286 | $7,857,068 |
Reinvestment of distributions | - | 2,997 | - | 82,054 |
Shares redeemed | (550,115) | (663,298) | (10,787,787) | (13,627,374) |
Net increase (decrease) | (429,091) | (330,211) | $(8,272,501) | $(5,688,252) |
Gold | ||||
Shares sold | 13,886,737 | 24,882,743 | $315,217,274 | $614,447,230 |
Reinvestment of distributions | 452,013 | 128,260 | 11,091,354 | 3,933,734 |
Shares redeemed | (25,659,509) | (17,838,751) | (564,940,285) | (424,861,608) |
Net increase (decrease) | (11,320,759) | 7,172,252 | $(238,631,657) | $193,519,356 |
Class I | ||||
Shares sold | 1,671,333 | 1,703,267 | $39,208,906 | $41,572,132 |
Reinvestment of distributions | 42,594 | 14,570 | 1,051,737 | 447,009 |
Shares redeemed | (2,720,371) | (2,309,414) | (58,902,034) | (53,976,142) |
Net increase (decrease) | (1,006,444) | (591,577) | $(18,641,391) | $(11,957,001) |
Class Z | ||||
Shares sold | 1,871,519 | 2,207,248 | $43,357,574 | $52,782,706 |
Reinvestment of distributions | 31,765 | 11,475 | 823,981 | 352,174 |
Shares redeemed | (5,017,920) | (1,991,473) | (106,276,638) | (46,768,230) |
Net increase (decrease) | (3,114,636) | 227,250 | $(62,095,083) | $6,366,650 |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | -3.03% | 7.95% | 4.57% |
Class M (incl. 3.50% sales charge) | -0.96% | 8.18% | 4.52% |
Class C (incl. contingent deferred sales charge) | 1.13% | 8.42% | 4.56% |
Materials Portfolio | 3.17% | 9.54% | 5.48% |
Class I | 3.16% | 9.55% | 5.49% |
Class Z | 3.32% | 9.70% | 5.57% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Materials Portfolio, a class of the fund, on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Linde PLC | 21.0 | |
Dow, Inc. | 5.9 | |
Ecolab, Inc. | 5.4 | |
Nucor Corp. | 5.0 | |
Freeport-McMoRan, Inc. | 4.7 | |
Sherwin-Williams Co. | 3.4 | |
Corteva, Inc. | 3.3 | |
LyondellBasell Industries NV Class A | 3.1 | |
Air Products & Chemicals, Inc. | 3.0 | |
Tronox Holdings PLC | 3.0 | |
57.8 | ||
Industries (% of Fund's net assets) | ||
Chemicals | 67.8 | |
Metals & Mining | 19.5 | |
Containers & Packaging | 7.9 | |
Construction Materials | 4.3 | |
Paper & Forest Products | 0.2 | |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Chemicals - 67.8% | |||
Commodity Chemicals - 20.3% | |||
Cabot Corp. | 254,200 | 21,594,290 | |
Chemtrade Logistics Income Fund | 232,500 | 1,384,224 | |
Dow, Inc. | 912,100 | 50,968,148 | |
Koppers Holdings, Inc. | 155,600 | 8,810,072 | |
LyondellBasell Industries NV Class A | 267,400 | 26,814,872 | |
Olin Corp. | 353,200 | 19,002,160 | |
Orion SA | 216,300 | 4,875,402 | |
Tronox Holdings PLC | 1,790,903 | 26,326,274 | |
Westlake Corp. | 120,600 | 16,728,426 | |
176,503,868 | |||
Diversified Chemicals - 2.3% | |||
The Chemours Co. LLC | 1,017,500 | 20,014,225 | |
Fertilizers & Agricultural Chemicals - 4.7% | |||
Corteva, Inc. | 535,611 | 28,665,901 | |
The Mosaic Co. | 396,500 | 12,354,940 | |
41,020,841 | |||
Industrial Gases - 24.0% | |||
Air Products & Chemicals, Inc. | 112,800 | 26,399,712 | |
Linde PLC | 406,386 | 182,394,165 | |
208,793,877 | |||
Specialty Chemicals - 16.5% | |||
Axalta Coating Systems Ltd. (a) | 287,000 | 9,393,510 | |
Celanese Corp. Class A (b) | 132,500 | 20,136,025 | |
DuPont de Nemours, Inc. | 181,817 | 12,579,918 | |
Ecolab, Inc. | 210,100 | 47,238,884 | |
Ecovyst, Inc. (a) | 453,700 | 4,378,205 | |
Element Solutions, Inc. | 638,000 | 14,993,000 | |
H.B. Fuller Co. | 6,700 | 532,851 | |
Quaker Houghton | 24,000 | 4,812,000 | |
Sherwin-Williams Co. | 88,000 | 29,218,640 | |
143,283,033 | |||
TOTAL CHEMICALS | 589,615,844 | ||
Construction Materials - 4.3% | |||
Construction Materials - 4.3% | |||
Martin Marietta Materials, Inc. | 32,900 | 19,006,659 | |
Vulcan Materials Co. | 70,300 | 18,689,255 | |
37,695,914 | |||
Containers & Packaging - 7.9% | |||
Metal, Glass & Plastic Containers - 5.7% | |||
Aptargroup, Inc. | 163,100 | 22,909,026 | |
Crown Holdings, Inc. | 133,859 | 10,256,277 | |
Greif, Inc. Class A | 250,900 | 16,173,014 | |
49,338,317 | |||
Paper & Plastic Packaging Products & Materials - 2.2% | |||
Avery Dennison Corp. | 88,300 | 19,119,599 | |
TOTAL CONTAINERS & PACKAGING | 68,457,916 | ||
Metals & Mining - 19.5% | |||
Aluminum - 0.3% | |||
Alcoa Corp. | 82,900 | 2,255,709 | |
Copper - 6.0% | |||
First Quantum Minerals Ltd. | 1,146,700 | 10,857,381 | |
Freeport-McMoRan, Inc. | 1,082,200 | 40,917,982 | |
51,775,363 | |||
Diversified Metals & Mining - 2.6% | |||
Ivanhoe Mines Ltd. (a)(b) | 1,337,400 | 14,220,007 | |
Teck Resources Ltd. Class B (b) | 229,800 | 8,828,916 | |
23,048,923 | |||
Gold - 1.7% | |||
Franco-Nevada Corp. | 95,600 | 10,009,066 | |
Wheaton Precious Metals Corp. | 111,900 | 4,611,551 | |
14,620,617 | |||
Steel - 8.9% | |||
Arch Resources, Inc. | 28,700 | 4,743,823 | |
Commercial Metals Co. | 210,500 | 11,367,000 | |
Nucor Corp. | 224,600 | 43,190,580 | |
Steel Dynamics, Inc. | 138,200 | 18,493,924 | |
77,795,327 | |||
TOTAL METALS & MINING | 169,495,939 | ||
Paper & Forest Products - 0.2% | |||
Forest Products - 0.2% | |||
Interfor Corp. (a) | 116,100 | 1,735,747 | |
TOTAL COMMON STOCKS (Cost $618,953,059) | 867,001,360 | ||
Money Market Funds - 4.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 2,496,875 | 2,497,375 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 36,948,675 | 36,952,370 | |
TOTAL MONEY MARKET FUNDS (Cost $39,449,745) | 39,449,745 | ||
TOTAL INVESTMENT IN SECURITIES - 104.2% (Cost $658,402,804) | 906,451,105 |
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (36,860,073) |
NET ASSETS - 100.0% | 869,591,032 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 12,468,877 | 256,122,484 | 266,093,986 | 224,849 | - | - | 2,497,375 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 17,449,050 | 293,034,025 | 273,530,705 | 39,171 | - | - | 36,952,370 | 0.1% |
Total | 29,917,927 | 549,156,509 | 539,624,691 | 264,020 | - | - | 39,449,745 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 867,001,360 | 867,001,360 | - | - |
Money Market Funds | 39,449,745 | 39,449,745 | - | - |
Total Investments in Securities: | 906,451,105 | 906,451,105 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $36,195,625) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $618,953,059) | $ | 867,001,360 | ||
Fidelity Central Funds (cost $39,449,745) | 39,449,745 | |||
Total Investment in Securities (cost $658,402,804) | $ | 906,451,105 | ||
Foreign currency held at value (cost $18,975) | 18,975 | |||
Receivable for investments sold | 3,361,159 | |||
Receivable for fund shares sold | 211,155 | |||
Dividends receivable | 1,802,182 | |||
Distributions receivable from Fidelity Central Funds | 10,167 | |||
Prepaid expenses | 3,020 | |||
Other receivables | 205,655 | |||
Total assets | 912,063,418 | |||
Liabilities | ||||
Payable for investments purchased | $ | 3,944,753 | ||
Payable for fund shares redeemed | 761,367 | |||
Accrued management fee | 374,009 | |||
Distribution and service plan fees payable | 47,403 | |||
Other affiliated payables | 147,881 | |||
Other payables and accrued expenses | 244,603 | |||
Collateral on securities loaned | 36,952,370 | |||
Total Liabilities | 42,472,386 | |||
Net Assets | $ | 869,591,032 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 593,750,036 | ||
Total accumulated earnings (loss) | 275,840,996 | |||
Net Assets | $ | 869,591,032 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($109,696,465 ÷ 1,123,151 shares)(a) | $ | 97.67 | ||
Maximum offering price per share (100/94.25 of $97.67) | $ | 103.63 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($33,181,937 ÷ 344,258 shares)(a) | $ | 96.39 | ||
Maximum offering price per share (100/96.50 of $96.39) | $ | 99.89 | ||
Class C : | ||||
Net Asset Value and offering price per share ($13,268,724 ÷ 142,168 shares)(a) | $ | 93.33 | ||
Materials : | ||||
Net Asset Value, offering price and redemption price per share ($516,428,211 ÷ 5,251,572 shares) | $ | 98.34 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($144,811,372 ÷ 1,475,747 shares) | $ | 98.13 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($52,204,323 ÷ 532,776 shares) | $ | 97.99 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 19,677,453 | ||
Income from Fidelity Central Funds (including $39,171 from security lending) | 264,020 | |||
Total Income | 19,941,473 | |||
Expenses | ||||
Management fee | $ | 4,987,821 | ||
Transfer agent fees | 1,672,304 | |||
Distribution and service plan fees | 611,415 | |||
Accounting fees | 283,532 | |||
Custodian fees and expenses | 24,126 | |||
Independent trustees' fees and expenses | 6,221 | |||
Registration fees | 96,262 | |||
Audit | 47,192 | |||
Legal | 1,025 | |||
Miscellaneous | 6,921 | |||
Total expenses before reductions | 7,736,819 | |||
Expense reductions | (71,685) | |||
Total expenses after reductions | 7,665,134 | |||
Net Investment income (loss) | 12,276,339 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 32,079,407 | |||
Redemptions in-kind | 9,995,666 | |||
Foreign currency transactions | (40,007) | |||
Total net realized gain (loss) | 42,035,066 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (35,684,595) | |||
Assets and liabilities in foreign currencies | 6,392 | |||
Total change in net unrealized appreciation (depreciation) | (35,678,203) | |||
Net gain (loss) | 6,356,863 | |||
Net increase (decrease) in net assets resulting from operations | $ | 18,633,202 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 12,276,339 | $ | 10,994,667 |
Net realized gain (loss) | 42,035,066 | 108,099,190 | ||
Change in net unrealized appreciation (depreciation) | (35,678,203) | (119,348,058) | ||
Net increase (decrease) in net assets resulting from operations | 18,633,202 | (254,201) | ||
Distributions to shareholders | (53,638,131) | (33,314,365) | ||
Share transactions - net increase (decrease) | (192,704,225) | (23,554,987) | ||
Total increase (decrease) in net assets | (227,709,154) | (57,123,553) | ||
Net Assets | ||||
Beginning of period | 1,097,300,186 | 1,154,423,739 | ||
End of period | $ | 869,591,032 | $ | 1,097,300,186 |
Fidelity Advisor® Materials Fund Class A |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 99.98 | $ | 102.68 | $ | 87.03 | $ | 59.39 | $ | 69.57 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.01 | .79 | .46 | .33 | .58 | |||||
Net realized and unrealized gain (loss) | 1.70 | (.54) | 15.77 | 27.72 | (10.10) | |||||
Total from investment operations | 2.71 | .25 | 16.23 | 28.05 | (9.52) | |||||
Distributions from net investment income | (1.06) | (.80) | (.58) | (.41) | (.66) | |||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | |||||
Total distributions | (5.02) | (2.95) | (.58) | (.41) | (.66) | |||||
Net asset value, end of period | $ | 97.67 | $ | 99.98 | $ | 102.68 | $ | 87.03 | $ | 59.39 |
Total Return D,E | 2.88% | .39% | 18.64% | 47.27% | (13.81)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | 1.03% | 1.03% | 1.03% | 1.08% | 1.08% | |||||
Expenses net of fee waivers, if any | 1.02% | 1.03% | 1.03% | 1.08% | 1.08% | |||||
Expenses net of all reductions | 1.02% | 1.03% | 1.03% | 1.08% | 1.07% | |||||
Net investment income (loss) | 1.07% | .81% | .46% | .48% | .87% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 109,696 | $ | 124,777 | $ | 138,219 | $ | 101,238 | $ | 76,869 |
Portfolio turnover rate H | 51% I | 47% | 43% | 36% | 69% |
Fidelity Advisor® Materials Fund Class M |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 98.77 | $ | 101.52 | $ | 86.14 | $ | 58.84 | $ | 68.98 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .77 | .54 | .20 | .14 | .39 | |||||
Net realized and unrealized gain (loss) | 1.67 | (.53) | 15.59 | 27.42 | (10.01) | |||||
Total from investment operations | 2.44 | .01 | 15.79 | 27.56 | (9.62) | |||||
Distributions from net investment income | (.86) | (.61) | (.41) | (.26) | (.52) | |||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | |||||
Total distributions | (4.82) | (2.76) | (.41) | (.26) | (.52) | |||||
Net asset value, end of period | $ | 96.39 | $ | 98.77 | $ | 101.52 | $ | 86.14 | $ | 58.84 |
Total Return D,E | 2.63% | .15% | 18.32% | 46.86% | (14.05)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | 1.27% | 1.28% | 1.29% | 1.36% | 1.37% | |||||
Expenses net of fee waivers, if any | 1.27% | 1.28% | 1.29% | 1.36% | 1.36% | |||||
Expenses net of all reductions | 1.27% | 1.28% | 1.29% | 1.36% | 1.36% | |||||
Net investment income (loss) | .82% | .56% | .20% | .21% | .58% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 33,182 | $ | 38,570 | $ | 37,100 | $ | 24,768 | $ | 19,423 |
Portfolio turnover rate H | 51% I | 47% | 43% | 36% | 69% |
Fidelity Advisor® Materials Fund Class C |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 95.85 | $ | 98.63 | $ | 83.76 | $ | 57.30 | $ | 67.13 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .29 | .06 | (.28) | (.18) | .08 | |||||
Net realized and unrealized gain (loss) | 1.60 | (.53) | 15.15 | 26.64 | (9.76) | |||||
Total from investment operations | 1.89 | (.47) | 14.87 | 26.46 | (9.68) | |||||
Distributions from net investment income | (.45) | (.16) | - | - | (.15) | |||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | |||||
Total distributions | (4.41) | (2.31) | - | - | (.15) | |||||
Net asset value, end of period | $ | 93.33 | $ | 95.85 | $ | 98.63 | $ | 83.76 | $ | 57.30 |
Total Return D,E | 2.11% | (.36)% | 17.75% | 46.18% | (14.46)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | 1.78% | 1.78% | 1.78% | 1.83% | 1.82% | |||||
Expenses net of fee waivers, if any | 1.77% | 1.78% | 1.78% | 1.83% | 1.82% | |||||
Expenses net of all reductions | 1.77% | 1.78% | 1.78% | 1.83% | 1.81% | |||||
Net investment income (loss) | .32% | .06% | (.29)% | (.27)% | .12% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 13,269 | $ | 17,053 | $ | 21,261 | $ | 23,296 | $ | 24,239 |
Portfolio turnover rate H | 51% I | 47% | 43% | 36% | 69% |
Materials Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 100.63 | $ | 103.29 | $ | 87.46 | $ | 59.63 | $ | 69.84 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.28 | 1.07 | .75 | .53 | .77 | |||||
Net realized and unrealized gain (loss) | 1.72 | (.55) | 15.86 | 27.87 | (10.14) | |||||
Total from investment operations | 3.00 | .52 | 16.61 | 28.40 | (9.37) | |||||
Distributions from net investment income | (1.33) | (1.03) | (.78) | (.57) | (.84) | |||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | |||||
Total distributions | (5.29) | (3.18) | (.78) | (.57) | (.84) | |||||
Net asset value, end of period | $ | 98.34 | $ | 100.63 | $ | 103.29 | $ | 87.46 | $ | 59.63 |
Total Return D | 3.17% | .67% | 18.98% | 47.68% | (13.57)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .76% | .76% | .75% | .80% | .80% | |||||
Expenses net of fee waivers, if any | .75% | .75% | .74% | .80% | .80% | |||||
Expenses net of all reductions | .75% | .75% | .74% | .80% | .79% | |||||
Net investment income (loss) | 1.34% | 1.09% | .75% | .76% | 1.14% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 516,428 | $ | 603,330 | $ | 645,773 | $ | 533,073 | $ | 405,668 |
Portfolio turnover rate G | 51% H | 47% | 43% | 36% | 69% |
Fidelity Advisor® Materials Fund Class I |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 100.42 | $ | 103.07 | $ | 87.29 | $ | 59.52 | $ | 69.70 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.28 | 1.06 | .74 | .55 | .78 | |||||
Net realized and unrealized gain (loss) | 1.71 | (.54) | 15.83 | 27.80 | (10.12) | |||||
Total from investment operations | 2.99 | .52 | 16.57 | 28.35 | (9.34) | |||||
Distributions from net investment income | (1.32) | (1.02) | (.79) | (.58) | (.84) | |||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | |||||
Total distributions | (5.28) | (3.17) | (.79) | (.58) | (.84) | |||||
Net asset value, end of period | $ | 98.13 | $ | 100.42 | $ | 103.07 | $ | 87.29 | $ | 59.52 |
Total Return D | 3.16% | .66% | 18.97% | 47.70% | (13.55)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .75% | .76% | .75% | .78% | .79% | |||||
Expenses net of fee waivers, if any | .75% | .76% | .75% | .78% | .79% | |||||
Expenses net of all reductions | .75% | .76% | .75% | .78% | .78% | |||||
Net investment income (loss) | 1.34% | 1.08% | .74% | .78% | 1.16% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 144,811 | $ | 208,630 | $ | 238,282 | $ | 190,132 | $ | 137,887 |
Portfolio turnover rate G | 51% H | 47% | 43% | 36% | 69% |
Fidelity Advisor® Materials Fund Class Z |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 100.27 | $ | 102.92 | $ | 87.14 | $ | 59.40 | $ | 69.58 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.41 | 1.20 | .88 | .67 | .88 | |||||
Net realized and unrealized gain (loss) | 1.72 | (.54) | 15.81 | 27.75 | (10.10) | |||||
Total from investment operations | 3.13 | .66 | 16.69 | 28.42 | (9.22) | |||||
Distributions from net investment income | (1.45) | (1.16) | (.91) | (.68) | (.96) | |||||
Distributions from net realized gain | (3.96) | (2.15) | - | - | - | |||||
Total distributions | (5.41) | (3.31) | (.91) | (.68) | (.96) | |||||
Net asset value, end of period | $ | 97.99 | $ | 100.27 | $ | 102.92 | $ | 87.14 | $ | 59.40 |
Total Return D | 3.32% | .81% | 19.14% | 47.92% | (13.43)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .61% | .62% | .62% | .64% | .63% | |||||
Expenses net of fee waivers, if any | .61% | .61% | .62% | .64% | .63% | |||||
Expenses net of all reductions | .61% | .61% | .62% | .63% | .62% | |||||
Net investment income (loss) | 1.48% | 1.23% | .88% | .93% | 1.31% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 52,204 | $ | 104,940 | $ | 73,790 | $ | 47,051 | $ | 13,267 |
Portfolio turnover rate G | 51% H | 47% | 43% | 36% | 69% |
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 | $195,699 |
Gross unrealized appreciation | $267,093,463 |
Gross unrealized depreciation | (19,869,514) |
Net unrealized appreciation (depreciation) | $247,223,949 |
Tax Cost | $659,227,156 |
Undistributed ordinary income | $877,798 |
Undistributed long-term capital gain | $27,936,535 |
Net unrealized appreciation (depreciation) on securities and other investments | $247,196,565 |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $11,760,985 | $ 10,457,127 |
Long-term Capital Gains | 41,877,146 | 22,857,238 |
Total | $53,638,131 | $ 33,314,365 |
Purchases ($) | Sales ($) | |
Materials Portfolio | 483,412,557 | 680,084,497 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Materials Portfolio | 266,164 | 9,995,666 | 23,661,972 | Materials |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $287,270 | $1,494 |
Class M | .25% | .25% | 176,182 | 20 |
Class C | .75% | .25% | 147,963 | 10,645 |
$611,415 | $12,159 |
Retained by FDC | |
Class A | $11,453 |
Class M | 943 |
Class CA | 565 |
$12,961 |
% of Class-Level Average Net Assets | |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Materials | .1815 |
Class I | .1817 |
Amount | % of Class-Level Average Net Assets | |
Class A | $236,778 | .21 |
Class M | 71,572 | .20 |
Class C | 30,842 | .21 |
Materials | 993,969 | .18 |
Class I | 304,391 | .18 |
Class Z | 34,752 | .04 |
$1,672,304 |
% of Average Net Assets | |
Materials Portfolio | .0295 |
% of Average Net Assets | |
Materials Portfolio | .03 |
Maximum Management Fee Rate % | |
Class A | 0.72 |
Class M | 0.72 |
Class C | 0.72 |
Materials | 0.70 |
Class I | 0.70 |
Class Z | 0.56 |
Amount | |
Materials Portfolio | $7,583 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Materials Portfolio | 15,206,529 | 26,593,295 | (447,779) |
Amount | |
Materials Portfolio | $1,762 |
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 | $4,153 | $10 | $- |
Expense reduction | |
Class M | $512 |
Year ended February 29, 2024 | Year ended February 28, 2023 | |
Materials Portfolio | ||
Distributions to shareholders | ||
Class A | $ 6,113,236 | $3,653,799 |
Class M | 1,841,666 | 1,013,870 |
Class C | 748,040 | 430,794 |
Materials | 30,248,242 | 18,471,243 |
Class I | 9,849,219 | 6,523,647 |
Class Z | 4,837,728 | 3,221,012 |
Total | $53,638,131 | $33,314,365 |
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2024 | Year ended February 28, 2023 | Year ended February 29, 2024 | Year ended February 28, 2023 | |
Materials Portfolio | ||||
Class A | ||||
Shares sold | 109,222 | 174,329 | $10,391,547 | $17,454,764 |
Reinvestment of distributions | 62,625 | 37,585 | 5,968,808 | 3,573,539 |
Shares redeemed | (296,695) | (310,006) | (28,079,632) | (30,402,251) |
Net increase (decrease) | (124,848) | (98,092) | $(11,719,277) | $(9,373,948) |
Class M | ||||
Shares sold | 42,686 | 92,789 | $3,968,671 | $9,181,513 |
Reinvestment of distributions | 19,481 | 10,767 | 1,832,253 | 1,011,814 |
Shares redeemed | (108,417) | (78,482) | (10,095,432) | (7,550,323) |
Net increase (decrease) | (46,250) | 25,074 | $(4,294,508) | $2,643,004 |
Class C | ||||
Shares sold | 23,244 | 33,396 | $2,141,150 | $3,198,388 |
Reinvestment of distributions | 7,991 | 4,589 | 727,510 | 418,955 |
Shares redeemed | (66,984) | (75,621) | (6,019,699) | (7,005,317) |
Net increase (decrease) | (35,749) | (37,636) | $(3,151,039) | $(3,387,974) |
Materials | ||||
Shares sold | 742,033 | 1,012,996 | $69,648,451 | $103,105,703 |
Reinvestment of distributions | 289,938 | 179,022 | 27,823,736 | 17,121,716 |
Shares redeemed | (1,775,766) | (1,448,920) | (167,547,083) | (140,887,042) |
Net increase (decrease) | (743,795) | (256,902) | $(70,074,896) | $(20,659,623) |
Class I | ||||
Shares sold | 271,740 | 699,555 | $26,082,202 | $69,977,727 |
Reinvestment of distributions | 98,208 | 64,549 | 9,401,322 | 6,160,539 |
Shares redeemed | (971,845) | (998,267) | (92,337,262) | (97,071,794) |
Net increase (decrease) | (601,897) | (234,163) | $(56,853,738) | $(20,933,528) |
Class Z | ||||
Shares sold | 234,755 | 598,908 | $22,426,173 | $54,583,653 |
Reinvestment of distributions | 47,702 | 32,902 | 4,557,247 | 3,134,918 |
Shares redeemed | (796,220) | (302,227) | (73,594,187) | (29,561,489) |
Net increase (decrease) | (513,763) | 329,583 | $(46,610,767) | $28,157,082 |
Chemicals Portfolio (1) |
Gold Portfolio (2) |
Materials Portfolio (1) |
(1) Statement of assets and liabilities, including the schedule of investments, as of February 29, 2024, the related statement of operations for the year ended February 29, 2024, the statement of changes in net assets for each of the two years in the period ended February 29, 2024, and the financial highlights for each of the five years in the period ended February 29, 2024. (2) Consolidated statement of asset and liabilities, including the consolidated schedule of investments, as of February 29, 2024, the related consolidated statement of operations for the year ended February 29, 2024, the consolidated statement of changes in net assets for each of the two years in the period ended February 29, 2024, and the consolidated financial highlights for each of the five years in the period ended February 29, 2024. |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Chemicals Portfolio ** | .74% | |||||||||
Actual | $ 1,000 | $ 1,043.20 | $ 3.76 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.18 | $ 3.72 | |||||||
Gold Portfolio | ||||||||||
Class A ** | 1.05% | |||||||||
Actual | $ 1,000 | $ 874.50 | $ 4.89 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.27 | |||||||
Class M ** | 1.30% | |||||||||
Actual | $ 1,000 | $ 873.60 | $ 6.06 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.40 | $ 6.52 | |||||||
Class C | 1.78% | |||||||||
Actual | $ 1,000 | $ 871.10 | $ 8.28 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.01 | $ 8.92 | |||||||
Gold Portfolio ** | .77% | |||||||||
Actual | $ 1,000 | $ 875.80 | $ 3.59 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.03 | $ 3.87 | |||||||
Class I | .76% | |||||||||
Actual | $ 1,000 | $ 876.10 | $ 3.55 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.08 | $ 3.82 | |||||||
Class Z | .63% | |||||||||
Actual | $ 1,000 | $ 876.30 | $ 2.94 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.73 | $ 3.17 | |||||||
Materials Portfolio | ||||||||||
Class A | 1.02% | |||||||||
Actual | $ 1,000 | $ 996.70 | $ 5.06 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.79 | $ 5.12 | |||||||
Class M | 1.27% | |||||||||
Actual | $ 1,000 | $ 995.40 | $ 6.30 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.55 | $ 6.37 | |||||||
Class C | 1.77% | |||||||||
Actual | $ 1,000 | $ 992.90 | $ 8.77 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.06 | $ 8.87 | |||||||
Materials Portfolio ** | .75% | |||||||||
Actual | $ 1,000 | $ 998.10 | $ 3.73 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
Class I | .74% | |||||||||
Actual | $ 1,000 | $ 998.10 | $ 3.68 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.18 | $ 3.72 | |||||||
Class Z ** | .61% | |||||||||
Actual | $ 1,000 | $ 998.70 | $ 3.03 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.83 | $ 3.07 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Chemicals Portfolio | .69% | |||||
Actual | $ 3.51 | |||||
Hypothetical- B | $ 3.47 | |||||
Gold Portfolio | ||||||
Class A | .97% | |||||
Actual | $ 4.52 | |||||
Hypothetical- B | $ 4.87 | |||||
Class M | 1.21% | |||||
Actual | $ 5.64 | |||||
Hypothetical- B | $ 6.07 | |||||
Gold Portfolio | .70% | |||||
Actual | $ 3.27 | |||||
Hypothetical- B | $ 3.52 | |||||
Materials Portfolio | ||||||
Materials Portfolio | .70% | |||||
Actual | $ 3.48 | |||||
Hypothetical- B | $ 3.52 | |||||
Class Z | .58% | |||||
Actual | $ 2.88 | |||||
Hypothetical- B | $ 2.92 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Chemicals Portfolio | $61,017,950 |
Materials Portfolio | $30,866,721 |
Chemicals Portfolio | $64,668 |
Materials Portfolio | $95,656 |
April 2023 | December 2023 | |
Chemicals Portfolio | 99% | 83% |
Gold Portfolio | ||
Class A | 100% | 100% |
Class M | - | 100% |
Class C | - | - |
Gold | 77% | 81% |
Class I | 78% | 83% |
Class Z | 64% | 75% |
Materials Portfolio | ||
Class A | - | 93% |
Class M | - | 100% |
Class C | - | 100% |
Materials | 100% | 77% |
Class I | 100% | 78% |
Class Z | 99% | 72% |
April 2023 | December 2023 | |
Chemicals Portfolio | 100% | 100% |
Gold Portfolio | ||
Class A | 100% | 100% |
Class M | - | 100% |
Class C | - | - |
Gold | 100% | 100% |
Class I | 100% | 100% |
Class Z | 100% | 100% |
Materials Portfolio | ||
Class A | - | 100% |
Class M | - | 100% |
Class C | - | 100% |
Materials | 100% | 100% |
Class I | 100% | 100% |
Class Z | 100% | 100% |
Pay Date | Income | Taxes | |
Gold Portfolio | |||
Class A | 04/17/2023 | $0.0462 | $0.0196 |
12/18/2023 | $0.0349 | $0.0169 | |
Class M | 04/17/2023 | $0.0000 | $0.0000 |
12/18/2023 | $0.0105 | $0.0169 | |
Class C | 04/17/2023 | $0.0000 | $0.0000 |
12/18/2023 | $0.0000 | $0.0000 | |
Gold | 04/17/2023 | $0.0913 | $0.0196 |
12/18/2023 | $0.0633 | $0.0169 | |
Class I | 04/17/2023 | $0.0900 | $0.0196 |
12/18/2023 | $0.0616 | $0.0169 | |
Class Z | 04/17/2023 | $0.1106 | $0.0196 |
12/18/2023 | $0.0683 | $0.0169 | |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95779_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95779_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Biotechnology Portfolio | 22.99% | 7.01% | 6.25% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Biotechnology Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
AbbVie, Inc. | 13.5 | |
Amgen, Inc. | 7.1 | |
Krystal Biotech, Inc. | 6.4 | |
Regeneron Pharmaceuticals, Inc. | 4.2 | |
Vertex Pharmaceuticals, Inc. | 3.2 | |
Gilead Sciences, Inc. | 2.2 | |
Alnylam Pharmaceuticals, Inc. | 2.0 | |
Ascendis Pharma A/S sponsored ADR | 2.0 | |
Apellis Pharmaceuticals, Inc. | 1.7 | |
Arcellx, Inc. | 1.7 | |
44.0 | ||
Industries (% of Fund's net assets) | ||
Biotechnology | 93.2 | |
Pharmaceuticals | 6.1 | |
Health Care Technology | 0.3 | |
Life Sciences Tools & Services | 0.2 | |
Health Care Providers & Services | 0.1 | |
Consumer Staples Distribution & Retail | 0.0 | |
Health Care Equipment & Supplies | 0.0 | |
Common Stocks - 98.9% | |||
Shares | Value ($) | ||
Biotechnology - 92.3% | |||
Biotechnology - 92.3% | |||
AbbVie, Inc. | 3,759,138 | 661,796,240 | |
Absci Corp. (a)(b) | 1,102,700 | 5,689,932 | |
AC Immune SA (a)(b) | 27,202 | 98,471 | |
Acelyrin, Inc. (b) | 957,962 | 8,094,779 | |
Adverum Biotechnologies, Inc. (c) | 8,333,333 | 16,499,999 | |
Adverum Biotechnologies, Inc. (a)(b) | 546,840 | 1,082,743 | |
Aerovate Therapeutics, Inc. (a)(b) | 311,676 | 7,193,482 | |
Alector, Inc. (a) | 3,535,753 | 24,644,198 | |
Allena Pharmaceuticals, Inc. (a)(d) | 93,683 | 1 | |
Allogene Therapeutics, Inc. (a)(b) | 2,277,888 | 11,184,430 | |
Alnylam Pharmaceuticals, Inc. (a) | 653,882 | 98,795,031 | |
Alpine Immune Sciences, Inc. (a) | 220,800 | 7,776,576 | |
ALX Oncology Holdings, Inc. (a) | 975,349 | 14,308,370 | |
Amgen, Inc. | 1,276,813 | 349,629,704 | |
Amicus Therapeutics, Inc. (a) | 2,366,934 | 30,344,094 | |
AnaptysBio, Inc. (a) | 139,628 | 3,564,703 | |
Annexon, Inc. (a) | 404,544 | 2,253,310 | |
Apellis Pharmaceuticals, Inc. (a) | 1,359,279 | 84,234,520 | |
Apogee Therapeutics, Inc. (b) | 378,956 | 13,195,248 | |
Arcellx, Inc. (a) | 1,269,301 | 83,545,392 | |
Arcturus Therapeutics Holdings, Inc. (a)(b) | 663,959 | 25,735,051 | |
Arcus Biosciences, Inc. (a) | 2,936,896 | 56,182,820 | |
Argenx SE ADR (a) | 149,106 | 56,661,771 | |
ArriVent Biopharma, Inc. (b)(e) | 1,798,400 | 38,737,536 | |
Arrowhead Pharmaceuticals, Inc. (a) | 713,170 | 22,892,757 | |
Ars Pharmaceuticals, Inc. (a)(b) | 1,200,456 | 10,047,817 | |
Ascendis Pharma A/S sponsored ADR (a) | 659,409 | 97,434,274 | |
Astria Therapeutics, Inc. (a) | 583,256 | 8,293,900 | |
Astria Therapeutics, Inc. warrants (a) | 115,136 | 1,027,235 | |
aTyr Pharma, Inc. (a) | 2,258,063 | 4,335,481 | |
Aura Biosciences, Inc. (a) | 294,292 | 2,669,228 | |
Autolus Therapeutics PLC ADR (a) | 618,833 | 3,712,998 | |
Avidity Biosciences, Inc. (c) | 53,700 | 982,710 | |
Avidity Biosciences, Inc. (a) | 374,450 | 6,852,435 | |
AVROBIO, Inc. (c)(d)(f) | 403,256 | 5,000,003 | |
Axcella Health, Inc. (a)(d) | 66,454 | 1 | |
Beam Therapeutics, Inc. (a)(b) | 923,650 | 36,474,939 | |
BeiGene Ltd. ADR (a) | 9,198 | 1,523,649 | |
BeyondSpring, Inc. (a) | 1,015 | 1,391 | |
BioCryst Pharmaceuticals, Inc. (a)(b) | 1,787,181 | 10,061,829 | |
Biogen, Inc. (a) | 92,111 | 19,987,166 | |
Biohaven Ltd. (a)(b) | 1,572,610 | 75,705,445 | |
Biomea Fusion, Inc. (a)(b) | 392,829 | 6,874,508 | |
BioXcel Therapeutics, Inc. (a)(b) | 274,527 | 872,996 | |
Blueprint Medicines Corp. (a) | 648,252 | 60,624,527 | |
BridgeBio Pharma, Inc. (c) | 733,408 | 25,045,883 | |
BridgeBio Pharma, Inc. (a) | 946,496 | 32,322,838 | |
Candel Therapeutics, Inc. (a)(b) | 117,512 | 218,572 | |
Cargo Therapeutics, Inc. | 296,500 | 7,169,370 | |
Cartesian Therapeutics, Inc. (a)(b)(e) | 11,208,022 | 8,198,668 | |
Cartesian Therapeutics, Inc. rights (a)(d)(e) | 5,385,728 | 700,145 | |
Celldex Therapeutics, Inc. (a) | 673,600 | 32,373,216 | |
Centessa Pharmaceuticals PLC ADR (a)(b) | 2,787,194 | 29,293,409 | |
Chinook Therapeutics, Inc. rights (a)(d) | 115,821 | 1 | |
Codiak Biosciences, Inc. (a)(b)(d) | 448,539 | 4 | |
Codiak Biosciences, Inc. warrants 9/15/27 (a)(d) | 46,000 | 0 | |
Cogent Biosciences, Inc. (c) | 2,247,694 | 15,733,858 | |
Compass Therapeutics, Inc. (a) | 428,436 | 762,616 | |
Crinetics Pharmaceuticals, Inc. (a) | 1,389,750 | 56,896,365 | |
CRISPR Therapeutics AG (a)(b) | 202,007 | 17,013,030 | |
Cyclerion Therapeutics, Inc. (a) | 41,864 | 131,872 | |
Cyclerion Therapeutics, Inc. (a)(c) | 4,740 | 14,931 | |
Cytokinetics, Inc. (a) | 648,621 | 46,856,381 | |
Day One Biopharmaceuticals, Inc. (a) | 607,633 | 10,165,700 | |
Denali Therapeutics, Inc. (a) | 200,069 | 3,957,365 | |
Dianthus Therapeutics, Inc. (unlisted) (c) | 337,793 | 7,942,358 | |
Disc Medicine, Inc. (a) | 134,079 | 9,207,205 | |
Disc Medicine, Inc. rights (a)(b)(d) | 1,555,907 | 16 | |
Dyne Therapeutics, Inc. (a) | 180,313 | 4,850,420 | |
Entrada Therapeutics, Inc. (a)(b) | 224,917 | 2,975,652 | |
Exelixis, Inc. (a) | 756,454 | 16,566,343 | |
Fate Therapeutics, Inc. (a) | 71,400 | 506,226 | |
Fusion Pharmaceuticals, Inc. (a) | 1,219,923 | 14,590,279 | |
Geron Corp. (a) | 2,041,606 | 4,083,212 | |
Geron Corp. warrants 12/31/25 (a) | 2,100,000 | 981,836 | |
Gilead Sciences, Inc. | 1,495,604 | 107,833,048 | |
Gossamer Bio, Inc. (a)(b) | 10,193,176 | 14,372,378 | |
Gritstone Bio, Inc. (a)(b) | 846,176 | 2,369,293 | |
Halozyme Therapeutics, Inc. (a) | 4,000 | 159,240 | |
Ideaya Biosciences, Inc. (a) | 1,208,957 | 54,040,378 | |
Idorsia Ltd. (a)(b) | 4,652,178 | 11,741,574 | |
IGM Biosciences, Inc. (a)(b) | 1,539,582 | 19,444,921 | |
Immuneering Corp. (a)(b) | 269,585 | 1,671,427 | |
Immunocore Holdings PLC ADR (a) | 207,718 | 13,962,804 | |
Immunome, Inc. (a)(b) | 739,382 | 17,893,044 | |
Immunovant, Inc. (a) | 822,543 | 29,093,346 | |
Inozyme Pharma, Inc. (a)(b) | 1,515,687 | 9,639,769 | |
Insmed, Inc. (a) | 791,292 | 21,934,614 | |
Intellia Therapeutics, Inc. (a) | 823,501 | 26,450,852 | |
IO Biotech, Inc. (a) | 7,952 | 12,723 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 966,777 | 43,707,988 | |
Janux Therapeutics, Inc. (a) | 356,399 | 17,242,584 | |
Keros Therapeutics, Inc. (a) | 405,129 | 27,346,208 | |
Korro Bio, Inc. (c) | 88,608 | 4,279,766 | |
Korro Bio, Inc. (j) | 92,276 | 4,234,084 | |
Krystal Biotech, Inc. (a)(b)(e) | 1,985,122 | 316,567,405 | |
Kymera Therapeutics, Inc. (a)(b) | 510,226 | 21,786,650 | |
Legend Biotech Corp. ADR (a) | 502,110 | 32,717,488 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 133,108 | 31,440,110 | |
MannKind Corp. (a)(b) | 4,406,401 | 18,110,308 | |
Merus BV (a) | 912,815 | 44,253,271 | |
Minerva Neurosciences, Inc. (a)(b) | 283,427 | 756,750 | |
Moderna, Inc. (a) | 396,151 | 36,540,968 | |
Monte Rosa Therapeutics, Inc. (a) | 939,805 | 5,948,966 | |
Moonlake Immunotherapeutics (a)(b) | 332,441 | 16,036,954 | |
Morphic Holding, Inc. (a) | 1,296,799 | 47,916,723 | |
Natera, Inc. (a) | 357,132 | 30,888,347 | |
Nurix Therapeutics, Inc. (a)(b) | 13,046 | 161,118 | |
Nuvalent, Inc. Class A (a) | 234,474 | 19,723,953 | |
Omega Therapeutics, Inc. (a)(b) | 245,003 | 1,006,962 | |
ORIC Pharmaceuticals, Inc. (a) | 117,400 | 1,495,676 | |
PepGen, Inc. (a) | 575,295 | 9,751,250 | |
Poseida Therapeutics, Inc. (a) | 223,383 | 884,597 | |
ProKidney Corp. (a)(b) | 233,600 | 380,768 | |
Protagonist Therapeutics, Inc. (a) | 423,913 | 12,878,477 | |
Prothena Corp. PLC (a) | 801,417 | 22,111,095 | |
PTC Therapeutics, Inc. (a) | 670,511 | 18,901,705 | |
Rallybio Corp. (a)(b) | 581,092 | 1,351,039 | |
RAPT Therapeutics, Inc. (a) | 802,700 | 6,879,139 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 149,900 | 2,017,654 | |
Regeneron Pharmaceuticals, Inc. (a) | 214,849 | 207,563,470 | |
Regulus Therapeutics, Inc. (a)(e) | 2,922,600 | 4,296,222 | |
Replimune Group, Inc. (a) | 198,315 | 1,701,543 | |
Revolution Medicines, Inc. (a) | 513,798 | 15,146,765 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 15,603 | 677,482 | |
Rocket Pharmaceuticals, Inc. (a) | 532,936 | 15,615,025 | |
Roivant Sciences Ltd. (a) | 4,298,919 | 49,179,633 | |
Sage Therapeutics, Inc. (a) | 922,252 | 19,809,973 | |
Sagimet Biosciences, Inc. (b) | 130,060 | 797,268 | |
Sana Biotechnology, Inc. (a)(b) | 1,331,094 | 13,364,184 | |
Sarepta Therapeutics, Inc. (a) | 264,199 | 33,791,052 | |
Scholar Rock Holding Corp. (a)(b) | 2,302,776 | 35,693,028 | |
Scholar Rock Holding Corp. warrants 12/31/25 (a)(c) | 17,850 | 162,340 | |
Sensorion SA (a) | 5,637,373 | 5,544,514 | |
Seres Therapeutics, Inc. (a) | 854,347 | 973,956 | |
Shattuck Labs, Inc. (a) | 510,642 | 4,457,905 | |
SpringWorks Therapeutics, Inc. (a)(b) | 649,709 | 32,004,665 | |
Spyre Therapeutics, Inc. (c) | 33,334 | 868,951 | |
Spyre Therapeutics, Inc. (a) | 228,219 | 6,262,329 | |
Summit Therapeutics, Inc. (a)(b) | 4,354,329 | 19,768,654 | |
Tango Therapeutics, Inc. (c) | 466,637 | 5,193,670 | |
Tango Therapeutics, Inc. (a) | 310,288 | 3,453,505 | |
Taysha Gene Therapies, Inc. (a)(b)(e) | 10,992,802 | 34,737,254 | |
Tenaya Therapeutics, Inc. (a) | 2,825,413 | 16,811,207 | |
TG Therapeutics, Inc. (a)(b) | 1,440,120 | 24,798,866 | |
Twist Bioscience Corp. (a)(b) | 147,425 | 5,792,328 | |
Tyra Biosciences, Inc. (c) | 115,296 | 2,304,767 | |
Tyra Biosciences, Inc. (a) | 76,100 | 1,521,239 | |
Ultragenyx Pharmaceutical, Inc. (a) | 897,330 | 46,409,908 | |
uniQure B.V. (a) | 27,808 | 159,896 | |
United Therapeutics Corp. (a) | 177,493 | 40,049,521 | |
Vaxcyte, Inc. (a) | 1,003,180 | 74,054,748 | |
Vera Therapeutics, Inc. (a)(b) | 739,878 | 34,833,456 | |
Vertex Pharmaceuticals, Inc. (a) | 369,709 | 155,551,365 | |
Verve Therapeutics, Inc. (a)(b) | 144,393 | 2,461,901 | |
Viking Therapeutics, Inc. (a) | 425,252 | 32,765,667 | |
Viridian Therapeutics, Inc. (a) | 1,039,238 | 19,444,143 | |
Vor Biopharma, Inc. (a)(b) | 1,114,702 | 2,563,815 | |
X4 Pharmaceuticals, Inc. warrants 4/12/24 (a) | 450,000 | 5 | |
Xenon Pharmaceuticals, Inc. (a) | 539,634 | 25,470,725 | |
Zealand Pharma A/S (a) | 827,330 | 79,655,930 | |
Zentalis Pharmaceuticals, Inc. (a) | 562,933 | 8,393,331 | |
4,537,225,081 | |||
Consumer Staples Distribution & Retail - 0.0% | |||
Drug Retail - 0.0% | |||
MedAvail Holdings, Inc. (a) | 55 | 76 | |
Health Care Equipment & Supplies - 0.0% | |||
Health Care Equipment - 0.0% | |||
Aradigm Corp. (a)(d) | 148,009 | 1 | |
Aradigm Corp. (a)(d) | 11,945 | 0 | |
Glaukos Corp. (a) | 5,700 | 504,963 | |
Novocure Ltd. (a) | 11,113 | 170,140 | |
675,104 | |||
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
Schrodinger, Inc. (a) | 495,801 | 12,623,093 | |
Life Sciences Tools & Services - 0.2% | |||
Life Sciences Tools & Services - 0.2% | |||
10X Genomics, Inc. (a) | 252,200 | 11,762,608 | |
Pharmaceuticals - 6.1% | |||
Pharmaceuticals - 6.1% | |||
Adimab LLC (c)(d)(g) | 1,954,526 | 37,350,992 | |
Adimab LLC (a)(c)(d)(g) | 1,954,526 | 12,469,876 | |
Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(d) | 8,274,568 | 1,654,914 | |
Alto Neuroscience, Inc. | 200,000 | 3,080,000 | |
Amylyx Pharmaceuticals, Inc. (a) | 568,115 | 10,708,968 | |
Arvinas Holding Co. LLC (a) | 239,616 | 11,017,544 | |
Axsome Therapeutics, Inc. (a)(b) | 162,403 | 13,216,356 | |
Corcept Therapeutics, Inc. (a)(b) | 765,599 | 17,991,577 | |
Edgewise Therapeutics, Inc. (a) | 445,585 | 7,276,403 | |
Enliven Therapeutics, Inc. (a) | 673,638 | 10,757,999 | |
Fulcrum Therapeutics, Inc. (a) | 1,342,555 | 13,707,487 | |
GH Research PLC (a)(b) | 255,924 | 2,272,605 | |
Harmony Biosciences Holdings, Inc. (a) | 91,925 | 2,950,793 | |
Indivior PLC (a) | 71,500 | 1,547,864 | |
Intra-Cellular Therapies, Inc. (a) | 75,999 | 5,283,450 | |
Longboard Pharmaceuticals, Inc. (a)(e) | 1,778,489 | 39,446,886 | |
Novo Nordisk A/S Series B sponsored ADR | 45,000 | 5,389,650 | |
Nuvation Bio, Inc. (a) | 3,576,745 | 6,688,513 | |
OptiNose, Inc. (a) | 794,031 | 1,413,375 | |
OptiNose, Inc. warrants (a) | 91,712 | 49,884 | |
Pharvaris BV (a) | 112,407 | 2,578,617 | |
Pliant Therapeutics, Inc. (a) | 37,431 | 594,030 | |
Structure Therapeutics, Inc. ADR | 227,004 | 9,209,552 | |
UCB SA | 450,908 | 51,901,856 | |
Verona Pharma PLC ADR (a)(b) | 1,062,266 | 18,292,221 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 1,508,769 | 7,951,213 | |
WAVE Life Sciences (a) | 1,131,311 | 5,441,606 | |
300,244,231 | |||
TOTAL COMMON STOCKS (Cost $3,102,768,565) | 4,862,530,193 | ||
Convertible Preferred Stocks - 1.0% | |||
Shares | Value ($) | ||
Biotechnology - 0.9% | |||
Biotechnology - 0.9% | |||
ElevateBio LLC Series C (a)(c)(d) | 216,600 | 751,602 | |
National Resilience, Inc. Series B (a)(c)(d) | 732,064 | 35,212,278 | |
SalioGen Therapeutics, Inc. Series B (a)(c)(d) | 94,461 | 6,328,887 | |
42,292,767 | |||
Health Care Providers & Services - 0.1% | |||
Health Care Services - 0.1% | |||
Scorpion Therapeutics, Inc. Series B (a)(c)(d) | 3,099,905 | 4,773,854 | |
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Afferent Pharmaceuticals, Inc. Series C (a)(c)(d) | 8,274,568 | 83 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $28,408,650) | 47,066,704 | ||
Money Market Funds - 6.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (h) | 17,013,116 | 17,016,519 | |
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | 286,168,444 | 286,197,060 | |
TOTAL MONEY MARKET FUNDS (Cost $303,186,968) | 303,213,579 | ||
TOTAL INVESTMENT IN SECURITIES - 106.1% (Cost $3,434,364,183) | 5,212,810,476 |
NET OTHER ASSETS (LIABILITIES) - (6.1)% | (298,279,077) |
NET ASSETS - 100.0% | 4,914,531,399 |
(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 $180,916,808 or 3.7% of net assets. |
(d) | Level 3 security |
(e) | Affiliated company |
(f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
(j) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $4,234,084 and all restrictions are set to expire on or before May 31, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Adimab LLC | 9/17/14 - 6/05/15 | 23,546,682 |
Adimab LLC | 9/17/14 - 6/05/15 | 7,861,206 |
Adverum Biotechnologies, Inc. | 2/05/24 | 10,000,000 |
Afferent Pharmaceuticals, Inc. Series C | 7/01/15 | 0 |
Avidity Biosciences, Inc. | 2/29/24 | 886,050 |
AVROBIO, Inc. | 1/30/24 | 5,000,003 |
BridgeBio Pharma, Inc. | 9/25/23 | 20,000,036 |
Cogent Biosciences, Inc. | 2/14/24 | 16,857,705 |
Cyclerion Therapeutics, Inc. | 4/02/19 | 1,404,026 |
Dianthus Therapeutics, Inc. (unlisted) | 5/03/23 - 1/22/24 | 5,522,107 |
ElevateBio LLC Series C | 3/09/21 | 908,637 |
Korro Bio, Inc. | 7/14/23 | 5,000,000 |
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 |
Spyre Therapeutics, Inc. | 12/07/23 | 500,010 |
Tango Therapeutics, Inc. | 8/09/23 | 2,403,181 |
Tyra Biosciences, Inc. | 2/02/24 | 1,500,001 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 16,575,392 | 960,734,362 | 960,293,235 | 763,125 | - | - | 17,016,519 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 353,621,750 | 1,606,918,054 | 1,674,342,744 | 4,239,405 | 7,030 | (7,030) | 286,197,060 | 0.9% |
Total | 370,197,142 | 2,567,652,416 | 2,634,635,979 | 5,002,530 | 7,030 | (7,030) | 303,213,579 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Adverum Biotechnologies, Inc. | 5,380,026 | - | 11,730,090 | - | 2,355,141 | 5,077,666 | - |
Applied Therapeutics, Inc. | 2,665,931 | - | 6,022,995 | - | 3,868,068 | (511,004) | - |
ArriVent Biopharma, Inc. | - | 32,371,200 | - | - | - | 6,366,336 | 38,737,536 |
Cartesian Therapeutics, Inc. | 644,776 | 9,780,709 | - | 969,431 | - | (2,226,817) | 8,198,668 |
Cartesian Therapeutics, Inc. rights | - | 969,431 | - | - | - | (269,286) | 700,145 |
Gossamer Bio, Inc. | - | 6,942,725 | 1,883,288 | - | 492,338 | 8,820,603 | - |
IGM Biosciences, Inc. | 14,514,499 | 12,882,265 | 4,735,850 | - | (7,241,047) | 4,025,054 | - |
Krystal Biotech, Inc. | 171,824,409 | - | 9,387,317 | - | 942,317 | 153,187,996 | 316,567,405 |
Longboard Pharmaceuticals, Inc. | 4,520,303 | 26,536,809 | 2,336,131 | - | (3,872,797) | 14,598,702 | 39,446,886 |
Minerva Neurosciences, Inc. | - | 4,240,089 | 595,231 | - | (1,396,946) | (1,491,162) | - |
Regulus Therapeutics, Inc. | 2,941,300 | 1,143,299 | - | - | - | 211,623 | 4,296,222 |
Taysha Gene Therapies, Inc. | 819,763 | - | 15,822,932 | - | (1,142,524) | 36,738,928 | 34,737,254 |
Taysha Gene Therapies, Inc. | - | 14,144,019 | - | - | - | - | - |
Total | 203,311,007 | 109,010,546 | 52,513,834 | 969,431 | (5,995,450) | 224,528,639 | 442,684,116 |
The following is a summary of the inputs used, as of February 29, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 4,862,530,193 | 4,790,087,546 | 15,266,693 | 57,175,954 |
Convertible Preferred Stocks | 47,066,704 | - | - | 47,066,704 |
Money Market Funds | 303,213,579 | 303,213,579 | - | - |
Total Investments in Securities: | 5,212,810,476 | 5,093,301,125 | 15,266,693 | 104,242,658 |
Investments in Securities: | |||
Common Stocks | |||
Beginning Balance | $ | 105,758,765 | |
Net Realized Gain (Loss) on Investment Securities | (517,465) | ||
Net Unrealized Gain (Loss) on Investment Securities | (38,896,308) | ||
Cost of Purchases | 6,157,721 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 1,181,884 | ||
Transfers out of Level 3 | (16,508,643) | ||
Ending Balance | $ | 57,175,954 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | (39,315,455) | |
Convertible Preferred Stocks | |||
Beginning Balance | $ | 65,646,072 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (9,929,907) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (4,611,659) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (4,037,802) | ||
Ending Balance | $ | 47,066,704 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | (9,933,002) | |
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 | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $266,157,625) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $2,965,256,606) | $ | 4,466,912,781 | ||
Fidelity Central Funds (cost $303,186,968) | 303,213,579 | |||
Other affiliated issuers (cost $165,920,609) | 442,684,116 | |||
Total Investment in Securities (cost $3,434,364,183) | $ | 5,212,810,476 | ||
Receivable for investments sold | 17,992,235 | |||
Receivable for fund shares sold | 2,111,280 | |||
Dividends receivable | 3,120,197 | |||
Distributions receivable from Fidelity Central Funds | 319,972 | |||
Prepaid expenses | 14,502 | |||
Other receivables | 1,258,805 | |||
Total assets | 5,237,627,467 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 16,738,027 | ||
Delayed delivery | 5,000,003 | |||
Payable for fund shares redeemed | 4,040,807 | |||
Accrued management fee | 2,068,810 | |||
Other affiliated payables | 712,097 | |||
Deferred taxes | 7,136,207 | |||
Other payables and accrued expenses | 1,364,125 | |||
Collateral on securities loaned | 286,035,992 | |||
Total Liabilities | 323,096,068 | |||
Net Assets | $ | 4,914,531,399 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,587,793,193 | ||
Total accumulated earnings (loss) | 1,326,738,206 | |||
Net Assets | $ | 4,914,531,399 | ||
Net Asset Value, offering price and redemption price per share ($4,914,531,399 ÷ 251,575,800 shares) | $ | 19.53 |
Consolidated Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends (including $969,431 earned from affiliated issuers) | $ | 34,498,716 | ||
Income from Fidelity Central Funds (including $4,239,405 from security lending) | 5,002,530 | |||
Total Income | 39,501,246 | |||
Expenses | ||||
Management fee | $ | 24,041,597 | ||
Transfer agent fees | 7,424,045 | |||
Accounting fees | 933,981 | |||
Custodian fees and expenses | 184,376 | |||
Independent trustees' fees and expenses | 29,461 | |||
Registration fees | 37,171 | |||
Audit | 100,295 | |||
Legal | 8,127 | |||
Interest | 16,712 | |||
Miscellaneous | 33,664 | |||
Total expenses before reductions | 32,809,429 | |||
Expense reductions | (346,244) | |||
Total expenses after reductions | 32,463,185 | |||
Net Investment income (loss) | 7,038,061 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 260,584,210 | |||
Redemptions in-kind | 82,617,211 | |||
Fidelity Central Funds | 7,030 | |||
Other affiliated issuers | (5,995,450) | |||
Foreign currency transactions | 3,107 | |||
Total net realized gain (loss) | 337,216,108 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred taxes of $7,136,207) | 361,906,179 | |||
Fidelity Central Funds | (7,030) | |||
Other affiliated issuers | 224,528,639 | |||
Assets and liabilities in foreign currencies | 2,981 | |||
Total change in net unrealized appreciation (depreciation) | 586,430,769 | |||
Net gain (loss) | 923,646,877 | |||
Net increase (decrease) in net assets resulting from operations | $ | 930,684,938 |
Consolidated Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,038,061 | $ | (2,528,380) |
Net realized gain (loss) | 337,216,108 | (546,855,471) | ||
Change in net unrealized appreciation (depreciation) | 586,430,769 | 608,745,968 | ||
Net increase (decrease) in net assets resulting from operations | 930,684,938 | 59,362,117 | ||
Distributions to shareholders | (20,921,962) | - | ||
Share transactions | ||||
Proceeds from sales of shares | 355,598,248 | 544,996,692 | ||
Reinvestment of distributions | 19,492,812 | - | ||
Cost of shares redeemed | (1,339,429,723) | (915,943,690) | ||
Net increase (decrease) in net assets resulting from share transactions | (964,338,663) | (370,946,998) | ||
Total increase (decrease) in net assets | (54,575,687) | (311,584,881) | ||
Net Assets | ||||
Beginning of period | 4,969,107,086 | 5,280,691,967 | ||
End of period | $ | 4,914,531,399 | $ | 4,969,107,086 |
Other Information | ||||
Shares | ||||
Sold | 22,190,655 | 35,714,869 | ||
Issued in reinvestment of distributions | 1,243,749 | - | ||
Redeemed | (83,162,823) | (58,965,046) | ||
Net increase (decrease) | (59,728,419) | (23,250,177) | ||
Biotechnology Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.96 | $ | 15.78 | $ | 25.52 | $ | 21.02 | $ | 21.14 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .03 | (.01) | (.03) | (.01) | .05 | |||||
Net realized and unrealized gain (loss) | 3.62 | .19 | (6.91) | 9.41 | 1.79 | |||||
Total from investment operations | 3.65 | .18 | (6.94) | 9.40 | 1.84 | |||||
Distributions from net investment income | (.08) | - | (.03) | (.07) | (.03) | |||||
Distributions from net realized gain | - | - | (2.77) | (4.84) | (1.93) | |||||
Total distributions | (.08) | - | (2.80) | (4.90) D | (1.96) | |||||
Net asset value, end of period | $ | 19.53 | $ | 15.96 | $ | 15.78 | $ | 25.52 | $ | 21.02 |
Total Return E | 22.99% | 1.14% | (29.49)% | 47.35% | 8.57% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .71% | .72% | .69% | .70% | .72% | |||||
Expenses net of fee waivers, if any | .71% | .71% | .69% | .70% | .72% | |||||
Expenses net of all reductions | .71% | .71% | .69% | .69% | .72% | |||||
Net investment income (loss) | .15% | (.05)% | (.14)% | (.03)% | .22% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 4,914,531 | $ | 4,969,107 | $ | 5,280,692 | $ | 8,873,624 | $ | 6,624,752 |
Portfolio turnover rate H | 52% I | 51% | 46% | 78% | 50% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Health Care Portfolio | 11.63% | 9.49% | 9.85% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Health Care Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Boston Scientific Corp. | 10.0 | |
Eli Lilly & Co. | 9.0 | |
Danaher Corp. | 6.7 | |
UnitedHealth Group, Inc. | 6.2 | |
Merck & Co., Inc. | 4.9 | |
Regeneron Pharmaceuticals, Inc. | 4.3 | |
Penumbra, Inc. | 3.8 | |
Cigna Group | 3.6 | |
CVS Health Corp. | 3.2 | |
Centene Corp. | 2.8 | |
54.5 | ||
Industries (% of Fund's net assets) | ||
Health Care Equipment & Supplies | 24.3 | |
Health Care Providers & Services | 22.5 | |
Biotechnology | 20.1 | |
Pharmaceuticals | 17.5 | |
Life Sciences Tools & Services | 12.9 | |
Health Care Technology | 2.4 | |
Financial Services | 0.2 | |
Common Stocks - 98.7% | |||
Shares | Value ($) | ||
Biotechnology - 19.6% | |||
Biotechnology - 19.6% | |||
Acelyrin, Inc. | 900,000 | 7,605,000 | |
Acumen Pharmaceuticals, Inc. (a) | 1,000,000 | 4,310,000 | |
Allogene Therapeutics, Inc. (a)(b) | 4,000,000 | 19,640,000 | |
Alnylam Pharmaceuticals, Inc. (a) | 425,000 | 64,213,250 | |
Arcellx, Inc. (a) | 400,000 | 26,328,000 | |
Arcus Biosciences, Inc. (a) | 700,000 | 13,391,000 | |
Argenx SE ADR (a) | 280,000 | 106,402,800 | |
Ascendis Pharma A/S sponsored ADR (a) | 820,000 | 121,163,200 | |
Avidity Biosciences, Inc. (a) | 1,163,791 | 21,297,375 | |
Avidity Biosciences, Inc. (c) | 85,500 | 1,564,650 | |
Blueprint Medicines Corp. (a) | 825,000 | 77,154,000 | |
Cargo Therapeutics, Inc. | 1,013,682 | 24,510,831 | |
Caris Life Sciences, Inc. (a)(c)(d) | 1,420,479 | 3,963,136 | |
Celldex Therapeutics, Inc. (a) | 600,000 | 28,836,000 | |
Cytokinetics, Inc. (a)(b) | 1,670,000 | 120,640,800 | |
Immunocore Holdings PLC ADR (a) | 391,904 | 26,343,787 | |
Intellia Therapeutics, Inc. (a) | 400,000 | 12,848,000 | |
Janux Therapeutics, Inc. (a) | 650,000 | 31,447,000 | |
Keros Therapeutics, Inc. (a) | 650,000 | 43,875,000 | |
Legend Biotech Corp. ADR (a) | 2,000,000 | 130,320,000 | |
Morphic Holding, Inc. (a) | 400,000 | 14,780,000 | |
Nuvalent, Inc. Class A (a) | 650,121 | 54,688,179 | |
Poseida Therapeutics, Inc. (a) | 2,119,743 | 8,394,182 | |
Regeneron Pharmaceuticals, Inc. (a) | 354,000 | 341,995,860 | |
Repligen Corp. (a)(b) | 120,000 | 23,278,800 | |
Spyre Therapeutics, Inc. (a) | 500,000 | 13,720,000 | |
Summit Therapeutics, Inc. (a)(b) | 1,000,000 | 4,540,000 | |
Vaxcyte, Inc. (a) | 1,450,000 | 107,039,000 | |
Viking Therapeutics, Inc. (a) | 13,100 | 1,009,355 | |
Viridian Therapeutics, Inc. (a) | 1,180,000 | 22,077,800 | |
Xenon Pharmaceuticals, Inc. (a) | 1,200,000 | 56,640,000 | |
Zentalis Pharmaceuticals, Inc. (a) | 900,000 | 13,419,000 | |
1,547,436,005 | |||
Health Care Equipment & Supplies - 24.2% | |||
Health Care Equipment - 24.2% | |||
Boston Scientific Corp. (a) | 11,950,000 | 791,209,499 | |
Edwards Lifesciences Corp. (a) | 1,400,000 | 118,818,000 | |
Glaukos Corp. (a) | 1,000,000 | 88,590,000 | |
Inspire Medical Systems, Inc. (a) | 630,000 | 112,795,200 | |
Insulet Corp. (a) | 630,000 | 103,320,000 | |
Intuitive Surgical, Inc. (a) | 226,000 | 87,145,600 | |
Masimo Corp. (a) | 1,040,000 | 133,681,600 | |
Medical Microinstruments, Inc. warrants 2/16/31 (a)(c)(d) | 15,815 | 0 | |
Penumbra, Inc. (a) | 1,262,100 | 296,492,532 | |
PROCEPT BioRobotics Corp. (a)(b) | 640,000 | 30,937,600 | |
Shockwave Medical, Inc. (a) | 200,000 | 52,174,000 | |
Stryker Corp. | 280,000 | 97,739,600 | |
1,912,903,631 | |||
Health Care Providers & Services - 22.5% | |||
Health Care Facilities - 2.0% | |||
Acadia Healthcare Co., Inc. (a) | 600,000 | 50,070,000 | |
Surgery Partners, Inc. (a) | 3,500,000 | 108,605,000 | |
158,675,000 | |||
Health Care Services - 9.9% | |||
agilon health, Inc. (a)(b) | 10,279,195 | 63,011,465 | |
BrightSpring Health Services, Inc. | 3,000,000 | 26,970,000 | |
Cigna Group | 840,000 | 282,357,600 | |
CVS Health Corp. | 3,350,000 | 249,139,500 | |
LifeStance Health Group, Inc. (a) | 8,760,000 | 73,146,000 | |
Privia Health Group, Inc. (a) | 3,850,000 | 85,932,000 | |
780,556,565 | |||
Managed Health Care - 10.6% | |||
Alignment Healthcare, Inc. (a) | 4,482,044 | 26,892,264 | |
Centene Corp. (a) | 2,800,000 | 219,604,000 | |
Humana, Inc. | 135,000 | 47,293,200 | |
Molina Healthcare, Inc. (a) | 130,000 | 51,208,300 | |
UnitedHealth Group, Inc. | 1,000,000 | 493,600,000 | |
838,597,764 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 1,777,829,329 | ||
Health Care Technology - 2.1% | |||
Health Care Technology - 2.1% | |||
Evolent Health, Inc. Class A (a) | 1,500,000 | 50,865,000 | |
Phreesia, Inc. (a) | 1,280,000 | 31,680,000 | |
Veeva Systems, Inc. Class A (a) | 380,000 | 85,693,800 | |
168,238,800 | |||
Life Sciences Tools & Services - 12.9% | |||
Life Sciences Tools & Services - 12.9% | |||
10X Genomics, Inc. (a) | 1,886,800 | 88,000,352 | |
10X Genomics, Inc. Class B (a)(e) | 500,000 | 23,320,000 | |
Bruker Corp. | 1,000,000 | 86,540,000 | |
Danaher Corp. | 2,080,000 | 526,531,200 | |
IQVIA Holdings, Inc. (a) | 375,000 | 92,685,000 | |
Lonza Group AG | 67,000 | 34,971,104 | |
Thermo Fisher Scientific, Inc. | 295,000 | 168,203,100 | |
1,020,250,756 | |||
Pharmaceuticals - 17.4% | |||
Pharmaceuticals - 17.4% | |||
AstraZeneca PLC (United Kingdom) | 925,000 | 116,599,502 | |
Edgewise Therapeutics, Inc. (a) | 500,000 | 8,165,000 | |
Eli Lilly & Co. | 940,000 | 708,459,200 | |
Enliven Therapeutics, Inc. (a) | 400,000 | 6,388,000 | |
Merck & Co., Inc. | 3,080,000 | 391,622,000 | |
Pharvaris BV (a) | 725,967 | 16,653,683 | |
Royalty Pharma PLC | 2,740,000 | 83,131,600 | |
Structure Therapeutics, Inc. ADR | 650,000 | 26,370,500 | |
UCB SA | 200,000 | 23,021,040 | |
1,380,410,525 | |||
TOTAL COMMON STOCKS (Cost $4,715,892,401) | 7,807,069,046 | ||
Convertible Preferred Stocks - 1.2% | |||
Shares | Value ($) | ||
Biotechnology - 0.5% | |||
Biotechnology - 0.5% | |||
Asimov, Inc. Series B (a)(c)(d) | 101,438 | 4,854,823 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 3,206,021 | 8,944,799 | |
Cleerly, Inc. Series C (a)(c)(d) | 1,285,367 | 13,843,403 | |
Element Biosciences, Inc. Series C (a)(c)(d) | 572,265 | 6,861,457 | |
ElevateBio LLC Series C (a)(c)(d) | 254,900 | 884,503 | |
Inscripta, Inc. Series E (a)(c)(d) | 1,282,228 | 4,385,220 | |
39,774,205 | |||
Financial Services - 0.2% | |||
Diversified Financial Services - 0.1% | |||
Thriveworks TopCo LLC Series B (a)(c)(d)(f) | 473,270 | 5,187,039 | |
Specialized Finance - 0.1% | |||
Saluda Medical, Inc. Series E (c)(d) | 1,155,359 | 9,970,748 | |
TOTAL FINANCIAL SERVICES | 15,157,787 | ||
Health Care Equipment & Supplies - 0.1% | |||
Health Care Equipment - 0.1% | |||
Medical Microinstruments, Inc. Series C (c)(d) | 316,310 | 10,543,783 | |
Health Care Providers & Services - 0.0% | |||
Health Care Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | 380,451 | 2,248,465 | |
Health Care Technology - 0.3% | |||
Health Care Technology - 0.3% | |||
Aledade, Inc.: | |||
Series B1 (a)(c)(d) | 201,220 | 9,469,413 | |
Series E1 (a)(c)(d) | 56,664 | 2,666,608 | |
Omada Health, Inc. Series E (a)(c)(d) | 2,153,073 | 8,590,761 | |
Wugen, Inc. Series B (a)(c)(d) | 454,342 | 2,571,576 | |
23,298,358 | |||
Pharmaceuticals - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Galvanize Therapeutics Series B (a)(c)(d) | 3,696,429 | 3,807,322 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $146,936,655) | 94,829,920 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Galvanize Therapeutics 6% 2/28/27 (c)(d) (Cost $3,306,100) | 3,306,100 | 3,307,092 | |
Money Market Funds - 1.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (h) | 3,212,483 | 3,213,126 | |
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | 90,238,953 | 90,247,976 | |
TOTAL MONEY MARKET FUNDS (Cost $93,459,353) | 93,461,102 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $4,959,594,509) | 7,998,667,160 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (85,724,828) |
NET ASSETS - 100.0% | 7,912,942,332 |
(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 $103,664,798 or 1.3% 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 $23,320,000 or 0.3% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 7,704,855 |
Aledade, Inc. Series E1 | 5/20/22 | 2,822,683 |
Asimov, Inc. Series B | 10/29/21 | 9,401,345 |
Avidity Biosciences, Inc. | 2/29/24 | 1,410,750 |
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 |
Galvanize Therapeutics Series B | 3/29/22 | 6,399,572 |
Galvanize Therapeutics 6% 2/28/27 | 2/28/24 | 3,306,100 |
Inscripta, Inc. Series E | 3/30/21 | 11,322,073 |
Medical Microinstruments, Inc. warrants 2/16/31 | 2/16/24 | 0 |
Medical Microinstruments, Inc. Series C | 2/16/24 | 10,543,783 |
Omada Health, Inc. Series E | 12/22/21 | 12,908,103 |
Saluda Medical, Inc. Series E | 4/06/23 | 9,328,137 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | - | 1,280,879,080 | 1,277,665,954 | 1,639,517 | - | - | 3,213,126 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 189,954,325 | 850,622,923 | 950,329,272 | 547,054 | - | - | 90,247,976 | 0.3% |
Total | 189,954,325 | 2,131,502,003 | 2,227,995,226 | 2,186,571 | - | - | 93,461,102 | |
Affiliate | Value, beginning of period ($) | 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 | - |
The following is a summary of the inputs used, as of February 29, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 7,807,069,046 | 7,651,535,304 | 151,570,606 | 3,963,136 |
Convertible Preferred Stocks | 94,829,920 | - | - | 94,829,920 |
Convertible Bonds | 3,307,092 | - | - | 3,307,092 |
Money Market Funds | 93,461,102 | 93,461,102 | - | - |
Total Investments in Securities: | 7,998,667,160 | 7,744,996,406 | 151,570,606 | 102,100,148 |
Investments in Securities: | |||
Convertible Preferred Stocks | |||
Beginning Balance | $ | 101,474,951 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (20,825,263) | ||
Cost of Purchases | 19,900,144 | ||
Proceeds of Sales | (5,719,912) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 94,829,920 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | (20,829,102) | |
Other Investments in Securities | |||
Beginning Balance | $ | 7,954,682 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (3,990,554) | ||
Cost of Purchases | 3,306,100 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 7,270,228 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | (3,990,554) | |
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 | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $85,467,315) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,866,135,156) | $ | 7,905,206,058 | ||
Fidelity Central Funds (cost $93,459,353) | 93,461,102 | |||
Total Investment in Securities (cost $4,959,594,509) | $ | 7,998,667,160 | ||
Receivable for investments sold | 24,157,262 | |||
Receivable for fund shares sold | 2,014,948 | |||
Dividends receivable | 6,881,401 | |||
Interest receivable | 543 | |||
Distributions receivable from Fidelity Central Funds | 90,924 | |||
Prepaid expenses | 14,432 | |||
Other receivables | 831,656 | |||
Total assets | 8,032,658,326 | |||
Liabilities | ||||
Payable for investments purchased | $ | 19,430,184 | ||
Payable for fund shares redeemed | 4,661,566 | |||
Accrued management fee | 3,454,934 | |||
Other affiliated payables | 1,043,374 | |||
Other payables and accrued expenses | 899,784 | |||
Collateral on securities loaned | 90,226,152 | |||
Total Liabilities | 119,715,994 | |||
Net Assets | $ | 7,912,942,332 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,665,080,250 | ||
Total accumulated earnings (loss) | 3,247,862,082 | |||
Net Assets | $ | 7,912,942,332 | ||
Net Asset Value, offering price and redemption price per share ($7,912,942,332 ÷ 260,801,237 shares) | $ | 30.34 |
Consolidated Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 47,411,515 | ||
Interest | 2,435 | |||
Income from Fidelity Central Funds (including $547,054 from security lending) | 2,186,571 | |||
Total Income | 49,600,521 | |||
Expenses | ||||
Management fee | $ | 41,830,148 | ||
Transfer agent fees | 11,610,616 | |||
Accounting fees | 1,067,087 | |||
Custodian fees and expenses | 182,398 | |||
Independent trustees' fees and expenses | 50,666 | |||
Registration fees | 75,575 | |||
Audit | 55,182 | |||
Legal | 7,481 | |||
Interest | 30,619 | |||
Miscellaneous | 46,778 | |||
Total expenses before reductions | 54,956,550 | |||
Expense reductions | (594,271) | |||
Total expenses after reductions | 54,362,279 | |||
Net Investment income (loss) | (4,761,758) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 337,364,300 | |||
Affiliated issuers | (16,658,059) | |||
Foreign currency transactions | 294,073 | |||
Total net realized gain (loss) | 321,000,314 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 519,028,251 | |||
Affiliated issuers | 11,540,100 | |||
Assets and liabilities in foreign currencies | 50,543 | |||
Total change in net unrealized appreciation (depreciation) | 530,618,894 | |||
Net gain (loss) | 851,619,208 | |||
Net increase (decrease) in net assets resulting from operations | $ | 846,857,450 |
Consolidated Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (4,761,758) | $ | (8,828,852) |
Net realized gain (loss) | 321,000,314 | (77,062,320) | ||
Change in net unrealized appreciation (depreciation) | 530,618,894 | (110,386,969) | ||
Net increase (decrease) in net assets resulting from operations | 846,857,450 | (196,278,141) | ||
Distributions to shareholders | - | (185,553,756) | ||
Share transactions | ||||
Proceeds from sales of shares | 489,323,946 | 519,950,859 | ||
Reinvestment of distributions | - | 171,960,992 | ||
Cost of shares redeemed | (1,576,703,467) | (1,155,824,340) | ||
Net increase (decrease) in net assets resulting from share transactions | (1,087,379,521) | (463,912,489) | ||
Total increase (decrease) in net assets | (240,522,071) | (845,744,386) | ||
Net Assets | ||||
Beginning of period | 8,153,464,403 | 8,999,208,789 | ||
End of period | $ | 7,912,942,332 | $ | 8,153,464,403 |
Other Information | ||||
Shares | ||||
Sold | 17,502,505 | 19,098,646 | ||
Issued in reinvestment of distributions | - | 5,803,593 | ||
Redeemed | (56,642,005) | (42,956,929) | ||
Net increase (decrease) | (39,139,500) | (18,054,690) | ||
Health Care Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 27.18 | $ | 28.30 | $ | 32.18 | $ | 26.53 | $ | 24.48 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.02) | (.03) | (.03) | - D | .04 | |||||
Net realized and unrealized gain (loss) | 3.18 | (.50) | (.92) | 9.23 | 2.40 | |||||
Total from investment operations | 3.16 | (.53) | (.95) | 9.23 | 2.44 | |||||
Distributions from net investment income | - | - | (.04) E | (.18) | (.03) | |||||
Distributions from net realized gain | - | (.59) | (2.89) E | (3.40) | (.36) | |||||
Total distributions | - | (.59) | (2.93) | (3.58) | (.39) | |||||
Net asset value, end of period | $ | 30.34 | $ | 27.18 | $ | 28.30 | $ | 32.18 | $ | 26.53 |
Total Return F | 11.63% | (2.05)% | (3.67)% | 36.00% | 9.84% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .69% | .69% | .68% | .69% | .70% | |||||
Expenses net of fee waivers, if any | .68% | .68% | .67% | .69% | .70% | |||||
Expenses net of all reductions | .68% | .68% | .67% | .69% | .70% | |||||
Net investment income (loss) | (.06)% | (.10)% | (.10)% | (.01)% | .16% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 7,912,942 | $ | 8,153,464 | $ | 8,999,209 | $ | 10,353,077 | $ | 7,220,187 |
Portfolio turnover rate I | 46% | 40% | 31% | 52% | 36% J |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Health Care Services Portfolio | 8.32% | 11.61% | 12.20% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Health Care Services Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 18.0 | |
CVS Health Corp. | 10.8 | |
Cigna Group | 9.2 | |
Centene Corp. | 7.5 | |
Cencora, Inc. | 4.9 | |
McKesson Corp. | 4.9 | |
Elevance Health, Inc. | 4.8 | |
Molina Healthcare, Inc. | 4.8 | |
HCA Holdings, Inc. | 4.6 | |
Acadia Healthcare Co., Inc. | 3.1 | |
72.6 | ||
Industries (% of Fund's net assets) | ||
Health Care Providers & Services | 97.2 | |
Health Care Technology | 2.1 | |
Financial Services | 0.0 | |
Common Stocks - 98.8% | |||
Shares | Value ($) | ||
Health Care Providers & Services - 97.2% | |||
Health Care Distributors - 9.8% | |||
Cencora, Inc. | 322,200 | 75,910,320 | |
McKesson Corp. | 144,100 | 75,135,181 | |
151,045,501 | |||
Health Care Facilities - 17.0% | |||
Acadia Healthcare Co., Inc. (a) | 569,500 | 47,524,775 | |
Encompass Health Corp. | 580,900 | 43,218,960 | |
HCA Holdings, Inc. | 229,000 | 71,379,300 | |
Surgery Partners, Inc. (a) | 1,229,325 | 38,145,955 | |
U.S. Physical Therapy, Inc. (b) | 198,300 | 21,073,341 | |
Universal Health Services, Inc. Class B | 244,300 | 40,812,758 | |
262,155,089 | |||
Health Care Services - 30.1% | |||
agilon health, Inc. (a)(b) | 4,017,360 | 24,626,417 | |
Andlauer Healthcare Group, Inc. | 184,939 | 5,491,686 | |
BrightSpring Health Services, Inc. | 1,328,100 | 11,939,619 | |
Chemed Corp. | 60,300 | 37,755,639 | |
Cigna Group | 424,972 | 142,850,088 | |
CVS Health Corp. | 2,247,070 | 167,114,596 | |
LifeStance Health Group, Inc. (a)(b) | 4,428,805 | 36,980,522 | |
Privia Health Group, Inc. (a)(b) | 1,731,100 | 38,638,152 | |
465,396,719 | |||
Managed Health Care - 40.3% | |||
Alignment Healthcare, Inc. (a) | 558,458 | 3,350,748 | |
Centene Corp. (a) | 1,475,384 | 115,714,367 | |
Elevance Health, Inc. | 149,402 | 74,887,753 | |
HealthEquity, Inc. (a) | 378,500 | 31,267,885 | |
Humana, Inc. | 130,500 | 45,716,760 | |
Molina Healthcare, Inc. (a) | 188,600 | 74,291,426 | |
UnitedHealth Group, Inc. | 562,950 | 277,872,119 | |
623,101,058 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 1,501,698,367 | ||
Health Care Technology - 1.6% | |||
Health Care Technology - 1.6% | |||
Evolent Health, Inc. Class A (a) | 572,000 | 19,396,520 | |
Phreesia, Inc. (a) | 239,335 | 5,923,541 | |
25,320,061 | |||
TOTAL COMMON STOCKS (Cost $895,284,730) | 1,527,018,428 | ||
Convertible Preferred Stocks - 0.5% | |||
Shares | Value ($) | ||
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Thriveworks TopCo LLC Series B (a)(c)(d)(e) | 69,639 | 763,243 | |
Health Care Technology - 0.5% | |||
Health Care Technology - 0.5% | |||
Aledade, Inc.: | |||
Series B1 (a)(d)(e) | 52,232 | 2,458,038 | |
Series E1 (a)(d)(e) | 40,149 | 1,889,412 | |
Series F (d)(e) | 59,859 | 2,816,965 | |
7,164,415 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $9,049,251) | 7,927,658 | ||
Money Market Funds - 6.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (f) | 8,502,994 | 8,504,694 | |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 87,868,437 | 87,877,224 | |
TOTAL MONEY MARKET FUNDS (Cost $96,381,918) | 96,381,918 | ||
TOTAL INVESTMENT IN SECURITIES - 105.6% (Cost $1,000,715,899) | 1,631,328,004 |
NET OTHER ASSETS (LIABILITIES) - (5.6)% | (86,311,272) |
NET ASSETS - 100.0% | 1,545,016,732 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(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 $7,927,658 or 0.5% of net assets. |
(e) | Level 3 security |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
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 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 18,116,844 | 407,018,147 | 416,630,297 | 542,080 | - | - | 8,504,694 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 63,170,610 | 466,014,966 | 441,308,352 | 106,083 | - | - | 87,877,224 | 0.3% |
Total | 81,287,454 | 873,033,113 | 857,938,649 | 648,163 | - | - | 96,381,918 | |
The following is a summary of the inputs used, as of February 29, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,527,018,428 | 1,527,018,428 | - | - |
Convertible Preferred Stocks | 7,927,658 | - | - | 7,927,658 |
Money Market Funds | 96,381,918 | 96,381,918 | - | - |
Total Investments in Securities: | 1,631,328,004 | 1,623,400,346 | - | 7,927,658 |
Consolidated Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $84,024,306) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $904,333,981) | $ | 1,534,946,086 | ||
Fidelity Central Funds (cost $96,381,918) | 96,381,918 | |||
Total Investment in Securities (cost $1,000,715,899) | $ | 1,631,328,004 | ||
Receivable for investments sold | 5,109,237 | |||
Receivable for fund shares sold | 348,186 | |||
Dividends receivable | 164,350 | |||
Distributions receivable from Fidelity Central Funds | 51,471 | |||
Prepaid expenses | 2,146 | |||
Other receivables | 95,582 | |||
Total assets | 1,637,098,976 | |||
Liabilities | ||||
Payable for investments purchased | $ | 1,556,363 | ||
Payable for fund shares redeemed | 1,588,115 | |||
Accrued management fee | 677,319 | |||
Other affiliated payables | 260,167 | |||
Other payables and accrued expenses | 126,485 | |||
Collateral on securities loaned | 87,873,795 | |||
Total Liabilities | 92,082,244 | |||
Net Assets | $ | 1,545,016,732 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 878,019,034 | ||
Total accumulated earnings (loss) | 666,997,698 | |||
Net Assets | $ | 1,545,016,732 | ||
Net Asset Value, offering price and redemption price per share ($1,545,016,732 ÷ 11,497,915 shares) | $ | 134.37 |
Consolidated Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 17,412,579 | ||
Income from Fidelity Central Funds (including $106,083 from security lending) | 648,163 | |||
Total Income | 18,060,742 | |||
Expenses | ||||
Management fee | $ | 8,353,834 | ||
Transfer agent fees | 2,768,903 | |||
Accounting fees | 439,702 | |||
Custodian fees and expenses | 14,315 | |||
Independent trustees' fees and expenses | 9,773 | |||
Registration fees | 63,976 | |||
Audit | 39,544 | |||
Legal | 2,536 | |||
Interest | 710 | |||
Miscellaneous | 8,236 | |||
Total expenses before reductions | 11,701,529 | |||
Expense reductions | (118,042) | |||
Total expenses after reductions | 11,583,487 | |||
Net Investment income (loss) | 6,477,255 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 81,216,284 | |||
Foreign currency transactions | (125) | |||
Total net realized gain (loss) | 81,216,159 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 37,012,737 | |||
Assets and liabilities in foreign currencies | (18) | |||
Total change in net unrealized appreciation (depreciation) | 37,012,719 | |||
Net gain (loss) | 118,228,878 | |||
Net increase (decrease) in net assets resulting from operations | $ | 124,706,133 |
Consolidated Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,477,255 | $ | 3,245,186 |
Net realized gain (loss) | 81,216,159 | (18,501,064) | ||
Change in net unrealized appreciation (depreciation) | 37,012,719 | (28,481,459) | ||
Net increase (decrease) in net assets resulting from operations | 124,706,133 | (43,737,337) | ||
Distributions to shareholders | (9,047,588) | (70,592,721) | ||
Share transactions | ||||
Proceeds from sales of shares | 267,755,314 | 1,010,359,737 | ||
Reinvestment of distributions | 8,038,404 | 65,526,668 | ||
Cost of shares redeemed | (555,137,698) | (466,886,272) | ||
Net increase (decrease) in net assets resulting from share transactions | (279,343,980) | 609,000,133 | ||
Total increase (decrease) in net assets | (163,685,435) | 494,670,075 | ||
Net Assets | ||||
Beginning of period | 1,708,702,167 | 1,214,032,092 | ||
End of period | $ | 1,545,016,732 | $ | 1,708,702,167 |
Other Information | ||||
Shares | ||||
Sold | 2,082,554 | 7,599,624 | ||
Issued in reinvestment of distributions | 60,870 | 474,418 | ||
Redeemed | (4,340,224) | (3,577,704) | ||
Net increase (decrease) | (2,196,800) | 4,496,338 | ||
Health Care Services Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 124.77 | $ | 131.98 | $ | 121.44 | $ | 94.72 | $ | 89.28 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .52 | .28 | .29 | .06 | .23 | |||||
Net realized and unrealized gain (loss) | 9.84 | (.47) | 20.01 | 27.59 | 5.50 | |||||
Total from investment operations | 10.36 | (.19) | 20.30 | 27.65 | 5.73 | |||||
Distributions from net investment income | (.46) | (.31) | (.22) D | (.93) | (.29) | |||||
Distributions from net realized gain | (.30) | (6.71) | (9.55) D | - | - | |||||
Total distributions | (.76) | (7.02) | (9.76) E | (.93) | (.29) | |||||
Net asset value, end of period | $ | 134.37 | $ | 124.77 | $ | 131.98 | $ | 121.44 | $ | 94.72 |
Total Return F | 8.32% | (.64)% | 16.85% | 29.43% | 6.39% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .73% | .73% | .71% | .73% | .75% | |||||
Expenses net of fee waivers, if any | .73% | .73% | .71% | .73% | .75% | |||||
Expenses net of all reductions | .73% | .73% | .71% | .73% | .75% | |||||
Net investment income (loss) | .41% | .21% | .22% | .05% | .25% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,545,017 | $ | 1,708,702 | $ | 1,214,032 | $ | 1,100,913 | $ | 1,003,206 |
Portfolio turnover rate I | 32% | 30% | 35% | 34% | 37% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Medical Technology and Devices Portfolio | 6.94% | 8.56% | 13.15% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Medical Technology and Devices Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Boston Scientific Corp. | 13.9 | |
Danaher Corp. | 13.7 | |
Thermo Fisher Scientific, Inc. | 9.4 | |
Intuitive Surgical, Inc. | 6.6 | |
Stryker Corp. | 6.4 | |
Penumbra, Inc. | 4.5 | |
Abbott Laboratories | 4.4 | |
Edwards Lifesciences Corp. | 4.0 | |
Veeva Systems, Inc. Class A | 3.3 | |
IQVIA Holdings, Inc. | 2.9 | |
69.1 | ||
Industries (% of Fund's net assets) | ||
Health Care Equipment & Supplies | 56.0 | |
Life Sciences Tools & Services | 31.2 | |
Health Care Technology | 6.0 | |
Health Care Providers & Services | 2.8 | |
Biotechnology | 2.6 | |
Textiles, Apparel & Luxury Goods | 0.4 | |
Financial Services | 0.3 | |
Pharmaceuticals | 0.1 | |
Common Stocks - 96.2% | |||
Shares | Value ($) | ||
Biotechnology - 1.7% | |||
Biotechnology - 1.7% | |||
Natera, Inc. (a) | 500,000 | 43,245,000 | |
Repligen Corp. (a)(b) | 250,000 | 48,497,500 | |
Vericel Corp. (a) | 219,949 | 10,047,270 | |
101,789,770 | |||
Financial Services - 0.0% | |||
Specialized Finance - 0.0% | |||
Saluda Medical, Inc. warrants 1/20/27 (a)(c)(d) | 235,185 | 717,314 | |
Health Care Equipment & Supplies - 55.5% | |||
Health Care Equipment - 55.5% | |||
Abbott Laboratories | 2,180,000 | 258,635,200 | |
Atricure, Inc. (a) | 234,061 | 8,185,113 | |
Becton, Dickinson & Co. | 50,000 | 11,777,500 | |
Boston Scientific Corp. (a) | 12,280,000 | 813,058,798 | |
DexCom, Inc. (a) | 900,000 | 103,563,000 | |
Edwards Lifesciences Corp. (a) | 2,800,000 | 237,636,000 | |
GE Healthcare Holding LLC | 260,000 | 23,732,800 | |
Glaukos Corp. (a) | 1,200,000 | 106,308,000 | |
Inspire Medical Systems, Inc. (a) | 780,100 | 139,669,104 | |
Insulet Corp. (a) | 728,000 | 119,392,000 | |
Intuitive Surgical, Inc. (a) | 1,000,000 | 385,600,000 | |
Masimo Corp. (a)(b) | 1,230,000 | 158,104,200 | |
Outset Medical, Inc. (a)(b)(e) | 2,800,000 | 8,820,000 | |
Penumbra, Inc. (a) | 1,121,600 | 263,486,272 | |
PROCEPT BioRobotics Corp. (a)(b) | 1,180,000 | 57,041,200 | |
Shockwave Medical, Inc. (a) | 540,000 | 140,869,800 | |
STERIS PLC | 120,000 | 27,949,200 | |
Stryker Corp. | 1,070,000 | 373,504,900 | |
Tandem Diabetes Care, Inc. (a) | 600,000 | 15,978,000 | |
3,253,311,087 | |||
Health Care Providers & Services - 2.5% | |||
Health Care Services - 2.5% | |||
agilon health, Inc. (a) | 4,000,000 | 24,520,000 | |
LifeStance Health Group, Inc. (a)(b) | 8,600,000 | 71,810,000 | |
Privia Health Group, Inc. (a) | 2,113,865 | 47,181,467 | |
143,511,467 | |||
Health Care Technology - 5.3% | |||
Health Care Technology - 5.3% | |||
DNA Script (a)(c)(d) | 1,220 | 137,185 | |
DNA Script (a)(c)(d) | 4,668 | 525,354 | |
Doximity, Inc. (a)(b) | 500,000 | 14,115,000 | |
Evolent Health, Inc. Class A (a) | 1,540,000 | 52,221,400 | |
Phreesia, Inc. (a) | 2,080,000 | 51,480,000 | |
Veeva Systems, Inc. Class A (a) | 860,000 | 193,938,600 | |
312,417,539 | |||
Life Sciences Tools & Services - 31.2% | |||
Life Sciences Tools & Services - 31.2% | |||
10X Genomics, Inc. (a)(b) | 1,919,916 | 89,544,882 | |
10X Genomics, Inc. Class B (a)(f) | 392,772 | 18,318,886 | |
Bruker Corp. | 1,340,000 | 115,963,600 | |
Danaher Corp. | 3,160,000 | 799,922,400 | |
IQVIA Holdings, Inc. (a) | 690,000 | 170,540,400 | |
Lonza Group AG | 70,000 | 36,536,974 | |
Sartorius Stedim Biotech | 50,000 | 13,742,372 | |
Seer, Inc. (a) | 1,931,161 | 3,514,713 | |
Thermo Fisher Scientific, Inc. | 965,000 | 550,223,700 | |
West Pharmaceutical Services, Inc. | 85,000 | 30,460,600 | |
1,828,768,527 | |||
TOTAL COMMON STOCKS (Cost $3,081,942,404) | 5,640,515,704 | ||
Convertible Preferred Stocks - 2.9% | |||
Shares | Value ($) | ||
Biotechnology - 0.9% | |||
Biotechnology - 0.9% | |||
Asimov, Inc. Series B (a)(c)(d) | 97,985 | 4,689,562 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 2,803,935 | 7,822,979 | |
Element Biosciences, Inc. Series B (a)(c)(d) | 2,385,223 | 28,598,824 | |
ElevateBio LLC Series C (a)(c)(d) | 214,700 | 745,009 | |
Inscripta, Inc. Series D (a)(c)(d) | 3,938,731 | 10,792,123 | |
52,648,497 | |||
Financial Services - 0.3% | |||
Specialized Finance - 0.3% | |||
Saluda Medical, Inc. Series D (c)(d) | 1,567,904 | 19,300,898 | |
Health Care Equipment & Supplies - 0.2% | |||
Health Care Supplies - 0.2% | |||
Kardium, Inc. Series D6 (a)(c)(d) | 13,783,189 | 10,613,056 | |
Health Care Providers & Services - 0.3% | |||
Health Care Services - 0.3% | |||
Conformal Medical, Inc.: | |||
Series C (a)(c)(d) | 2,605,625 | 11,933,763 | |
Series D (c)(d) | 525,299 | 2,773,579 | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | 309,255 | 1,827,697 | |
16,535,039 | |||
Health Care Technology - 0.7% | |||
Health Care Technology - 0.7% | |||
Aledade, Inc.: | |||
Series B1 (a)(c)(d) | 175,232 | 8,246,418 | |
Series E1 (a)(c)(d) | 58,567 | 2,756,163 | |
DNA Script: | |||
Series B (a)(c)(d) | 59 | 7,363 | |
Series C (a)(c)(d) | 28,249 | 10,799,914 | |
Omada Health, Inc. Series E (a)(c)(d) | 2,182,939 | 8,709,927 | |
PrognomIQ, Inc.: | |||
Series A5 (a)(c)(d) | 833,333 | 1,458,333 | |
Series B (a)(c)(d) | 2,735,093 | 6,700,978 | |
Series C (a)(c)(d) | 752,098 | 2,083,311 | |
40,762,407 | |||
Pharmaceuticals - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Galvanize Therapeutics Series B (a)(c)(d) | 3,641,139 | 3,750,373 | |
Textiles, Apparel & Luxury Goods - 0.4% | |||
Textiles - 0.4% | |||
Freenome, Inc.: | |||
Series C (a)(c)(d) | 2,268,156 | 16,035,863 | |
Series D (a)(c)(d) | 1,325,855 | 9,864,361 | |
25,900,224 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $201,503,739) | 169,510,494 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Galvanize Therapeutics 6% 2/28/27 (c)(d) (Cost $2,433,800) | 2,433,800 | 2,434,530 | |
Preferred Securities - 0.3% | |||
Principal Amount (g) | Value ($) | ||
Health Care Equipment & Supplies - 0.3% | |||
Health Care Supplies - 0.3% | |||
Kardium, Inc. 0% (c)(d)(h) (Cost $19,551,861) | 19,551,861 | 14,820,311 | |
Money Market Funds - 2.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (i) | 18,513,283 | 18,516,986 | |
Fidelity Securities Lending Cash Central Fund 5.39% (i)(j) | 149,416,010 | 149,430,952 | |
TOTAL MONEY MARKET FUNDS (Cost $167,947,938) | 167,947,938 | ||
TOTAL INVESTMENT IN SECURITIES - 102.3% (Cost $3,473,379,742) | 5,995,228,977 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (132,110,196) |
NET ASSETS - 100.0% | 5,863,118,781 |
(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 $188,145,188 or 3.2% of net assets. |
(d) | Level 3 security |
(e) | Affiliated company |
(f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,318,886 or 0.3% of net assets. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 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 |
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 |
Galvanize Therapeutics 6% 2/28/27 | 2/28/24 | 2,433,800 |
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 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 12,569,252 | 1,127,521,269 | 1,121,573,535 | 1,020,535 | - | - | 18,516,986 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 104,979,490 | 1,289,612,269 | 1,245,160,807 | 270,639 | - | - | 149,430,952 | 0.5% |
Total | 117,548,742 | 2,417,133,538 | 2,366,734,342 | 1,291,174 | - | - | 167,947,938 | |
Affiliate | Value, beginning of period ($) | 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 | 47,137,808 | - | (73,964,649) | 55,172,669 | - |
Outset Medical, Inc. | 22,810,000 | 5,984,400 | - | - | - | (19,974,400) | 8,820,000 |
Total | 85,690,000 | 9,034,188 | 47,137,808 | - | (73,964,649) | 35,198,269 | 8,820,000 |
The following is a summary of the inputs used, as of February 29, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 5,640,515,704 | 5,602,598,877 | 36,536,974 | 1,379,853 |
Convertible Preferred Stocks | 169,510,494 | - | - | 169,510,494 |
Convertible Bonds | 2,434,530 | - | - | 2,434,530 |
Preferred Securities | 14,820,311 | - | - | 14,820,311 |
Money Market Funds | 167,947,938 | 167,947,938 | - | - |
Total Investments in Securities: | 5,995,228,977 | 5,770,546,815 | 36,536,974 | 188,145,188 |
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 | (39,146,858) | ||
Cost of Purchases | 2,668,340 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 169,510,494 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | (39,146,858) | |
Other Investments in Securities | |||
Beginning Balance | $ | 23,709,662 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (7,508,768) | ||
Cost of Purchases | 2,433,800 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 18,634,694 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | (7,508,768) | |
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 | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $143,476,153) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,284,086,161) | $ | 5,818,461,039 | ||
Fidelity Central Funds (cost $167,947,938) | 167,947,938 | |||
Other affiliated issuers (cost $21,345,643) | 8,820,000 | |||
Total Investment in Securities (cost $3,473,379,742) | $ | 5,995,228,977 | ||
Foreign currency held at value (cost $625) | 625 | |||
Receivable for investments sold | 46,025,007 | |||
Receivable for fund shares sold | 1,189,899 | |||
Dividends receivable | 473,009 | |||
Distributions receivable from Fidelity Central Funds | 49,334 | |||
Prepaid expenses | 9,862 | |||
Other receivables | 280,694 | |||
Total assets | 6,043,257,407 | |||
Liabilities | ||||
Payable for investments purchased | $ | 23,214,088 | ||
Payable for fund shares redeemed | 3,783,438 | |||
Accrued management fee | 2,560,965 | |||
Other affiliated payables | 840,716 | |||
Other payables and accrued expenses | 317,032 | |||
Collateral on securities loaned | 149,422,387 | |||
Total Liabilities | 180,138,626 | |||
Net Assets | $ | 5,863,118,781 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,245,967,910 | ||
Total accumulated earnings (loss) | 2,617,150,871 | |||
Net Assets | $ | 5,863,118,781 | ||
Net Asset Value, offering price and redemption price per share ($5,863,118,781 ÷ 88,936,469 shares) | $ | 65.92 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 17,371,834 | ||
Interest | 955 | |||
Income from Fidelity Central Funds (including $270,639 from security lending) | 1,291,174 | |||
Total Income | 18,663,963 | |||
Expenses | ||||
Management fee | $ | 33,090,750 | ||
Transfer agent fees | 10,065,427 | |||
Accounting fees | 979,567 | |||
Custodian fees and expenses | 133,112 | |||
Independent trustees' fees and expenses | 41,924 | |||
Registration fees | 45,896 | |||
Audit | 41,263 | |||
Legal | 5,058 | |||
Interest | 25,131 | |||
Miscellaneous | 37,091 | |||
Total expenses before reductions | 44,465,219 | |||
Expense reductions | (468,317) | |||
Total expenses after reductions | 43,996,902 | |||
Net Investment income (loss) | (25,332,939) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 519,741,422 | |||
Affiliated issuers | (73,964,649) | |||
Foreign currency transactions | 200,320 | |||
Total net realized gain (loss) | 445,977,093 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (110,213,805) | |||
Affiliated issuers | 35,198,269 | |||
Assets and liabilities in foreign currencies | 15,463 | |||
Total change in net unrealized appreciation (depreciation) | (75,000,073) | |||
Net gain (loss) | 370,977,020 | |||
Net increase (decrease) in net assets resulting from operations | $ | 345,644,081 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (25,332,939) | $ | (28,170,066) |
Net realized gain (loss) | 445,977,093 | (246,035,026) | ||
Change in net unrealized appreciation (depreciation) | (75,000,073) | (771,561,689) | ||
Net increase (decrease) in net assets resulting from operations | 345,644,081 | (1,045,766,781) | ||
Distributions to shareholders | - | (137,786,409) | ||
Share transactions | ||||
Proceeds from sales of shares | 313,528,922 | 418,873,849 | ||
Reinvestment of distributions | - | 128,702,740 | ||
Cost of shares redeemed | (1,707,538,891) | (1,358,373,047) | ||
Net increase (decrease) in net assets resulting from share transactions | (1,394,009,969) | (810,796,458) | ||
Total increase (decrease) in net assets | (1,048,365,888) | (1,994,349,648) | ||
Net Assets | ||||
Beginning of period | 6,911,484,669 | 8,905,834,317 | ||
End of period | $ | 5,863,118,781 | $ | 6,911,484,669 |
Other Information | ||||
Shares | ||||
Sold | 5,030,213 | 6,616,291 | ||
Issued in reinvestment of distributions | - | 1,786,046 | ||
Redeemed | (28,227,475) | (22,012,597) | ||
Net increase (decrease) | (23,197,262) | (13,610,260) | ||
Medical Technology and Devices Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 61.64 | $ | 70.83 | $ | 74.99 | $ | 55.88 | $ | 52.92 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.25) | (.24) | (.37) | (.24) | (.08) | |||||
Net realized and unrealized gain (loss) | 4.53 | (7.84) | 2.97 | 24.19 | 4.10 | |||||
Total from investment operations | 4.28 | (8.08) | 2.60 | 23.95 | 4.02 | |||||
Distributions from net realized gain | - | (1.11) | (6.76) | (4.84) | (1.06) | |||||
Total distributions | - | (1.11) | (6.76) | (4.84) | (1.06) | |||||
Net asset value, end of period | $ | 65.92 | $ | 61.64 | $ | 70.83 | $ | 74.99 | $ | 55.88 |
Total Return D | 6.94% | (11.64)% | 2.95% | 44.20% | 7.46% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .70% | .70% | .68% | .70% | .71% | |||||
Expenses net of fee waivers, if any | .70% | .70% | .68% | .70% | .71% | |||||
Expenses net of all reductions | .70% | .70% | .68% | .70% | .71% | |||||
Net investment income (loss) | (.40)% | (.38)% | (.46)% | (.36)% | (.15)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 5,863,119 | $ | 6,911,485 | $ | 8,905,834 | $ | 8,673,299 | $ | 6,058,766 |
Portfolio turnover rate G | 42% | 37% | 32% | 58% | 35% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Pharmaceuticals Portfolio | 34.35% | 14.14% | 9.60% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Pharmaceuticals Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Eli Lilly & Co. | 24.2 | |
Novo Nordisk A/S Series B sponsored ADR | 14.4 | |
AstraZeneca PLC sponsored ADR | 8.2 | |
GSK PLC sponsored ADR | 4.9 | |
Merck & Co., Inc. | 4.9 | |
UCB SA | 3.9 | |
Royalty Pharma PLC | 3.1 | |
Gilead Sciences, Inc. | 3.0 | |
Moderna, Inc. | 2.7 | |
Legend Biotech Corp. ADR | 2.2 | |
71.5 | ||
Industries (% of Fund's net assets) | ||
Pharmaceuticals | 72.2 | |
Biotechnology | 22.8 | |
Health Care Equipment & Supplies | 1.7 | |
Life Sciences Tools & Services | 1.7 | |
Health Care Providers & Services | 0.3 | |
Financial Services | 0.2 | |
Software | 0.2 | |
Consumer Staples Distribution & Retail | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.4% | |||
Shares | Value ($) | ||
Biotechnology - 22.7% | |||
Biotechnology - 22.7% | |||
Acelyrin, Inc. | 180,373 | 1,524,152 | |
Alnylam Pharmaceuticals, Inc. (a) | 14,671 | 2,216,641 | |
Annexon, Inc. (a) | 291,889 | 1,625,822 | |
Arcus Biosciences, Inc. (a) | 244,400 | 4,675,372 | |
ArriVent Biopharma, Inc. | 151,600 | 3,265,464 | |
Ascendis Pharma A/S sponsored ADR (a) | 36,100 | 5,334,136 | |
Avidity Biosciences, Inc. (a) | 630,200 | 11,532,660 | |
Avidity Biosciences, Inc. (b) | 11,500 | 210,450 | |
Beam Therapeutics, Inc. (a)(c) | 134,700 | 5,319,303 | |
Biogen, Inc. (a) | 68,800 | 14,928,912 | |
bluebird bio, Inc. (a)(c) | 2,226,000 | 3,094,140 | |
Blueprint Medicines Corp. (a) | 230,700 | 21,575,064 | |
CRISPR Therapeutics AG (a)(c) | 48,054 | 4,047,108 | |
Cytokinetics, Inc. (a) | 23,100 | 1,668,744 | |
Disc Medicine, Inc. (a) | 22,403 | 1,538,414 | |
Dyne Therapeutics, Inc. (a) | 746,000 | 20,067,400 | |
Galapagos NV sponsored ADR (a) | 36,900 | 1,295,559 | |
Generation Bio Co. (a) | 715,276 | 1,795,343 | |
Gilead Sciences, Inc. | 451,500 | 32,553,150 | |
Intellia Therapeutics, Inc. (a) | 133,200 | 4,278,384 | |
Leap Therapeutics, Inc. warrants 1/31/26 (a) | 60,600 | 332 | |
Legend Biotech Corp. ADR (a)(c) | 367,900 | 23,972,364 | |
Merus BV (a)(c) | 108,000 | 5,235,840 | |
Moderna, Inc. (a) | 314,400 | 29,000,256 | |
Monte Rosa Therapeutics, Inc. (a)(c) | 796,400 | 5,041,212 | |
NewAmsterdam Pharma Co. NV (a)(c) | 243,700 | 5,566,108 | |
Prothena Corp. PLC (a) | 75,800 | 2,091,322 | |
Sarepta Therapeutics, Inc. (a) | 138,600 | 17,726,940 | |
Spyre Therapeutics, Inc. (a) | 12,160 | 333,670 | |
Spyre Therapeutics, Inc. (b) | 136,582 | 3,560,420 | |
Xenon Pharmaceuticals, Inc. (a) | 226,000 | 10,667,200 | |
245,741,882 | |||
Consumer Staples Distribution & Retail - 0.0% | |||
Drug Retail - 0.0% | |||
MedAvail Holdings, Inc. (a) | 66 | 91 | |
Health Care Equipment & Supplies - 1.7% | |||
Health Care Equipment - 1.3% | |||
Inspire Medical Systems, Inc. (a) | 21,800 | 3,903,072 | |
Ion Beam Applications SA | 350,600 | 3,539,192 | |
Nyxoah SA (a)(c) | 61,534 | 844,626 | |
Pulmonx Corp. (a) | 614,300 | 5,663,846 | |
13,950,736 | |||
Health Care Supplies - 0.4% | |||
Lantheus Holdings, Inc. (a) | 70,600 | 4,615,828 | |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 18,566,564 | ||
Health Care Providers & Services - 0.3% | |||
Health Care Services - 0.3% | |||
agilon health, Inc. (a) | 464,929 | 2,850,015 | |
Life Sciences Tools & Services - 1.7% | |||
Life Sciences Tools & Services - 1.7% | |||
Gerresheimer AG | 155,900 | 18,265,045 | |
Pharmaceuticals - 72.0% | |||
Pharmaceuticals - 72.0% | |||
Agomab Therapeutics SA warrants 10/10/33 (a)(b)(d) | 10 | 0 | |
Arvinas Holding Co. LLC (a) | 26,300 | 1,209,274 | |
AstraZeneca PLC sponsored ADR | 1,381,800 | 88,656,288 | |
Axsome Therapeutics, Inc. (a)(c) | 43,400 | 3,531,892 | |
Bristol-Myers Squibb Co. | 189,480 | 9,616,110 | |
Catalent, Inc. (a) | 249,400 | 14,300,596 | |
Edgewise Therapeutics, Inc. (a) | 436,300 | 7,124,779 | |
Eli Lilly & Co. | 347,261 | 261,723,669 | |
Fulcrum Therapeutics, Inc. (a) | 683,600 | 6,979,556 | |
GSK PLC sponsored ADR | 1,263,260 | 52,930,594 | |
Harmony Biosciences Holdings, Inc. (a)(c) | 130,677 | 4,194,732 | |
Indivior PLC (a) | 268,200 | 5,806,113 | |
Merck & Co., Inc. | 414,836 | 52,746,397 | |
Merck KGaA | 128,900 | 21,931,947 | |
Novo Nordisk A/S Series B sponsored ADR | 1,295,700 | 155,185,989 | |
Roche Holding AG (participation certificate) | 55,856 | 14,604,179 | |
Royalty Pharma PLC | 1,112,000 | 33,738,080 | |
Sandoz Group AG ADR (c) | 4,979 | 154,698 | |
Structure Therapeutics, Inc. ADR | 35,400 | 1,436,178 | |
UCB SA | 362,200 | 41,691,104 | |
777,562,175 | |||
TOTAL COMMON STOCKS (Cost $684,796,061) | 1,062,985,772 | ||
Convertible Preferred Stocks - 0.6% | |||
Shares | Value ($) | ||
Biotechnology - 0.1% | |||
Biotechnology - 0.1% | |||
Castle Creek Biosciences, Inc.: | |||
Series C (a)(b)(d) | 200 | 46,616 | |
Series D1 (a)(b)(d) | 6,308 | 1,330,483 | |
Series D2 (a)(b)(d) | 85 | 15,940 | |
1,393,039 | |||
Financial Services - 0.2% | |||
Diversified Financial Services - 0.2% | |||
Paragon Biosciences Emalex Capital, Inc.: | |||
Series C (a)(b)(d) | 158,879 | 1,877,950 | |
Series D1 (a)(b)(d) | 14,400 | 170,640 | |
Series D2 (a)(b)(d) | 22,477 | 253,091 | |
2,301,681 | |||
Pharmaceuticals - 0.2% | |||
Pharmaceuticals - 0.2% | |||
Agomab Therapeutics SA Series C (b)(d) | 7,729 | 1,919,468 | |
Software - 0.1% | |||
Systems Software - 0.1% | |||
Evozyne, Inc.: | |||
Series A (a)(b)(d) | 5,900 | 99,710 | |
Series B (b)(d) | 56,643 | 969,162 | |
1,068,872 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,200,752) | 6,683,060 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (e) | Value ($) | ||
Software - 0.1% | |||
Systems Software - 0.1% | |||
Evozyne, Inc. 6% 9/13/28 pay-in-kind (b)(d) (Cost $893,378) | 893,378 | 958,594 | |
Money Market Funds - 5.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (f) | 14,127,275 | 14,130,101 | |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 43,195,464 | 43,199,783 | |
TOTAL MONEY MARKET FUNDS (Cost $57,329,884) | 57,329,884 | ||
TOTAL INVESTMENT IN SECURITIES - 104.4% (Cost $749,220,075) | 1,127,957,310 |
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (47,677,347) |
NET ASSETS - 100.0% | 1,080,279,963 |
(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 $11,412,524 or 1.1% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Level 3 security |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Agomab Therapeutics SA warrants 10/10/33 | 10/03/23 | 0 |
Agomab Therapeutics SA Series C | 10/03/23 | 1,687,596 |
Avidity Biosciences, Inc. | 2/29/24 | 189,750 |
Castle Creek Biosciences, Inc. Series C | 12/09/19 | 82,370 |
Castle Creek Biosciences, Inc. Series D1 | 4/19/22 | 1,356,409 |
Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 14,700 |
Evozyne, Inc. Series A | 4/09/21 | 132,573 |
Evozyne, Inc. Series B | 9/14/23 | 877,400 |
Evozyne, Inc. 6% 9/13/28 pay-in-kind | 9/14/23 - 12/13/23 | 893,378 |
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 |
Spyre Therapeutics, Inc. | 6/22/23 - 12/07/23 | 1,962,496 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 16,717,912 | 198,940,436 | 201,528,247 | 357,179 | - | - | 14,130,101 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 7,206,158 | 200,637,943 | 164,644,318 | 40,141 | - | - | 43,199,783 | 0.1% |
Total | 23,924,070 | 399,578,379 | 366,172,565 | 397,320 | - | - | 57,329,884 | |
The following is a summary of the inputs used, as of February 29, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,062,985,772 | 1,022,888,894 | 40,096,878 | - |
Convertible Preferred Stocks | 6,683,060 | - | - | 6,683,060 |
Convertible Bonds | 958,594 | - | - | 958,594 |
Money Market Funds | 57,329,884 | 57,329,884 | - | - |
Total Investments in Securities: | 1,127,957,310 | 1,080,218,778 | 40,096,878 | 7,641,654 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $39,964,745) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $691,890,191) | $ | 1,070,627,426 | ||
Fidelity Central Funds (cost $57,329,884) | 57,329,884 | |||
Total Investment in Securities (cost $749,220,075) | $ | 1,127,957,310 | ||
Foreign currency held at value (cost $182) | 182 | |||
Receivable for fund shares sold | 4,049,100 | |||
Dividends receivable | 2,503,042 | |||
Reclaims receivable | 1,644,051 | |||
Interest receivable | 25,130 | |||
Distributions receivable from Fidelity Central Funds | 81,926 | |||
Prepaid expenses | 1,522 | |||
Other receivables | 169,384 | |||
Total assets | 1,136,431,647 | |||
Liabilities | ||||
Payable for investments purchased | $ | 11,771,029 | ||
Payable for fund shares redeemed | 350,553 | |||
Accrued management fee | 441,328 | |||
Other affiliated payables | 172,992 | |||
Other payables and accrued expenses | 216,707 | |||
Collateral on securities loaned | 43,199,075 | |||
Total Liabilities | 56,151,684 | |||
Net Assets | $ | 1,080,279,963 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 700,673,143 | ||
Total accumulated earnings (loss) | 379,606,820 | |||
Net Assets | $ | 1,080,279,963 | ||
Net Asset Value, offering price and redemption price per share ($1,080,279,963 ÷ 40,092,967 shares) | $ | 26.94 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 14,053,062 | ||
Interest | 42,079 | |||
Income from Fidelity Central Funds (including $40,141 from security lending) | 397,320 | |||
Income before foreign taxes withheld | $ | 14,492,461 | ||
Less foreign taxes withheld | (737,379) | |||
Total Income | 13,755,082 | |||
Expenses | ||||
Management fee | $ | 4,456,814 | ||
Transfer agent fees | 1,485,474 | |||
Accounting fees | 262,875 | |||
Custodian fees and expenses | (10,308) | |||
Independent trustees' fees and expenses | 5,161 | |||
Registration fees | 53,618 | |||
Audit | 48,308 | |||
Legal | 21,296 | |||
Interest | 10,357 | |||
Miscellaneous | 4,833 | |||
Total expenses before reductions | 6,338,428 | |||
Expense reductions | (61,737) | |||
Total expenses after reductions | 6,276,691 | |||
Net Investment income (loss) | 7,478,391 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 29,348,895 | |||
Foreign currency transactions | 45,165 | |||
Total net realized gain (loss) | 29,394,060 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 219,893,699 | |||
Assets and liabilities in foreign currencies | 42,531 | |||
Total change in net unrealized appreciation (depreciation) | 219,936,230 | |||
Net gain (loss) | 249,330,290 | |||
Net increase (decrease) in net assets resulting from operations | $ | 256,808,681 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,478,391 | $ | 8,244,064 |
Net realized gain (loss) | 29,394,060 | 68,024,817 | ||
Change in net unrealized appreciation (depreciation) | 219,936,230 | (60,969,551) | ||
Net increase (decrease) in net assets resulting from operations | 256,808,681 | 15,299,330 | ||
Distributions to shareholders | (66,635,724) | (41,990,940) | ||
Share transactions | ||||
Proceeds from sales of shares | 272,144,354 | 164,880,948 | ||
Reinvestment of distributions | 62,149,467 | 39,396,332 | ||
Cost of shares redeemed | (205,365,814) | (351,154,587) | ||
Net increase (decrease) in net assets resulting from share transactions | 128,928,007 | (146,877,307) | ||
Total increase (decrease) in net assets | 319,100,964 | (173,568,917) | ||
Net Assets | ||||
Beginning of period | 761,178,999 | 934,747,916 | ||
End of period | $ | 1,080,279,963 | $ | 761,178,999 |
Other Information | ||||
Shares | ||||
Sold | 11,175,456 | 7,124,169 | ||
Issued in reinvestment of distributions | 2,733,902 | 1,698,146 | ||
Redeemed | (8,784,018) | (15,341,002) | ||
Net increase (decrease) | 5,125,340 | (6,518,687) | ||
Pharmaceuticals Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.77 | $ | 22.53 | $ | 23.92 | $ | 21.71 | $ | 21.07 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .21 | .23 | .27 | .27 | .29 | |||||
Net realized and unrealized gain (loss) | 6.87 | .19 | .97 | 4.04 | 2.29 | |||||
Total from investment operations | 7.08 | .42 | 1.24 | 4.31 | 2.58 | |||||
Distributions from net investment income | (.15) | (.30) | (.28) | (.31) | (.31) | |||||
Distributions from net realized gain | (1.76) | (.88) | (2.35) | (1.79) | (1.64) | |||||
Total distributions | (1.91) | (1.18) | (2.63) | (2.10) | (1.94) D | |||||
Net asset value, end of period | $ | 26.94 | $ | 21.77 | $ | 22.53 | $ | 23.92 | $ | 21.71 |
Total Return E | 34.35% | 1.60% | 5.15% | 20.46% | 12.06% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .74% | .76% | .75% | .77% | .78% | |||||
Expenses net of fee waivers, if any | .74% | .76% | .75% | .77% | .78% | |||||
Expenses net of all reductions | .74% | .76% | .75% | .76% | .77% | |||||
Net investment income (loss) | .88% | .99% | 1.10% | 1.13% | 1.36% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,080,280 | $ | 761,179 | $ | 934,748 | $ | 833,380 | $ | 764,285 |
Portfolio turnover rate H | 44% | 45% | 29% | 32% | 52% |
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 | $104,242,658 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 16.0 | Increase |
Market Approach | Transaction price | $2.42 - $105.86 / $56.16 | Increase | ||
Discount rate | 20.0% - 50.0% / 26.2% | Decrease | |||
Discounted cash flow | Discount rate | 4.9% - 19.6% / 17.1% | Decrease | ||
Probability rate | 0.0% - 90.0% / 38.0% | Increase | |||
Term | 0.2 - 7.2 / 3.6 | Increase | |||
Recovery Value | Recovery Value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.4% | Increase | ||
Term | 3.0 | Increase | |||
Volatility | 80.0% - 85.0% / 82.1% | Increase |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $98,793,056 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.3 - 16.0/5.2 | Increase |
Market Approach | Transaction price | $0.00 - $33.33 / $18.70 | Increase | ||
Discount rate | 10.0% - 65.0% / 28.0% | Decrease | |||
Black scholes | Discount rate | 4.4% - 4.9% / 4.5% | Increase | ||
Term | 1.5 - 4.0/3.0 | Increase | |||
Volatility | 45.0% - 90.0% / 61.3% | Increase | |||
Corporate Bonds | $3,307,092 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.3 | Increase |
Discount rate | 25.0% | Decrease | |||
Profitability rate | 10.0% - 25.0% / 18.3% | Increase | |||
Black scholes | Discount rate | 4.9% | Increase | ||
Term | 1.5 | Increase | |||
Volatility | 55.0% | Increase |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $170,890,347 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.3 - 17.5/8.2 | Increase |
Market Approach | Transaction price | $1.02 - $20.56 / $9.83 | Increase | ||
Discount rate | 10.0% - 65.0% / 37.6% | Decrease | |||
Premium rate | 5.0% | Increase | |||
Black scholes | Discount rate | 4.4% - 4.9% / 4.6% | Increase | ||
Term | 1.5 - 4.0/2.8 | Increase | |||
Volatility | 55.0% - 80.0% / 69.6% | Increase | |||
Corporate Bonds | $2,434,530 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.3 | Increase |
Discount rate | 25.0% | Decrease | |||
Profitability rate | 10.0% - 25.0% / 18.3% | Increase | |||
Black scholes | Discount rate | 4.9% | Increase | ||
Term | 1.5 | Increase | |||
Volatility | 55.0% | Increase | |||
Preferred Securities | $14,820,311 | Market Approach | Transaction price | $100.00 | Increase |
Discount rate | 30.0% | Decrease | |||
Black scholes | Discount rate | 4.4% | Increase | ||
Term | 3.0 | Increase | |||
Volatility | 70.0% | Increase |
Biotechnology Portfolio | $1,218,179 |
Health Care Portfolio | 800,038 |
Health Care Services Portfolio | 90,204 |
Medical Technology and Devices Portfolio | 259,817 |
Pharmaceuticals Portfolio | 165,922 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Biotechnology Portfolio | $3,480,020,556 | $1,992,911,228 | $ (260,121,308) | $1,732,789,920 |
Health Care Portfolio | 4,986,654,403 | 3,374,749,993 | (362,737,236) | 3,012,012,757 |
Health Care Services Portfolio | 1,014,692,330 | 693,530,597 | (76,894,923) | 616,635,674 |
Medical Technology and Devices Portfolio | 3,486,868,245 | 2,738,568,493 | (230,207,761) | 2,508,360,732 |
Pharmaceuticals Portfolio | 755,764,008 | 418,560,475 | (46,367,173) | 372,193,302 |
Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Biotechnology Portfolio | $15,252,109 | $ - | $ (413,076,732) | $1,732,779,060 |
Health Care Portfolio | - | 237,906,090 | - | 3,012,124,034 |
Health Care Services Portfolio | 143,512 | 50,300,195 | - | 616,633,731 |
Medical Technology and Devices Portfolio | - | 113,993,902 | - | 2,508,370,876 |
Pharmaceuticals Portfolio | 2,548,753 | 8,359,375 | - | 372,230,679 |
Short-term | Long-term | Total capital loss carryforward | |
Biotechnology Portfolio | $ (413,076,732) | $ - | $ (413,076,732) |
Capital losses | Ordinary losses | |
Health Care Portfolio | $- | $(1,458,063) |
Medical Technology and Devices Portfolio | - | (4,981,744) |
Pharmaceuticals Portfolio | (3,384,865) | - |
February 29, 2024 | |||||
Ordinary Income | Long-term Capital Gains | Total | |||
Biotechnology Portfolio | $20,921,962 | $ - | $20,921,962 | ||
Health Care Services Portfolio | 5,478,356 | 3,569,232 | 9,047,588 | ||
Pharmaceuticals Portfolio | 14,763,119 | 51,872,605 | 66,635,724 | ||
February 28, 2023 | |||||
Ordinary Income | Long-term Capital Gains | Total | |||
Health Care Portfolio | $- | $185,553,756 | $185,553,756 | ||
Health Care Services Portfolio | 6,851,701 | 63,741,019 | 70,592,720 | ||
Medical Technology and Devices Portfolio | - | 137,786,409 | 137,786,409 | ||
Pharmaceuticals Portfolio | 10,747,779 | 31,243,161 | 41,990,940 | ||
$ Amount | % of Net Assets | |
Biotechnology Portfolio | 49,820,868 | 1.01 |
Health Care Portfolio | 5,187,039 | .07 |
Health Care Services Portfolio | 763,243 | .05 |
Purchases ($) | Sales ($) | |
Biotechnology Portfolio | 2,370,953,787 | 3,193,980,130 |
Health Care Portfolio | 3,638,064,248 | 4,722,064,788 |
Health Care Services Portfolio | 508,534,980 | 776,276,764 |
Medical Technology and Devices Portfolio | 2,665,934,573 | 4,131,136,541 |
Pharmaceuticals Portfolio | 456,634,368 | 373,414,206 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Biotechnology Portfolio | 10,305,851 | 82,617,211 | 154,175,532 |
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 | .1596% |
Health Care Portfolio | .1443% |
Health Care Services Portfolio | .1727% |
Medical Technology and Devices Portfolio | .1562% |
Pharmaceuticals Portfolio | .1735% |
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 | .0198 |
Health Care Portfolio | .0131 |
Health Care Services Portfolio | .0275 |
Medical Technology and Devices Portfolio | .0149 |
Pharmaceuticals Portfolio | .0308 |
% of Average Net Assets | |
Biotechnology Portfolio | .02 |
Health Care Portfolio | .01 |
Health Care Services Portfolio | .03 |
Medical Technology and Devices Portfolio | .02 |
Pharmaceuticals Portfolio | .03 |
Maximum Management Fee Rate % | |
Select Biotechnology Portfolio | 0.67 |
Select Health Care Portfolio | 0.65 |
Select Health Care Services Portfolio | 0.69 |
Select Medical Technology and Devices Portfolio | 0.66 |
Select Pharmaceuticals Portfolio | 0.70 |
Amount | |
Biotechnology Portfolio | $ 140,094 |
Health Care Portfolio | 57,292 |
Health Care Services Portfolio | 7,488 |
Medical Technology and Devices Portfolio | 44,935 |
Pharmaceuticals Portfolio | 11,162 |
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 | $ 11,069,556 | 5.53% | $30,619 |
Health Care Services Portfolio | Borrower | $ 5,040,000 | 5.07% | $710 |
Medical Technology and Devices Portfolio | Borrower | $ 8,731,947 | 5.45% | $25,131 |
Pharmaceuticals Portfolio | Borrower | $ 5,645,417 | 5.11% | $9,621 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Biotechnology Portfolio | 56,448,334 | 180,487,379 | (143,959) |
Health Care Portfolio | 252,572,601 | 352,318,562 | (25,400,369) |
Health Care Services Portfolio | 66,880,844 | 50,210,900 | (2,147,251) |
Medical Technology and Devices Portfolio | 211,771,789 | 230,107,520 | 5,301,289 |
Pharmaceuticals Portfolio | 34,276,554 | 16,758,485 | 4,097,668 |
Amount ($) | |
Biotechnology Portfolio | 90,846 |
Amount | |
Biotechnology Portfolio | $8,267 |
Health Care Portfolio | 14,253 |
Health Care Services Portfolio | 2,879 |
Medical Technology and Devices Portfolio | 11,599 |
Pharmaceuticals Portfolio | 1,445 |
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 | $447,008 | $73,190 | $5,516,502 |
Health Care Portfolio | $57,603 | $2 | $16,551 |
Health Care Services Portfolio | $11,055 | $210 | $239,645 |
Medical Technology and Devices Portfolio | $28,353 | $52 | $- |
Pharmaceuticals Portfolio | $4,201 | $2,273 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Pharmaceuticals Portfolio | $ 1,015,000 | 5.22% | $736 |
Custodian credits | |
Biotechnology Portfolio | $5,000 |
Health Care Portfolio | 4,516 |
Amount | |
Biotechnology Portfolio | $341,244 |
Health Care Portfolio | 589,755 |
Health Care Services Portfolio | 118,042 |
Medical Technology and Devices Portfolio | 468,317 |
Pharmaceuticals Portfolio | 61,737 |
Biotechnology Portfolio (2) |
Health Care Portfolio (2) |
Health Care Services Portfolio (2) |
Medical Technology and Devices Portfolio (1) |
Pharmaceuticals Portfolio (1) |
(1) Statement of assets and liabilities, including the schedule of investments, as of February 29, 2024, the related statement of operations for the year ended February 29, 2024, the statement of changes in net assets for each of the two years in the period ended February 29, 2024, and the financial highlights for each of the periods indicated therein. (2) Consolidated statement of asset and liabilities, including the consolidated schedule of investments, as of February 29, 2024, the related consolidated statement of operations for the year ended February 29, 2024, the consolidated statement of changes in net assets for each of the two years in the period ended February 29, 2024, and the consolidated financial highlights for each of the periods indicated therein. |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Biotechnology Portfolio ** | .70% | |||||||||
Actual | $ 1,000 | $ 1,196.90 | $ 3.82 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.38 | $ 3.52 | |||||||
Health Care Portfolio ** | .68% | |||||||||
Actual | $ 1,000 | $ 1,091.00 | $ 3.54 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.48 | $ 3.42 | |||||||
Health Care Services Portfolio ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,092.80 | $ 3.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.28 | $ 3.62 | |||||||
Medical Technology and Devices Portfolio ** | .69% | |||||||||
Actual | $ 1,000 | $ 1,058.60 | $ 3.53 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.43 | $ 3.47 | |||||||
Pharmaceuticals Portfolio ** | .74% | |||||||||
Actual | $ 1,000 | $ 1,164.80 | $ 3.98 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.18 | $ 3.72 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Biotechnology Portfolio | .65% | |||||
Actual | $ 3.55 | |||||
Hypothetical- B | $ 3.27 | |||||
Health Care Portfolio | .65% | |||||
Actual | $ 3.38 | |||||
Hypothetical- B | $ 3.27 | |||||
Health Care Services Portfolio | .67% | |||||
Actual | $ 3.49 | |||||
Hypothetical- B | $ 3.37 | |||||
Medical Technology and Devices Portfolio | .65% | |||||
Actual | $ 3.33 | |||||
Hypothetical- B | $ 3.27 | |||||
Pharmaceuticals Portfolio | .70% | |||||
Actual | $ 3.77 | |||||
Hypothetical- B | $ 3.52 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Health Care Portfolio | $246,952,773 |
Health Care Services Portfolio | $55,632,712 |
Medical Technology and Devices Portfolio | $115,177,770 |
Pharmaceuticals Portfolio | $27,659,566 |
December, 2023 | |
Pharmaceuticals Portfolio | 100% |
Pharmaceuticals Portfolio | $177,440 |
Biotechnology Portfolio | |
December, 2023 | 100% |
Health Care Services Portfolio | |
December, 2023 | 100% |
Pharmaceuticals Portfolio | |
December 2023 | 28% |
Biotechnology Portfolio | |
December, 2023 | 100% |
Health Care Services | |
December, 2023 | 100% |
Pharmaceuticals Portfolio | |
December, 2023 | 73.28% |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95777_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95777_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Enterprise Technology Services Portfolio | 25.85% | 8.47% | 12.16% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Enterprise Technology Services Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Visa, Inc. Class A | 23.4 | |
MasterCard, Inc. Class A | 15.2 | |
Accenture PLC Class A | 10.6 | |
MongoDB, Inc. Class A | 4.5 | |
Global Payments, Inc. | 3.9 | |
Block, Inc. Class A | 3.7 | |
Fiserv, Inc. | 3.5 | |
ExlService Holdings, Inc. | 3.3 | |
Intuit, Inc. | 2.9 | |
Gartner, Inc. | 2.8 | |
73.8 | ||
Industries (% of Fund's net assets) | ||
Financial Services | 52.6 | |
IT Services | 26.6 | |
Software | 11.2 | |
Professional Services | 4.6 | |
Interactive Media & Services | 2.5 | |
Consumer Finance | 1.2 | |
Diversified Consumer Services | 1.2 | |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
Consumer Finance - 1.2% | |||
Consumer Finance - 1.2% | |||
NerdWallet, Inc. (a)(b) | 1,525,523 | 25,735,573 | |
Diversified Consumer Services - 1.2% | |||
Specialized Consumer Services - 1.2% | |||
H&R Block, Inc. | 493,500 | 24,156,825 | |
Financial Services - 52.6% | |||
Transaction & Payment Processing Services - 52.6% | |||
Block, Inc. Class A (a) | 953,000 | 75,734,910 | |
Fiserv, Inc. (a) | 483,217 | 72,129,802 | |
Global Payments, Inc. | 621,200 | 80,569,640 | |
Marqeta, Inc. Class A (a)(b) | 2,903,900 | 18,962,467 | |
MasterCard, Inc. Class A | 662,200 | 314,386,072 | |
PayPal Holdings, Inc. (a) | 222,640 | 13,434,098 | |
Remitly Global, Inc. (a)(b) | 1,338,700 | 27,603,994 | |
The Western Union Co. | 4,800 | 64,368 | |
Visa, Inc. Class A (b) | 1,717,848 | 485,532,558 | |
WEX, Inc. (a) | 700 | 153,811 | |
1,088,571,720 | |||
Interactive Media & Services - 2.5% | |||
Interactive Media & Services - 2.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 117,300 | 16,241,358 | |
Class C (a) | 14,300 | 1,998,854 | |
Meta Platforms, Inc. Class A | 69,100 | 33,867,983 | |
52,108,195 | |||
IT Services - 26.6% | |||
Internet Services & Infrastructure - 6.7% | |||
Cloudflare, Inc. (a) | 107,800 | 10,622,612 | |
MongoDB, Inc. Class A (a)(b) | 210,500 | 94,215,590 | |
Okta, Inc. (a) | 147,400 | 15,816,020 | |
Snowflake, Inc. (a) | 99,800 | 18,790,344 | |
139,444,566 | |||
IT Consulting & Other Services - 19.9% | |||
Accenture PLC Class A | 583,780 | 218,789,068 | |
Amdocs Ltd. | 359,200 | 32,759,040 | |
EPAM Systems, Inc. (a) | 171,700 | 52,265,480 | |
Gartner, Inc. (a) | 124,500 | 57,962,220 | |
IBM Corp. | 272,000 | 50,328,160 | |
412,103,968 | |||
TOTAL IT SERVICES | 551,548,534 | ||
Professional Services - 4.6% | |||
Data Processing & Outsourced Services - 3.3% | |||
ExlService Holdings, Inc. (a) | 2,197,293 | 68,379,758 | |
Human Resource & Employment Services - 1.3% | |||
Automatic Data Processing, Inc. | 74,175 | 18,627,568 | |
Manpower, Inc. (b) | 109,000 | 7,865,440 | |
26,493,008 | |||
TOTAL PROFESSIONAL SERVICES | 94,872,766 | ||
Software - 11.2% | |||
Application Software - 6.1% | |||
Adobe, Inc. (a) | 51,400 | 28,798,392 | |
Confluent, Inc. (a)(b) | 501,000 | 16,968,870 | |
Intuit, Inc. | 90,756 | 60,161,245 | |
Samsara, Inc. (a)(b) | 595,100 | 20,560,705 | |
126,489,212 | |||
Systems Software - 5.1% | |||
Microsoft Corp. | 137,000 | 56,668,680 | |
Oracle Corp. | 155,000 | 17,310,400 | |
UiPath, Inc. Class A (a)(b) | 1,323,900 | 31,442,625 | |
105,421,705 | |||
TOTAL SOFTWARE | 231,910,917 | ||
TOTAL COMMON STOCKS (Cost $926,083,472) | 2,068,904,530 | ||
Money Market Funds - 21.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 2,207,507 | 2,207,948 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 447,377,352 | 447,422,090 | |
TOTAL MONEY MARKET FUNDS (Cost $449,630,038) | 449,630,038 | ||
TOTAL INVESTMENT IN SECURITIES - 121.6% (Cost $1,375,713,510) | 2,518,534,568 |
NET OTHER ASSETS (LIABILITIES) - (21.6)% | (447,238,159) |
NET ASSETS - 100.0% | 2,071,296,409 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 1,121,615 | 251,545,604 | 250,459,271 | 185,257 | - | - | 2,207,948 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 548,084,985 | 1,989,296,023 | 2,089,958,918 | 199,678 | - | - | 447,422,090 | 1.4% |
Total | 549,206,600 | 2,240,841,627 | 2,340,418,189 | 384,935 | - | - | 449,630,038 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 2,068,904,530 | 2,068,904,530 | - | - |
Money Market Funds | 449,630,038 | 449,630,038 | - | - |
Total Investments in Securities: | 2,518,534,568 | 2,518,534,568 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $434,083,659) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $926,083,472) | $ | 2,068,904,530 | ||
Fidelity Central Funds (cost $449,630,038) | 449,630,038 | |||
Total Investment in Securities (cost $1,375,713,510) | $ | 2,518,534,568 | ||
Receivable for investments sold | 3,117,190 | |||
Receivable for fund shares sold | 224,306 | |||
Dividends receivable | 1,563,892 | |||
Distributions receivable from Fidelity Central Funds | 33,658 | |||
Prepaid expenses | 4,223 | |||
Other receivables | 24,154 | |||
Total assets | 2,523,501,991 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,094,730 | ||
Payable for fund shares redeemed | 1,436,574 | |||
Accrued management fee | 893,998 | |||
Other affiliated payables | 335,678 | |||
Other payables and accrued expenses | 38,602 | |||
Collateral on securities loaned | 447,406,000 | |||
Total Liabilities | 452,205,582 | |||
Net Assets | $ | 2,071,296,409 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 816,539,603 | ||
Total accumulated earnings (loss) | 1,254,756,806 | |||
Net Assets | $ | 2,071,296,409 | ||
Net Asset Value, offering price and redemption price per share ($2,071,296,409 ÷ 30,980,667 shares) | $ | 66.86 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 14,246,647 | ||
Income from Fidelity Central Funds (including $199,678 from security lending) | 384,935 | |||
Total Income | 14,631,582 | |||
Expenses | ||||
Management fee | $ | 10,445,050 | ||
Transfer agent fees | 3,434,220 | |||
Accounting fees | 535,613 | |||
Custodian fees and expenses | 32,184 | |||
Independent trustees' fees and expenses | 13,081 | |||
Registration fees | 24,468 | |||
Audit | 44,748 | |||
Legal | 7,157 | |||
Interest | 22,046 | |||
Miscellaneous | 53,856 | |||
Total expenses before reductions | 14,612,423 | |||
Expense reductions | (148,533) | |||
Total expenses after reductions | 14,463,890 | |||
Net Investment income (loss) | 167,692 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 210,708,413 | |||
Foreign currency transactions | 58 | |||
Total net realized gain (loss) | 210,708,471 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 247,638,755 | |||
Assets and liabilities in foreign currencies | (56) | |||
Total change in net unrealized appreciation (depreciation) | 247,638,699 | |||
Net gain (loss) | 458,347,170 | |||
Net increase (decrease) in net assets resulting from operations | $ | 458,514,862 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 167,692 | $ | 659,594 |
Net realized gain (loss) | 210,708,471 | 1,424,399 | ||
Change in net unrealized appreciation (depreciation) | 247,638,699 | (348,839,323) | ||
Net increase (decrease) in net assets resulting from operations | 458,514,862 | (346,755,330) | ||
Distributions to shareholders | (74,933,727) | (302,562,844) | ||
Share transactions | ||||
Proceeds from sales of shares | 55,557,176 | 102,221,072 | ||
Reinvestment of distributions | 69,939,298 | 284,601,905 | ||
Cost of shares redeemed | (524,249,094) | (524,875,862) | ||
Net increase (decrease) in net assets resulting from share transactions | (398,752,620) | (138,052,885) | ||
Total increase (decrease) in net assets | (15,171,485) | (787,371,059) | ||
Net Assets | ||||
Beginning of period | 2,086,467,894 | 2,873,838,953 | ||
End of period | $ | 2,071,296,409 | $ | 2,086,467,894 |
Other Information | ||||
Shares | ||||
Sold | 936,909 | 1,767,664 | ||
Issued in reinvestment of distributions | 1,127,919 | 4,611,673 | ||
Redeemed | (8,907,818) | (9,454,797) | ||
Net increase (decrease) | (6,842,990) | (3,075,460) | ||
Enterprise Technology Services Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 55.16 | $ | 70.27 | $ | 93.94 | $ | 73.62 | $ | 64.96 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | - D | .02 | (.27) | (.09) | .03 | |||||
Net realized and unrealized gain (loss) | 14.08 | (7.56) | (10.44) | 25.34 | 10.36 | |||||
Total from investment operations | 14.08 | (7.54) | (10.71) | 25.25 | 10.39 | |||||
Distributions from net investment income | - D | (.01) | - | (.01) | (.03) | |||||
Distributions from net realized gain | (2.37) | (7.55) | (12.96) | (4.93) | (1.70) | |||||
Total distributions | (2.38) E | (7.57) E | (12.96) | (4.93) E | (1.73) | |||||
Net asset value, end of period | $ | 66.86 | $ | 55.16 | $ | 70.27 | $ | 93.94 | $ | 73.62 |
Total Return F | 25.85% | (11.88)% | (13.31)% | 34.67% | 15.99% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .73% | .73% | .70% | .72% | .73% | |||||
Expenses net of fee waivers, if any | .72% | .73% | .70% | .72% | .73% | |||||
Expenses net of all reductions | .72% | .73% | .70% | .72% | .73% | |||||
Net investment income (loss) | .01% | .03% | (.29)% | (.11)% | .04% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,071,296 | $ | 2,086,468 | $ | 2,873,839 | $ | 4,135,311 | $ | 4,099,114 |
Portfolio turnover rate I | 35% | 43% | 41% | 31% | 24% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Semiconductors Portfolio | 69.34% | 34.49% | 26.92% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Semiconductors Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 24.1 | |
NXP Semiconductors NV | 7.7 | |
ON Semiconductor Corp. | 7.0 | |
Marvell Technology, Inc. | 6.4 | |
Micron Technology, Inc. | 4.9 | |
ASML Holding NV (depository receipt) | 4.9 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 4.8 | |
GlobalFoundries, Inc. | 4.7 | |
Broadcom, Inc. | 4.6 | |
Lam Research Corp. | 4.2 | |
73.3 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 93.6 | |
Technology Hardware, Storage & Peripherals | 0.2 | |
Electronic Equipment, Instruments & Components | 0.0 | |
Financial Services | 0.0 | |
Metals & Mining | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 93.5% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Equipment & Instruments - 0.0% | |||
Aeva Technologies, Inc. (a) | 1,097,800 | 1,108,778 | |
Semiconductors & Semiconductor Equipment - 93.4% | |||
Semiconductor Materials & Equipment - 13.5% | |||
ASML Holding NV (depository receipt) | 803,000 | 764,199,040 | |
KLA Corp. | 90,600 | 61,816,380 | |
Lam Research Corp. | 709,173 | 665,381,567 | |
Nova Ltd. (a)(b) | 1,208,128 | 209,549,802 | |
Teradyne, Inc. (b) | 4,132,722 | 428,108,672 | |
2,129,055,461 | |||
Semiconductors - 79.9% | |||
Advanced Micro Devices, Inc. (a) | 2,965,218 | 570,893,422 | |
Allegro MicroSystems LLC (a)(b) | 4,860,700 | 153,063,443 | |
Alpha & Omega Semiconductor Ltd. (a) | 513,296 | 11,241,182 | |
Arm Holdings Ltd. ADR | 337,800 | 47,643,312 | |
Broadcom, Inc. | 556,427 | 723,627,749 | |
Cirrus Logic, Inc. (a) | 498,879 | 45,807,070 | |
GlobalFoundries, Inc. (a)(b) | 13,538,287 | 740,138,150 | |
Impinj, Inc. (a)(b)(c) | 1,887,188 | 206,118,673 | |
Lattice Semiconductor Corp. (a) | 2,227,957 | 170,683,786 | |
MACOM Technology Solutions Holdings, Inc. (a) | 2,294,564 | 202,678,838 | |
Marvell Technology, Inc. | 13,983,508 | 1,002,058,183 | |
Microchip Technology, Inc. | 5,327,861 | 448,286,225 | |
Micron Technology, Inc. | 8,470,300 | 767,493,883 | |
Monolithic Power Systems, Inc. | 566,461 | 407,874,578 | |
NVIDIA Corp. | 4,782,568 | 3,783,585,197 | |
NXP Semiconductors NV | 4,841,214 | 1,208,996,372 | |
ON Semiconductor Corp. (a) | 13,918,188 | 1,098,423,397 | |
Silicon Motion Tech Corp. sponsored ADR | 286,700 | 20,295,493 | |
Synaptics, Inc. (a) | 1,437,349 | 143,878,635 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,918,382 | 761,518,212 | |
Texas Instruments, Inc. | 187,000 | 31,290,710 | |
Wolfspeed, Inc. (a) | 418,400 | 10,886,768 | |
12,556,483,278 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 14,685,538,739 | ||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Western Digital Corp. (a) | 249,306 | 14,826,228 | |
TOTAL COMMON STOCKS (Cost $7,551,371,274) | 14,701,473,745 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Components - 0.0% | |||
Menlo Micro, Inc. Series C (a)(d)(e) | 739,500 | 517,650 | |
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Akeana Series C (d)(e) | 85,500 | 1,087,560 | |
Tenstorrent Holdings, Inc. Series C1 (d)(e) | 17,041 | 1,031,833 | |
2,119,393 | |||
Metals & Mining - 0.0% | |||
Precious Metals & Minerals - 0.0% | |||
Diamond Foundry, Inc. Series C (a)(d)(e) | 189,999 | 4,757,575 | |
Semiconductors & Semiconductor Equipment - 0.2% | |||
Semiconductor Materials & Equipment - 0.1% | |||
Astera Labs, Inc.: | |||
Series A (a)(d)(e) | 134,524 | 2,854,599 | |
Series B (a)(d)(e) | 22,905 | 486,044 | |
Series C (a)(d)(e) | 92,900 | 1,971,338 | |
Series D (a)(d)(e) | 546,379 | 11,594,162 | |
16,906,143 | |||
Semiconductors - 0.1% | |||
Alif Semiconductor Series C (a)(d)(e) | 444,283 | 8,463,591 | |
Retym, Inc. Series C (d)(e) | 458,946 | 3,841,378 | |
SiMa.ai: | |||
Series B (a)(d)(e) | 309,900 | 2,110,419 | |
Series B1 (a)(d)(e) | 163,147 | 1,270,915 | |
15,686,303 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 32,592,446 | ||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Lightmatter, Inc.: | |||
Series C (d)(e) | 271,273 | 5,921,890 | |
Series C2 (d)(e) | 42,610 | 1,103,599 | |
7,025,489 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $43,491,608) | 47,012,553 | ||
Preferred Securities - 0.0% | |||
Principal Amount (f) | Value ($) | ||
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Tenstorrent Holdings, Inc. 5% 11/6/25 (d)(e) (Cost $551,929) | 551,929 | 603,409 | |
Money Market Funds - 8.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) | 920,251,829 | 920,435,879 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 342,879,312 | 342,913,600 | |
TOTAL MONEY MARKET FUNDS (Cost $1,263,349,479) | 1,263,349,479 | ||
TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $8,858,764,290) | 16,012,439,186 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (286,222,281) |
NET ASSETS - 100.0% | 15,726,216,905 |
(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 $47,615,962 or 0.3% of net assets. |
(e) | Level 3 security |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Akeana Series C | 1/23/24 | 1,091,048 |
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 |
Lightmatter, Inc. Series C | 5/19/23 | 4,464,286 |
Lightmatter, Inc. Series C2 | 12/18/23 | 1,107,937 |
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 Holdings, Inc. Series C1 | 4/23/21 | 1,013,198 |
Tenstorrent Holdings, Inc. 5% 11/6/25 | 11/06/23 | 551,929 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 91,823,488 | 3,907,230,526 | 3,078,618,135 | 11,318,536 | - | - | 920,435,879 | 1.7% |
Fidelity Securities Lending Cash Central Fund 5.39% | 119,203,612 | 2,499,255,347 | 2,275,545,359 | 2,435,554 | - | - | 342,913,600 | 1.1% |
Total | 211,027,100 | 6,406,485,873 | 5,354,163,494 | 13,754,090 | - | - | 1,263,349,479 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Impinj, Inc. | 8,895,752 | 177,017,151 | - | - | - | 20,205,770 | 206,118,673 |
Total | 8,895,752 | 177,017,151 | - | - | - | 20,205,770 | 206,118,673 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 14,701,473,745 | 14,701,473,745 | - | - |
Convertible Preferred Stocks | 47,012,553 | - | - | 47,012,553 |
Preferred Securities | 603,409 | - | - | 603,409 |
Money Market Funds | 1,263,349,479 | 1,263,349,479 | - | - |
Total Investments in Securities: | 16,012,439,186 | 15,964,823,224 | - | 47,615,962 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $348,826,209) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $7,409,960,713) | $ | 14,542,971,034 | ||
Fidelity Central Funds (cost $1,263,349,479) | 1,263,349,479 | |||
Other affiliated issuers (cost $185,454,098) | 206,118,673 | |||
Total Investment in Securities (cost $8,858,764,290) | $ | 16,012,439,186 | ||
Receivable for investments sold | 956,244,794 | |||
Receivable for fund shares sold | 26,632,548 | |||
Dividends receivable | 3,043,080 | |||
Distributions receivable from Fidelity Central Funds | 1,721,850 | |||
Prepaid expenses | 11,705 | |||
Other receivables | 235,152 | |||
Total assets | 17,000,328,315 | |||
Liabilities | ||||
Payable for investments purchased | $ | 154,016,686 | ||
Payable for fund shares redeemed | 768,761,214 | |||
Accrued management fee | 6,372,071 | |||
Other affiliated payables | 1,772,737 | |||
Other payables and accrued expenses | 275,102 | |||
Collateral on securities loaned | 342,913,600 | |||
Total Liabilities | 1,274,111,410 | |||
Net Assets | $ | 15,726,216,905 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 8,629,883,135 | ||
Total accumulated earnings (loss) | 7,096,333,770 | |||
Net Assets | $ | 15,726,216,905 | ||
Net Asset Value, offering price and redemption price per share ($15,726,216,905 ÷ 536,789,143 shares) | $ | 29.30 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 62,806,687 | ||
Income from Fidelity Central Funds (including $2,435,554 from security lending) | 13,754,090 | |||
Total Income | 76,560,777 | |||
Expenses | ||||
Management fee | $ | 55,970,032 | ||
Transfer agent fees | 14,863,682 | |||
Accounting fees | 1,217,810 | |||
Custodian fees and expenses | 47,263 | |||
Independent trustees' fees and expenses | 58,601 | |||
Registration fees | 401,769 | |||
Audit | 41,701 | |||
Legal | 5,189 | |||
Interest | 48,709 | |||
Miscellaneous | 45,097 | |||
Total expenses before reductions | 72,699,853 | |||
Expense reductions | (771,984) | |||
Total expenses after reductions | 71,927,869 | |||
Net Investment income (loss) | 4,632,908 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 848,150,087 | |||
Redemptions in-kind | 739,916,327 | |||
Foreign currency transactions | 337 | |||
Total net realized gain (loss) | 1,588,066,751 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,277,865,655 | |||
Affiliated issuers | 20,205,770 | |||
Assets and liabilities in foreign currencies | (101) | |||
Total change in net unrealized appreciation (depreciation) | 4,298,071,324 | |||
Net gain (loss) | 5,886,138,075 | |||
Net increase (decrease) in net assets resulting from operations | $ | 5,890,770,983 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,632,908 | $ | 11,921,903 |
Net realized gain (loss) | 1,588,066,751 | 102,226,545 | ||
Change in net unrealized appreciation (depreciation) | 4,298,071,324 | (478,501,687) | ||
Net increase (decrease) in net assets resulting from operations | 5,890,770,983 | (364,353,239) | ||
Distributions to shareholders | (818,861,039) | (401,716,905) | ||
Share transactions | ||||
Proceeds from sales of shares | 5,210,253,621 | 1,289,524,725 | ||
Reinvestment of distributions | 757,212,266 | 378,004,092 | ||
Cost of shares redeemed | (3,077,611,474) | (1,563,929,144) | ||
Net increase (decrease) in net assets resulting from share transactions | 2,889,854,413 | 103,599,673 | ||
Total increase (decrease) in net assets | 7,961,764,357 | (662,470,471) | ||
Net Assets | ||||
Beginning of period | 7,764,452,548 | 8,426,923,019 | ||
End of period | $ | 15,726,216,905 | $ | 7,764,452,548 |
Other Information | ||||
Shares | ||||
Sold | 214,100,253 | 74,773,935 | ||
Issued in reinvestment of distributions | 31,650,582 | 22,013,643 | ||
Redeemed | (127,112,760) | (95,214,839) | ||
Net increase (decrease) | 118,638,075 | 1,572,739 | ||
Semiconductors Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.57 | $ | 20.23 | $ | 17.59 | $ | 11.47 | $ | 9.41 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .01 | .03 | .01 | .07 | .09 | |||||
Net realized and unrealized gain (loss) | 12.47 | (.71) | 4.30 | 7.37 | 2.39 | |||||
Total from investment operations | 12.48 | (.68) | 4.31 | 7.44 | 2.48 | |||||
Distributions from net investment income | (.02) | (.03) | (.01) | (.08) | (.10) | |||||
Distributions from net realized gain | (1.72) | (.95) | (1.66) | (1.24) | (.33) | |||||
Total distributions | (1.75) D | (.98) | (1.67) | (1.32) | (.42) D | |||||
Net asset value, end of period | $ | 29.30 | $ | 18.57 | $ | 20.23 | $ | 17.59 | $ | 11.47 |
Total Return E | 69.34% | (2.91)% | 24.57% | 70.47% | 26.01% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .68% | .69% | .68% | .70% | .72% | |||||
Expenses net of fee waivers, if any | .67% | .69% | .67% | .70% | .72% | |||||
Expenses net of all reductions | .67% | .69% | .67% | .69% | .71% | |||||
Net investment income (loss) | .04% | .17% | .03% | .53% | .85% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 15,726,217 | $ | 7,764,453 | $ | 8,426,923 | $ | 5,717,786 | $ | 3,778,557 |
Portfolio turnover rate H | 32% I | 35% | 33% | 87% | 114% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Software and IT Services Portfolio | 49.47% | 18.64% | 17.24% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Software and IT Services Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 24.6 | |
Salesforce, Inc. | 7.3 | |
Adobe, Inc. | 6.7 | |
Workday, Inc. Class A | 2.7 | |
Alphabet, Inc. Class A | 2.6 | |
Autodesk, Inc. | 2.6 | |
Palo Alto Networks, Inc. | 2.3 | |
Oracle Corp. | 2.1 | |
HubSpot, Inc. | 2.0 | |
Cognizant Technology Solutions Corp. Class A | 1.9 | |
54.8 | ||
Industries (% of Fund's net assets) | ||
Software | 70.3 | |
IT Services | 13.6 | |
Financial Services | 6.0 | |
Interactive Media & Services | 4.2 | |
Professional Services | 1.4 | |
Entertainment | 0.5 | |
Health Care Technology | 0.2 | |
Common Stocks - 96.2% | |||
Shares | Value ($) | ||
Entertainment - 0.5% | |||
Interactive Home Entertainment - 0.5% | |||
Electronic Arts, Inc. | 450,700 | 62,863,636 | |
Financial Services - 6.0% | |||
Transaction & Payment Processing Services - 6.0% | |||
Adyen BV (a)(b) | 42,100 | 66,612,252 | |
Block, Inc. Class A (a) | 2,245,200 | 178,426,044 | |
Fidelity National Information Services, Inc. | 242,800 | 16,799,332 | |
Fiserv, Inc. (a) | 55,500 | 8,284,485 | |
FleetCor Technologies, Inc. (a) | 53,800 | 15,024,726 | |
MasterCard, Inc. Class A | 298,000 | 141,478,480 | |
PayPal Holdings, Inc. (a) | 383,300 | 23,128,322 | |
Toast, Inc. (a)(c) | 6,434,896 | 148,002,608 | |
Visa, Inc. Class A | 491,720 | 138,979,741 | |
736,735,990 | |||
Health Care Technology - 0.2% | |||
Health Care Technology - 0.2% | |||
Doximity, Inc. (a) | 684,700 | 19,329,081 | |
Interactive Media & Services - 4.2% | |||
Interactive Media & Services - 4.2% | |||
Alphabet, Inc. Class A (a) | 2,314,900 | 320,521,054 | |
Meta Platforms, Inc. Class A | 168,700 | 82,684,931 | |
Zoominfo Technologies, Inc. (a) | 7,318,036 | 122,650,283 | |
525,856,268 | |||
IT Services - 13.6% | |||
Internet Services & Infrastructure - 7.6% | |||
Cloudflare, Inc. (a) | 1,450,049 | 142,887,828 | |
MongoDB, Inc. Class A (a) | 448,300 | 200,650,114 | |
Okta, Inc. (a) | 1,946,491 | 208,858,484 | |
Snowflake, Inc. (a) | 1,190,600 | 224,166,168 | |
Twilio, Inc. Class A (a) | 2,746,829 | 163,683,540 | |
940,246,134 | |||
IT Consulting & Other Services - 6.0% | |||
Accenture PLC Class A | 418,800 | 156,957,864 | |
Capgemini SA | 723,900 | 176,084,236 | |
Cognizant Technology Solutions Corp. Class A | 3,035,600 | 239,873,112 | |
EPAM Systems, Inc. (a) | 551,325 | 167,823,330 | |
740,738,542 | |||
TOTAL IT SERVICES | 1,680,984,676 | ||
Professional Services - 1.4% | |||
Data Processing & Outsourced Services - 0.6% | |||
ExlService Holdings, Inc. (a) | 2,246,200 | 69,901,744 | |
Human Resource & Employment Services - 0.8% | |||
Dayforce, Inc. (a)(c) | 914,842 | 63,819,378 | |
Paycom Software, Inc. | 213,700 | 38,976,743 | |
102,796,121 | |||
TOTAL PROFESSIONAL SERVICES | 172,697,865 | ||
Software - 70.3% | |||
Application Software - 38.0% | |||
Adobe, Inc. (a) | 1,471,100 | 824,227,908 | |
Amplitude, Inc. (a) | 5,597,042 | 66,380,918 | |
Atlassian Corp. PLC (a) | 1,030,850 | 213,818,907 | |
Autodesk, Inc. (a) | 1,229,600 | 317,445,832 | |
Bill Holdings, Inc. (a) | 2,211,900 | 140,079,627 | |
BlackLine, Inc. (a) | 2,444,100 | 138,653,793 | |
Confluent, Inc. (a) | 5,256,085 | 178,023,599 | |
Constellation Software, Inc. | 24,100 | 67,095,899 | |
Constellation Software, Inc. warrants 8/22/28 (a)(d) | 25,200 | 2 | |
Datadog, Inc. Class A (a) | 1,351,132 | 177,619,813 | |
Elastic NV (a) | 1,199,059 | 160,446,085 | |
Everbridge, Inc. (a)(e) | 2,082,700 | 58,877,929 | |
Five9, Inc. (a) | 2,057,155 | 125,486,455 | |
HubSpot, Inc. (a) | 390,400 | 241,583,424 | |
Intuit, Inc. | 317,658 | 210,572,312 | |
PTC, Inc. (a) | 901,489 | 164,981,502 | |
RingCentral, Inc. (a) | 2,042,400 | 68,257,008 | |
Salesforce, Inc. | 2,917,184 | 900,884,763 | |
Unity Software, Inc. (a)(c) | 4,682,285 | 137,284,596 | |
Workday, Inc. Class A (a) | 1,142,400 | 336,619,584 | |
Workiva, Inc. (a) | 1,668,978 | 143,732,385 | |
Zoom Video Communications, Inc. Class A (a) | 520,600 | 36,822,038 | |
4,708,894,379 | |||
Systems Software - 32.3% | |||
Crowdstrike Holdings, Inc. (a) | 327,586 | 106,187,002 | |
Gen Digital, Inc. | 7,198,718 | 154,700,450 | |
Microsoft Corp. | 7,377,502 | 3,051,629,928 | |
Oracle Corp. | 2,340,827 | 261,423,559 | |
Palo Alto Networks, Inc. (a) | 920,200 | 285,768,110 | |
Tenable Holdings, Inc. (a) | 3,078,428 | 148,257,092 | |
4,007,966,141 | |||
TOTAL SOFTWARE | 8,716,860,520 | ||
TOTAL COMMON STOCKS (Cost $5,203,739,852) | 11,915,328,036 | ||
Money Market Funds - 5.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (f) | 480,076,944 | 480,172,960 | |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 143,204,255 | 143,218,575 | |
TOTAL MONEY MARKET FUNDS (Cost $623,391,535) | 623,391,535 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $5,827,131,387) | 12,538,719,571 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (143,705,235) |
NET ASSETS - 100.0% | 12,395,014,336 |
(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 $66,612,252 or 0.5% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Level 3 security |
(e) | Affiliated company |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 182,356,223 | 1,882,229,128 | 1,584,412,391 | 18,381,946 | - | - | 480,172,960 | 0.9% |
Fidelity Securities Lending Cash Central Fund 5.39% | 102,925 | 307,820,483 | 164,704,833 | 14,086 | - | - | 143,218,575 | 0.5% |
Total | 182,459,148 | 2,190,049,611 | 1,749,117,224 | 18,396,032 | - | - | 623,391,535 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Everbridge, Inc. | 15,457,640 | 38,010,588 | - | - | - | 5,409,701 | 58,877,929 |
Total | 15,457,640 | 38,010,588 | - | - | - | 5,409,701 | 58,877,929 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 11,915,328,036 | 11,672,631,546 | 242,696,488 | 2 |
Money Market Funds | 623,391,535 | 623,391,535 | - | - |
Total Investments in Securities: | 12,538,719,571 | 12,296,023,081 | 242,696,488 | 2 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $140,212,612) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,122,236,425) | $ | 11,856,450,107 | ||
Fidelity Central Funds (cost $623,391,535) | 623,391,535 | |||
Other affiliated issuers (cost $81,503,427) | 58,877,929 | |||
Total Investment in Securities (cost $5,827,131,387) | $ | 12,538,719,571 | ||
Receivable for investments sold | 12,304,686 | |||
Receivable for fund shares sold | 3,042,700 | |||
Dividends receivable | 6,888,001 | |||
Distributions receivable from Fidelity Central Funds | 2,123,792 | |||
Prepaid expenses | 13,891 | |||
Other receivables | 524,447 | |||
Total assets | 12,563,617,088 | |||
Liabilities | ||||
Payable for investments purchased | $ | 11,693,496 | ||
Payable for fund shares redeemed | 6,302,422 | |||
Accrued management fee | 5,372,322 | |||
Other affiliated payables | 1,566,755 | |||
Other payables and accrued expenses | 449,182 | |||
Collateral on securities loaned | 143,218,575 | |||
Total Liabilities | 168,602,752 | |||
Net Assets | $ | 12,395,014,336 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,471,979,524 | ||
Total accumulated earnings (loss) | 6,923,034,812 | |||
Net Assets | $ | 12,395,014,336 | ||
Net Asset Value, offering price and redemption price per share ($12,395,014,336 ÷ 424,998,829 shares) | $ | 29.16 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 50,478,514 | ||
Income from Fidelity Central Funds (including $14,086 from security lending) | 18,396,032 | |||
Total Income | 68,874,546 | |||
Expenses | ||||
Management fee | $ | 54,781,767 | ||
Transfer agent fees | 15,007,953 | |||
Accounting fees | 1,206,716 | |||
Custodian fees and expenses | 63,742 | |||
Independent trustees' fees and expenses | 62,485 | |||
Registration fees | 99,127 | |||
Audit | 55,206 | |||
Legal | 6,752 | |||
Miscellaneous | 51,931 | |||
Total expenses before reductions | 71,335,679 | |||
Expense reductions | (785,517) | |||
Total expenses after reductions | 70,550,162 | |||
Net Investment income (loss) | (1,675,616) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,115,919,385 | |||
Foreign currency transactions | (6,780) | |||
Total net realized gain (loss) | 1,115,912,605 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 3,060,515,684 | |||
Affiliated issuers | 5,409,701 | |||
Assets and liabilities in foreign currencies | 62 | |||
Total change in net unrealized appreciation (depreciation) | 3,065,925,447 | |||
Net gain (loss) | 4,181,838,052 | |||
Net increase (decrease) in net assets resulting from operations | $ | 4,180,162,436 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,675,616) | $ | (1,210,231) |
Net realized gain (loss) | 1,115,912,605 | 381,731,719 | ||
Change in net unrealized appreciation (depreciation) | 3,065,925,447 | (1,924,482,707) | ||
Net increase (decrease) in net assets resulting from operations | 4,180,162,436 | (1,543,961,219) | ||
Distributions to shareholders | (853,130,530) | (738,727,367) | ||
Share transactions | ||||
Proceeds from sales of shares | 1,044,476,423 | 474,830,990 | ||
Reinvestment of distributions | 789,532,155 | 691,638,248 | ||
Cost of shares redeemed | (1,441,065,490) | (1,477,032,652) | ||
Net increase (decrease) in net assets resulting from share transactions | 392,943,088 | (310,563,414) | ||
Total increase (decrease) in net assets | 3,719,974,994 | (2,593,252,000) | ||
Net Assets | ||||
Beginning of period | 8,675,039,342 | 11,268,291,342 | ||
End of period | $ | 12,395,014,336 | $ | 8,675,039,342 |
Other Information | ||||
Shares | ||||
Sold | 39,764,499 | 21,172,412 | ||
Issued in reinvestment of distributions | 28,583,318 | 30,858,073 | ||
Redeemed | (56,149,399) | (67,265,870) | ||
Net increase (decrease) | 12,198,418 | (15,235,385) | ||
Software and IT Services Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.02 | $ | 26.33 | $ | 27.31 | $ | 19.90 | $ | 18.71 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | - D | - D | (.05) | (.03) | .19 E | |||||
Net realized and unrealized gain (loss) | 10.28 | (3.53) | 1.03 | 8.82 | 3.52 | |||||
Total from investment operations | 10.28 | (3.53) | .98 | 8.79 | 3.71 | |||||
Distributions from net investment income | - | - | - | (.15) | (.05) | |||||
Distributions from net realized gain | (2.14) | (1.78) | (1.96) | (1.23) | (2.47) | |||||
Total distributions | (2.14) | (1.78) | (1.96) | (1.38) | (2.52) | |||||
Net asset value, end of period | $ | 29.16 | $ | 21.02 | $ | 26.33 | $ | 27.31 | $ | 19.90 |
Total Return F | 49.47% | (13.67)% | 2.98% | 45.80% | 21.33% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .68% | .69% | .67% | .70% | .70% | |||||
Expenses net of fee waivers, if any | .67% | .69% | .67% | .70% | .70% | |||||
Expenses net of all reductions | .67% | .69% | .67% | .69% | .70% | |||||
Net investment income (loss) | (.02)% | (.01)% | (.17)% | (.11)% | .98% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 12,395,014 | $ | 8,675,039 | $ | 11,268,291 | $ | 11,894,544 | $ | 8,031,911 |
Portfolio turnover rate I | 31% | 4% | 10% | 22% | 23% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Tech Hardware Portfolio | 31.23% | 17.85% | 13.64% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Tech Hardware Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Samsung Electronics Co. Ltd. | 11.6 | |
Cisco Systems, Inc. | 9.0 | |
Apple, Inc. | 8.5 | |
Sony Group Corp. | 6.3 | |
Arista Networks, Inc. | 6.1 | |
Dell Technologies, Inc. | 4.9 | |
CDW Corp. | 4.9 | |
Motorola Solutions, Inc. | 4.9 | |
Palo Alto Networks, Inc. | 4.8 | |
FUJIFILM Holdings Corp. | 4.7 | |
65.7 | ||
Industries (% of Fund's net assets) | ||
Technology Hardware, Storage & Peripherals | 41.6 | |
Communications Equipment | 23.3 | |
Electronic Equipment, Instruments & Components | 8.5 | |
Software | 7.6 | |
Household Durables | 6.8 | |
Semiconductors & Semiconductor Equipment | 6.1 | |
Entertainment | 1.9 | |
Interactive Media & Services | 1.8 | |
Electrical Equipment | 1.3 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.8% | |||
Shares | Value ($) | ||
Communications Equipment - 23.3% | |||
Communications Equipment - 23.3% | |||
Arista Networks, Inc. (a) | 203,259 | 56,412,503 | |
Aviat Networks, Inc. (a) | 70,190 | 2,491,043 | |
Ciena Corp. (a) | 407,811 | 23,237,071 | |
Cisco Systems, Inc. | 1,718,207 | 83,109,673 | |
Extreme Networks, Inc. (a) | 183,250 | 2,316,280 | |
Infinera Corp. (a)(b) | 636,178 | 3,193,614 | |
Motorola Solutions, Inc. | 136,973 | 45,254,509 | |
216,014,693 | |||
Electrical Equipment - 1.3% | |||
Electrical Components & Equipment - 1.3% | |||
Vertiv Holdings Co. | 173,482 | 11,730,853 | |
Electronic Equipment, Instruments & Components - 8.4% | |||
Electronic Manufacturing Services - 1.6% | |||
Jabil, Inc. | 104,517 | 15,059,855 | |
Technology Distributors - 6.8% | |||
CDW Corp. | 184,567 | 45,442,241 | |
Insight Enterprises, Inc. (a) | 95,315 | 17,919,220 | |
63,361,461 | |||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | 78,421,316 | ||
Entertainment - 1.9% | |||
Interactive Home Entertainment - 1.9% | |||
Nintendo Co. Ltd. | 314,232 | 17,559,371 | |
Household Durables - 6.8% | |||
Consumer Electronics - 6.8% | |||
Panasonic Holdings Corp. | 484,219 | 4,577,628 | |
Sony Group Corp. | 675,090 | 58,157,781 | |
62,735,409 | |||
Interactive Media & Services - 1.8% | |||
Interactive Media & Services - 1.8% | |||
Meta Platforms, Inc. Class A | 33,884 | 16,607,565 | |
Semiconductors & Semiconductor Equipment - 6.1% | |||
Semiconductors - 6.1% | |||
Marvell Technology, Inc. | 80,938 | 5,800,017 | |
NVIDIA Corp. | 16,752 | 13,252,842 | |
Renesas Electronics Corp. | 440,910 | 7,285,194 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,391,160 | 30,446,633 | |
56,784,686 | |||
Software - 7.6% | |||
Systems Software - 7.6% | |||
Microsoft Corp. | 63,637 | 26,322,809 | |
Palo Alto Networks, Inc. (a) | 142,931 | 44,387,222 | |
70,710,031 | |||
Technology Hardware, Storage & Peripherals - 41.6% | |||
Technology Hardware, Storage & Peripherals - 41.6% | |||
Apple, Inc. | 435,823 | 78,775,007 | |
Dell Technologies, Inc. | 484,213 | 45,835,603 | |
FUJIFILM Holdings Corp. | 688,967 | 43,763,559 | |
Gigabyte Technology Co. Ltd. | 909,000 | 9,908,218 | |
HP, Inc. | 354,264 | 10,036,299 | |
Pure Storage, Inc. Class A (a) | 446,297 | 23,497,537 | |
Samsung Electronics Co. Ltd. (a) | 1,949,554 | 107,155,651 | |
Seagate Technology Holdings PLC | 285,963 | 26,608,857 | |
Super Micro Computer, Inc. (a) | 17,826 | 15,439,455 | |
Wiwynn Corp. | 192,210 | 14,149,610 | |
Xiaomi Corp. Class B (a)(c) | 6,068,577 | 10,246,706 | |
385,416,502 | |||
TOTAL COMMON STOCKS (Cost $574,455,664) | 915,980,426 | ||
Convertible Preferred Stocks - 0.1% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.1% | |||
Technology Distributors - 0.1% | |||
VAST Data Ltd.: | |||
Series A (d)(e) | 5,512 | 83,341 | |
Series A1 (d)(e) | 13,567 | 205,133 | |
Series A2 (d)(e) | 15,607 | 235,978 | |
Series B (d)(e) | 12,418 | 187,760 | |
Series C (d)(e) | 362 | 5,473 | |
Series E (d)(e) | 11,867 | 179,429 | |
(Cost $783,200) | 897,114 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (f) | 1,915,695 | 1,916,079 | |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 3,339,191 | 3,339,525 | |
TOTAL MONEY MARKET FUNDS (Cost $5,255,604) | 5,255,604 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $580,494,468) | 922,133,144 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 5,085,386 |
NET ASSETS - 100.0% | 927,218,530 |
(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 $10,246,706 or 1.1% 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 $897,114 or 0.1% of net assets. |
(e) | Level 3 security |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
VAST Data Ltd. Series A | 11/28/23 | 60,632 |
VAST Data Ltd. Series A1 | 11/28/23 | 149,237 |
VAST Data Ltd. Series A2 | 11/28/23 | 171,677 |
VAST Data Ltd. Series B | 11/28/23 | 136,598 |
VAST Data Ltd. Series C | 11/28/23 | 3,982 |
VAST Data Ltd. Series E | 11/28/23 | 261,074 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 1,157,038 | 103,935,452 | 103,176,411 | 153,792 | - | - | 1,916,079 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 7,106,258 | 169,118,179 | 172,884,912 | 7,541 | - | - | 3,339,525 | 0.0% |
Total | 8,263,296 | 273,053,631 | 276,061,323 | 161,333 | - | - | 5,255,604 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 915,980,426 | 797,953,819 | 118,026,607 | - |
Convertible Preferred Stocks | 897,114 | - | - | 897,114 |
Money Market Funds | 5,255,604 | 5,255,604 | - | - |
Total Investments in Securities: | 922,133,144 | 803,209,423 | 118,026,607 | 897,114 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,193,222) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $575,238,864) | $ | 916,877,540 | ||
Fidelity Central Funds (cost $5,255,604) | 5,255,604 | |||
Total Investment in Securities (cost $580,494,468) | $ | 922,133,144 | ||
Foreign currency held at value (cost $8) | 8 | |||
Receivable for investments sold | 50,186,780 | |||
Receivable for fund shares sold | 170,220 | |||
Dividends receivable | 1,046,454 | |||
Distributions receivable from Fidelity Central Funds | 21,379 | |||
Prepaid expenses | 1,237 | |||
Other receivables | 176,503 | |||
Total assets | 973,735,725 | |||
Liabilities | ||||
Payable for investments purchased | $ | 42,026,949 | ||
Payable for fund shares redeemed | 489,529 | |||
Accrued management fee | 401,435 | |||
Other affiliated payables | 142,336 | |||
Other payables and accrued expenses | 117,421 | |||
Collateral on securities loaned | 3,339,525 | |||
Total Liabilities | 46,517,195 | |||
Net Assets | $ | 927,218,530 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 582,028,590 | ||
Total accumulated earnings (loss) | 345,189,940 | |||
Net Assets | $ | 927,218,530 | ||
Net Asset Value, offering price and redemption price per share ($927,218,530 ÷ 9,295,251 shares) | $ | 99.75 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 10,531,506 | ||
Income from Fidelity Central Funds (including $7,541 from security lending) | 161,333 | |||
Total Income | 10,692,839 | |||
Expenses | ||||
Management fee | $ | 4,325,310 | ||
Transfer agent fees | 1,292,491 | |||
Accounting fees | 256,276 | |||
Custodian fees and expenses | 48,552 | |||
Independent trustees' fees and expenses | 5,000 | |||
Registration fees | 38,649 | |||
Audit | 42,845 | |||
Legal | 5,224 | |||
Interest | 4,634 | |||
Miscellaneous | 4,366 | |||
Total expenses before reductions | 6,023,347 | |||
Expense reductions | (60,916) | |||
Total expenses after reductions | 5,962,431 | |||
Net Investment income (loss) | 4,730,408 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 39,445,442 | |||
Foreign currency transactions | (110,227) | |||
Total net realized gain (loss) | 39,335,215 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 180,600,669 | |||
Assets and liabilities in foreign currencies | 29,377 | |||
Total change in net unrealized appreciation (depreciation) | 180,630,046 | |||
Net gain (loss) | 219,965,261 | |||
Net increase (decrease) in net assets resulting from operations | $ | 224,695,669 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,730,408 | $ | 5,532,964 |
Net realized gain (loss) | 39,335,215 | (33,604,003) | ||
Change in net unrealized appreciation (depreciation) | 180,630,046 | (97,845,367) | ||
Net increase (decrease) in net assets resulting from operations | 224,695,669 | (125,916,406) | ||
Distributions to shareholders | (4,572,286) | (113,303,240) | ||
Share transactions | ||||
Proceeds from sales of shares | 107,160,534 | 40,943,701 | ||
Reinvestment of distributions | 4,269,833 | 107,418,146 | ||
Cost of shares redeemed | (121,290,777) | (105,835,572) | ||
Net increase (decrease) in net assets resulting from share transactions | (9,860,410) | 42,526,275 | ||
Total increase (decrease) in net assets | 210,262,973 | (196,693,371) | ||
Net Assets | ||||
Beginning of period | 716,955,557 | 913,648,928 | ||
End of period | $ | 927,218,530 | $ | 716,955,557 |
Other Information | ||||
Shares | ||||
Sold | 1,233,562 | 520,712 | ||
Issued in reinvestment of distributions | 45,717 | 1,242,912 | ||
Redeemed | (1,366,781) | (1,384,081) | ||
Net increase (decrease) | (87,502) | 379,543 | ||
Tech Hardware Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 76.41 | $ | 101.48 | $ | 114.74 | $ | 78.64 | $ | 75.84 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .50 | .57 | .42 | .93 D | 1.51 E | |||||
Net realized and unrealized gain (loss) | 23.33 | (13.00) | 5.73 | 44.83 | 11.48 | |||||
Total from investment operations | 23.83 | (12.43) | 6.15 | 45.76 | 12.99 | |||||
Distributions from net investment income | (.49) | (.51) | (.73) F | (1.61) | (.77) | |||||
Distributions from net realized gain | - | (12.13) | (18.68) F | (8.05) | (9.42) | |||||
Total distributions | (.49) | (12.64) | (19.41) | (9.66) | (10.19) | |||||
Net asset value, end of period | $ | 99.75 | $ | 76.41 | $ | 101.48 | $ | 114.74 | $ | 78.64 |
Total Return G | 31.23% | (13.62)% | 4.72% | 62.60% | 17.80% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .73% | .73% | .72% J | .74% | .76% | |||||
Expenses net of fee waivers, if any | .72% | .73% | .72% J | .74% | .76% | |||||
Expenses net of all reductions | .72% | .73% | .72% J | .73% | .75% | |||||
Net investment income (loss) | .57% | .74% | .38% J | 1.04% D | 1.95% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 927,219 | $ | 716,956 | $ | 913,649 | $ | 770,776 | $ | 533,793 |
Portfolio turnover rate K | 39% | 30% | 99% L | 78% | 116% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Technology Portfolio | 55.15% | 24.10% | 19.22% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Technology Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 18.2 | |
NVIDIA Corp. | 15.7 | |
Apple, Inc. | 12.4 | |
Salesforce, Inc. | 4.7 | |
Marvell Technology, Inc. | 4.4 | |
ON Semiconductor Corp. | 4.3 | |
NXP Semiconductors NV | 4.3 | |
ServiceNow, Inc. | 4.2 | |
Cisco Systems, Inc. | 2.9 | |
GlobalFoundries, Inc. | 2.9 | |
74.0 | ||
Industries (% of Fund's net assets) | ||
Semiconductors & Semiconductor Equipment | 36.5 | |
Software | 32.7 | |
Technology Hardware, Storage & Peripherals | 13.3 | |
IT Services | 5.3 | |
Communications Equipment | 2.9 | |
Ground Transportation | 2.8 | |
Hotels, Restaurants & Leisure | 1.2 | |
Broadline Retail | 1.0 | |
Entertainment | 0.9 | |
Interactive Media & Services | 0.8 | |
Electronic Equipment, Instruments & Components | 0.4 | |
Chemicals | 0.1 | |
Construction & Engineering | 0.1 | |
Professional Services | 0.1 | |
Aerospace & Defense | 0.0 | |
Air Freight & Logistics | 0.0 | |
Electrical Equipment | 0.0 | |
Financial Services | 0.0 | |
Food Products | 0.0 | |
Life Sciences Tools & Services | 0.0 | |
Pharmaceuticals | 0.0 | |
Specialty Retail | 0.0 | |
Common Stocks - 97.1% | |||
Shares | Value ($) | ||
Aerospace & Defense - 0.0% | |||
Aerospace & Defense - 0.0% | |||
ABL Space Systems warrants 12/14/30 (a)(b)(c) | 19,797 | 306,260 | |
Air Freight & Logistics - 0.0% | |||
Air Freight & Logistics - 0.0% | |||
Delhivery Private Ltd. (a) | 579,000 | 3,304,480 | |
Broadline Retail - 1.0% | |||
Broadline Retail - 1.0% | |||
Amazon.com, Inc. (a) | 824,600 | 145,756,296 | |
Chemicals - 0.1% | |||
Commodity Chemicals - 0.1% | |||
LG Chemical Ltd. | 24,257 | 8,228,469 | |
Communications Equipment - 2.9% | |||
Communications Equipment - 2.9% | |||
Cisco Systems, Inc. | 8,644,573 | 418,137,996 | |
Electrical Equipment - 0.0% | |||
Electrical Components & Equipment - 0.0% | |||
ESS Tech, Inc. Class A (a) | 787,286 | 683,837 | |
Electronic Equipment, Instruments & Components - 0.3% | |||
Electronic Equipment & Instruments - 0.3% | |||
Keysight Technologies, Inc. (a) | 295,300 | 45,564,790 | |
Entertainment - 0.9% | |||
Movies & Entertainment - 0.9% | |||
Netflix, Inc. (a) | 222,630 | 134,228,080 | |
Food Products - 0.0% | |||
Agricultural Products & Services - 0.0% | |||
Local Bounti Corp. (a) | 118,993 | 326,041 | |
Ground Transportation - 2.8% | |||
Passenger Ground Transportation - 2.8% | |||
Lyft, Inc. (a) | 1,718,528 | 27,290,225 | |
Uber Technologies, Inc. (a) | 4,685,338 | 372,484,371 | |
399,774,596 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Hotels, Resorts & Cruise Lines - 1.1% | |||
Airbnb, Inc. Class A (a) | 1,024,609 | 161,345,179 | |
Restaurants - 0.1% | |||
Deliveroo PLC Class A (a)(d) | 6,252,898 | 8,666,550 | |
TOTAL HOTELS, RESTAURANTS & LEISURE | 170,011,729 | ||
Interactive Media & Services - 0.6% | |||
Interactive Media & Services - 0.6% | |||
Epic Games, Inc. (a)(b)(c) | 17,917 | 12,292,137 | |
Snap, Inc. Class A (a) | 6,392,110 | 70,441,052 | |
82,733,189 | |||
IT Services - 5.3% | |||
Internet Services & Infrastructure - 5.3% | |||
MongoDB, Inc. Class A (a) | 334,414 | 149,677,018 | |
Okta, Inc. (a) | 3,664,706 | 393,222,954 | |
Shopify, Inc. Class A (a) | 2,807,100 | 214,378,227 | |
757,278,199 | |||
IT Consulting & Other Services - 0.0% | |||
Thoughtworks Holding, Inc. (a) | 1,329,904 | 4,149,300 | |
TOTAL IT SERVICES | 761,427,499 | ||
Life Sciences Tools & Services - 0.0% | |||
Life Sciences Tools & Services - 0.0% | |||
Eden Biologics, Inc. (a)(c) | 1,015,442 | 0 | |
Pharmaceuticals - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Chime Biologics Wuhan Co. Ltd. (a)(c) | 1,015,442 | 528,873 | |
Semiconductors & Semiconductor Equipment - 36.3% | |||
Semiconductor Materials & Equipment - 2.3% | |||
ASML Holding NV (Netherlands) | 154,850 | 146,952,948 | |
Teradyne, Inc. | 1,662,328 | 172,200,558 | |
319,153,506 | |||
Semiconductors - 34.0% | |||
Arm Holdings Ltd. ADR (e) | 693,700 | 97,839,448 | |
GlobalFoundries, Inc. (a) | 7,504,249 | 410,257,293 | |
Marvell Technology, Inc. | 8,896,860 | 637,548,988 | |
Microchip Technology, Inc. | 166,118 | 13,977,169 | |
NVIDIA Corp. | 2,843,374 | 2,249,450,039 | |
NXP Semiconductors NV | 2,442,122 | 609,871,127 | |
ON Semiconductor Corp. (a) | 7,812,638 | 616,573,391 | |
Renesas Electronics Corp. | 1 | 17 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,628,488 | 232,612,835 | |
Xsight Labs Ltd. warrants 1/11/34 (a)(b)(c) | 71,863 | 131,509 | |
4,868,261,816 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 5,187,415,322 | ||
Software - 32.4% | |||
Application Software - 9.3% | |||
Algolia, Inc. (a)(b)(c) | 153,503 | 2,578,850 | |
Bill Holdings, Inc. (a) | 1,255,600 | 79,517,148 | |
CCC Intelligent Solutions Holdings, Inc. (a)(b) | 102,045 | 1,194,947 | |
Convoy, Inc. warrants (a)(b)(c) | 13,357 | 0 | |
CoreWeave, Inc. (b)(c) | 57,100 | 20,792,965 | |
Datadog, Inc. Class A (a) | 1,198,447 | 157,547,843 | |
Dynatrace, Inc. (a) | 2,100,700 | 104,089,685 | |
HashiCorp, Inc. (a)(e) | 2,903,794 | 75,701,910 | |
HubSpot, Inc. (a) | 120,076 | 74,304,230 | |
Intuit, Inc. | 44,913 | 29,772,379 | |
Manhattan Associates, Inc. (a) | 320,357 | 81,156,039 | |
Nutanix, Inc. Class A (a) | 72,872 | 4,602,596 | |
Palantir Technologies, Inc. (a) | 1,160,000 | 29,092,800 | |
Salesforce, Inc. | 2,162,252 | 667,746,663 | |
Stripe, Inc. Class B (a)(b)(c) | 38,600 | 980,054 | |
Urgent.ly, Inc. (e) | 36,161 | 77,023 | |
1,329,155,132 | |||
Systems Software - 23.1% | |||
Microsoft Corp. | 6,303,886 | 2,607,539,401 | |
Palo Alto Networks, Inc. (a) | 342,900 | 106,487,595 | |
ServiceNow, Inc. (a) | 772,731 | 596,038,330 | |
3,310,065,326 | |||
TOTAL SOFTWARE | 4,639,220,458 | ||
Specialty Retail - 0.0% | |||
Automotive Retail - 0.0% | |||
Cazoo Group Ltd. (a)(b) | 72 | 312 | |
Cazoo Group Ltd.: | |||
warrants (a) | 78 | 2 | |
warrants (a) | 86 | 0 | |
warrants (a) | 95 | 0 | |
314 | |||
Technology Hardware, Storage & Peripherals - 13.3% | |||
Technology Hardware, Storage & Peripherals - 13.3% | |||
Apple, Inc. | 9,778,550 | 1,767,472,913 | |
Seagate Technology Holdings PLC | 716,960 | 66,713,128 | |
Super Micro Computer, Inc. (a) | 71,500 | 61,927,580 | |
1,896,113,621 | |||
TOTAL COMMON STOCKS (Cost $7,566,435,379) | 13,893,761,850 | ||
Preferred Stocks - 1.0% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.9% | |||
Aerospace & Defense - 0.0% | |||
Aerospace & Defense - 0.0% | |||
ABL Space Systems: | |||
Series B(a)(b)(c) | 98,000 | 2,865,520 | |
Series B2(a)(b)(c) | 74,989 | 2,385,400 | |
Series C1(b)(c) | 26,396 | 658,052 | |
5,908,972 | |||
Communications Equipment - 0.0% | |||
Communications Equipment - 0.0% | |||
Astranis Space Technologies Corp. Series C (a)(b)(c) | 605,440 | 6,671,949 | |
Construction & Engineering - 0.1% | |||
Construction & Engineering - 0.1% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 72,591 | 8,256,500 | |
Electronic Equipment, Instruments & Components - 0.1% | |||
Technology Distributors - 0.1% | |||
VAST Data Ltd.: | |||
Series A(b)(c) | 74,785 | 1,130,749 | |
Series A1(b)(c) | 184,071 | 2,783,154 | |
Series A2(b)(c) | 211,741 | 3,201,524 | |
Series B(b)(c) | 168,485 | 2,547,493 | |
Series C(b)(c) | 4,912 | 74,269 | |
Series E(b)(c) | 160,999 | 2,434,305 | |
12,171,494 | |||
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Akeana Series C (b)(c) | 88,100 | 1,120,632 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Casinos & Gaming - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 1,300 | 326,742 | |
Interactive Media & Services - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 70,707 | 15,635,439 | |
Reddit, Inc.: | |||
Series D(a)(b)(c) | 250,861 | 7,342,701 | |
Series E(a)(b)(c) | 14,400 | 421,488 | |
23,399,628 | |||
Semiconductors & Semiconductor Equipment - 0.2% | |||
Semiconductor Materials & Equipment - 0.2% | |||
Astera Labs, Inc.: | |||
Series A(a)(b)(c) | 175,766 | 3,729,755 | |
Series B(a)(b)(c) | 29,926 | 635,030 | |
Series C(a)(b)(c) | 172,100 | 3,651,962 | |
Series D(a)(b)(c) | 721,728 | 15,315,068 | |
23,331,815 | |||
Semiconductors - 0.0% | |||
Retym, Inc. Series C (b)(c) | 324,475 | 2,715,856 | |
Xsight Labs Ltd.: | |||
Series D(a)(b)(c) | 281,500 | 1,444,095 | |
Series D1(b)(c) | 239,542 | 1,775,006 | |
5,934,957 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 29,266,772 | ||
Software - 0.3% | |||
Application Software - 0.3% | |||
Algolia, Inc. Series D (a)(b)(c) | 109,867 | 1,845,766 | |
Bolt Technology OU Series E (a)(b)(c) | 40,842 | 4,774,844 | |
Convoy, Inc. Series D (a)(b)(c) | 203,844 | 2 | |
Databricks, Inc.: | |||
Series G(a)(b)(c) | 45,012 | 3,693,235 | |
Series H(a)(b)(c) | 174,018 | 14,278,177 | |
Series I(b)(c) | 2,969 | 243,606 | |
Skyryse, Inc. Series B (a)(b)(c) | 121,800 | 2,473,758 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 17,100 | 434,169 | |
Series I(b)(c) | 487,275 | 12,371,912 | |
40,115,469 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc.: | |||
Series C(b)(c) | 191,790 | 4,186,776 | |
Series C2(b)(c) | 30,125 | 780,238 | |
4,967,014 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 132,205,172 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
IT Services - 0.0% | |||
Internet Services & Infrastructure - 0.0% | |||
Gupshup, Inc. (a)(b)(c) | 257,284 | 2,886,726 | |
Professional Services - 0.1% | |||
Data Processing & Outsourced Services - 0.1% | |||
Checkr, Inc. Series E (a)(c) | 711,000 | 6,335,010 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 9,221,736 | ||
TOTAL PREFERRED STOCKS (Cost $150,317,018) | 141,426,908 | ||
Corporate Bonds - 0.0% | |||
Principal Amount (f) | Value ($) | ||
Convertible Bonds - 0.0% | |||
Software - 0.0% | |||
Application Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (b)(c) | 88,955 | 0 | |
Nonconvertible Bonds - 0.0% | |||
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (b)(c) | 8,859,733 | 8,871,251 | |
TOTAL CORPORATE BONDS (Cost $8,948,688) | 8,871,251 | ||
Money Market Funds - 4.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) | 507,945,200 | 508,046,789 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 107,687,224 | 107,697,992 | |
TOTAL MONEY MARKET FUNDS (Cost $615,744,781) | 615,744,781 | ||
TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $8,341,445,866) | 14,659,804,790 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (349,791,135) |
NET ASSETS - 100.0% | 14,310,013,655 |
(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 $182,240,183 or 1.3% of net assets. |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,666,550 or 0.1% of net assets. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ABL Space Systems warrants 12/14/30 | 12/14/23 | 0 |
ABL Space Systems Series B | 3/24/21 | 4,413,489 |
ABL Space Systems Series B2 | 10/22/21 | 5,098,960 |
ABL Space Systems Series C1 | 12/14/23 | 863,181 |
Akeana Series C | 1/23/24 | 1,124,226 |
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 |
CoreWeave, Inc. | 11/29/23 | 17,693,006 |
Databricks, Inc. Series G | 2/01/21 | 2,661,228 |
Databricks, Inc. Series H | 8/31/21 | 12,787,562 |
Databricks, Inc. Series I | 9/14/23 | 218,222 |
Discord, Inc. Series I | 9/15/21 | 715,812 |
Epic Games, Inc. | 3/29/21 | 15,856,545 |
Gupshup, Inc. | 6/08/21 | 5,882,850 |
Lightmatter, Inc. Series C | 5/19/23 | 3,156,250 |
Lightmatter, Inc. Series C2 | 12/18/23 | 783,304 |
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 |
VAST Data Ltd. Series A | 11/28/23 | 822,635 |
VAST Data Ltd. Series A1 | 11/28/23 | 2,024,781 |
VAST Data Ltd. Series A2 | 11/28/23 | 2,329,151 |
VAST Data Ltd. Series B | 11/28/23 | 1,853,335 |
VAST Data Ltd. Series C | 11/28/23 | 54,032 |
VAST Data Ltd. Series E | 11/28/23 | 3,541,978 |
Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
Xsight Labs Ltd. Series D | 2/16/21 | 2,250,874 |
Xsight Labs Ltd. Series D1 | 1/11/24 | 1,915,378 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 107,665,457 | 2,591,221,739 | 2,190,840,407 | 16,324,127 | - | - | 508,046,789 | 0.9% |
Fidelity Securities Lending Cash Central Fund 5.39% | 184,970,192 | 933,114,475 | 1,010,386,675 | 151,202 | - | - | 107,697,992 | 0.3% |
Total | 292,635,649 | 3,524,336,214 | 3,201,227,082 | 16,475,329 | - | - | 615,744,781 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 13,893,761,850 | 13,476,585,400 | 379,565,802 | 37,610,648 |
Preferred Stocks | 141,426,908 | - | - | 141,426,908 |
Corporate Bonds | 8,871,251 | - | - | 8,871,251 |
Money Market Funds | 615,744,781 | 615,744,781 | - | - |
Total Investments in Securities: | 14,659,804,790 | 14,092,330,181 | 379,565,802 | 187,908,807 |
Investments in Securities: | |||
Beginning Balance | $ | 137,894,570 | |
Net Realized Gain (Loss) on Investment Securities | (9,916,786) | ||
Net Unrealized Gain (Loss) on Investment Securities | 21,709,440 | ||
Cost of Purchases | 57,664,029 | ||
Proceeds of Sales | (19,442,446) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 187,908,807 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 29, 2024 | $ | 8,243,369 | |
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 | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $110,102,466) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $7,725,701,085) | $ | 14,044,060,009 | ||
Fidelity Central Funds (cost $615,744,781) | 615,744,781 | |||
Total Investment in Securities (cost $8,341,445,866) | $ | 14,659,804,790 | ||
Receivable for investments sold | 79,288,303 | |||
Receivable for fund shares sold | 11,091,454 | |||
Dividends receivable | 5,055,232 | |||
Interest receivable | 181,421 | |||
Distributions receivable from Fidelity Central Funds | 2,878,690 | |||
Prepaid expenses | 16,589 | |||
Other receivables | 401,899 | |||
Total assets | 14,758,718,378 | |||
Liabilities | ||||
Payable for investments purchased | $ | 322,976,095 | ||
Payable for fund shares redeemed | 9,738,103 | |||
Accrued management fee | 6,020,241 | |||
Other affiliated payables | 1,729,145 | |||
Other payables and accrued expenses | 558,339 | |||
Collateral on securities loaned | 107,682,800 | |||
Total Liabilities | 448,704,723 | |||
Net Assets | $ | 14,310,013,655 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 8,109,390,602 | ||
Total accumulated earnings (loss) | 6,200,623,053 | |||
Net Assets | $ | 14,310,013,655 | ||
Net Asset Value, offering price and redemption price per share ($14,310,013,655 ÷ 450,792,893 shares) | $ | 31.74 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 58,244,909 | ||
Interest | 181,421 | |||
Income from Fidelity Central Funds (including $151,202 from security lending) | 16,475,329 | |||
Total Income | 74,901,659 | |||
Expenses | ||||
Management fee | $ | 58,939,686 | ||
Transfer agent fees | 16,149,278 | |||
Accounting fees | 1,232,327 | |||
Custodian fees and expenses | 125,246 | |||
Independent trustees' fees and expenses | 65,162 | |||
Registration fees | 220,815 | |||
Audit | 62,274 | |||
Legal | 6,851 | |||
Miscellaneous | 55,099 | |||
Total expenses before reductions | 76,856,738 | |||
Expense reductions | (825,386) | |||
Total expenses after reductions | 76,031,352 | |||
Net Investment income (loss) | (1,129,693) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 580,104,694 | |||
Foreign currency transactions | 3,333 | |||
Total net realized gain (loss) | 580,108,027 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of increase in deferred foreign taxes of $97,363) | 4,312,037,153 | |||
Unfunded commitments | 1,200,024 | |||
Assets and liabilities in foreign currencies | 10,815 | |||
Total change in net unrealized appreciation (depreciation) | 4,313,247,992 | |||
Net gain (loss) | 4,893,356,019 | |||
Net increase (decrease) in net assets resulting from operations | $ | 4,892,226,326 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,129,693) | $ | 2,170,234 |
Net realized gain (loss) | 580,108,027 | (394,091,769) | ||
Change in net unrealized appreciation (depreciation) | 4,313,247,992 | (1,344,233,911) | ||
Net increase (decrease) in net assets resulting from operations | 4,892,226,326 | (1,736,155,446) | ||
Distributions to shareholders | (1,273,314) | (310,416,447) | ||
Share transactions | ||||
Proceeds from sales of shares | 2,741,241,000 | 1,126,004,874 | ||
Reinvestment of distributions | 1,184,140 | 291,925,397 | ||
Cost of shares redeemed | (1,959,510,832) | (1,789,000,437) | ||
Net increase (decrease) in net assets resulting from share transactions | 782,914,308 | (371,070,166) | ||
Total increase (decrease) in net assets | 5,673,867,320 | (2,417,642,059) | ||
Net Assets | ||||
Beginning of period | 8,636,146,335 | 11,053,788,394 | ||
End of period | $ | 14,310,013,655 | $ | 8,636,146,335 |
Other Information | ||||
Shares | ||||
Sold | 104,004,472 | 54,722,947 | ||
Issued in reinvestment of distributions | 54,192 | 12,438,232 | ||
Redeemed | (75,265,716) | (88,698,413) | ||
Net increase (decrease) | 28,792,948 | (21,537,234) | ||
Technology Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.46 | $ | 24.92 | $ | 27.53 | $ | 19.65 | $ | 15.45 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | - D | .01 | (.06) | (.03) | .05 | |||||
Net realized and unrealized gain (loss) | 11.28 | (3.76) | .83 | 12.98 | 4.52 | |||||
Total from investment operations | 11.28 | (3.75) | .77 | 12.95 | 4.57 | |||||
Distributions from net investment income | - D | - | - | (.03) | (.05) | |||||
Distributions from net realized gain | - | (.71) | (3.38) | (5.04) | (.32) | |||||
Total distributions | - D | (.71) | (3.38) | (5.07) | (.37) | |||||
Net asset value, end of period | $ | 31.74 | $ | 20.46 | $ | 24.92 | $ | 27.53 | $ | 19.65 |
Total Return E | 55.15% | (15.43)% | 1.91% | 69.87% | 29.57% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .68% | .70% | .67% | .69% | .71% | |||||
Expenses net of fee waivers, if any | .68% | .69% | .67% | .69% | .71% | |||||
Expenses net of all reductions | .68% | .69% | .67% | .68% | .71% | |||||
Net investment income (loss) | (.01)% | .02% | (.23)% | (.13)% | .30% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 14,310,014 | $ | 8,636,146 | $ | 11,053,788 | $ | 11,986,342 | $ | 6,558,578 |
Portfolio turnover rate H | 29% | 24% | 87% | 107% | 32% I |
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 | $179,037,556 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.7 - 30.8 / 8.5 | Increase |
Market approach | Transaction price | $8.00 | Increase | ||
Discount rate | 75.0% | Decrease | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.4% - 4.5% / 4.4% | Increase | ||
Term | 3.0 - 4.0 / 3.3 | Increase | |||
Volatility | 50.0% - 80.0% / 69.4% | Increase | |||
Corporate Bonds | $8,871,251 | Discounted cash flow | Discount rate | 3.4% | Decrease |
Recovery value | Recovery value | $0.00 | Increase |
Semiconductors Portfolio | $219,774 |
Software and IT Services Portfolio | 384,571 |
Tech Hardware Portfolio | 63,357 |
Technology Portfolio | 362,319 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Enterprise Technology Services Portfolio | $1,376,711,646 | $1,145,185,924 | $ (3,363,002) | $1,141,822,922 |
Semiconductors Portfolio | 8,900,766,744 | 7,287,142,438 | (175,469,996) | 7,111,672,442 |
Software and IT Services Portfolio | 5,832,831,658 | 6,995,088,715 | (289,200,802) | 6,705,887,913 |
Tech Hardware Portfolio | 582,287,377 | 354,628,784 | (14,783,017) | 339,845,767 |
Technology Portfolio | 8,457,378,851 | 6,624,905,539 | (422,479,600) | 6,202,425,939 |
Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Enterprise Technology Services Portfolio | $94,999 | $112,850,312 | $ - | $1,141,811,494 |
Semiconductors Portfolio | - | - | - | 7,111,671,917 |
Software and IT Services Portfolio | 59,833,873 | 157,416,323 | - | 6,705,784,617 |
Tech Hardware Portfolio | 93,721 | 5,440,630 | - | 339,709,951 |
Technology Portfolio | - | - | (1,695,501) | 6,202,415,917 |
Short-term | Long-term | Total capital loss carryforward | |
Technology Portfolio | $(1,695,501) | $- | $(1,695,501) |
Capital losses | Ordinary losses | |
Semiconductors Portfolio | $(8,798,655) | $(6,539,492) |
February 29, 2024 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Enterprise Technology Services Portfolio | $148,388 | $74,785,339 | $74,933,727 |
Semiconductors Portfolio | 11,274,392 | 807,586,647 | 818,861,039 |
Software and IT Services Portfolio | 2,394,647 | 850,735,883 | 853,130,530 |
Tech Hardware Portfolio | 4,572,286 | - | 4,572,286 |
Technology Portfolio | 1,273,314 | - | 1,273,314 |
February 28, 2023 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Enterprise Technology Services Portfolio | $469,696 | $302,093,148 | $302,562,844 |
Semiconductors Portfolio | 10,523,254 | 391,193,651 | 401,716,905 |
Software and IT Services Portfolio | - | 738,727,367 | 738,727,367 |
Tech Hardware Portfolio | 20,911,542 | 92,391,698 | 113,303,240 |
Technology Portfolio | - | 310,416,447 | 310,416,447 |
Purchases ($) | Sales ($) | |
Enterprise Technology Services Portfolio | 695,616,672 | 1,161,813,422 |
Semiconductors Portfolio | 5,576,001,876 | 3,410,585,964 |
Software and IT Services Portfolio | 3,198,433,873 | 3,766,600,094 |
Tech Hardware Portfolio | 323,485,160 | 335,432,845 |
Technology Portfolio | 3,846,229,294 | 3,231,222,699 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Semiconductors Portfolio | 25,960,540 | 739,916,327 | 760,643,821 |
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 | 0.1690% |
Semiconductors Portfolio | 0.1343% |
Software and IT Services Portfolio | 0.1408% |
Tech Hardware Portfolio | 0.1541% |
Technology Portfolio | 0.1393% |
Enterprise Technology Services Portfolio | .17% |
Semiconductors Portfolio | .14% |
Software and IT Services Portfolio | .14% |
Tech Hardware Portfolio | .16% |
Technology Portfolio | .14% |
% of Average Net Assets | |
Enterprise Technology Services Portfolio | 0.0267% |
Semiconductors Portfolio | 0.0107% |
Software and IT Services Portfolio | 0.0112% |
Tech Hardware Portfolio | 0.0307% |
Technology Portfolio | 0.0104% |
% 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 |
Maximum Management Fee Rate % | |
Enterprise Technology Services Portfolio | 0.69 |
Semiconductors Portfolio | 0.64 |
Software and IT Services Portfolio | 0.64 |
Tech Hardware Portfolio | 0.68 |
Technology Portfolio | 0.64 |
Amount | |
Enterprise Technology Services Portfolio | $18,408 |
Semiconductors Portfolio | 37,333 |
Software and IT Services Portfolio | 18,161 |
Tech Hardware Portfolio | 6,398 |
Technology Portfolio | 28,383 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Enterprise Technology Services Portfolio | Borrower | $7,202,421 | 5.39% | $20,487 |
Semiconductors Portfolio | Borrower | $35,134,000 | 5.55% | $48,709 |
Tech Hardware Portfolio | Borrower | $4,200,000 | 5.57% | $4,548 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Enterprise Technology Services Portfolio | 33,775,118 | 93,874,004 | 28,333,594 |
Semiconductors Portfolio | 243,232,497 | 166,693,999 | 72,577,055 |
Software and IT Services Portfolio | 134,157,858 | 132,949,867 | 15,034,874 |
Tech Hardware Portfolio | 13,052,164 | 15,323,765 | 93,577 |
Technology Portfolio | 206,606,119 | 123,174,840 | 20,759,639 |
Amount | |
Enterprise Technology Services Portfolio | $3,559 |
Semiconductors Portfolio | 16,541 |
Software and IT Services Portfolio | 17,231 |
Tech Hardware Portfolio | 1,385 |
Technology Portfolio | 18,033 |
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 | $21,115 | $24 | $- |
Semiconductors Portfolio | $256,475 | $135,650 | $- |
Software and IT Services Portfolio | $1,523 | $- | $- |
Tech Hardware Portfolio | $757 | $- | $- |
Technology Portfolio | $15,665 | $- | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Enterprise Technology Services Portfolio | $2,407,000 | 5.83% | $1,559 |
Tech Hardware Portfolio | $532,000 | 5.83% | $86 |
Custodian credits | |
Semiconductors Portfolio | $2,116 |
Software and IT Services Portfolio | 12,290 |
Technology Portfolio | 2,771 |
Amount | |
Enterprise Technology Services Portfolio | $148,533 |
Semiconductors Portfolio | 769,868 |
Software and IT Services Portfolio | 773,227 |
Tech Hardware Portfolio | 60,916 |
Technology Portfolio | 822,615 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Enterprise Technology Services Portfolio ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,159.80 | $ 3.87 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.28 | $ 3.62 | |||||||
Semiconductors Portfolio ** | .67% | |||||||||
Actual | $ 1,000 | $ 1,273.70 | $ 3.79 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.37 | |||||||
Software and IT Services Portfolio ** | .67% | |||||||||
Actual | $ 1,000 | $ 1,193.40 | $ 3.65 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.37 | |||||||
Tech Hardware Portfolio | .71% | |||||||||
Actual | $ 1,000 | $ 1,147.70 | $ 3.79 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.33 | $ 3.57 | |||||||
Technology Portfolio ** | .67% | |||||||||
Actual | $ 1,000 | $ 1,184.30 | $ 3.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.53 | $ 3.37 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Enterprise Technology Services Portfolio | .67% | |||||
Actual | $ 3.60 | |||||
Hypothetical- B | $ 3.37 | |||||
Semiconductors Portfolio | .64% | |||||
Actual | $ 3.62 | |||||
Hypothetical- B | $ 3.22 | |||||
Software and IT Services Portfolio | .63% | |||||
Actual | $ 3.44 | |||||
Hypothetical- B | $ 3.17 | |||||
Technology Portfolio | .63% | |||||
Actual | $ 3.42 | |||||
Hypothetical- B | $ 3.17 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Enterprise Technology Services Portfolio | $201,442,697 |
Semiconductors Portfolio | $846,285,013 |
Software and IT Services Portfolio | $999,399,089 |
Tech Hardware Portfolio | $5,440,630 |
Enterprise Technology Services Portfolio | |
April 2023 | 100% |
December 2023 | - |
Semiconductors Portfolio | |
April 2023 | - |
December 2023 | 100% |
Software and IT Services Portfolio | |
April 2023 | - |
December 2023 | 100% |
Tech Hardware Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Technology Portfolio | |
April 2023 | 100% |
December 2023 | - |
Enterprise Technology Services Portfolio | |
April 2023 | 100% |
December 2023 | - |
Semiconductors Portfolio | |
April 2023 | - |
December 2023 | 100% |
Software and IT Services Portfolio | |
April 2023 | - |
December 2023 | 100% |
Tech Hardware Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Technology Portfolio | |
April 2023 | 100% |
December 2023 | - |
April, 2023 | December, 2023 | |
Software and IT Services Portfolio | - | 100% |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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 | 1,014,356,876.34 | 87.78 |
Against | 72,900,611.86 | 6.31 |
Abstain | 68,266,518.87 | 5.91 |
TOTAL | 1155524007.07.60 | 100.00 |
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95784_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95784_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Automotive Portfolio | 23.02% | 16.34% | 9.34% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Automotive Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Toyota Motor Corp. sponsored ADR | 13.4 | |
O'Reilly Automotive, Inc. | 10.1 | |
General Motors Co. | 9.8 | |
Tesla, Inc. | 7.4 | |
Aptiv PLC | 5.6 | |
Ferrari NV | 4.8 | |
AutoZone, Inc. | 4.6 | |
Li Auto, Inc. ADR | 4.5 | |
Autoliv, Inc. | 4.2 | |
LKQ Corp. | 3.7 | |
68.1 | ||
Industries (% of Fund's net assets) | ||
Automobiles | 49.8 | |
Specialty Retail | 20.0 | |
Automobile Components | 18.1 | |
Distributors | 5.0 | |
Commercial Services & Supplies | 3.8 | |
Ground Transportation | 2.0 | |
Semiconductors & Semiconductor Equipment | 1.0 | |
Electronic Equipment, Instruments & Components | 0.0 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Automobile Components - 18.1% | |||
Automotive Parts & Equipment - 18.1% | |||
Adient PLC (a) | 32,713 | 1,110,279 | |
Aptiv PLC (a) | 69,195 | 5,500,311 | |
Autoliv, Inc. | 35,348 | 4,101,428 | |
Cie Automotive SA | 25,288 | 672,896 | |
Lear Corp. | 17,584 | 2,415,162 | |
Magna International, Inc. Class A (sub. vtg.) | 59,803 | 3,295,191 | |
Novem Group SA | 109,263 | 741,614 | |
17,836,881 | |||
Automobiles - 49.8% | |||
Automobile Manufacturers - 49.8% | |||
Ferrari NV | 11,046 | 4,692,009 | |
Ford Motor Co. | 177,454 | 2,207,528 | |
General Motors Co. | 235,708 | 9,659,314 | |
Honda Motor Co. Ltd. sponsored ADR (b) | 43,258 | 1,539,552 | |
Li Auto, Inc. ADR (a)(b) | 97,493 | 4,472,979 | |
NIO, Inc. sponsored ADR (a)(b) | 74,300 | 427,225 | |
Rivian Automotive, Inc. (a)(b) | 74,097 | 838,778 | |
Stellantis NV (b) | 136,763 | 3,591,396 | |
Tesla, Inc. (a) | 36,084 | 7,284,638 | |
Toyota Motor Corp. sponsored ADR (b) | 54,744 | 13,168,670 | |
XPeng, Inc. ADR (a)(b) | 122,857 | 1,158,542 | |
49,040,631 | |||
Commercial Services & Supplies - 3.8% | |||
Diversified Support Services - 3.8% | |||
ACV Auctions, Inc. Class A (a) | 84,573 | 1,501,171 | |
Copart, Inc. | 42,567 | 2,262,436 | |
3,763,607 | |||
Distributors - 5.0% | |||
Distributors - 5.0% | |||
Genuine Parts Co. | 8,533 | 1,273,636 | |
LKQ Corp. | 70,505 | 3,686,706 | |
4,960,342 | |||
Ground Transportation - 2.0% | |||
Passenger Ground Transportation - 2.0% | |||
Uber Technologies, Inc. (a) | 24,895 | 1,979,153 | |
Semiconductors & Semiconductor Equipment - 1.0% | |||
Semiconductors - 1.0% | |||
ON Semiconductor Corp. (a) | 12,032 | 949,565 | |
Specialty Retail - 20.0% | |||
Automotive Retail - 20.0% | |||
AutoZone, Inc. (a) | 1,507 | 4,530,072 | |
Carvana Co. Class A (a)(b) | 21,384 | 1,623,687 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 12,120 | 3,624,607 | |
O'Reilly Automotive, Inc. (a) | 9,162 | 9,962,942 | |
19,741,308 | |||
TOTAL COMMON STOCKS (Cost $55,627,052) | 98,271,487 | ||
Convertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
Electronic Equipment, Instruments & Components - 0.0% | |||
Electronic Components - 0.0% | |||
CelLink Corp. Series D (a)(c)(d) (Cost $77,048) | 3,700 | 34,817 | |
Money Market Funds - 19.0% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) (Cost $18,677,977) | 18,676,110 | 18,677,977 | |
TOTAL INVESTMENT IN SECURITIES - 118.7% (Cost $74,382,077) | 116,984,281 |
NET OTHER ASSETS (LIABILITIES) - (18.7)% | (18,443,646) |
NET ASSETS - 100.0% | 98,540,635 |
(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 $34,817 or 0.0% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 311,913 | 39,698,934 | 40,010,847 | 27,716 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 19,448,485 | 232,077,174 | 232,847,682 | 180,416 | - | - | 18,677,977 | 0.1% |
Total | 19,760,398 | 271,776,108 | 272,858,529 | 208,132 | - | - | 18,677,977 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 98,271,487 | 98,271,487 | - | - |
Convertible Preferred Stocks | 34,817 | - | - | 34,817 |
Money Market Funds | 18,677,977 | 18,677,977 | - | - |
Total Investments in Securities: | 116,984,281 | 116,949,464 | - | 34,817 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $18,524,552) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $55,704,100) | $ | 98,306,304 | ||
Fidelity Central Funds (cost $18,677,977) | 18,677,977 | |||
Total Investment in Securities (cost $74,382,077) | $ | 116,984,281 | ||
Receivable for investments sold | 842,215 | |||
Receivable for fund shares sold | 117,530 | |||
Dividends receivable | 129,231 | |||
Distributions receivable from Fidelity Central Funds | 9,014 | |||
Prepaid expenses | 146 | |||
Other receivables | 3,102 | |||
Total assets | 118,085,519 | |||
Liabilities | ||||
Payable to custodian bank | $ | 635,126 | ||
Payable for fund shares redeemed | 134,455 | |||
Accrued management fee | 41,733 | |||
Other affiliated payables | 18,848 | |||
Other payables and accrued expenses | 37,154 | |||
Collateral on securities loaned | 18,677,568 | |||
Total Liabilities | 19,544,884 | |||
Net Assets | $ | 98,540,635 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 67,254,558 | ||
Total accumulated earnings (loss) | 31,286,077 | |||
Net Assets | $ | 98,540,635 | ||
Net Asset Value, offering price and redemption price per share ($98,540,635 ÷ 1,756,944 shares) | $ | 56.09 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 1,712,497 | ||
Income from Fidelity Central Funds (including $180,416 from security lending) | 208,132 | |||
Total Income | 1,920,629 | |||
Expenses | ||||
Management fee | $ | 591,272 | ||
Transfer agent fees | 274,629 | |||
Accounting fees | 40,010 | |||
Custodian fees and expenses | 15,544 | |||
Independent trustees' fees and expenses | 739 | |||
Registration fees | 27,941 | |||
Audit | 40,084 | |||
Legal | 547 | |||
Interest | 1,700 | |||
Miscellaneous | 509 | |||
Total expenses before reductions | 992,975 | |||
Expense reductions | (8,440) | |||
Total expenses after reductions | 984,535 | |||
Net Investment income (loss) | 936,094 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 3,167,881 | |||
Foreign currency transactions | 9,168 | |||
Total net realized gain (loss) | 3,177,049 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 14,599,482 | |||
Assets and liabilities in foreign currencies | 300 | |||
Total change in net unrealized appreciation (depreciation) | 14,599,782 | |||
Net gain (loss) | 17,776,831 | |||
Net increase (decrease) in net assets resulting from operations | $ | 18,712,925 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 936,094 | $ | 848,956 |
Net realized gain (loss) | 3,177,049 | (14,147,544) | ||
Change in net unrealized appreciation (depreciation) | 14,599,782 | (16,316,208) | ||
Net increase (decrease) in net assets resulting from operations | 18,712,925 | (29,614,796) | ||
Distributions to shareholders | (934,081) | (2,701,513) | ||
Share transactions | ||||
Proceeds from sales of shares | 62,471,091 | 45,458,045 | ||
Reinvestment of distributions | 852,504 | 2,537,929 | ||
Cost of shares redeemed | (89,040,975) | (74,376,081) | ||
Net increase (decrease) in net assets resulting from share transactions | (25,717,380) | (26,380,107) | ||
Total increase (decrease) in net assets | (7,938,536) | (58,696,416) | ||
Net Assets | ||||
Beginning of period | 106,479,171 | 165,175,587 | ||
End of period | $ | 98,540,635 | $ | 106,479,171 |
Other Information | ||||
Shares | ||||
Sold | 1,216,841 | 949,641 | ||
Issued in reinvestment of distributions | 16,302 | 51,998 | ||
Redeemed | (1,791,277) | (1,606,800) | ||
Net increase (decrease) | (558,134) | (605,161) | ||
Automotive Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 45.99 | $ | 56.56 | $ | 54.21 | $ | 34.91 | $ | 33.29 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .41 | .34 D | .23 E | .05 F | .46 G | |||||
Net realized and unrealized gain (loss) | 10.14 | (9.86) | 3.82 | 23.73 | 2.67 H | |||||
Total from investment operations | 10.55 | (9.52) | 4.05 | 23.78 | 3.13 | |||||
Distributions from net investment income | (.45) | (.28) | (.29) | (.01) | (.49) I | |||||
Distributions from net realized gain | - | (.77) | (1.40) | (4.47) | (1.02) I | |||||
Total distributions | (.45) | (1.05) | (1.70) J | (4.48) | (1.51) | |||||
Net asset value, end of period | $ | 56.09 | $ | 45.99 | $ | 56.56 | $ | 54.21 | $ | 34.91 |
Total Return K | 23.02% | (16.92)% | 7.20% | 78.19% | 9.14% H | |||||
Ratios to Average Net Assets C,L,M | ||||||||||
Expenses before reductions | .88% | .89% | .80% | .88% | 1.00% | |||||
Expenses net of fee waivers, if any | .87% | .88% | .80% | .88% | 1.00% | |||||
Expenses net of all reductions | .87% | .88% | .80% | .87% | .99% | |||||
Net investment income (loss) | .83% | .73% D | .37% E | .10% F | 1.33% G | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 98,541 | $ | 106,479 | $ | 165,176 | $ | 198,225 | $ | 36,480 |
Portfolio turnover rate N | 60% | 54% | 69% | 56% | 45% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 42.98% | 12.72% | 9.81% |
Class M (incl. 3.50% sales charge) | 46.04% | 12.97% | 9.93% |
Class C (incl. contingent deferred sales charge) | 49.62% | 13.23% | 10.04% |
Communication Services Portfolio | 52.13% | 14.39% | 10.63% |
Class I | 52.15% | 14.41% | 10.64% |
Class Z | 52.36% | 14.56% | 10.72% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Communication Services Portfolio, a class of the fund, on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 24.7 | |
Alphabet, Inc. Class A | 18.7 | |
The Walt Disney Co. | 6.2 | |
Amazon.com, Inc. | 4.8 | |
AT&T, Inc. | 4.7 | |
T-Mobile U.S., Inc. | 3.5 | |
Netflix, Inc. | 3.4 | |
Uber Technologies, Inc. | 2.4 | |
Liberty Broadband Corp. Class A | 2.2 | |
Comcast Corp. Class A | 2.2 | |
72.8 | ||
Industries (% of Fund's net assets) | ||
Interactive Media & Services | 48.2 | |
Entertainment | 21.1 | |
Media | 7.5 | |
Diversified Telecommunication Services | 6.8 | |
Broadline Retail | 4.8 | |
Wireless Telecommunication Services | 3.5 | |
Ground Transportation | 2.4 | |
Consumer Staples Distribution & Retail | 0.0 | |
Financial Services | 0.0 | |
IT Services | 0.0 | |
Software | 0.0 | |
Common Stocks - 94.2% | |||
Shares | Value ($) | ||
Broadline Retail - 4.8% | |||
Broadline Retail - 4.8% | |||
Amazon.com, Inc. (a) | 414,500 | 73,267,020 | |
Consumer Staples Distribution & Retail - 0.0% | |||
Food Retail - 0.0% | |||
Maplebear, Inc. (NASDAQ) (b) | 2,700 | 87,858 | |
Diversified Telecommunication Services - 6.8% | |||
Alternative Carriers - 2.1% | |||
GCI Liberty, Inc. Class A (Escrow) (c)(d) | 158,132 | 2 | |
Liberty Global Ltd. Class C (b) | 857,400 | 15,904,770 | |
Liberty Latin America Ltd. Class C (a) | 2,499,886 | 16,299,257 | |
32,204,029 | |||
Integrated Telecommunication Services - 4.7% | |||
AT&T, Inc. | 4,161,600 | 70,455,888 | |
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 102,659,917 | ||
Entertainment - 21.1% | |||
Interactive Home Entertainment - 3.9% | |||
Capcom Co. Ltd. | 139,900 | 5,626,048 | |
Roblox Corp. (a) | 239,300 | 9,548,070 | |
Sea Ltd. ADR (a) | 421,900 | 20,470,588 | |
Skillz, Inc. (a)(b) | 1,330 | 9,097 | |
Take-Two Interactive Software, Inc. (a) | 92,800 | 13,635,104 | |
Ubisoft Entertainment SA (a) | 447,400 | 10,251,258 | |
59,540,165 | |||
Movies & Entertainment - 17.2% | |||
Atlanta Braves Holdings, Inc. | 8,052 | 314,994 | |
Endeavor Group Holdings, Inc. (b) | 300,800 | 7,234,240 | |
Liberty Media Corp. Liberty Formula One Class A | 430,962 | 28,249,559 | |
Liberty Media Corp. Liberty Live Series A | 12,132 | 468,174 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 34,500 | 334,995 | |
Class B (a) | 691,134 | 6,275,497 | |
Marcus Corp. (b) | 360,700 | 5,291,469 | |
Netflix, Inc. (a) | 86,300 | 52,031,996 | |
Roku, Inc. Class A (a) | 246,300 | 15,561,234 | |
Spotify Technology SA (a) | 47,500 | 12,179,475 | |
The Walt Disney Co. | 834,171 | 93,076,800 | |
TKO Group Holdings, Inc. | 295,900 | 24,775,707 | |
Warner Music Group Corp. Class A | 406,500 | 14,199,045 | |
259,993,185 | |||
TOTAL ENTERTAINMENT | 319,533,350 | ||
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Screaming Eagle Acquisition Corp. (a) | 55,700 | 593,762 | |
Ground Transportation - 2.4% | |||
Passenger Ground Transportation - 2.4% | |||
Uber Technologies, Inc. (a) | 454,400 | 36,124,800 | |
Interactive Media & Services - 48.1% | |||
Interactive Media & Services - 48.1% | |||
Alphabet, Inc. Class A (a) | 2,050,200 | 283,870,692 | |
Angi, Inc. (a)(b) | 2,725,600 | 7,822,472 | |
Match Group, Inc. (a) | 697,070 | 25,122,403 | |
Meta Platforms, Inc. Class A | 763,800 | 374,361,294 | |
Pinterest, Inc. Class A (a) | 339,400 | 12,455,980 | |
Snap, Inc. Class A (a) | 2,314,200 | 25,502,484 | |
729,135,325 | |||
IT Services - 0.0% | |||
Internet Services & Infrastructure - 0.0% | |||
X Holdings Corp. Class A (c)(d) | 17,240 | 462,894 | |
Media - 7.5% | |||
Advertising - 0.0% | |||
S4 Capital PLC (a)(b) | 929,800 | 470,414 | |
Broadcasting - 0.2% | |||
Paramount Global Class B | 257,900 | 2,847,216 | |
Cable & Satellite - 7.3% | |||
Altice U.S.A., Inc. Class A (a)(b) | 4,884,200 | 14,506,074 | |
Charter Communications, Inc. Class A (a) | 99,500 | 29,246,035 | |
Comcast Corp. Class A | 758,300 | 32,493,155 | |
Liberty Broadband Corp. Class A (a) | 560,923 | 33,739,518 | |
109,984,782 | |||
TOTAL MEDIA | 113,302,412 | ||
Software - 0.0% | |||
Application Software - 0.0% | |||
Klaviyo, Inc. Class A (b) | 2,700 | 71,550 | |
Wireless Telecommunication Services - 3.5% | |||
Wireless Telecommunication Services - 3.5% | |||
T-Mobile U.S., Inc. | 326,450 | 53,309,285 | |
TOTAL COMMON STOCKS (Cost $984,089,363) | 1,428,548,173 | ||
Convertible Preferred Stocks - 0.1% | |||
Shares | Value ($) | ||
Interactive Media & Services - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Reddit, Inc. Series F (a)(c)(d) (Cost $3,584,075) | 58,000 | 1,697,660 | |
Money Market Funds - 5.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 52,316,072 | 52,326,536 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 24,396,277 | 24,398,716 | |
TOTAL MONEY MARKET FUNDS (Cost $76,725,252) | 76,725,252 | ||
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $1,064,398,690) | 1,506,971,085 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 9,275,933 |
NET ASSETS - 100.0% | 1,516,247,018 |
(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 $2,160,556 or 0.1% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
GCI Liberty, Inc. Class A (Escrow) | 5/23/23 | 0 |
Reddit, Inc. Series F | 8/11/21 | 3,584,075 |
X Holdings Corp. Class A | 10/27/21 | 1,266,192 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 10,672,051 | 499,991,975 | 458,337,490 | 813,766 | - | - | 52,326,536 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 29,126,676 | 231,259,669 | 235,987,629 | 26,514 | - | - | 24,398,716 | 0.1% |
Total | 39,798,727 | 731,251,644 | 694,325,119 | 840,280 | - | - | 76,725,252 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,428,548,173 | 1,428,085,277 | - | 462,896 |
Convertible Preferred Stocks | 1,697,660 | - | - | 1,697,660 |
Money Market Funds | 76,725,252 | 76,725,252 | - | - |
Total Investments in Securities: | 1,506,971,085 | 1,504,810,529 | - | 2,160,556 |
Net Unrealized Depreciation on Unfunded Commitments | (113,461) | - | (113,461) | - |
Total | (113,461) | - | (113,461) | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $23,548,494) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $987,673,438) | $ | 1,430,245,833 | ||
Fidelity Central Funds (cost $76,725,252) | 76,725,252 | |||
Total Investment in Securities (cost $1,064,398,690) | $ | 1,506,971,085 | ||
Foreign currency held at value (cost $16) | 16 | |||
Receivable for investments sold | 33,789,081 | |||
Receivable for fund shares sold | 1,430,656 | |||
Dividends receivable | 731,247 | |||
Distributions receivable from Fidelity Central Funds | 96,035 | |||
Prepaid expenses | 1,307 | |||
Other receivables | 5,158 | |||
Total assets | 1,543,024,585 | |||
Liabilities | ||||
Unrealized depreciation on unfunded commitments | $ | 113,461 | ||
Payable for fund shares redeemed | 1,275,995 | |||
Accrued management fee | 649,669 | |||
Distribution and service plan fees payable | 26,069 | |||
Other affiliated payables | 266,340 | |||
Other payables and accrued expenses | 48,211 | |||
Collateral on securities loaned | 24,397,822 | |||
Total Liabilities | 26,777,567 | |||
Net Assets | $ | 1,516,247,018 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,052,263,948 | ||
Total accumulated earnings (loss) | 463,983,070 | |||
Net Assets | $ | 1,516,247,018 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($56,157,356 ÷ 594,751 shares)(a) | $ | 94.42 | ||
Maximum offering price per share (100/94.25 of $94.42) | $ | 100.18 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($9,724,986 ÷ 104,067 shares)(a) | $ | 93.45 | ||
Maximum offering price per share (100/96.50 of $93.45) | $ | 96.84 | ||
Class C : | ||||
Net Asset Value and offering price per share ($13,073,516 ÷ 143,303 shares)(a) | $ | 91.23 | ||
Communication Services : | ||||
Net Asset Value, offering price and redemption price per share ($1,359,432,160 ÷ 14,206,653 shares) | $ | 95.69 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($43,534,079 ÷ 454,971 shares) | $ | 95.69 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($34,324,921 ÷ 356,568 shares) | $ | 96.26 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 4,339,935 | ||
Special dividends | 659,674 | |||
Income from Fidelity Central Funds (including $26,514 from security lending) | 840,280 | |||
Total Income | 5,839,889 | |||
Expenses | ||||
Management fee | $ | 5,768,410 | ||
Transfer agent fees | 2,103,854 | |||
Distribution and service plan fees | 230,840 | |||
Accounting fees | 325,691 | |||
Custodian fees and expenses | 18,792 | |||
Independent trustees' fees and expenses | 6,197 | |||
Registration fees | 182,818 | |||
Audit | 46,470 | |||
Legal | 1,375 | |||
Miscellaneous | 4,885 | |||
Total expenses before reductions | 8,689,332 | |||
Expense reductions | (79,523) | |||
Total expenses after reductions | 8,609,809 | |||
Net Investment income (loss) | (2,769,920) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 67,277,814 | |||
Redemptions in-kind | 17,676,083 | |||
Foreign currency transactions | (4,141) | |||
Total net realized gain (loss) | 84,949,756 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 370,044,422 | |||
Unfunded commitments | (113,461) | |||
Assets and liabilities in foreign currencies | 169 | |||
Total change in net unrealized appreciation (depreciation) | 369,931,130 | |||
Net gain (loss) | 454,880,886 | |||
Net increase (decrease) in net assets resulting from operations | $ | 452,110,966 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (2,769,920) | $ | (3,828,083) |
Net realized gain (loss) | 84,949,756 | (27,566,910) | ||
Change in net unrealized appreciation (depreciation) | 369,931,130 | (178,867,990) | ||
Net increase (decrease) in net assets resulting from operations | 452,110,966 | (210,262,983) | ||
Share transactions - net increase (decrease) | 302,888,039 | (73,791,815) | ||
Total increase (decrease) in net assets | 754,999,005 | (284,054,798) | ||
Net Assets | ||||
Beginning of period | 761,248,013 | 1,045,302,811 | ||
End of period | $ | 1,516,247,018 | $ | 761,248,013 |
Fidelity Advisor® Communication Services Fund Class A |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 62.24 | $ | 78.37 | $ | 87.31 | $ | 60.63 | $ | 74.85 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.40) D | (.48) | (.60) | (.59) | (.30) | |||||
Net realized and unrealized gain (loss) | 32.58 | (15.65) | (3.18) | 30.37 | 8.77 | |||||
Total from investment operations | 32.18 | (16.13) | (3.78) | 29.78 | 8.47 | |||||
Distributions from net realized gain | - | - | (5.16) | (3.10) | (22.69) | |||||
Total distributions | - | - | (5.16) | (3.10) | (22.69) | |||||
Net asset value, end of period | $ | 94.42 | $ | 62.24 | $ | 78.37 | $ | 87.31 | $ | 60.63 |
Total Return E,F | 51.70% | (20.58)% | (5.05)% | 50.81% | 11.90% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.05% | 1.07% | 1.03% | 1.08% | 1.07% | |||||
Expenses net of fee waivers, if any | 1.04% | 1.07% | 1.03% | 1.08% | 1.07% | |||||
Expenses net of all reductions | 1.04% | 1.07% | 1.03% | 1.07% | 1.06% | |||||
Net investment income (loss) | (.51)% D | (.74)% | (.65)% | (.81)% | (.47)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 56,157 | $ | 24,285 | $ | 33,679 | $ | 22,962 | $ | 9,947 |
Portfolio turnover rate I | 45% J | 45% | 57% | 63% | 73% |
Fidelity Advisor® Communication Services Fund Class M |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 61.75 | $ | 77.94 | $ | 86.94 | $ | 60.52 | $ | 74.82 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.59) D | (.63) | (.82) | (.77) | (.48) | |||||
Net realized and unrealized gain (loss) | 32.29 | (15.56) | (3.15) | 30.29 | 8.75 | |||||
Total from investment operations | 31.70 | (16.19) | (3.97) | 29.52 | 8.27 | |||||
Distributions from net realized gain | - | - | (5.03) | (3.10) | (22.57) | |||||
Total distributions | - | - | (5.03) | (3.10) | (22.57) | |||||
Net asset value, end of period | $ | 93.45 | $ | 61.75 | $ | 77.94 | $ | 86.94 | $ | 60.52 |
Total Return E,F | 51.34% | (20.77)% | (5.28)% | 50.47% | 11.58% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.30% | 1.31% | 1.27% | 1.32% | 1.35% | |||||
Expenses net of fee waivers, if any | 1.29% | 1.31% | 1.27% | 1.32% | 1.35% | |||||
Expenses net of all reductions | 1.29% | 1.31% | 1.27% | 1.32% | 1.34% | |||||
Net investment income (loss) | (.76)% D | (.98)% | (.88)% | (1.06)% | (.75)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,725 | $ | 3,499 | $ | 5,817 | $ | 5,386 | $ | 2,264 |
Portfolio turnover rate I | 45% J | 45% | 57% | 63% | 73% |
Fidelity Advisor® Communication Services Fund Class C |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 60.57 | $ | 76.81 | $ | 86.05 | $ | 60.20 | $ | 74.76 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.93) D | (.90) | (1.27) | (1.12) | (.81) | |||||
Net realized and unrealized gain (loss) | 31.59 | (15.34) | (3.07) | 30.07 | 8.74 | |||||
Total from investment operations | 30.66 | (16.24) | (4.34) | 28.95 | 7.93 | |||||
Distributions from net realized gain | - | - | (4.90) | (3.10) | (22.49) | |||||
Total distributions | - | - | (4.90) | (3.10) | (22.49) | |||||
Net asset value, end of period | $ | 91.23 | $ | 60.57 | $ | 76.81 | $ | 86.05 | $ | 60.20 |
Total Return E,F | 50.62% | (21.14)% | (5.76)% | 49.77% | 11.01% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.77% | 1.78% | 1.78% | 1.80% | 1.86% | |||||
Expenses net of fee waivers, if any | 1.77% | 1.78% | 1.78% | 1.80% | 1.86% | |||||
Expenses net of all reductions | 1.77% | 1.78% | 1.78% | 1.79% | 1.85% | |||||
Net investment income (loss) | (1.24)% D | (1.45)% | (1.39)% | (1.53)% | (1.26)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 13,074 | $ | 7,478 | $ | 8,938 | $ | 6,856 | $ | 1,982 |
Portfolio turnover rate I | 45% J | 45% | 57% | 63% | 73% |
Communication Services Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 62.90 | $ | 78.98 | $ | 87.88 | $ | 60.82 | $ | 74.88 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.18) D | (.30) | (.34) | (.36) | (.12) | |||||
Net realized and unrealized gain (loss) | 32.97 | (15.78) | (3.22) | 30.52 | 8.79 | |||||
Total from investment operations | 32.79 | (16.08) | (3.56) | 30.16 | 8.67 | |||||
Distributions from net realized gain | - | - | (5.34) | (3.10) | (22.73) | |||||
Total distributions | - | - | (5.34) | (3.10) | (22.73) | |||||
Net asset value, end of period | $ | 95.69 | $ | 62.90 | $ | 78.98 | $ | 87.88 | $ | 60.82 |
Total Return E | 52.13% | (20.36)% | (4.79)% | 51.29% | 12.22% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .77% | .80% | .75% | .77% | .78% | |||||
Expenses net of fee waivers, if any | .76% | .79% | .74% | .77% | .78% | |||||
Expenses net of all reductions | .76% | .79% | .74% | .76% | .77% | |||||
Net investment income (loss) | (.23)% D | (.47)% | (.36)% | (.51)% | (.18)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,359,432 | $ | 710,710 | $ | 958,304 | $ | 859,871 | $ | 577,157 |
Portfolio turnover rate H | 45% I | 45% | 57% | 63% | 73% |
Fidelity Advisor® Communication Services Fund Class I |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 62.89 | $ | 78.93 | $ | 87.86 | $ | 60.80 | $ | 74.89 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.17) D | (.28) | (.34) | (.39) | (.11) | |||||
Net realized and unrealized gain (loss) | 32.97 | (15.76) | (3.22) | 30.55 | 8.78 | |||||
Total from investment operations | 32.80 | (16.04) | (3.56) | 30.16 | 8.67 | |||||
Distributions from net realized gain | - | - | (5.37) | (3.10) | (22.76) | |||||
Total distributions | - | - | (5.37) | (3.10) | (22.76) | |||||
Net asset value, end of period | $ | 95.69 | $ | 62.89 | $ | 78.93 | $ | 87.86 | $ | 60.80 |
Total Return E | 52.15% | (20.32)% | (4.79)% | 51.31% | 12.22% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .76% | .76% | .75% | .78% | .77% | |||||
Expenses net of fee waivers, if any | .75% | .75% | .75% | .77% | .77% | |||||
Expenses net of all reductions | .75% | .75% | .75% | .77% | .76% | |||||
Net investment income (loss) | (.22)% D | (.43)% | (.37)% | (.51)% | (.17)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 43,534 | $ | 11,961 | $ | 32,089 | $ | 26,521 | $ | 2,493 |
Portfolio turnover rate H | 45% I | 45% | 57% | 63% | 73% |
Fidelity Advisor® Communication Services Fund Class Z |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 63.18 | $ | 79.20 | $ | 88.04 | $ | 60.85 | $ | 74.89 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.07) D | (.19) | (.22) | (.28) | (.03) | |||||
Net realized and unrealized gain (loss) | 33.15 | (15.83) | (3.23) | 30.57 | 8.80 | |||||
Total from investment operations | 33.08 | (16.02) | (3.45) | 30.29 | 8.77 | |||||
Distributions from net realized gain | - | - | (5.39) | (3.10) | (22.81) | |||||
Total distributions | - | - | (5.39) | (3.10) | (22.81) | |||||
Net asset value, end of period | $ | 96.26 | $ | 63.18 | $ | 79.20 | $ | 88.04 | $ | 60.85 |
Total Return E | 52.36% | (20.23)% | (4.65)% | 51.48% | 12.38% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .62% | .62% | .62% | .64% | .65% | |||||
Expenses net of fee waivers, if any | .61% | .62% | .61% | .64% | .65% | |||||
Expenses net of all reductions | .61% | .62% | .61% | .63% | .64% | |||||
Net investment income (loss) | (.08)% D | (.29)% | (.23)% | (.38)% | (.05)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 34,325 | $ | 3,314 | $ | 6,477 | $ | 3,817 | $ | 1,833 |
Portfolio turnover rate H | 45% I | 45% | 57% | 63% | 73% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Construction and Housing Portfolio | 31.93% | 21.73% | 14.85% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Construction and Housing Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
The Home Depot, Inc. | 17.8 | |
Lowe's Companies, Inc. | 13.8 | |
Trane Technologies PLC | 4.6 | |
Johnson Controls International PLC | 4.2 | |
Martin Marietta Materials, Inc. | 3.5 | |
Builders FirstSource, Inc. | 2.8 | |
Invitation Homes, Inc. | 2.7 | |
PulteGroup, Inc. | 2.6 | |
Quanta Services, Inc. | 2.5 | |
NVR, Inc. | 2.5 | |
57.0 | ||
Industries (% of Fund's net assets) | ||
Specialty Retail | 35.4 | |
Building Products | 22.8 | |
Household Durables | 14.8 | |
Equity Real Estate Investment Trusts (Reits) | 10.0 | |
Construction & Engineering | 8.7 | |
Construction Materials | 5.9 | |
Real Estate Management & Development | 0.6 | |
Chemicals | 0.4 | |
Ground Transportation | 0.3 | |
Electrical Equipment | 0.2 | |
Trading Companies & Distributors | 0.2 | |
Common Stocks - 99.3% | |||
Shares | Value ($) | ||
Building Products - 22.8% | |||
Building Products - 22.8% | |||
AAON, Inc. | 81,800 | 6,869,564 | |
Apogee Enterprises, Inc. | 58,230 | 3,331,338 | |
Armstrong World Industries, Inc. | 53,620 | 6,467,108 | |
Builders FirstSource, Inc. (a) | 104,675 | 20,430,467 | |
Carlisle Companies, Inc. | 44,870 | 15,704,500 | |
Carrier Global Corp. | 292,180 | 16,239,364 | |
Fortune Brands Innovations, Inc. | 124,680 | 10,141,471 | |
Johnson Controls International PLC | 531,141 | 31,480,727 | |
MasterBrand, Inc. (a) | 157,780 | 2,731,172 | |
Simpson Manufacturing Co. Ltd. | 56,437 | 11,777,273 | |
The AZEK Co., Inc. (a) | 161,380 | 7,763,992 | |
Trane Technologies PLC | 121,960 | 34,389,061 | |
UFP Industries, Inc. | 17,556 | 2,012,444 | |
169,338,481 | |||
Chemicals - 0.4% | |||
Specialty Chemicals - 0.4% | |||
Sherwin-Williams Co. | 8,020 | 2,662,881 | |
Construction & Engineering - 8.7% | |||
Construction & Engineering - 8.7% | |||
AECOM | 142,570 | 12,664,493 | |
Comfort Systems U.S.A., Inc. | 10,400 | 3,179,592 | |
EMCOR Group, Inc. | 35,670 | 11,183,258 | |
Granite Construction, Inc. | 49,048 | 2,527,443 | |
Quanta Services, Inc. | 76,949 | 18,583,953 | |
Willscot Mobile Mini Holdings (a) | 349,870 | 16,706,293 | |
64,845,032 | |||
Construction Materials - 5.9% | |||
Construction Materials - 5.9% | |||
CRH PLC | 46,370 | 3,909,455 | |
Eagle Materials, Inc. | 33,370 | 8,460,964 | |
Martin Marietta Materials, Inc. | 44,500 | 25,708,095 | |
Vulcan Materials Co. | 22,696 | 6,033,732 | |
44,112,246 | |||
Electrical Equipment - 0.2% | |||
Electrical Components & Equipment - 0.2% | |||
Generac Holdings, Inc. (a) | 12,000 | 1,350,120 | |
Equity Real Estate Investment Trusts (REITs) - 10.0% | |||
Multi-Family Residential REITs - 5.3% | |||
Elme Communities (SBI) | 752,620 | 9,693,746 | |
Equity Residential (SBI) | 102,790 | 6,188,986 | |
Essex Property Trust, Inc. | 48,870 | 11,308,518 | |
Mid-America Apartment Communities, Inc. | 95,390 | 11,988,615 | |
39,179,865 | |||
Single-Family Residential REITs - 4.7% | |||
Equity Lifestyle Properties, Inc. | 26,470 | 1,781,960 | |
Invitation Homes, Inc. | 581,580 | 19,814,431 | |
Sun Communities, Inc. | 98,630 | 13,192,749 | |
34,789,140 | |||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 73,969,005 | ||
Ground Transportation - 0.3% | |||
Cargo Ground Transportation - 0.3% | |||
U-Haul Holding Co. (non-vtg.) | 29,700 | 1,888,029 | |
Household Durables - 14.8% | |||
Home Furnishings - 1.6% | |||
Tempur Sealy International, Inc. | 211,540 | 11,522,584 | |
Homebuilding - 13.1% | |||
Beazer Homes U.S.A., Inc. (a) | 60,500 | 1,895,465 | |
Blu Investments LLC (a)(b)(c) | 11,990,913 | 3,717 | |
D.R. Horton, Inc. | 64,016 | 9,566,551 | |
KB Home | 146,830 | 9,753,917 | |
Lennar Corp. Class A | 38,730 | 6,139,092 | |
M/I Homes, Inc. (a) | 20,480 | 2,600,755 | |
NVR, Inc. (a) | 2,416 | 18,423,377 | |
PulteGroup, Inc. | 175,475 | 19,017,981 | |
Toll Brothers, Inc. | 123,460 | 14,153,454 | |
TopBuild Corp. (a) | 38,980 | 15,684,772 | |
97,239,081 | |||
Household Appliances - 0.1% | |||
Whirlpool Corp. (d) | 10,390 | 1,115,782 | |
TOTAL HOUSEHOLD DURABLES | 109,877,447 | ||
Real Estate Management & Development - 0.6% | |||
Diversified Real Estate Activities - 0.2% | |||
The RMR Group, Inc. | 47,260 | 1,156,452 | |
Real Estate Services - 0.4% | |||
Cushman & Wakefield PLC (a) | 288,785 | 2,884,962 | |
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 4,041,414 | ||
Specialty Retail - 35.4% | |||
Home Improvement Retail - 33.9% | |||
Floor & Decor Holdings, Inc. Class A (a)(d) | 142,370 | 17,243,854 | |
Lowe's Companies, Inc. | 424,055 | 102,057,317 | |
The Home Depot, Inc. | 347,490 | 132,258,170 | |
251,559,341 | |||
Homefurnishing Retail - 1.5% | |||
Williams-Sonoma, Inc. | 49,080 | 11,559,812 | |
TOTAL SPECIALTY RETAIL | 263,119,153 | ||
Trading Companies & Distributors - 0.2% | |||
Trading Companies & Distributors - 0.2% | |||
WESCO International, Inc. | 10,300 | 1,539,747 | |
TOTAL COMMON STOCKS (Cost $428,866,850) | 736,743,555 | ||
Money Market Funds - 3.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 5,002,395 | 5,003,395 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 18,899,585 | 18,901,475 | |
TOTAL MONEY MARKET FUNDS (Cost $23,904,870) | 23,904,870 | ||
TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $452,771,720) | 760,648,425 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (18,217,487) |
NET ASSETS - 100.0% | 742,430,938 |
(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 $3,717 or 0.0% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 3,549,508 | 132,598,454 | 131,144,567 | 191,958 | - | - | 5,003,395 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 25,266,725 | 156,837,737 | 163,202,987 | 16,288 | - | - | 18,901,475 | 0.1% |
Total | 28,816,233 | 289,436,191 | 294,347,554 | 208,246 | - | - | 23,904,870 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 736,743,555 | 736,739,838 | - | 3,717 |
Money Market Funds | 23,904,870 | 23,904,870 | - | - |
Total Investments in Securities: | 760,648,425 | 760,644,708 | - | 3,717 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $18,220,373) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $428,866,850) | $ | 736,743,555 | ||
Fidelity Central Funds (cost $23,904,870) | 23,904,870 | |||
Total Investment in Securities (cost $452,771,720) | $ | 760,648,425 | ||
Receivable for investments sold | 9,372,829 | |||
Receivable for fund shares sold | 1,237,459 | |||
Dividends receivable | 245,549 | |||
Distributions receivable from Fidelity Central Funds | 16,561 | |||
Prepaid expenses | 776 | |||
Other receivables | 754 | |||
Total assets | 771,522,353 | |||
Liabilities | ||||
Payable for investments purchased | $ | 9,191,757 | ||
Payable for fund shares redeemed | 527,008 | |||
Accrued management fee | 306,269 | |||
Other affiliated payables | 129,336 | |||
Other payables and accrued expenses | 35,570 | |||
Collateral on securities loaned | 18,901,475 | |||
Total Liabilities | 29,091,415 | |||
Net Assets | $ | 742,430,938 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 429,136,678 | ||
Total accumulated earnings (loss) | 313,294,260 | |||
Net Assets | $ | 742,430,938 | ||
Net Asset Value, offering price and redemption price per share ($742,430,938 ÷ 6,412,177 shares) | $ | 115.78 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 9,638,419 | ||
Income from Fidelity Central Funds (including $16,288 from security lending) | 208,246 | |||
Total Income | 9,846,665 | |||
Expenses | ||||
Management fee | $ | 3,049,537 | ||
Transfer agent fees | 1,114,500 | |||
Accounting fees | 198,097 | |||
Custodian fees and expenses | 11,358 | |||
Independent trustees' fees and expenses | 3,507 | |||
Registration fees | 50,090 | |||
Audit | 39,683 | |||
Legal | 609 | |||
Miscellaneous | 2,779 | |||
Total expenses before reductions | 4,470,160 | |||
Expense reductions | (42,840) | |||
Total expenses after reductions | 4,427,320 | |||
Net Investment income (loss) | 5,419,345 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 21,744,771 | |||
Total net realized gain (loss) | 21,744,771 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 140,302,275 | |||
Net gain (loss) | 162,047,046 | |||
Net increase (decrease) in net assets resulting from operations | $ | 167,466,391 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,419,345 | $ | 4,652,110 |
Net realized gain (loss) | 21,744,771 | (12,450,749) | ||
Change in net unrealized appreciation (depreciation) | 140,302,275 | (9,276,236) | ||
Net increase (decrease) in net assets resulting from operations | 167,466,391 | (17,074,875) | ||
Distributions to shareholders | (5,426,559) | (3,697,710) | ||
Share transactions | ||||
Proceeds from sales of shares | 282,431,549 | 79,113,675 | ||
Reinvestment of distributions | 4,899,398 | 3,425,079 | ||
Cost of shares redeemed | (205,636,762) | (276,407,546) | ||
Net increase (decrease) in net assets resulting from share transactions | 81,694,185 | (193,868,792) | ||
Total increase (decrease) in net assets | 243,734,017 | (214,641,377) | ||
Net Assets | ||||
Beginning of period | 498,696,921 | 713,338,298 | ||
End of period | $ | 742,430,938 | $ | 498,696,921 |
Other Information | ||||
Shares | ||||
Sold | 2,864,855 | 926,693 | ||
Issued in reinvestment of distributions | 45,759 | 40,601 | ||
Redeemed | (2,134,851) | (3,274,232) | ||
Net increase (decrease) | 775,763 | (2,306,938) | ||
Construction and Housing Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 88.48 | $ | 89.80 | $ | 77.53 | $ | 58.56 | $ | 54.22 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .90 | .76 | .57 | .59 | .53 | |||||
Net realized and unrealized gain (loss) | 27.28 | (1.42) | 17.59 | 21.82 | 8.71 | |||||
Total from investment operations | 28.18 | (.66) | 18.16 | 22.41 | 9.24 | |||||
Distributions from net investment income | (.88) | (.66) | (.53) | (.61) | (.60) | |||||
Distributions from net realized gain | - | - | (5.36) | (2.83) | (4.31) | |||||
Total distributions | (.88) | (.66) | (5.89) | (3.44) | (4.90) D | |||||
Net asset value, end of period | $ | 115.78 | $ | 88.48 | $ | 89.80 | $ | 77.53 | $ | 58.56 |
Total Return E | 31.93% | (.70)% | 22.95% | 41.70% | 17.10% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .77% | .77% | .75% | .78% | .79% | |||||
Expenses net of fee waivers, if any | .76% | .76% | .75% | .78% | .79% | |||||
Expenses net of all reductions | .76% | .76% | .75% | .77% | .79% | |||||
Net investment income (loss) | .93% | .90% | .60% | .94% | .88% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 742,431 | $ | 498,697 | $ | 713,338 | $ | 343,461 | $ | 318,905 |
Portfolio turnover rate H | 27% | 20% | 70% | 93% | 161% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Consumer Discretionary Portfolio | 33.59% | 12.45% | 11.32% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Consumer Discretionary Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 24.6 | |
Tesla, Inc. | 9.2 | |
The Home Depot, Inc. | 5.1 | |
Lowe's Companies, Inc. | 4.6 | |
TJX Companies, Inc. | 3.4 | |
Hilton Worldwide Holdings, Inc. | 3.0 | |
McDonald's Corp. | 2.9 | |
NIKE, Inc. Class B | 2.7 | |
Dick's Sporting Goods, Inc. | 2.2 | |
Booking Holdings, Inc. | 2.1 | |
59.8 | ||
Industries (% of Fund's net assets) | ||
Broadline Retail | 25.5 | |
Specialty Retail | 23.4 | |
Hotels, Restaurants & Leisure | 18.4 | |
Automobiles | 10.8 | |
Textiles, Apparel & Luxury Goods | 10.7 | |
Household Durables | 4.1 | |
Automobile Components | 3.3 | |
Consumer Staples Distribution & Retail | 2.0 | |
Building Products | 0.8 | |
Leisure Products | 0.3 | |
Commercial Services & Supplies | 0.1 | |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
Automobile Components - 3.3% | |||
Automotive Parts & Equipment - 3.3% | |||
Adient PLC (a) | 87,520 | 2,970,429 | |
Aptiv PLC (a) | 140,970 | 11,205,705 | |
Magna International, Inc. Class A (b) | 71,600 | 3,946,592 | |
18,122,726 | |||
Automobiles - 10.8% | |||
Automobile Manufacturers - 10.8% | |||
General Motors Co. | 217,990 | 8,933,230 | |
Tesla, Inc. (a) | 253,631 | 51,203,026 | |
60,136,256 | |||
Broadline Retail - 25.5% | |||
Broadline Retail - 25.5% | |||
Amazon.com, Inc. (a) | 773,115 | 136,655,807 | |
MercadoLibre, Inc. (a) | 1,200 | 1,914,360 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 35,682 | 2,860,626 | |
141,430,793 | |||
Building Products - 0.8% | |||
Building Products - 0.8% | |||
The AZEK Co., Inc. (a) | 86,776 | 4,174,793 | |
Commercial Services & Supplies - 0.1% | |||
Diversified Support Services - 0.1% | |||
Vestis Corp. | 35,577 | 667,425 | |
Consumer Staples Distribution & Retail - 2.0% | |||
Consumer Staples Merchandise Retail - 1.0% | |||
Dollar Tree, Inc. (a) | 39,930 | 5,856,932 | |
Food Distributors - 1.0% | |||
Performance Food Group Co. (a) | 71,378 | 5,479,689 | |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 11,336,621 | ||
Hotels, Restaurants & Leisure - 18.4% | |||
Casinos & Gaming - 2.6% | |||
Caesars Entertainment, Inc. (a) | 79,838 | 3,470,558 | |
Churchill Downs, Inc. | 33,522 | 4,085,326 | |
Penn Entertainment, Inc. (a) | 96,444 | 1,764,925 | |
Red Rock Resorts, Inc. | 82,030 | 4,756,920 | |
14,077,729 | |||
Hotels, Resorts & Cruise Lines - 7.7% | |||
Booking Holdings, Inc. | 3,332 | 11,558,142 | |
Hilton Worldwide Holdings, Inc. | 80,921 | 16,533,779 | |
Marriott International, Inc. Class A | 40,639 | 10,154,467 | |
Royal Caribbean Cruises Ltd. (a) | 36,870 | 4,547,915 | |
42,794,303 | |||
Restaurants - 8.1% | |||
Aramark | 67,944 | 2,060,742 | |
Brinker International, Inc. (a) | 29,130 | 1,349,884 | |
Chipotle Mexican Grill, Inc. (a) | 3,260 | 8,765,390 | |
Domino's Pizza, Inc. | 21,324 | 9,560,615 | |
Dutch Bros, Inc. (a) | 25,991 | 757,118 | |
McDonald's Corp. | 55,145 | 16,117,781 | |
Restaurant Brands International, Inc. | 18,000 | 1,397,664 | |
Starbucks Corp. | 54,410 | 5,163,509 | |
45,172,703 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 102,044,735 | ||
Household Durables - 4.1% | |||
Home Furnishings - 1.8% | |||
Tempur Sealy International, Inc. (b) | 186,607 | 10,164,483 | |
Homebuilding - 2.3% | |||
KB Home | 78,430 | 5,210,105 | |
PulteGroup, Inc. | 64,310 | 6,969,918 | |
TopBuild Corp. (a) | 1,200 | 482,856 | |
12,662,879 | |||
TOTAL HOUSEHOLD DURABLES | 22,827,362 | ||
Leisure Products - 0.3% | |||
Leisure Products - 0.3% | |||
Brunswick Corp. | 20,370 | 1,780,338 | |
Specialty Retail - 23.4% | |||
Apparel Retail - 5.1% | |||
Aritzia, Inc. (a) | 206,800 | 5,468,852 | |
Burlington Stores, Inc. (a) | 19,097 | 3,916,795 | |
TJX Companies, Inc. | 192,927 | 19,126,783 | |
28,512,430 | |||
Automotive Retail - 1.0% | |||
O'Reilly Automotive, Inc. (a) | 5,205 | 5,660,021 | |
Home Improvement Retail - 11.4% | |||
Floor & Decor Holdings, Inc. Class A (a)(b) | 77,677 | 9,408,238 | |
Lowe's Companies, Inc. | 107,121 | 25,780,811 | |
The Home Depot, Inc. | 73,941 | 28,142,684 | |
63,331,733 | |||
Homefurnishing Retail - 1.6% | |||
Wayfair LLC Class A (a) | 14,922 | 889,351 | |
Williams-Sonoma, Inc. | 33,940 | 7,993,888 | |
8,883,239 | |||
Other Specialty Retail - 4.3% | |||
Academy Sports & Outdoors, Inc. | 85,700 | 6,403,504 | |
Dick's Sporting Goods, Inc. | 70,127 | 12,474,892 | |
Five Below, Inc. (a) | 17,010 | 3,413,567 | |
Sally Beauty Holdings, Inc. (a) | 121,749 | 1,537,690 | |
23,829,653 | |||
TOTAL SPECIALTY RETAIL | 130,217,076 | ||
Textiles, Apparel & Luxury Goods - 10.7% | |||
Apparel, Accessories & Luxury Goods - 5.7% | |||
Levi Strauss & Co. Class A (b) | 101,390 | 1,842,256 | |
lululemon athletica, Inc. (a) | 20,630 | 9,636,067 | |
LVMH Moet Hennessy Louis Vuitton SE | 2,503 | 2,284,577 | |
PVH Corp. | 51,008 | 6,971,263 | |
Tapestry, Inc. | 174,028 | 8,271,551 | |
VF Corp. | 144,740 | 2,365,052 | |
31,370,766 | |||
Footwear - 5.0% | |||
Deckers Outdoor Corp. (a) | 10,102 | 9,047,250 | |
NIKE, Inc. Class B | 144,752 | 15,044,075 | |
On Holding AG (a) | 30,193 | 1,057,359 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 23,100 | 1,427,811 | |
Wolverine World Wide, Inc. | 133,600 | 1,358,712 | |
27,935,207 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 59,305,973 | ||
TOTAL COMMON STOCKS (Cost $304,521,339) | 552,044,098 | ||
Money Market Funds - 2.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 626,224 | 626,349 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 12,430,821 | 12,432,064 | |
TOTAL MONEY MARKET FUNDS (Cost $13,058,413) | 13,058,413 | ||
TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $317,579,752) | 565,102,511 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (9,779,607) |
NET ASSETS - 100.0% | 555,322,904 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 1,290,832 | 86,775,264 | 87,439,747 | 114,804 | - | - | 626,349 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 16,277,814 | 166,927,725 | 170,773,475 | 51,272 | - | - | 12,432,064 | 0.0% |
Total | 17,568,646 | 253,702,989 | 258,213,222 | 166,076 | - | - | 13,058,413 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 552,044,098 | 549,759,521 | 2,284,577 | - |
Money Market Funds | 13,058,413 | 13,058,413 | - | - |
Total Investments in Securities: | 565,102,511 | 562,817,934 | 2,284,577 | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $12,161,680) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $304,521,339) | $ | 552,044,098 | ||
Fidelity Central Funds (cost $13,058,413) | 13,058,413 | |||
Total Investment in Securities (cost $317,579,752) | $ | 565,102,511 | ||
Cash | 11,733 | |||
Receivable for investments sold | 9,822,423 | |||
Receivable for fund shares sold | 353,197 | |||
Dividends receivable | 378,992 | |||
Distributions receivable from Fidelity Central Funds | 5,930 | |||
Prepaid expenses | 1,329 | |||
Other receivables | 15,805 | |||
Total assets | 575,691,920 | |||
Liabilities | ||||
Payable for investments purchased | $ | 7,326,398 | ||
Payable for fund shares redeemed | 255,808 | |||
Accrued management fee | 234,536 | |||
Other affiliated payables | 88,109 | |||
Other payables and accrued expenses | 36,390 | |||
Collateral on securities loaned | 12,427,775 | |||
Total Liabilities | 20,369,016 | |||
Net Assets | $ | 555,322,904 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 301,636,127 | ||
Total accumulated earnings (loss) | 253,686,777 | |||
Net Assets | $ | 555,322,904 | ||
Net Asset Value, offering price and redemption price per share ($555,322,904 ÷ 8,956,989 shares) | $ | 62.00 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 3,548,900 | ||
Income from Fidelity Central Funds (including $51,272 from security lending) | 166,076 | |||
Total Income | 3,714,976 | |||
Expenses | ||||
Management fee | $ | 2,463,985 | ||
Transfer agent fees | 774,356 | |||
Accounting fees | 166,639 | |||
Custodian fees and expenses | 12,528 | |||
Independent trustees' fees and expenses | 2,803 | |||
Registration fees | 41,263 | |||
Audit | 39,934 | |||
Legal | 1,165 | |||
Miscellaneous | 2,741 | |||
Total expenses before reductions | 3,505,414 | |||
Expense reductions | (34,696) | |||
Total expenses after reductions | 3,470,718 | |||
Net Investment income (loss) | 244,258 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 15,877,121 | |||
Foreign currency transactions | (2,567) | |||
Total net realized gain (loss) | 15,874,554 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 121,150,300 | |||
Assets and liabilities in foreign currencies | 675 | |||
Total change in net unrealized appreciation (depreciation) | 121,150,975 | |||
Net gain (loss) | 137,025,529 | |||
Net increase (decrease) in net assets resulting from operations | $ | 137,269,787 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 244,258 | $ | 95,341 |
Net realized gain (loss) | 15,874,554 | 14,823,468 | ||
Change in net unrealized appreciation (depreciation) | 121,150,975 | (78,175,485) | ||
Net increase (decrease) in net assets resulting from operations | 137,269,787 | (63,256,676) | ||
Distributions to shareholders | (11,238,228) | (36,965,013) | ||
Share transactions | ||||
Proceeds from sales of shares | 143,615,966 | 214,276,530 | ||
Reinvestment of distributions | 10,508,748 | 34,220,095 | ||
Cost of shares redeemed | (149,624,716) | (142,158,153) | ||
Net increase (decrease) in net assets resulting from share transactions | 4,499,998 | 106,338,472 | ||
Total increase (decrease) in net assets | 130,531,557 | 6,116,783 | ||
Net Assets | ||||
Beginning of period | 424,791,347 | 418,674,564 | ||
End of period | $ | 555,322,904 | $ | 424,791,347 |
Other Information | ||||
Shares | ||||
Sold | 2,643,490 | 4,618,411 | ||
Issued in reinvestment of distributions | 199,520 | 617,903 | ||
Redeemed | (2,822,396) | (2,921,858) | ||
Net increase (decrease) | 20,614 | 2,314,456 | ||
Consumer Discretionary Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 47.54 | $ | 63.23 | $ | 68.01 | $ | 45.58 | $ | 44.31 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .03 | .01 | (.16) | (.03) | .11 | |||||
Net realized and unrealized gain (loss) | 15.70 | (9.85) | 1.92 | 23.23 | 2.26 | |||||
Total from investment operations | 15.73 | (9.84) | 1.76 | 23.20 | 2.37 | |||||
Distributions from net investment income | (.02) | (.02) | - | - | (.11) | |||||
Distributions from net realized gain | (1.25) | (5.83) | (6.54) | (.77) | (.99) | |||||
Total distributions | (1.27) | (5.85) | (6.54) | (.77) | (1.10) | |||||
Net asset value, end of period | $ | 62.00 | $ | 47.54 | $ | 63.23 | $ | 68.01 | $ | 45.58 |
Total Return D | 33.59% | (16.87)% | 1.88% | 50.96% | 5.30% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .75% | .76% | .73% | .76% | .76% | |||||
Expenses net of fee waivers, if any | .74% | .76% | .73% | .76% | .76% | |||||
Expenses net of all reductions | .74% | .76% | .73% | .75% | .76% | |||||
Net investment income (loss) | .05% | .02% | (.22)% | (.06)% | .23% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 555,323 | $ | 424,791 | $ | 418,675 | $ | 583,938 | $ | 402,403 |
Portfolio turnover rate G | 33% | 46% | 38% | 55% | 41% H |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Leisure Portfolio | 23.47% | 13.76% | 11.65% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Leisure Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
McDonald's Corp. | 16.0 | |
Booking Holdings, Inc. | 10.6 | |
Hilton Worldwide Holdings, Inc. | 8.7 | |
Starbucks Corp. | 7.6 | |
Yum! Brands, Inc. | 6.4 | |
Airbnb, Inc. Class A | 5.0 | |
Chipotle Mexican Grill, Inc. | 4.9 | |
Marriott International, Inc. Class A | 4.9 | |
Royal Caribbean Cruises Ltd. | 3.3 | |
Las Vegas Sands Corp. | 2.8 | |
70.2 | ||
Industries (% of Fund's net assets) | ||
Hotels, Restaurants & Leisure | 92.3 | |
Consumer Staples Distribution & Retail | 1.9 | |
Beverages | 1.2 | |
Diversified Consumer Services | 1.2 | |
Entertainment | 1.0 | |
Food Products | 0.7 | |
Leisure Products | 0.5 | |
Financial Services | 0.3 | |
Specialty Retail | 0.1 | |
Common Stocks - 99.2% | |||
Shares | Value ($) | ||
Beverages - 1.2% | |||
Soft Drinks & Non-alcoholic Beverages - 1.2% | |||
The Coca-Cola Co. | 140,200 | 8,414,804 | |
Consumer Staples Distribution & Retail - 1.9% | |||
Food Distributors - 1.9% | |||
U.S. Foods Holding Corp. (a) | 246,800 | 12,534,972 | |
Food Retail - 0.0% | |||
Maplebear, Inc. (NASDAQ) (b) | 1,500 | 48,810 | |
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 12,583,782 | ||
Diversified Consumer Services - 1.2% | |||
Specialized Consumer Services - 1.2% | |||
OneSpaWorld Holdings Ltd. (a) | 260,306 | 3,394,390 | |
Service Corp. International | 59,800 | 4,376,762 | |
7,771,152 | |||
Entertainment - 1.0% | |||
Movies & Entertainment - 1.0% | |||
TKO Group Holdings, Inc. | 83,400 | 6,983,082 | |
Financial Services - 0.3% | |||
Transaction & Payment Processing Services - 0.3% | |||
Toast, Inc. (a)(b) | 80,800 | 1,858,400 | |
Food Products - 0.7% | |||
Packaged Foods & Meats - 0.7% | |||
Lamb Weston Holdings, Inc. | 43,600 | 4,456,356 | |
Hotels, Restaurants & Leisure - 92.3% | |||
Casinos & Gaming - 12.6% | |||
Bally's Corp. (a)(b) | 33,400 | 375,416 | |
Caesars Entertainment, Inc. (a) | 376,649 | 16,372,932 | |
Churchill Downs, Inc. | 105,296 | 12,832,424 | |
Draftkings Holdings, Inc. (a) | 23,400 | 1,013,688 | |
Flutter Entertainment PLC (a) | 47,600 | 10,277,621 | |
Las Vegas Sands Corp. | 350,400 | 19,103,808 | |
MGM Resorts International (a) | 69,200 | 2,994,976 | |
Penn Entertainment, Inc. (a) | 210,000 | 3,843,000 | |
Red Rock Resorts, Inc. | 258,200 | 14,973,018 | |
Wynn Resorts Ltd. | 33,500 | 3,524,200 | |
85,311,083 | |||
Hotels, Resorts & Cruise Lines - 33.1% | |||
Airbnb, Inc. Class A (a) | 212,800 | 33,509,616 | |
Booking Holdings, Inc. | 20,776 | 72,068,412 | |
Carnival Corp. (a) | 184,500 | 2,926,170 | |
Choice Hotels International, Inc. | 3,000 | 335,820 | |
Expedia, Inc. (a) | 3,900 | 533,598 | |
Hilton Worldwide Holdings, Inc. | 286,632 | 58,564,650 | |
Marriott International, Inc. Class A | 132,325 | 33,064,048 | |
Marriott Vacations Worldwide Corp. | 8,700 | 810,753 | |
Royal Caribbean Cruises Ltd. (a) | 183,200 | 22,597,720 | |
224,410,787 | |||
Leisure Facilities - 0.9% | |||
Cedar Fair LP (depositary unit) | 64,500 | 2,630,310 | |
Planet Fitness, Inc. (a) | 24,444 | 1,516,750 | |
Vail Resorts, Inc. | 7,382 | 1,700,148 | |
5,847,208 | |||
Restaurants - 45.7% | |||
Aramark | 360,700 | 10,940,031 | |
Brinker International, Inc. (a) | 206,700 | 9,578,478 | |
Chipotle Mexican Grill, Inc. (a) | 12,309 | 33,096,070 | |
Darden Restaurants, Inc. | 23,900 | 4,079,969 | |
Domino's Pizza, Inc. | 42,042 | 18,849,531 | |
Doordash, Inc. (a) | 5,800 | 722,506 | |
Dutch Bros, Inc. (a) | 294,786 | 8,587,116 | |
First Watch Restaurant Group, Inc. (a)(b) | 184,600 | 4,624,230 | |
McDonald's Corp. | 369,193 | 107,907,731 | |
Restaurant Brands International, Inc. | 164,974 | 12,809,903 | |
Starbucks Corp. | 545,156 | 51,735,304 | |
Wingstop, Inc. | 8,200 | 2,878,610 | |
Yum! Brands, Inc. | 313,200 | 43,353,144 | |
309,162,623 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 624,731,701 | ||
Leisure Products - 0.5% | |||
Leisure Products - 0.5% | |||
BRP, Inc. | 54,300 | 3,584,124 | |
Specialty Retail - 0.1% | |||
Automotive Retail - 0.1% | |||
Diversified Royalty Corp. (b) | 466,000 | 957,993 | |
TOTAL COMMON STOCKS (Cost $402,682,311) | 671,341,394 | ||
Money Market Funds - 1.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 5,327,538 | 5,328,603 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 7,463,297 | 7,464,044 | |
TOTAL MONEY MARKET FUNDS (Cost $12,792,647) | 12,792,647 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $415,474,958) | 684,134,041 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (7,436,801) |
NET ASSETS - 100.0% | 676,697,240 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 4,289,445 | 91,411,715 | 90,372,557 | 176,559 | - | - | 5,328,603 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 12,554,116 | 246,769,564 | 251,859,636 | 369,854 | - | - | 7,464,044 | 0.0% |
Total | 16,843,561 | 338,181,279 | 342,232,193 | 546,413 | - | - | 12,792,647 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 671,341,394 | 671,341,394 | - | - |
Money Market Funds | 12,792,647 | 12,792,647 | - | - |
Total Investments in Securities: | 684,134,041 | 684,134,041 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $7,288,600) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $402,682,311) | $ | 671,341,394 | ||
Fidelity Central Funds (cost $12,792,647) | 12,792,647 | |||
Total Investment in Securities (cost $415,474,958) | $ | 684,134,041 | ||
Cash | 275,524 | |||
Foreign currency held at value (cost $520) | 520 | |||
Receivable for investments sold | 2,429,914 | |||
Receivable for fund shares sold | 164,622 | |||
Dividends receivable | 1,226,995 | |||
Distributions receivable from Fidelity Central Funds | 22,465 | |||
Prepaid expenses | 1,103 | |||
Other receivables | 2,418 | |||
Total assets | 688,257,602 | |||
Liabilities | ||||
Payable for investments purchased | $ | 3,442,635 | ||
Payable for fund shares redeemed | 215,323 | |||
Accrued management fee | 290,659 | |||
Other affiliated payables | 107,129 | |||
Other payables and accrued expenses | 40,572 | |||
Collateral on securities loaned | 7,464,044 | |||
Total Liabilities | 11,560,362 | |||
Net Assets | $ | 676,697,240 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 403,490,894 | ||
Total accumulated earnings (loss) | 273,206,346 | |||
Net Assets | $ | 676,697,240 | ||
Net Asset Value, offering price and redemption price per share ($676,697,240 ÷ 35,163,478 shares) | $ | 19.24 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 7,104,225 | ||
Income from Fidelity Central Funds (including $369,854 from security lending) | 546,413 | |||
Total Income | 7,650,638 | |||
Expenses | ||||
Management fee | $ | 3,226,817 | ||
Transfer agent fees | 996,553 | |||
Accounting fees | 205,201 | |||
Custodian fees and expenses | 12,059 | |||
Independent trustees' fees and expenses | 3,717 | |||
Registration fees | 39,639 | |||
Audit | 40,588 | |||
Legal | 1,067 | |||
Miscellaneous | 3,277 | |||
Total expenses before reductions | 4,528,918 | |||
Expense reductions | (45,340) | |||
Total expenses after reductions | 4,483,578 | |||
Net Investment income (loss) | 3,167,060 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 13,494,861 | |||
Foreign currency transactions | (8,896) | |||
Total net realized gain (loss) | 13,485,965 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 113,943,574 | |||
Assets and liabilities in foreign currencies | 3,211 | |||
Total change in net unrealized appreciation (depreciation) | 113,946,785 | |||
Net gain (loss) | 127,432,750 | |||
Net increase (decrease) in net assets resulting from operations | $ | 130,599,810 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,167,060 | $ | 2,469,163 |
Net realized gain (loss) | 13,485,965 | 1,146,340 | ||
Change in net unrealized appreciation (depreciation) | 113,946,785 | (15,648,433) | ||
Net increase (decrease) in net assets resulting from operations | 130,599,810 | (12,032,930) | ||
Distributions to shareholders | (10,718,757) | (18,288,153) | ||
Share transactions | ||||
Proceeds from sales of shares | 132,223,221 | 73,923,002 | ||
Reinvestment of distributions | 9,852,039 | 17,168,093 | ||
Cost of shares redeemed | (148,639,749) | (144,189,598) | ||
Net increase (decrease) in net assets resulting from share transactions | (6,564,489) | (53,098,503) | ||
Total increase (decrease) in net assets | 113,316,564 | (83,419,586) | ||
Net Assets | ||||
Beginning of period | 563,380,676 | 646,800,262 | ||
End of period | $ | 676,697,240 | $ | 563,380,676 |
Other Information | ||||
Shares | ||||
Sold | 7,794,705 | 4,908,793 | ||
Issued in reinvestment of distributions | 558,619 | 1,119,877 | ||
Redeemed | (8,732,561) | (9,983,968) | ||
Net increase (decrease) | (379,237) | (3,955,298) | ||
Leisure Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.85 | $ | 16.38 | $ | 18.94 | $ | 13.89 | $ | 14.53 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .09 | .07 | .01 | .07 | .12 | |||||
Net realized and unrealized gain (loss) | 3.60 | (.12) | 1.41 | 5.40 | .25 | |||||
Total from investment operations | 3.69 | (.05) | 1.42 | 5.47 | .37 | |||||
Distributions from net investment income | (.07) | (.05) | (.02) | (.08) | (.11) | |||||
Distributions from net realized gain | (.23) | (.42) | (3.96) | (.34) | (.89) | |||||
Total distributions | (.30) | (.48) D | (3.98) | (.42) | (1.01) D | |||||
Net asset value, end of period | $ | 19.24 | $ | 15.85 | $ | 16.38 | $ | 18.94 | $ | 13.89 |
Total Return E | 23.47% | (.22)% | 7.53% | 41.30% | 1.76% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .73% | .74% | .73% | .77% | .76% | |||||
Expenses net of fee waivers, if any | .73% | .74% | .73% | .77% | .75% | |||||
Expenses net of all reductions | .73% | .74% | .73% | .76% | .75% | |||||
Net investment income (loss) | .51% | .45% | .05% | .48% | .79% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 676,697 | $ | 563,381 | $ | 646,800 | $ | 653,709 | $ | 431,146 |
Portfolio turnover rate H | 39% | 46% | 79% | 72% | 53% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Retailing Portfolio | 33.23% | 14.17% | 14.44% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Retailing Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 25.1 | |
Walmart, Inc. | 7.4 | |
The Home Depot, Inc. | 7.3 | |
Lowe's Companies, Inc. | 5.4 | |
TJX Companies, Inc. | 4.8 | |
O'Reilly Automotive, Inc. | 3.8 | |
BJ's Wholesale Club Holdings, Inc. | 3.7 | |
Dick's Sporting Goods, Inc. | 3.3 | |
NIKE, Inc. Class B | 3.2 | |
Deckers Outdoor Corp. | 2.3 | |
66.3 | ||
Industries (% of Fund's net assets) | ||
Specialty Retail | 34.3 | |
Broadline Retail | 31.0 | |
Consumer Staples Distribution & Retail | 18.1 | |
Textiles, Apparel & Luxury Goods | 10.2 | |
Hotels, Restaurants & Leisure | 1.1 | |
Interactive Media & Services | 1.1 | |
Personal Care Products | 1.1 | |
Household Durables | 0.5 | |
Entertainment | 0.4 | |
Automobile Components | 0.2 | |
Common Stocks - 98.0% | |||
Shares | Value ($) | ||
Automobile Components - 0.2% | |||
Automotive Parts & Equipment - 0.2% | |||
Aptiv PLC (a) | 75,900 | 6,033,291 | |
Broadline Retail - 31.0% | |||
Broadline Retail - 31.0% | |||
Amazon.com, Inc. (a) | 4,367,200 | 771,946,275 | |
Dollarama, Inc. | 282,100 | 21,821,359 | |
eBay, Inc. | 633,600 | 29,956,608 | |
Etsy, Inc. (a) | 713,960 | 51,183,792 | |
MercadoLibre, Inc. (a) | 26,600 | 42,434,980 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 460,007 | 36,878,761 | |
954,221,775 | |||
Consumer Staples Distribution & Retail - 18.1% | |||
Consumer Staples Merchandise Retail - 16.5% | |||
BJ's Wholesale Club Holdings, Inc. (a)(b) | 1,576,600 | 115,154,864 | |
Costco Wholesale Corp. | 90,000 | 66,950,100 | |
Dollar Tree, Inc. (a) | 397,700 | 58,334,636 | |
Target Corp. | 268,500 | 41,059,020 | |
Walmart, Inc. | 3,885,400 | 227,723,294 | |
509,221,914 | |||
Food Retail - 1.6% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 498,300 | 30,904,403 | |
Maplebear, Inc. (NASDAQ) | 223,800 | 7,282,452 | |
Sprouts Farmers Market LLC (a) | 180,000 | 11,239,200 | |
49,426,055 | |||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 558,647,969 | ||
Entertainment - 0.4% | |||
Movies & Entertainment - 0.4% | |||
Netflix, Inc. (a) | 20,100 | 12,118,692 | |
Hotels, Restaurants & Leisure - 1.1% | |||
Hotels, Resorts & Cruise Lines - 1.1% | |||
Hilton Worldwide Holdings, Inc. | 160,800 | 32,854,656 | |
Household Durables - 0.5% | |||
Household Appliances - 0.5% | |||
SharkNinja Hong Kong Co. Ltd. | 277,200 | 14,968,800 | |
Interactive Media & Services - 1.1% | |||
Interactive Media & Services - 1.1% | |||
Alphabet, Inc. Class A (a) | 153,400 | 21,239,764 | |
Pinterest, Inc. Class A (a) | 346,200 | 12,705,540 | |
33,945,304 | |||
Personal Care Products - 1.1% | |||
Personal Care Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 224,800 | 33,400,784 | |
Specialty Retail - 34.3% | |||
Apparel Retail - 8.9% | |||
American Eagle Outfitters, Inc. | 1,091,300 | 25,918,375 | |
Aritzia, Inc. (a) | 2,621,200 | 69,317,959 | |
Ross Stores, Inc. | 221,900 | 33,054,224 | |
TJX Companies, Inc. | 1,483,232 | 147,047,620 | |
275,338,178 | |||
Automotive Retail - 6.5% | |||
Lithia Motors, Inc. Class A (sub. vtg.) (b) | 85,900 | 25,689,254 | |
Murphy U.S.A., Inc. | 78,406 | 32,696,086 | |
O'Reilly Automotive, Inc. (a) | 108,800 | 118,311,296 | |
Valvoline, Inc. (a)(b) | 568,100 | 24,223,784 | |
200,920,420 | |||
Home Improvement Retail - 12.7% | |||
Lowe's Companies, Inc. | 690,400 | 166,158,568 | |
The Home Depot, Inc. | 587,400 | 223,570,314 | |
389,728,882 | |||
Homefurnishing Retail - 0.9% | |||
RH (a) | 82,400 | 22,610,560 | |
Wayfair LLC Class A (a) | 110,992 | 6,615,123 | |
29,225,683 | |||
Other Specialty Retail - 5.3% | |||
Academy Sports & Outdoors, Inc. | 170,650 | 12,750,968 | |
Dick's Sporting Goods, Inc. (b) | 575,100 | 102,304,539 | |
Five Below, Inc. (a) | 236,000 | 47,360,480 | |
162,415,987 | |||
TOTAL SPECIALTY RETAIL | 1,057,629,150 | ||
Textiles, Apparel & Luxury Goods - 10.2% | |||
Apparel, Accessories & Luxury Goods - 4.7% | |||
Canada Goose Holdings, Inc. (a)(b) | 267,300 | 3,641,732 | |
Gildan Activewear, Inc. | 549,300 | 19,128,260 | |
Levi Strauss & Co. Class A (b) | 1,206,300 | 21,918,471 | |
lululemon athletica, Inc. (a) | 89,757 | 41,924,597 | |
LVMH Moet Hennessy Louis Vuitton SE | 31,600 | 28,842,445 | |
PVH Corp. | 211,100 | 28,851,037 | |
144,306,542 | |||
Footwear - 5.5% | |||
Deckers Outdoor Corp. (a) | 80,300 | 71,915,877 | |
NIKE, Inc. Class B | 941,300 | 97,829,309 | |
169,745,186 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 314,051,728 | ||
TOTAL COMMON STOCKS (Cost $1,482,784,510) | 3,017,872,149 | ||
Money Market Funds - 1.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 5,902,505 | 5,903,685 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 51,148,807 | 51,153,922 | |
TOTAL MONEY MARKET FUNDS (Cost $57,057,607) | 57,057,607 | ||
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $1,539,842,117) | 3,074,929,756 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 3,787,687 |
NET ASSETS - 100.0% | 3,078,717,443 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 87,162,494 | 656,093,958 | 737,352,767 | 1,347,006 | - | - | 5,903,685 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 112,262,759 | 868,471,572 | 929,580,409 | 92,495 | - | - | 51,153,922 | 0.2% |
Total | 199,425,253 | 1,524,565,530 | 1,666,933,176 | 1,439,501 | - | - | 57,057,607 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 3,017,872,149 | 2,989,029,704 | 28,842,445 | - |
Money Market Funds | 57,057,607 | 57,057,607 | - | - |
Total Investments in Securities: | 3,074,929,756 | 3,046,087,311 | 28,842,445 | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $50,209,750) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,482,784,510) | $ | 3,017,872,149 | ||
Fidelity Central Funds (cost $57,057,607) | 57,057,607 | |||
Total Investment in Securities (cost $1,539,842,117) | $ | 3,074,929,756 | ||
Foreign currency held at value (cost $2) | 2 | |||
Receivable for investments sold | 62,906,991 | |||
Receivable for fund shares sold | 540,722 | |||
Dividends receivable | 1,101,552 | |||
Distributions receivable from Fidelity Central Funds | 35,287 | |||
Prepaid expenses | 4,798 | |||
Other receivables | 9,998 | |||
Total assets | 3,139,529,106 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,390,164 | ||
Payable for fund shares redeemed | 1,454,362 | |||
Accrued management fee | 1,301,359 | |||
Other affiliated payables | 472,654 | |||
Other payables and accrued expenses | 43,537 | |||
Collateral on securities loaned | 51,149,587 | |||
Total Liabilities | 60,811,663 | |||
Net Assets | $ | 3,078,717,443 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,354,517,533 | ||
Total accumulated earnings (loss) | 1,724,199,910 | |||
Net Assets | $ | 3,078,717,443 | ||
Net Asset Value, offering price and redemption price per share ($3,078,717,443 ÷ 148,225,330 shares) | $ | 20.77 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 26,334,519 | ||
Income from Fidelity Central Funds (including $92,495 from security lending) | 1,439,501 | |||
Total Income | 27,774,020 | |||
Expenses | ||||
Management fee | $ | 14,594,918 | ||
Transfer agent fees | 4,615,819 | |||
Accounting fees | 726,858 | |||
Custodian fees and expenses | 23,283 | |||
Independent trustees' fees and expenses | 17,818 | |||
Registration fees | 35,657 | |||
Audit | 42,237 | |||
Legal | 1,858 | |||
Interest | 21,233 | |||
Miscellaneous | 15,906 | |||
Total expenses before reductions | 20,095,587 | |||
Expense reductions | (206,156) | |||
Total expenses after reductions | 19,889,431 | |||
Net Investment income (loss) | 7,884,589 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 409,129,710 | |||
Foreign currency transactions | (17,891) | |||
Total net realized gain (loss) | 409,111,819 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 396,247,982 | |||
Assets and liabilities in foreign currencies | 555 | |||
Total change in net unrealized appreciation (depreciation) | 396,248,537 | |||
Net gain (loss) | 805,360,356 | |||
Net increase (decrease) in net assets resulting from operations | $ | 813,244,945 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,884,589 | $ | 9,189,128 |
Net realized gain (loss) | 409,111,819 | 3,494,060 | ||
Change in net unrealized appreciation (depreciation) | 396,248,537 | (523,717,785) | ||
Net increase (decrease) in net assets resulting from operations | 813,244,945 | (511,034,597) | ||
Distributions to shareholders | (201,789,393) | (83,419,587) | ||
Share transactions | ||||
Proceeds from sales of shares | 128,364,813 | 155,857,098 | ||
Reinvestment of distributions | 187,029,758 | 78,542,305 | ||
Cost of shares redeemed | (622,223,066) | (570,045,662) | ||
Net increase (decrease) in net assets resulting from share transactions | (306,828,495) | (335,646,259) | ||
Total increase (decrease) in net assets | 304,627,057 | (930,100,443) | ||
Net Assets | ||||
Beginning of period | 2,774,090,386 | 3,704,190,829 | ||
End of period | $ | 3,078,717,443 | $ | 2,774,090,386 |
Other Information | ||||
Shares | ||||
Sold | 7,015,849 | 9,021,587 | ||
Issued in reinvestment of distributions | 10,002,332 | 4,134,935 | ||
Redeemed | (34,394,310) | (33,503,885) | ||
Net increase (decrease) | (17,376,129) | (20,347,363) | ||
Retailing Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.75 | $ | 19.92 | $ | 23.50 | $ | 15.71 | $ | 15.01 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .05 | .05 | (.02) | (.01) | .04 | |||||
Net realized and unrealized gain (loss) | 5.36 | (2.76) | .11 | 9.35 | 1.02 | |||||
Total from investment operations | 5.41 | (2.71) | .09 | 9.34 | 1.06 | |||||
Distributions from net investment income | (.06) | (.06) | - | - | (.05) | |||||
Distributions from net realized gain | (1.33) | (.41) | (3.67) | (1.55) | (.31) | |||||
Total distributions | (1.39) | (.46) D | (3.67) | (1.55) | (.36) | |||||
Net asset value, end of period | $ | 20.77 | $ | 16.75 | $ | 19.92 | $ | 23.50 | $ | 15.71 |
Total Return E | 33.23% | (13.86)% | (1.23)% | 59.90% | 7.02% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .72% | .72% | .70% | .73% | .74% | |||||
Expenses net of fee waivers, if any | .71% | .72% | .70% | .73% | .74% | |||||
Expenses net of all reductions | .71% | .72% | .70% | .73% | .74% | |||||
Net investment income (loss) | .28% | .31% | (.07)% | (.07)% | .26% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 3,078,717 | $ | 2,774,090 | $ | 3,704,191 | $ | 4,055,939 | $ | 2,698,998 |
Portfolio turnover rate H | 49% | 32% | 33% | 46% | 17% |
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 | $75,401,637 | $46,160,899 | $(4,578,255) | $41,582,644 |
Communication Services Portfolio | 1,083,066,049 | 524,710,667 | (100,919,092) | 423,791,575 |
Construction and Housing Portfolio | 454,929,714 | 321,577,515 | (15,858,804) | 305,718,711 |
Consumer Discretionary Portfolio | 318,134,272 | 256,175,701 | (9,207,462) | 246,968,239 |
Leisure Portfolio | 418,947,125 | 270,705,505 | (5,518,589) | 265,186,916 |
Retailing Portfolio | 1,540,642,240 | 1,565,479,881 | (31,192,365) | 1,534,287,516 |
Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Automotive Portfolio | $- | $- | $(10,293,961) | $41,580,039 |
Communication Services Portfolio | - | 40,194,167 | - | 423,791,575 |
Construction and Housing Portfolio | - | 7,421,670 | - | 305,718,711 |
Consumer Discretionary Portfolio | - | 6,760,722 | - | 246,964,595 |
Leisure Portfolio | 943,875 | 7,304,825 | - | 265,186,776 |
Retailing Portfolio | 35,344,746 | 155,626,828 | - | 1,534,286,556 |
Short-term | Long-term | Total capital loss carryforward | |
Automotive Portfolio | $(10,193,715) | $ (100,246) | $(10,293,961) |
Capital losses | Ordinary losses | |
Communication Services Portfolio | $- | $(2,672) |
Consumer Discretionary Portfolio | - | (38,541) |
Leisure Portfolio | (229,130) | - |
Retailing Portfolio | - | (1,058,220) |
February 29, 2024 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Automotive Portfolio | $934,081 | $- | $934,081 |
Construction and Housing Portfolio | 5,426,559 | - | 5,426,559 |
Consumer Discretionary Portfolio | 211,744 | 11,026,484 | 11,238,228 |
Leisure Portfolio | 4,551,371 | 6,167,386 | 10,718,757 |
Retailing Portfolio | 20,242,345 | 181,547,048 | 201,789,393 |
February 28, 2023 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Automotive Portfolio | $634,736 | $2,066,777 | $2,701,513 |
Construction and Housing Portfolio | 3,697,710 | - | 3,697,710 |
Consumer Discretionary Portfolio | 190,305 | 36,774,708 | 36,965,013 |
Leisure Portfolio | 1,954,866 | 16,333,287 | 18,288,153 |
Retailing Portfolio | 9,439,958 | 73,979,629 | 83,419,587 |
Investment to be Acquired | Shares | Commitment Amount | |
Communication Services Portfolio | Lions Gate Entertainment Corp | 199,404 | $1,920,261 |
Purchases ($) | Sales ($) | |
Automotive Portfolio | 67,223,576 | 92,480,659 |
Communication Services Portfolio | 742,059,597 | 488,671,866 |
Construction and Housing Portfolio | 236,698,469 | 157,553,296 |
Consumer Discretionary Portfolio | 155,166,290 | 162,814,251 |
Leisure Portfolio | 239,715,035 | 253,048,191 |
Retailing Portfolio | 1,357,210,923 | 1,815,677,313 |
Shares | Total net realized gain or loss($) | Total Proceeds($) | Participating classes | |
Communication Services Portfolio | 363,454 | 17,676,083 | 29,268,956 | Communication Services |
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% | $97,247 | $- |
Class M | .25% | .25% | 33,320 | - |
Class C | .75% | .25% | 100,273 | 20,775 |
$230,840 | $20,775 |
Retained by FDC | |
Communication Services Portfolio | |
Class A | $41,839 |
Class M | 3,193 |
Class C A | 45 |
$45,077 |
% of Average Net Assets | |
Automotive Portfolio | .2000 |
Communication Services Portfolio | |
Class A | 0.2000 |
Class M | 0.2000 |
Class C | 0.1919 |
Communication Services | 0.1875 |
Class I | 0.1707 |
Construction and Housing Portfolio | 0.1868 |
Consumer Discretionary Portfolio | 0.1605 |
Leisure Portfolio | 0.1593 |
Retailing Portfolio | 0.1633 |
Amount | % of Average Net Assets | |
Automotive Portfolio | $274,629 | .24 |
Communication Services Portfolio | ||
Class A | 85,579 | .22 |
Class M | 14,324 | .22 |
Class C | 19,350 | .19 |
Communication Services | 1,931,486 | .19 |
Class I | 46,180 | .18 |
Class Z | 6,935 | .04 |
2,103,854 | ||
Construction and Housing Portfolio | 1,114,500 | .19 |
Consumer Discretionary Portfolio | 774,356 | .16 |
Leisure Portfolio | 996,553 | .16 |
Retailing Portfolio | 4,615,819 | .17 |
% of Average Net Assets | |
Automotive Portfolio | .0354 |
Communication Services Portfolio | .0293 |
Construction and Housing Portfolio | .0333 |
Consumer Discretionary Portfolio | .0353 |
Leisure Portfolio | .0328 |
Retailing Portfolio | .0260 |
% 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 |
Maximum Management Fee Rate % | |
Automotive Portfolio | .72 |
Communication Services Portfolio | |
Class A | .72 |
Class M | .72 |
Class C | .71 |
Communication Services | .71 |
Class I | .69 |
Class Z | .56 |
Construction and Housing Portfolio | .70 |
Consumer Discretionary Portfolio | .68 |
Leisure Portfolio | .68 |
Retailing Portfolio | .68 |
Amount | |
Automotive Portfolio | $ 2,237 |
Communication Services Portfolio | 9,089 |
Construction and Housing Portfolio | 1,494 |
Consumer Discretionary Portfolio | 1,863 |
Leisure Portfolio | 3,068 |
Retailing Portfolio | 14,282 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Automotive Portfolio | Borrower | $ 1,571,429 | 5.57% | $1,700 |
Retailing Portfolio | Borrower | $ 7,014,500 | 5.45% | $21,233 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Automotive Portfolio | 2,613,489 | 3,371,861 | 49,845 |
Communication Services Portfolio | 26,528,440 | 21,143,116 | 7,594,596 |
Construction and Housing Portfolio | 13,412,420 | 8,108,821 | 2,662,465 |
Consumer Discretionary Portfolio | 13,130,178 | 8,383,907 | 1,113,518 |
Leisure Portfolio | 11,310,066 | 11,190,424 | 997,828 |
Retailing Portfolio | 64,854,818 | 60,653,669 | 3,656,970 |
Amount | |
Automotive Portfolio | $198 |
Communication Services Portfolio | 1,700 |
Construction and Housing Portfolio | 960 |
Consumer Discretionary Portfolio | 786 |
Leisure Portfolio | 1,049 |
Retailing Portfolio | 4,889 |
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 | $18,947 | $7,836 | $- |
Communication Services Portfolio | $2,673 | $11 | $- |
Construction and Housing Portfolio | $1,699 | $- | $- |
Consumer Discretionary Portfolio | $5,334 | $149 | $- |
Leisure Portfolio | $38,717 | $24,861 | $- |
Retailing Portfolio | $9,712 | $20 | $- |
Custodian credits | Transfer Agent credits | |
Communication Services Portfolio | $416 | $- |
Class M | - | 13 |
Amount | |
Automotive Portfolio | $8,440 |
Construction and Housing Portfolio | 42,840 |
Consumer Discretionary Portfolio | 34,696 |
Leisure Portfolio | 45,340 |
Retailing Portfolio | 206,156 |
Fund-Level Amount | |
Communication Services Portfolio | $79,094 |
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2024 | Year ended February 25, 2023 | Year ended February 29, 2024 | Year ended February 28, 2023 | |
Communication Services Portfolio | ||||
Class A | ||||
Shares sold | 317,300 | 106,946 | $24,925,001 | $6,909,623 |
Reinvestment of distributions | - | - | - | - |
Shares redeemed | (112,735) | (146,490) | (8,858,369) | (9,350,947) |
Net increase (decrease) | 204,565 | (39,544) | $16,066,632 | $(2,441,324) |
Class M | ||||
Shares sold | 80,572 | 11,811 | $6,303,994 | $749,050 |
Shares redeemed | (33,170) | (29,773) | (2,739,823) | (1,798,790) |
Net increase (decrease) | 47,402 | (17,962) | $3,564,171 | $(1,049,740) |
Class C | ||||
Shares sold | 48,612 | 44,574 | $3,667,088 | $2,778,261 |
Shares redeemed | (28,772) | (37,470) | (2,122,323) | (2,303,544) |
Net increase (decrease) | 19,840 | 7,104 | $1,544,765 | $474,717 |
Communication Services | ||||
Shares sold | 6,986,402 | 2,037,740 | $562,879,038 | $131,199,352 |
Shares redeemed | (4,078,788) | (2,871,553) | (326,562,337) | (185,590,458) |
Net increase (decrease) | 2,907,614 | (833,813) | $236,316,701 | $(54,391,106) |
Class I | ||||
Shares sold | 398,197 | 74,777 | $31,583,310 | $4,946,728 |
Shares redeemed | (133,425) | (291,105) | (10,868,462) | (19,399,461) |
Net increase (decrease) | 264,772 | (216,328) | $20,714,848 | $(14,452,733) |
Class Z | ||||
Shares sold | 357,479 | 19,696 | $29,101,658 | $1,307,319 |
Shares redeemed | (53,367) | (49,019) | (4,420,736) | (3,238,948) |
Net increase (decrease) | 304,112 | (29,323) | $24,680,922 | $(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 (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Automotive Portfolio ** | .85% | |||||||||
Actual | $ 1,000 | $ 1,075.00 | $ 4.39 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.64 | $ 4.27 | |||||||
Communication Services Portfolio | ||||||||||
Class A ** | 1.03% | |||||||||
Actual | $ 1,000 | $ 1,191.30 | $ 5.61 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.74 | $ 5.17 | |||||||
Class M | 1.28% | |||||||||
Actual | $ 1,000 | $ 1,189.80 | $ 6.97 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.50 | $ 6.42 | |||||||
Class C | 1.76% | |||||||||
Actual | $ 1,000 | $ 1,187.00 | $ 9.57 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.11 | $ 8.82 | |||||||
Communication Services Portfolio ** | .76% | |||||||||
Actual | $ 1,000 | $ 1,192.80 | $ 4.14 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.08 | $ 3.82 | |||||||
Class I ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,193.00 | $ 4.09 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
Class Z ** | .61% | |||||||||
Actual | $ 1,000 | $ 1,193.70 | $ 3.33 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.83 | $ 3.07 | |||||||
Construction and Housing Portfolio ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,162.30 | $ 4.03 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
Consumer Discretionary Portfolio ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,145.00 | $ 3.89 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.23 | $ 3.67 | |||||||
Leisure Portfolio ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,137.70 | $ 3.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.28 | $ 3.62 | |||||||
Retailing Portfolio ** | .71% | |||||||||
Actual | $ 1,000 | $ 1,192.90 | $ 3.87 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.33 | $ 3.57 | |||||||
Automotive Portfolio- If fees and changes to the expense contract and/ or expense cap, effective December 1, 2023, had been in effect during the entire current period, the restated annualized expense ratio would have been .81% and the expenses paid in the actual and hypothetical examples above would have been $4.16 and $4.05, respectively.
Annualized Expense Ratio- A | Expenses Paid | |||||
Automotive Portfolio | .74% | |||||
Actual | $ 3.82 | |||||
Hypothetical- B | $ 3.72 | |||||
Communication Services Portfolio | ||||||
Class A | .97% | |||||
Actual | $ 5.29 | |||||
Hypothetical- B | $ 4.87 | |||||
Communication Services Portfolio | .69% | |||||
Actual | $ 3.76 | |||||
Hypothetical- B | $ 3.47 | |||||
Class I | .71% | |||||
Actual | $ 3.87 | |||||
Hypothetical- B | $ 3.57 | |||||
Class Z | .57% | |||||
Actual | $ 3.11 | |||||
Hypothetical- B | $ 2.87 | |||||
Construction and Housing Portfolio | .69% | |||||
Actual | $ 3.71 | |||||
Hypothetical- B | $ 3.47 | |||||
Consumer Discretionary Portfolio | .69% | |||||
Actual | $ 3.68 | |||||
Hypothetical- B | $ 3.47 | |||||
Leisure Portfolio | .68% | |||||
Actual | $ 3.61 | |||||
Hypothetical- B | $ 3.42 | |||||
Retailing Portfolio | .66% | |||||
Actual | $ 3.60 | |||||
Hypothetical- B | $ 3.32 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Communication Services Portfolio | $41,152,215 |
Construction and Housing Portfolio | $7,478,732 |
Consumer Discretionary Portfolio | $13,059,626 |
Leisure Portfolio | $11,800,934 |
Retailing Portfolio | $328,803,937 |
Automotive Portfolio | |
April 2023 | 94% |
December 2023 | 58% |
Construction and Housing Portfolio | |
December 2023 | 98% |
Consumer Discretionary Portfolio | |
December 2023 | 100% |
Leisure Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Retailing Portfolio | |
December 2023 | 98% |
Automotive Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Construction and Housing Portfolio | |
December 2023 | 100% |
Consumer Discretionary Portfolio | |
December 2023 | 100% |
Leisure Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Retailing Portfolio | |
December 2023 | 100% |
December, 2023 | |
Leisure Portfolio | 100% |
Retailing Portfolio | 100% |
Construction and Housing Portfolio | $58,458 |
Retailing Portfolio | $185,073 |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95782_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95782_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | -1.14% | 7.35% | 6.28% |
Class M (incl. 3.50% sales charge) | 0.96% | 7.57% | 6.25% |
Class C (incl. contingent deferred sales charge) | 3.12% | 7.81% | 6.28% |
Consumer Staples Portfolio | 5.20% | 8.94% | 7.22% |
Class I | 5.19% | 8.93% | 7.21% |
Class Z | 5.31% | 9.07% | 7.28% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Consumer Staples Portfolio, a class of the fund, on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Procter & Gamble Co. | 13.8 | |
The Coca-Cola Co. | 12.6 | |
Keurig Dr. Pepper, Inc. | 8.1 | |
Kenvue, Inc. | 6.2 | |
PepsiCo, Inc. | 4.5 | |
Walmart, Inc. | 4.1 | |
Altria Group, Inc. | 3.8 | |
Mondelez International, Inc. | 3.7 | |
Philip Morris International, Inc. | 3.3 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 3.2 | |
63.3 | ||
Industries (% of Fund's net assets) | ||
Beverages | 36.3 | |
Household Products | 21.0 | |
Food Products | 14.7 | |
Consumer Staples Distribution & Retail | 10.4 | |
Personal Care Products | 9.5 | |
Tobacco | 7.8 | |
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
Beverages - 36.3% | |||
Brewers - 2.7% | |||
Boston Beer Co., Inc. Class A (a) | 131,800 | 40,612,852 | |
Distillers & Vintners - 5.7% | |||
Brown-Forman Corp. Class B (non-vtg.) | 185,300 | 11,160,619 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 190,684 | 47,388,788 | |
Diageo PLC | 615,516 | 23,013,728 | |
Duckhorn Portfolio, Inc. (a) | 316,100 | 3,006,111 | |
MGP Ingredients, Inc. | 9,800 | 834,764 | |
85,404,010 | |||
Soft Drinks & Non-alcoholic Beverages - 27.9% | |||
Keurig Dr. Pepper, Inc. | 4,033,827 | 120,651,766 | |
Monster Beverage Corp. | 685,226 | 40,496,857 | |
PepsiCo, Inc. | 405,504 | 67,046,031 | |
The Coca-Cola Co. | 3,153,318 | 189,262,146 | |
417,456,800 | |||
TOTAL BEVERAGES | 543,473,662 | ||
Consumer Staples Distribution & Retail - 10.4% | |||
Consumer Staples Merchandise Retail - 8.9% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 295,900 | 21,612,536 | |
Dollar General Corp. | 58,500 | 8,500,635 | |
Dollar Tree, Inc. (a) | 13,900 | 2,038,852 | |
Target Corp. | 259,900 | 39,743,908 | |
Walmart, Inc. | 1,054,500 | 61,804,245 | |
133,700,176 | |||
Drug Retail - 0.5% | |||
Walgreens Boots Alliance, Inc. (b) | 326,800 | 6,947,768 | |
Food Distributors - 0.7% | |||
Sysco Corp. | 132,756 | 10,749,253 | |
Food Retail - 0.3% | |||
Albertsons Companies, Inc. | 157,800 | 3,200,184 | |
Grocery Outlet Holding Corp. (a) | 43,000 | 1,108,970 | |
4,309,154 | |||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 155,706,351 | ||
Food Products - 14.7% | |||
Agricultural Products & Services - 2.3% | |||
Archer Daniels Midland Co. | 348,200 | 18,492,902 | |
Bunge Global SA | 116,393 | 10,984,007 | |
Darling Ingredients, Inc. (a) | 114,061 | 4,825,921 | |
34,302,830 | |||
Packaged Foods & Meats - 12.4% | |||
Conagra Brands, Inc. | 255,741 | 7,181,207 | |
General Mills, Inc. | 219,100 | 14,061,838 | |
Laird Superfood, Inc. (a) | 220,582 | 176,466 | |
Lamb Weston Holdings, Inc. | 194,500 | 19,879,845 | |
McCormick & Co., Inc. (non-vtg.) | 16,300 | 1,122,418 | |
Mondelez International, Inc. | 763,797 | 55,810,647 | |
Nomad Foods Ltd. | 1,672,659 | 30,827,105 | |
Pilgrim's Pride Corp. (a) | 34,700 | 1,104,848 | |
The Hershey Co. | 11,000 | 2,067,120 | |
The J.M. Smucker Co. | 130,300 | 15,658,151 | |
The Real Good Food Co. LLC: | |||
Class B (a)(c) | 54,867 | 1 | |
Class B unit (a)(d) | 54,867 | 63,646 | |
The Simply Good Foods Co. (a) | 21,500 | 762,820 | |
TreeHouse Foods, Inc. (a) | 403,008 | 14,423,656 | |
Tyson Foods, Inc. Class A | 426,866 | 23,153,212 | |
186,292,980 | |||
TOTAL FOOD PRODUCTS | 220,595,810 | ||
Household Products - 21.0% | |||
Household Products - 21.0% | |||
Colgate-Palmolive Co. | 104,100 | 9,006,732 | |
Energizer Holdings, Inc. | 1,653,489 | 47,207,111 | |
Kimberly-Clark Corp. | 329,133 | 39,881,046 | |
Procter & Gamble Co. | 1,300,882 | 206,762,184 | |
Reynolds Consumer Products, Inc. | 16,939 | 499,701 | |
The Clorox Co. | 70,774 | 10,850,362 | |
314,207,136 | |||
Personal Care Products - 9.5% | |||
Personal Care Products - 9.5% | |||
Edgewell Personal Care Co. | 212,483 | 8,114,726 | |
Estee Lauder Companies, Inc. Class A | 245,655 | 36,499,420 | |
Herbalife Ltd. (a) | 116,150 | 1,025,605 | |
Kenvue, Inc. | 4,879,600 | 92,712,400 | |
Olaplex Holdings, Inc. (a) | 2,097,914 | 3,902,120 | |
142,254,271 | |||
Tobacco - 7.8% | |||
Tobacco - 7.8% | |||
Altria Group, Inc. | 1,372,517 | 56,149,670 | |
British American Tobacco PLC: | |||
(United Kingdom) | 106,497 | 3,164,178 | |
sponsored ADR | 260,600 | 7,789,334 | |
Philip Morris International, Inc. | 554,682 | 49,899,193 | |
117,002,375 | |||
TOTAL COMMON STOCKS (Cost $1,212,408,673) | 1,493,239,605 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 1,662,968 | 1,663,301 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 7,105,015 | 7,105,725 | |
TOTAL MONEY MARKET FUNDS (Cost $8,769,026) | 8,769,026 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $1,221,177,699) | 1,502,008,631 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (3,891,996) |
NET ASSETS - 100.0% | 1,498,116,635 |
(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 $63,646 or 0.0% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 691,618 | 228,020,334 | 227,048,651 | 172,254 | - | - | 1,663,301 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 36,898,404 | 187,468,744 | 217,261,423 | 74,391 | - | - | 7,105,725 | 0.0% |
Total | 37,590,022 | 415,489,078 | 444,310,074 | 246,645 | - | - | 8,769,026 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,493,239,605 | 1,490,075,426 | 3,164,178 | 1 |
Money Market Funds | 8,769,026 | 8,769,026 | - | - |
Total Investments in Securities: | 1,502,008,631 | 1,498,844,452 | 3,164,178 | 1 |
Net Unrealized Appreciation on Unfunded Commitments | 5,513 | - | - | 5,513 |
Total | 5,513 | - | - | 5,513 |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $6,945,642) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,212,408,673) | $ | 1,493,239,605 | ||
Fidelity Central Funds (cost $8,769,026) | 8,769,026 | |||
Total Investment in Securities (cost $1,221,177,699) | $ | 1,502,008,631 | ||
Receivable for investments sold | 10,243,877 | |||
Unrealized appreciation on unfunded commitments | 5,513 | |||
Receivable for fund shares sold | 528,286 | |||
Dividends receivable | 2,298,955 | |||
Distributions receivable from Fidelity Central Funds | 6,232 | |||
Prepaid expenses | 3,821 | |||
Other receivables | 319,000 | |||
Total assets | 1,515,414,315 | |||
Liabilities | ||||
Payable for investments purchased | $ | 7,534,540 | ||
Payable for fund shares redeemed | 1,264,681 | |||
Accrued management fee | 660,513 | |||
Distribution and service plan fees payable | 131,227 | |||
Other affiliated payables | 243,547 | |||
Other payables and accrued expenses | 357,447 | |||
Collateral on securities loaned | 7,105,725 | |||
Total Liabilities | 17,297,680 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,498,116,635 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,216,261,233 | ||
Total accumulated earnings (loss) | 281,855,402 | |||
Net Assets | $ | 1,498,116,635 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($290,687,393 ÷ 3,189,130 shares)(a) | $ | 91.15 | ||
Maximum offering price per share (100/94.25 of $91.15) | $ | 96.71 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($58,373,119 ÷ 648,892 shares)(a) | $ | 89.96 | ||
Maximum offering price per share (100/96.50 of $89.96) | $ | 93.22 | ||
Class C : | ||||
Net Asset Value and offering price per share ($52,661,150 ÷ 598,155 shares)(a) | $ | 88.04 | ||
Consumer Staples : | ||||
Net Asset Value, offering price and redemption price per share ($895,019,098 ÷ 9,687,731 shares) | $ | 92.39 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($143,349,656 ÷ 1,556,365 shares) | $ | 92.11 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($58,026,219 ÷ 630,831 shares) | $ | 91.98 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 43,893,567 | ||
Income from Fidelity Central Funds (including $74,391 from security lending) | 246,645 | |||
Total Income | 44,140,212 | |||
Expenses | ||||
Management fee | $ | 8,231,604 | ||
Transfer agent fees | 2,585,058 | |||
Distribution and service plan fees | 1,726,714 | |||
Accounting fees | 433,862 | |||
Custodian fees and expenses | 39,945 | |||
Independent trustees' fees and expenses | 9,810 | |||
Registration fees | 135,191 | |||
Audit | 50,180 | |||
Legal | 3,446 | |||
Interest | 23,604 | |||
Miscellaneous | 9,915 | |||
Total expenses before reductions | 13,249,329 | |||
Expense reductions | (117,146) | |||
Total expenses after reductions | 13,132,183 | |||
Net Investment income (loss) | 31,008,029 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 62,844,088 | |||
Redemptions in-kind | 11,902,627 | |||
Foreign currency transactions | (11,676) | |||
Total net realized gain (loss) | 74,735,039 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (33,617,227) | |||
Unfunded commitments | 5,513 | |||
Assets and liabilities in foreign currencies | 5,061 | |||
Total change in net unrealized appreciation (depreciation) | (33,606,653) | |||
Net gain (loss) | 41,128,386 | |||
Net increase (decrease) in net assets resulting from operations | $ | 72,136,415 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 31,008,029 | $ | 26,761,712 |
Net realized gain (loss) | 74,735,039 | 509,722 | ||
Change in net unrealized appreciation (depreciation) | (33,606,653) | (58,461,711) | ||
Net increase (decrease) in net assets resulting from operations | 72,136,415 | (31,190,277) | ||
Distributions to shareholders | (76,670,402) | (52,925,514) | ||
Share transactions - net increase (decrease) | (46,163,278) | (73,640,667) | ||
Total increase (decrease) in net assets | (50,697,265) | (157,756,458) | ||
Net Assets | ||||
Beginning of period | 1,548,813,900 | 1,706,570,358 | ||
End of period | $ | 1,498,116,635 | $ | 1,548,813,900 |
Fidelity Advisor® Consumer Staples Fund Class A |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 91.25 | $ | 95.55 | $ | 89.40 | $ | 79.57 | $ | 76.88 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.68 | 1.38 | 1.40 | 1.34 | 1.40 | |||||
Net realized and unrealized gain (loss) | 2.68 | (2.79) | 14.98 | 11.24 | 3.54 | |||||
Total from investment operations | 4.36 | (1.41) | 16.38 | 12.58 | 4.94 | |||||
Distributions from net investment income | (1.50) | (1.36) | (1.55) | (1.42) | (1.35) | |||||
Distributions from net realized gain | (2.96) | (1.53) | (8.68) | (1.33) | (.90) | |||||
Total distributions | (4.46) | (2.89) | (10.23) | (2.75) | (2.25) | |||||
Net asset value, end of period | $ | 91.15 | $ | 91.25 | $ | 95.55 | $ | 89.40 | $ | 79.57 |
Total Return D,E | 4.90% | (1.49)% | 18.83% | 16.00% | 6.17% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | 1.01% | 1.01% | 1.01% | 1.04% | 1.04% | |||||
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.01% | 1.04% | 1.04% | |||||
Expenses net of all reductions | 1.00% | 1.01% | 1.01% | 1.03% | 1.04% | |||||
Net investment income (loss) | 1.80% | 1.51% | 1.45% | 1.57% | 1.67% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 290,687 | $ | 297,850 | $ | 293,276 | $ | 248,234 | $ | 239,067 |
Portfolio turnover rate H | 54% I | 46% | 61% | 51% | 40% |
Fidelity Advisor® Consumer Staples Fund Class M |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 90.11 | $ | 94.39 | $ | 88.43 | $ | 78.74 | $ | 76.13 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.42 | 1.13 | 1.13 | 1.10 | 1.16 | |||||
Net realized and unrealized gain (loss) | 2.66 | (2.76) | 14.81 | 11.11 | 3.50 | |||||
Total from investment operations | 4.08 | (1.63) | 15.94 | 12.21 | 4.66 | |||||
Distributions from net investment income | (1.27) | (1.12) | (1.30) | (1.19) | (1.15) | |||||
Distributions from net realized gain | (2.96) | (1.53) | (8.68) | (1.33) | (.90) | |||||
Total distributions | (4.23) | (2.65) | (9.98) | (2.52) | (2.05) | |||||
Net asset value, end of period | $ | 89.96 | $ | 90.11 | $ | 94.39 | $ | 88.43 | $ | 78.74 |
Total Return D,E | 4.63% | (1.74)% | 18.51% | 15.69% | 5.88% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | 1.27% | 1.27% | 1.28% | 1.31% | 1.31% | |||||
Expenses net of fee waivers, if any | 1.26% | 1.27% | 1.28% | 1.31% | 1.31% | |||||
Expenses net of all reductions | 1.26% | 1.27% | 1.28% | 1.30% | 1.31% | |||||
Net investment income (loss) | 1.54% | 1.25% | 1.18% | 1.30% | 1.40% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 58,373 | $ | 62,870 | $ | 64,707 | $ | 56,664 | $ | 55,954 |
Portfolio turnover rate H | 54% I | 46% | 61% | 51% | 40% |
Fidelity Advisor® Consumer Staples Fund Class C |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 88.22 | $ | 92.48 | $ | 86.73 | $ | 77.27 | $ | 74.79 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .95 | .67 | .65 | .68 | .75 | |||||
Net realized and unrealized gain (loss) | 2.61 | (2.69) | 14.51 | 10.87 | 3.44 | |||||
Total from investment operations | 3.56 | (2.02) | 15.16 | 11.55 | 4.19 | |||||
Distributions from net investment income | (.78) | (.71) | (.79) | (.80) | (.81) | |||||
Distributions from net realized gain | (2.96) | (1.53) | (8.62) | (1.30) | (.90) | |||||
Total distributions | (3.74) | (2.24) | (9.41) | (2.09) D | (1.71) | |||||
Net asset value, end of period | $ | 88.04 | $ | 88.22 | $ | 92.48 | $ | 86.73 | $ | 77.27 |
Total Return E,F | 4.12% | (2.23)% | 17.92% | 15.14% | 5.39% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.76% | 1.77% | 1.77% | 1.79% | 1.79% | |||||
Expenses net of fee waivers, if any | 1.75% | 1.76% | 1.76% | 1.79% | 1.79% | |||||
Expenses net of all reductions | 1.75% | 1.76% | 1.76% | 1.78% | 1.79% | |||||
Net investment income (loss) | 1.05% | .76% | .70% | .83% | .92% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 52,661 | $ | 78,497 | $ | 88,645 | $ | 104,955 | $ | 117,328 |
Portfolio turnover rate I | 54% J | 46% | 61% | 51% | 40% |
Consumer Staples Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 92.43 | $ | 96.75 | $ | 90.40 | $ | 80.42 | $ | 77.63 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.96 | 1.66 | 1.69 | 1.60 | 1.66 | |||||
Net realized and unrealized gain (loss) | 2.73 | (2.84) | 15.16 | 11.39 | 3.59 | |||||
Total from investment operations | 4.69 | (1.18) | 16.85 | 12.99 | 5.25 | |||||
Distributions from net investment income | (1.77) | (1.61) | (1.81) | (1.68) | (1.55) | |||||
Distributions from net realized gain | (2.96) | (1.53) | (8.68) | (1.33) | (.90) | |||||
Total distributions | (4.73) | (3.14) | (10.50) D | (3.01) | (2.46) D | |||||
Net asset value, end of period | $ | 92.39 | $ | 92.43 | $ | 96.75 | $ | 90.40 | $ | 80.42 |
Total Return E | 5.20% | (1.21)% | 19.16% | 16.34% | 6.48% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .73% | .73% | .73% | .75% | .75% | |||||
Expenses net of fee waivers, if any | .72% | .73% | .73% | .75% | .75% | |||||
Expenses net of all reductions | .72% | .73% | .73% | .74% | .75% | |||||
Net investment income (loss) | 2.08% | 1.79% | 1.74% | 1.86% | 1.96% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 895,019 | $ | 862,837 | $ | 1,032,956 | $ | 770,644 | $ | 773,437 |
Portfolio turnover rate H | 54% I | 46% | 61% | 51% | 40% |
Fidelity Advisor® Consumer Staples Fund Class I |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 92.16 | $ | 96.48 | $ | 90.17 | $ | 80.23 | $ | 77.45 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.95 | 1.65 | 1.67 | 1.60 | 1.65 | |||||
Net realized and unrealized gain (loss) | 2.72 | (2.83) | 15.13 | 11.34 | 3.58 | |||||
Total from investment operations | 4.67 | (1.18) | 16.80 | 12.94 | 5.23 | |||||
Distributions from net investment income | (1.76) | (1.61) | (1.80) | (1.67) | (1.55) | |||||
Distributions from net realized gain | (2.96) | (1.53) | (8.68) | (1.33) | (.90) | |||||
Total distributions | (4.72) | (3.14) | (10.49) D | (3.00) | (2.45) | |||||
Net asset value, end of period | $ | 92.11 | $ | 92.16 | $ | 96.48 | $ | 90.17 | $ | 80.23 |
Total Return E | 5.19% | (1.22)% | 19.15% | 16.32% | 6.48% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .74% | .74% | .74% | .76% | .76% | |||||
Expenses net of fee waivers, if any | .73% | .74% | .74% | .75% | .76% | |||||
Expenses net of all reductions | .73% | .74% | .74% | .75% | .76% | |||||
Net investment income (loss) | 2.08% | 1.78% | 1.72% | 1.86% | 1.95% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 143,350 | $ | 158,019 | $ | 149,160 | $ | 132,898 | $ | 149,514 |
Portfolio turnover rate H | 54% I | 46% | 61% | 51% | 40% |
Fidelity Advisor® Consumer Staples Fund Class Z |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 92.05 | $ | 96.36 | $ | 90.08 | $ | 80.14 | $ | 77.36 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 2.07 | 1.76 | 1.79 | 1.71 | 1.78 | |||||
Net realized and unrealized gain (loss) | 2.70 | (2.82) | 15.10 | 11.35 | 3.56 | |||||
Total from investment operations | 4.77 | (1.06) | 16.89 | 13.06 | 5.34 | |||||
Distributions from net investment income | (1.88) | (1.73) | (1.93) | (1.79) | (1.66) | |||||
Distributions from net realized gain | (2.96) | (1.53) | (8.68) | (1.33) | (.90) | |||||
Total distributions | (4.84) | (3.25) D | (10.61) | (3.12) | (2.56) | |||||
Net asset value, end of period | $ | 91.98 | $ | 92.05 | $ | 96.36 | $ | 90.08 | $ | 80.14 |
Total Return E | 5.31% | (1.09)% | 19.29% | 16.49% | 6.61% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .61% | .61% | .61% | .62% | .63% | |||||
Expenses net of fee waivers, if any | .60% | .61% | .61% | .62% | .63% | |||||
Expenses net of all reductions | .60% | .61% | .61% | .62% | .62% | |||||
Net investment income (loss) | 2.20% | 1.91% | 1.85% | 1.99% | 2.08% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 58,026 | $ | 88,741 | $ | 77,826 | $ | 43,591 | $ | 41,629 |
Portfolio turnover rate H | 54% I | 46% | 61% | 51% | 40% |
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 | $307,950 |
Gross unrealized appreciation | $342,642,204 |
Gross unrealized depreciation | (72,249,421) |
Net unrealized appreciation (depreciation) | $270,392,783 |
Tax Cost | $1,231,621,361 |
Undistributed ordinary income | $4,377,862 |
Undistributed long-term capital gain | $7,361,349 |
Net unrealized appreciation (depreciation) on securities and other investments | $270,390,149 |
February 29, 2024 | February 28, 2023 | |
Ordinary Income | $41,531,646 | $28,235,236 |
Long-term Capital Gains | 35,138,756 | 24,690,278 |
Total | $76,670,402 | $52,925,514 |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Consumer Staples Portfolio | JUUL Labs, Inc. | $2,254,777 | $5,513 |
Purchases ($) | Sales ($) | |
Consumer Staples Portfolio | 854,082,796 | 919,908,464 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Consumer Staples Portfolio | 341,222 | 11,902,627 | 31,040,947 | Consumer Staples |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $753,274 | $4,991 |
Class M | .25% | .25% | 307,792 | - |
Class C | .75% | .25% | 665,648 | 66,918 |
$1,726,714 | $71,909 |
Retained by FDC | |
Class A | $68,740 |
Class M | 5,303 |
Class CA | 4,820 |
$78,863 |
% of Class-Level Average Net Assets | |
Class A | 0.1892 |
Class M | 0.1988 |
Class C | 0.1919 |
Consumer Staples | 0.1600 |
Class I | 0.1698 |
Amount | % of Class-Level Average Net Assets | |
Class A | $574,318 | .19 |
Class M | 123,261 | .20 |
Class C | 128,533 | .19 |
Consumer Staples | 1,438,983 | .16 |
Class I | 287,424 | .17 |
Class Z | 32,539 | .04 |
$2,585,058 |
% of Average Net Assets | |
Consumer Staples Portfolio | .0275 |
% of Average Net Assets | |
Consumer Staples Portfolio | .03 |
Maximum Management Fee Rate % | |
Class A | .71 |
Class M | .72 |
Class C | .71 |
Consumer Staples | .68 |
Class I | .69 |
Class Z | .56 |
Amount | |
Consumer Staples Portfolio | $14,738 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Consumer Staples Portfolio | Borrower | $ 4,534,400 | 5.35% | $23,604 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Consumer Staples Portfolio | 70,659,201 | 53,887,787 | 1,738,929 |
Amount | |
Consumer Staples Portfolio | $2,782 |
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 | $6,791 | $- | $- |
Expense reduction | |
Class M | $146 |
Year ended February 29, 2024 | Year ended February 28, 2023 | |
Consumer Staples Portfolio | ||
Distributions to shareholders | ||
Class A | $14,193,435 | $9,061,460 |
Class M | 2,755,073 | 1,830,918 |
Class C | 2,447,301 | 2,098,957 |
Consumer Staples | 45,433,753 | 32,004,733 |
Class I | 8,441,151 | 5,160,204 |
Class Z | 3,399,689 | 2,769,242 |
Total | $76,670,402 | $52,925,514 |
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2024 | Year ended February 28, 2023 | Year ended February 29, 2024 | Year ended February 28, 2023 | |
Consumer Staples Portfolio | ||||
Class A | ||||
Shares sold | 433,548 | 565,130 | $40,414,601 | $51,861,919 |
Reinvestment of distributions | 152,629 | 95,040 | 13,731,692 | 8,776,247 |
Shares redeemed | (661,316) | (465,315) | (61,286,921) | (42,475,640) |
Net increase (decrease) | (75,139) | 194,855 | $(7,140,628) | $18,162,526 |
Class M | ||||
Shares sold | 30,160 | 86,908 | $2,769,669 | $7,782,299 |
Reinvestment of distributions | 30,823 | 19,900 | 2,736,825 | 1,820,900 |
Shares redeemed | (109,826) | (94,625) | (10,088,961) | (8,558,414) |
Net increase (decrease) | (48,843) | 12,183 | $(4,582,467) | $1,044,785 |
Class C | ||||
Shares sold | 60,782 | 167,163 | $5,515,955 | $14,879,754 |
Reinvestment of distributions | 27,847 | 22,978 | 2,419,449 | 2,076,666 |
Shares redeemed | (380,224) | (258,894) | (34,216,372) | (22,861,871) |
Net increase (decrease) | (291,595) | (68,753) | $(26,280,968) | $(5,905,451) |
Consumer Staples | ||||
Shares sold | 2,481,700 | 2,183,669 | $235,907,480 | $203,864,179 |
Reinvestment of distributions | 456,661 | 316,888 | 41,615,033 | 29,626,850 |
Shares redeemed | (2,585,591) | (3,842,578) | (241,614,760) | (351,826,884) |
Net increase (decrease) | 352,770 | (1,342,021) | $35,907,753 | $(118,335,855) |
Class I | ||||
Shares sold | 708,067 | 795,767 | $66,730,554 | $73,693,384 |
Reinvestment of distributions | 88,639 | 52,268 | 8,056,704 | 4,854,356 |
Shares redeemed | (954,914) | (679,428) | (89,032,490) | (62,277,443) |
Net increase (decrease) | (158,208) | 168,607 | $(14,245,232) | $16,270,297 |
Class Z | ||||
Shares sold | 505,773 | 568,677 | $47,755,733 | $52,889,407 |
Reinvestment of distributions | 33,052 | 27,861 | 3,005,014 | 2,580,426 |
Shares redeemed | (872,078) | (440,111) | (80,582,483) | (40,346,802) |
Net increase (decrease) | (333,253) | 156,427 | $(29,821,736) | $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 (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Consumer Staples Portfolio | ||||||||||
Class A | 1.00% | |||||||||
Actual | $ 1,000 | $ 990.20 | $ 4.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.89 | $ 5.02 | |||||||
Class M | 1.26% | |||||||||
Actual | $ 1,000 | $ 988.90 | $ 6.23 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.60 | $ 6.32 | |||||||
Class C | 1.76% | |||||||||
Actual | $ 1,000 | $ 986.40 | $ 8.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.11 | $ 8.82 | |||||||
Consumer Staples Portfolio ** | .72% | |||||||||
Actual | $ 1,000 | $ 991.60 | $ 3.57 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.28 | $ 3.62 | |||||||
Class I | .73% | |||||||||
Actual | $ 1,000 | $ 991.60 | $ 3.61 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.23 | $ 3.67 | |||||||
Class Z ** | .60% | |||||||||
Actual | $ 1,000 | $ 992.10 | $ 2.97 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.88 | $ 3.02 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Consumer Staples Portfolio | ||||||
Consumer Staples Portfolio | .68% | |||||
Actual | $ 3.37 | |||||
Hypothetical- B | $ 3.42 | |||||
Class Z | .57% | |||||
Actual | $ 2.82 | |||||
Hypothetical- B | $ 2.87 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95778_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95778_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Defense and Aerospace Portfolio | 13.11% | 5.41% | 9.64% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Defense and Aerospace Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
The Boeing Co. | 16.7 | |
Lockheed Martin Corp. | 11.3 | |
RTX Corp. | 11.2 | |
General Dynamics Corp. | 5.2 | |
HEICO Corp. Class A | 5.0 | |
Howmet Aerospace, Inc. | 5.0 | |
TransDigm Group, Inc. | 4.9 | |
Spirit AeroSystems Holdings, Inc. Class A | 4.8 | |
Northrop Grumman Corp. | 4.6 | |
Axon Enterprise, Inc. | 3.4 | |
72.1 | ||
Industries (% of Fund's net assets) | ||
Aerospace & Defense | 95.3 | |
Industrial Conglomerates | 1.7 | |
Professional Services | 1.4 | |
Metals & Mining | 0.9 | |
Trading Companies & Distributors | 0.2 | |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
Aerospace & Defense - 95.3% | |||
Aerospace & Defense - 95.3% | |||
AerSale Corp. (a)(b) | 409,600 | 3,620,864 | |
Axon Enterprise, Inc. (a) | 171,400 | 52,683,218 | |
BAE Systems PLC | 495,300 | 7,774,561 | |
BWX Technologies, Inc. | 456,400 | 46,018,812 | |
Curtiss-Wright Corp. | 99,500 | 23,508,865 | |
Elbit Systems Ltd. | 81,600 | 18,224,544 | |
General Dynamics Corp. | 299,400 | 81,811,050 | |
HEICO Corp. Class A | 503,100 | 78,277,329 | |
Howmet Aerospace, Inc. | 1,169,000 | 77,796,950 | |
Huntington Ingalls Industries, Inc. | 158,500 | 46,221,770 | |
Kratos Defense & Security Solutions, Inc. (a) | 1,236,178 | 22,547,887 | |
L3Harris Technologies, Inc. | 204,700 | 43,326,802 | |
Leonardo DRS, Inc. (a) | 377,700 | 8,577,567 | |
Lockheed Martin Corp. | 413,600 | 177,120,064 | |
MTU Aero Engines AG | 50,200 | 12,061,144 | |
Northrop Grumman Corp. | 157,000 | 72,380,140 | |
Rolls-Royce Holdings PLC (a) | 2,571,500 | 12,001,977 | |
RTX Corp. | 1,962,700 | 175,995,309 | |
Spirit AeroSystems Holdings, Inc. Class A (a)(b) | 2,660,600 | 76,093,160 | |
Textron, Inc. | 547,700 | 48,783,639 | |
Thales SA | 78,700 | 11,657,331 | |
The Boeing Co. (a) | 1,286,500 | 262,085,780 | |
TransDigm Group, Inc. | 64,700 | 76,199,778 | |
Triumph Group, Inc. (a) | 1,599,000 | 22,226,100 | |
Woodward, Inc. | 277,900 | 39,320,071 | |
1,496,314,712 | |||
Industrial Conglomerates - 1.7% | |||
Industrial Conglomerates - 1.7% | |||
General Electric Co. | 165,700 | 25,996,673 | |
Metals & Mining - 0.9% | |||
Steel - 0.9% | |||
ATI, Inc. (a) | 271,700 | 13,362,206 | |
Professional Services - 1.4% | |||
Research & Consulting Services - 1.4% | |||
Leidos Holdings, Inc. | 172,000 | 21,991,920 | |
Trading Companies & Distributors - 0.2% | |||
Trading Companies & Distributors - 0.2% | |||
FTAI Aviation Ltd. | 68,600 | 3,861,494 | |
TOTAL COMMON STOCKS (Cost $1,019,607,317) | 1,561,527,005 | ||
Money Market Funds - 5.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 12,047,072 | 12,049,482 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 70,340,137 | 70,347,171 | |
TOTAL MONEY MARKET FUNDS (Cost $82,396,653) | 82,396,653 | ||
TOTAL INVESTMENT IN SECURITIES - 104.7% (Cost $1,102,003,970) | 1,643,923,658 |
NET OTHER ASSETS (LIABILITIES) - (4.7)% | (73,822,826) |
NET ASSETS - 100.0% | 1,570,100,832 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 20,590,806 | 197,072,332 | 205,613,656 | 413,949 | - | - | 12,049,482 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 1,136,708 | 604,625,710 | 535,415,247 | 40,511 | - | - | 70,347,171 | 0.2% |
Total | 21,727,514 | 801,698,042 | 741,028,903 | 454,460 | - | - | 82,396,653 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 1,561,527,005 | 1,541,750,467 | 19,776,538 | - |
Money Market Funds | 82,396,653 | 82,396,653 | - | - |
Total Investments in Securities: | 1,643,923,658 | 1,624,147,120 | 19,776,538 | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $66,526,203) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,019,607,317) | $ | 1,561,527,005 | ||
Fidelity Central Funds (cost $82,396,653) | 82,396,653 | |||
Total Investment in Securities (cost $1,102,003,970) | $ | 1,643,923,658 | ||
Receivable for investments sold | 114,764 | |||
Receivable for fund shares sold | 667,559 | |||
Dividends receivable | 3,127,238 | |||
Distributions receivable from Fidelity Central Funds | 35,279 | |||
Prepaid expenses | 4,860 | |||
Other receivables | 131,282 | |||
Total assets | 1,648,004,640 | |||
Liabilities | ||||
Payable for investments purchased | $ | 5,368,381 | ||
Payable for fund shares redeemed | 1,090,843 | |||
Accrued management fee | 671,667 | |||
Other affiliated payables | 261,992 | |||
Other payables and accrued expenses | 163,612 | |||
Collateral on securities loaned | 70,347,313 | |||
Total Liabilities | 77,903,808 | |||
Net Assets | $ | 1,570,100,832 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,000,318,143 | ||
Total accumulated earnings (loss) | 569,782,689 | |||
Net Assets | $ | 1,570,100,832 | ||
Net Asset Value, offering price and redemption price per share ($1,570,100,832 ÷ 93,030,687 shares) | $ | 16.88 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 17,259,530 | ||
Special dividends | 2,810,500 | |||
Income from Fidelity Central Funds (including $40,511 from security lending) | 454,460 | |||
Total Income | 20,524,490 | |||
Expenses | ||||
Management fee | $ | 7,883,820 | ||
Transfer agent fees | 2,681,641 | |||
Accounting fees | 418,832 | |||
Custodian fees and expenses | 11,760 | |||
Independent trustees' fees and expenses | 9,250 | |||
Registration fees | 52,306 | |||
Audit | 41,393 | |||
Legal | 2,744 | |||
Miscellaneous | 10,534 | |||
Total expenses before reductions | 11,112,280 | |||
Expense reductions | (112,049) | |||
Total expenses after reductions | 11,000,231 | |||
Net Investment income (loss) | 9,524,259 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 117,108,840 | |||
Foreign currency transactions | (15,748) | |||
Total net realized gain (loss) | 117,093,092 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 59,158,675 | |||
Net gain (loss) | 176,251,767 | |||
Net increase (decrease) in net assets resulting from operations | $ | 185,776,026 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 9,524,259 | $ | 8,425,259 |
Net realized gain (loss) | 117,093,092 | 8,893,228 | ||
Change in net unrealized appreciation (depreciation) | 59,158,675 | (9,553,385) | ||
Net increase (decrease) in net assets resulting from operations | 185,776,026 | 7,765,102 | ||
Distributions to shareholders | (100,225,505) | (131,285,966) | ||
Share transactions | ||||
Proceeds from sales of shares | 192,254,318 | 374,622,368 | ||
Reinvestment of distributions | 93,056,332 | 123,852,822 | ||
Cost of shares redeemed | (374,534,711) | (337,711,083) | ||
Net increase (decrease) in net assets resulting from share transactions | (89,224,061) | 160,764,107 | ||
Total increase (decrease) in net assets | (3,673,540) | 37,243,243 | ||
Net Assets | ||||
Beginning of period | 1,573,774,372 | 1,536,531,129 | ||
End of period | $ | 1,570,100,832 | $ | 1,573,774,372 |
Other Information | ||||
Shares | ||||
Sold | 11,931,270 | 23,993,181 | ||
Issued in reinvestment of distributions | 5,576,080 | 8,055,567 | ||
Redeemed | (23,423,246) | (23,077,316) | ||
Net increase (decrease) | (5,915,896) | 8,971,432 | ||
Defense and Aerospace Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.91 | $ | 17.08 | $ | 16.28 | $ | 16.61 | $ | 17.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .10 D | .09 E | .01 | (.04) | .27 F | |||||
Net realized and unrealized gain (loss) | 1.97 | .12 G | 2.12 | .06 | (.45) | |||||
Total from investment operations | 2.07 | .21 | 2.13 | .02 | (.18) | |||||
Distributions from net investment income | (.11) | (.07) | - | (.05) | (.22) | |||||
Distributions from net realized gain | (.99) | (1.31) | (1.33) | (.30) | (.26) | |||||
Total distributions | (1.10) | (1.38) | (1.33) | (.35) | (.48) | |||||
Net asset value, end of period | $ | 16.88 | $ | 15.91 | $ | 17.08 | $ | 16.28 | $ | 16.61 |
Total Return H | 13.11% | 1.54% | 14.06% | .69% | (1.32)% | |||||
Ratios to Average Net Assets C,I,J | ||||||||||
Expenses before reductions | .74% | .75% | .74% | .77% | .75% | |||||
Expenses net of fee waivers, if any | .73% | .74% | .74% | .77% | .74% | |||||
Expenses net of all reductions | .73% | .74% | .74% | .76% | .74% | |||||
Net investment income (loss) | .63% D | .58% E | .06% | (.29)% | 1.49% F | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,570,101 | $ | 1,573,774 | $ | 1,536,531 | $ | 1,638,194 | $ | 2,728,959 |
Portfolio turnover rate K | 16% | 15% | 52% | 30% | 40% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Industrials Portfolio | 31.48% | 11.64% | 9.57% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Industrials Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
General Electric Co. | 6.6 | |
Union Pacific Corp. | 5.8 | |
Ingersoll Rand, Inc. | 5.0 | |
The Boeing Co. | 4.8 | |
Parker Hannifin Corp. | 4.5 | |
TransDigm Group, Inc. | 3.9 | |
FedEx Corp. | 3.8 | |
Howmet Aerospace, Inc. | 3.8 | |
Saia, Inc. | 3.6 | |
Trane Technologies PLC | 3.5 | |
45.3 | ||
Industries (% of Fund's net assets) | ||
Machinery | 22.5 | |
Ground Transportation | 17.5 | |
Aerospace & Defense | 15.8 | |
Building Products | 9.4 | |
Electrical Equipment | 8.7 | |
Industrial Conglomerates | 6.6 | |
Construction & Engineering | 5.3 | |
Air Freight & Logistics | 3.8 | |
Professional Services | 3.2 | |
Commercial Services & Supplies | 2.9 | |
Construction Materials | 2.3 | |
Trading Companies & Distributors | 1.5 | |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
Aerospace & Defense - 15.8% | |||
Aerospace & Defense - 15.8% | |||
General Dynamics Corp. | 42,400 | 11,585,800 | |
Howmet Aerospace, Inc. | 318,137 | 21,172,017 | |
Lockheed Martin Corp. | 17,623 | 7,546,874 | |
The Boeing Co. (a) | 131,648 | 26,819,331 | |
TransDigm Group, Inc. | 18,537 | 21,831,766 | |
88,955,788 | |||
Air Freight & Logistics - 3.8% | |||
Air Freight & Logistics - 3.8% | |||
FedEx Corp. | 85,100 | 21,187,347 | |
Building Products - 9.4% | |||
Building Products - 9.4% | |||
Carlisle Companies, Inc. | 19,500 | 6,825,000 | |
Fortune Brands Innovations, Inc. | 46,400 | 3,774,176 | |
Johnson Controls International PLC | 123,600 | 7,325,772 | |
Simpson Manufacturing Co. Ltd. | 31,780 | 6,631,850 | |
The AZEK Co., Inc. (a) | 174,900 | 8,414,439 | |
Trane Technologies PLC | 70,835 | 19,973,345 | |
52,944,582 | |||
Commercial Services & Supplies - 2.9% | |||
Diversified Support Services - 0.6% | |||
Cintas Corp. | 5,800 | 3,645,938 | |
Environmental & Facilities Services - 2.3% | |||
Waste Connections, Inc. (United States) | 77,400 | 12,882,456 | |
TOTAL COMMERCIAL SERVICES & SUPPLIES | 16,528,394 | ||
Construction & Engineering - 5.3% | |||
Construction & Engineering - 5.3% | |||
AECOM | 77,741 | 6,905,733 | |
Comfort Systems U.S.A., Inc. | 3,800 | 1,161,774 | |
Quanta Services, Inc. | 48,200 | 11,640,782 | |
Willscot Mobile Mini Holdings (a) | 207,000 | 9,884,250 | |
29,592,539 | |||
Construction Materials - 2.3% | |||
Construction Materials - 2.3% | |||
Eagle Materials, Inc. | 51,274 | 13,000,523 | |
Electrical Equipment - 8.7% | |||
Electrical Components & Equipment - 8.7% | |||
AMETEK, Inc. | 53,920 | 9,715,306 | |
Eaton Corp. PLC | 68,000 | 19,652,000 | |
Regal Rexnord Corp. | 98,670 | 16,920,918 | |
Vertiv Holdings Co. | 37,900 | 2,562,798 | |
48,851,022 | |||
Ground Transportation - 17.5% | |||
Cargo Ground Transportation - 7.9% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 260,200 | 14,659,668 | |
Saia, Inc. (a) | 35,100 | 20,196,540 | |
XPO, Inc. (a) | 81,800 | 9,842,176 | |
44,698,384 | |||
Passenger Ground Transportation - 3.3% | |||
Uber Technologies, Inc. (a) | 235,900 | 18,754,050 | |
Rail Transportation - 6.3% | |||
CSX Corp. | 72,669 | 2,757,062 | |
Union Pacific Corp. | 128,500 | 32,599,165 | |
35,356,227 | |||
TOTAL GROUND TRANSPORTATION | 98,808,661 | ||
Industrial Conglomerates - 6.6% | |||
Industrial Conglomerates - 6.6% | |||
General Electric Co. | 236,603 | 37,120,644 | |
Machinery - 22.5% | |||
Agricultural & Farm Machinery - 0.5% | |||
Deere & Co. | 7,500 | 2,737,875 | |
Construction Machinery & Heavy Transportation Equipment - 1.9% | |||
Caterpillar, Inc. | 32,500 | 10,853,700 | |
Industrial Machinery & Supplies & Components - 20.1% | |||
Chart Industries, Inc. (a)(b) | 73,100 | 10,443,066 | |
Dover Corp. | 105,181 | 17,394,834 | |
Fortive Corp. | 152,111 | 12,949,209 | |
Ingersoll Rand, Inc. | 305,764 | 27,925,426 | |
ITT, Inc. | 149,100 | 18,807,474 | |
Parker Hannifin Corp. | 47,500 | 25,433,875 | |
112,953,884 | |||
TOTAL MACHINERY | 126,545,459 | ||
Professional Services - 3.2% | |||
Research & Consulting Services - 3.2% | |||
KBR, Inc. | 128,100 | 7,689,843 | |
Leidos Holdings, Inc. | 79,789 | 10,201,822 | |
17,891,665 | |||
Trading Companies & Distributors - 1.5% | |||
Trading Companies & Distributors - 1.5% | |||
W.W. Grainger, Inc. | 8,509 | 8,283,171 | |
TOTAL COMMON STOCKS (Cost $413,605,712) | 559,709,795 | ||
Money Market Funds - 2.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 13,872,963 | 13,875,738 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 437,131 | 437,175 | |
TOTAL MONEY MARKET FUNDS (Cost $14,312,913) | 14,312,913 | ||
TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $427,918,625) | 574,022,708 |
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (11,271,500) |
NET ASSETS - 100.0% | 562,751,208 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | - | 149,412,489 | 135,536,751 | 152,379 | - | - | 13,875,738 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 4,537,200 | 83,626,626 | 87,726,651 | 3,339 | - | - | 437,175 | 0.0% |
Total | 4,537,200 | 233,039,115 | 223,263,402 | 155,718 | - | - | 14,312,913 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 559,709,795 | 559,709,795 | - | - |
Money Market Funds | 14,312,913 | 14,312,913 | - | - |
Total Investments in Securities: | 574,022,708 | 574,022,708 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $414,294) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $413,605,712) | $ | 559,709,795 | ||
Fidelity Central Funds (cost $14,312,913) | 14,312,913 | |||
Total Investment in Securities (cost $427,918,625) | $ | 574,022,708 | ||
Receivable for fund shares sold | 610,241 | |||
Dividends receivable | 490,182 | |||
Distributions receivable from Fidelity Central Funds | 13,713 | |||
Prepaid expenses | 1,646 | |||
Other receivables | 122,815 | |||
Total assets | 575,261,305 | |||
Liabilities | ||||
Payable for investments purchased | $ | 11,463,479 | ||
Payable for fund shares redeemed | 139,574 | |||
Accrued management fee | 229,353 | |||
Other affiliated payables | 82,597 | |||
Other payables and accrued expenses | 157,919 | |||
Collateral on securities loaned | 437,175 | |||
Total Liabilities | 12,510,097 | |||
Net Assets | $ | 562,751,208 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 417,420,858 | ||
Total accumulated earnings (loss) | 145,330,350 | |||
Net Assets | $ | 562,751,208 | ||
Net Asset Value, offering price and redemption price per share ($562,751,208 ÷ 14,838,868 shares) | $ | 37.92 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 3,799,443 | ||
Special dividends | 669,795 | |||
Income from Fidelity Central Funds (including $3,339 from security lending) | 155,718 | |||
Total Income | 4,624,956 | |||
Expenses | ||||
Management fee | $ | 2,457,993 | ||
Transfer agent fees | 735,089 | |||
Accounting fees | 166,228 | |||
Custodian fees and expenses | 12,140 | |||
Independent trustees' fees and expenses | 2,728 | |||
Registration fees | 34,077 | |||
Audit | 39,918 | |||
Legal | 2,782 | |||
Interest | 4,233 | |||
Miscellaneous | 2,987 | |||
Total expenses before reductions | 3,458,175 | |||
Expense reductions | (36,669) | |||
Total expenses after reductions | 3,421,506 | |||
Net Investment income (loss) | 1,203,450 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 30,308,854 | |||
Redemptions in-kind | 16,577,795 | |||
Total net realized gain (loss) | 46,886,649 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 85,751,928 | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | 85,751,927 | |||
Net gain (loss) | 132,638,576 | |||
Net increase (decrease) in net assets resulting from operations | $ | 133,842,026 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,203,450 | $ | 507,971 |
Net realized gain (loss) | 46,886,649 | 4,346,664 | ||
Change in net unrealized appreciation (depreciation) | 85,751,927 | 7,991,988 | ||
Net increase (decrease) in net assets resulting from operations | 133,842,026 | 12,846,623 | ||
Distributions to shareholders | (28,983,021) | (13,235,663) | ||
Share transactions | ||||
Proceeds from sales of shares | 135,270,017 | 164,045,053 | ||
Reinvestment of distributions | 27,273,715 | 12,491,921 | ||
Cost of shares redeemed | (158,177,022) | (82,387,426) | ||
Net increase (decrease) in net assets resulting from share transactions | 4,366,710 | 94,149,548 | ||
Total increase (decrease) in net assets | 109,225,715 | 93,760,508 | ||
Net Assets | ||||
Beginning of period | 453,525,493 | 359,764,985 | ||
End of period | $ | 562,751,208 | $ | 453,525,493 |
Other Information | ||||
Shares | ||||
Sold | 4,078,523 | 5,797,934 | ||
Issued in reinvestment of distributions | 819,732 | 419,387 | ||
Redeemed | (4,885,103) | (2,846,988) | ||
Net increase (decrease) | 13,152 | 3,370,333 | ||
Industrials Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 30.59 | $ | 31.41 | $ | 37.17 | $ | 31.90 | $ | 33.84 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .08 D | .04 E | (.04) | (.02) | .28 F | |||||
Net realized and unrealized gain (loss) | 9.25 | .30 | 3.70 | 6.38 | (.76) | |||||
Total from investment operations | 9.33 | .34 | 3.66 | 6.36 | (.48) | |||||
Distributions from net investment income | (.09) | (.04) | - | (.07) G | (.24) | |||||
Distributions from net realized gain | (1.92) | (1.13) | (9.42) | (1.02) G | (1.23) | |||||
Total distributions | (2.00) H | (1.16) H | (9.42) | (1.09) | (1.46) H | |||||
Net asset value, end of period | $ | 37.92 | $ | 30.59 | $ | 31.41 | $ | 37.17 | $ | 31.90 |
Total Return I | 31.48% | 1.19% | 9.33% | 21.41% | (1.82)% | |||||
Ratios to Average Net Assets C,J,K | ||||||||||
Expenses before reductions | .74% | .76% | .74% | .76% | .76% | |||||
Expenses net of fee waivers, if any | .73% | .76% | .74% | .76% | .76% | |||||
Expenses net of all reductions | .73% | .76% | .74% | .74% | .75% | |||||
Net investment income (loss) | .26% D | .14% E | (.10)% | (.05)% | .81% F | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 562,751 | $ | 453,525 | $ | 359,765 | $ | 564,209 | $ | 529,023 |
Portfolio turnover rate L | 115% M | 125% | 151% | 272% | 143% M |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Transportation Portfolio | 17.13% | 11.07% | 10.81% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Transportation Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Union Pacific Corp. | 17.8 | |
Uber Technologies, Inc. | 17.2 | |
United Parcel Service, Inc. Class B | 12.3 | |
FedEx Corp. | 4.9 | |
Kirby Corp. | 4.7 | |
Delta Air Lines, Inc. | 3.9 | |
Norfolk Southern Corp. | 3.8 | |
Saia, Inc. | 3.5 | |
Copa Holdings SA Class A | 3.4 | |
CSX Corp. | 3.2 | |
74.7 | ||
Industries (% of Fund's net assets) | ||
Ground Transportation | 50.6 | |
Air Freight & Logistics | 20.7 | |
Passenger Airlines | 15.8 | |
Oil, Gas & Consumable Fuels | 6.2 | |
Marine Transportation | 5.9 | |
Common Stocks - 99.2% | |||
Shares | Value ($) | ||
Air Freight & Logistics - 20.7% | |||
Air Freight & Logistics - 20.7% | |||
Air Transport Services Group, Inc. (a) | 119,313 | 1,440,108 | |
C.H. Robinson Worldwide, Inc. | 93,051 | 6,893,218 | |
Expeditors International of Washington, Inc. | 66,261 | 7,924,816 | |
FedEx Corp. | 119,599 | 29,776,563 | |
Forward Air Corp. | 30,484 | 1,131,871 | |
GXO Logistics, Inc. (a) | 41,113 | 2,128,009 | |
Hub Group, Inc. Class A | 44,098 | 1,875,488 | |
United Parcel Service, Inc. Class B | 507,947 | 75,308,222 | |
126,478,295 | |||
Ground Transportation - 50.6% | |||
Cargo Ground Transportation - 7.9% | |||
ArcBest Corp. | 37,300 | 5,328,678 | |
Knight-Swift Transportation Holdings, Inc. Class A | 99,035 | 5,579,632 | |
Ryder System, Inc. | 61,622 | 7,031,070 | |
Saia, Inc. (a) | 36,787 | 21,167,240 | |
TFI International, Inc. (Canada) | 32,400 | 4,787,126 | |
U-Haul Holding Co. (non-vtg.) | 71,708 | 4,558,478 | |
48,452,224 | |||
Passenger Ground Transportation - 17.9% | |||
Avis Budget Group, Inc. | 8,000 | 864,320 | |
Hertz Global Holdings, Inc. (a)(b) | 81,700 | 641,345 | |
Lyft, Inc. (a) | 192,200 | 3,052,136 | |
Uber Technologies, Inc. (a) | 1,318,932 | 104,855,094 | |
109,412,895 | |||
Rail Transportation - 24.8% | |||
CSX Corp. | 517,497 | 19,633,836 | |
Norfolk Southern Corp. | 90,703 | 22,982,326 | |
Union Pacific Corp. | 427,404 | 108,428,120 | |
151,044,282 | |||
TOTAL GROUND TRANSPORTATION | 308,909,401 | ||
Marine Transportation - 5.9% | |||
Marine Transportation - 5.9% | |||
Eagle Bulk Shipping, Inc. | 48,450 | 2,968,532 | |
Kirby Corp. (a) | 331,588 | 29,086,899 | |
Matson, Inc. | 37,995 | 4,219,345 | |
36,274,776 | |||
Oil, Gas & Consumable Fuels - 6.2% | |||
Oil & Gas Storage & Transportation - 6.2% | |||
Cool Co. Ltd. | 234,474 | 2,671,175 | |
DHT Holdings, Inc. | 397,292 | 4,298,699 | |
Frontline PLC (NY Shares) | 60,522 | 1,363,561 | |
Hafnia Ltd. | 374,547 | 2,754,100 | |
International Seaways, Inc. | 186,758 | 9,885,101 | |
Scorpio Tankers, Inc. | 253,196 | 16,997,047 | |
37,969,683 | |||
Passenger Airlines - 15.8% | |||
Passenger Airlines - 15.8% | |||
Alaska Air Group, Inc. (a) | 402,742 | 15,058,523 | |
Allegiant Travel Co. | 16,200 | 1,179,036 | |
Copa Holdings SA Class A | 210,231 | 20,491,216 | |
Delta Air Lines, Inc. | 557,016 | 23,545,066 | |
Frontier Group Holdings, Inc. (a)(b) | 185,311 | 1,286,058 | |
Hawaiian Holdings, Inc. (a) | 225,100 | 3,176,161 | |
Joby Aviation, Inc. (a)(b) | 118,114 | 663,801 | |
Ryanair Holdings PLC sponsored ADR | 24,500 | 3,387,125 | |
SkyWest, Inc. (a) | 190,380 | 12,226,204 | |
Southwest Airlines Co. | 150,235 | 5,148,553 | |
Spirit Airlines, Inc. (b) | 204,600 | 1,319,670 | |
Sun Country Airlines Holdings, Inc. (a) | 451,856 | 6,777,840 | |
United Airlines Holdings, Inc. (a) | 41,099 | 1,869,594 | |
96,128,847 | |||
TOTAL COMMON STOCKS (Cost $363,079,957) | 605,761,002 | ||
Money Market Funds - 1.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 3,380,187 | 3,380,863 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 3,404,260 | 3,404,600 | |
TOTAL MONEY MARKET FUNDS (Cost $6,785,463) | 6,785,463 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $369,865,420) | 612,546,465 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (2,017,561) |
NET ASSETS - 100.0% | 610,528,904 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 7,755,607 | 102,523,990 | 106,898,734 | 368,835 | - | - | 3,380,863 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 21,906,175 | 146,500,643 | 165,002,218 | 42,673 | - | - | 3,404,600 | 0.0% |
Total | 29,661,782 | 249,024,633 | 271,900,952 | 411,508 | - | - | 6,785,463 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 605,761,002 | 605,761,002 | - | - |
Money Market Funds | 6,785,463 | 6,785,463 | - | - |
Total Investments in Securities: | 612,546,465 | 612,546,465 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,267,430) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $363,079,957) | $ | 605,761,002 | ||
Fidelity Central Funds (cost $6,785,463) | 6,785,463 | |||
Total Investment in Securities (cost $369,865,420) | $ | 612,546,465 | ||
Receivable for fund shares sold | 181,657 | |||
Dividends receivable | 1,995,360 | |||
Distributions receivable from Fidelity Central Funds | 31,665 | |||
Prepaid expenses | 1,032 | |||
Other receivables | 2,008 | |||
Total assets | 614,758,187 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 422,775 | ||
Accrued management fee | 258,384 | |||
Other affiliated payables | 106,883 | |||
Other payables and accrued expenses | 36,641 | |||
Collateral on securities loaned | 3,404,600 | |||
Total Liabilities | 4,229,283 | |||
Net Assets | $ | 610,528,904 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 366,220,681 | ||
Total accumulated earnings (loss) | 244,308,223 | |||
Net Assets | $ | 610,528,904 | ||
Net Asset Value, offering price and redemption price per share ($610,528,904 ÷ 5,520,452 shares) | $ | 110.59 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 14,323,624 | ||
Income from Fidelity Central Funds (including $42,673 from security lending) | 411,508 | |||
Total Income | 14,735,132 | |||
Expenses | ||||
Management fee | $ | 2,992,120 | ||
Transfer agent fees | 1,070,727 | |||
Accounting fees | 193,557 | |||
Custodian fees and expenses | 8,520 | |||
Independent trustees' fees and expenses | 3,612 | |||
Registration fees | 29,154 | |||
Audit | 43,207 | |||
Legal | 4,064 | |||
Miscellaneous | 3,394 | |||
Total expenses before reductions | 4,348,355 | |||
Expense reductions | (43,954) | |||
Total expenses after reductions | 4,304,401 | |||
Net Investment income (loss) | 10,430,731 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 9,000,348 | |||
Foreign currency transactions | 46,640 | |||
Total net realized gain (loss) | 9,046,988 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 71,232,438 | |||
Assets and liabilities in foreign currencies | (42) | |||
Total change in net unrealized appreciation (depreciation) | 71,232,396 | |||
Net gain (loss) | 80,279,384 | |||
Net increase (decrease) in net assets resulting from operations | $ | 90,710,115 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 10,430,731 | $ | 7,761,668 |
Net realized gain (loss) | 9,046,988 | 28,240,342 | ||
Change in net unrealized appreciation (depreciation) | 71,232,396 | (46,772,250) | ||
Net increase (decrease) in net assets resulting from operations | 90,710,115 | (10,770,240) | ||
Distributions to shareholders | (15,708,100) | (48,641,050) | ||
Share transactions | ||||
Proceeds from sales of shares | 63,903,075 | 81,246,776 | ||
Reinvestment of distributions | 14,720,687 | 46,145,200 | ||
Cost of shares redeemed | (130,203,895) | (160,176,373) | ||
Net increase (decrease) in net assets resulting from share transactions | (51,580,133) | (32,784,397) | ||
Total increase (decrease) in net assets | 23,421,882 | (92,195,687) | ||
Net Assets | ||||
Beginning of period | 587,107,022 | 679,302,709 | ||
End of period | $ | 610,528,904 | $ | 587,107,022 |
Other Information | ||||
Shares | ||||
Sold | 637,059 | 813,431 | ||
Issued in reinvestment of distributions | 143,382 | 489,169 | ||
Redeemed | (1,312,582) | (1,669,220) | ||
Net increase (decrease) | (532,141) | (366,620) | ||
Transportation Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 97.00 | $ | 105.82 | $ | 98.97 | $ | 82.12 | $ | 95.41 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.80 | 1.24 | .64 | 1.06 D | .93 | |||||
Net realized and unrealized gain (loss) | 14.59 | (2.12) | 19.26 | 23.43 | (10.43) | |||||
Total from investment operations | 16.39 | (.88) | 19.90 | 24.49 | (9.50) | |||||
Distributions from net investment income | (1.75) | (1.16) | (1.03) | (.76) | (1.10) | |||||
Distributions from net realized gain | (1.05) | (6.78) | (12.03) | (6.88) | (2.70) | |||||
Total distributions | (2.80) | (7.94) | (13.05) E | (7.64) | (3.79) E | |||||
Net asset value, end of period | $ | 110.59 | $ | 97.00 | $ | 105.82 | $ | 98.97 | $ | 82.12 |
Total Return F | 17.13% | (.46)% | 20.35% | 34.62% | (10.49)% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | .76% | .76% | .77% | .80% | .79% | |||||
Expenses net of fee waivers, if any | .75% | .76% | .77% | .80% | .79% | |||||
Expenses net of all reductions | .75% | .76% | .77% | .80% | .79% | |||||
Net investment income (loss) | 1.82% | 1.28% | .60% | 1.29% D | 1.00% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 610,529 | $ | 587,107 | $ | 679,303 | $ | 335,780 | $ | 310,441 |
Portfolio turnover rate I | 33% | 23% | 66% J | 52% | 78% |
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 | $126,362 |
Industrials Portfolio | 121,415 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Defense and Aerospace Portfolio | $1,103,336,777 | $557,394,710 | $ (16,807,829) | $540,586,881 |
Industrials Portfolio | 429,152,748 | 149,788,989 | (4,919,029) | 144,869,960 |
Transportation Portfolio | 371,167,435 | 263,183,971 | (21,804,941) | 241,379,030 |
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Defense and Aerospace Portfolio | $1,672,249 | $27,636,419 | $540,586,881 |
Industrials Portfolio | - | 567,344 | 144,869,900 |
Transportation Portfolio | 2,046,946 | 882,396 | 241,378,880 |
February 29, 2024 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Defense and Aerospace Portfolio | $10,047,133 | $90,178,372 | $100,225,505 |
Industrials Portfolio | 13,643,162 | 15,339,859 | 28,983,021 |
Transportation Portfolio | 13,416,084 | 2,292,016 | 15,708,100 |
February 28, 2023 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Defense and Aerospace Portfolio | $6,194,533 | $125,091,433 | $131,285,966 |
Industrials Portfolio | 1,806,461 | 11,429,202 | 13,235,663 |
Transportation Portfolio | 12,102,302 | 36,538,748 | 48,641,050 |
Purchases ($) | Sales ($) | |
Defense and Aerospace Portfolio | 242,709,787 | 408,342,907 |
Industrials Portfolio | 543,118,717 | 547,979,259 |
Transportation Portfolio | 186,066,111 | 237,116,440 |
Shares | Total net realized gain or loss ($) | 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 | .1756% |
Industrials Portfolio | .1524% |
Transportation Portfolio | .1823% |
Defense and Aerospace Portfolio | .18% |
Industrials Portfolio | .16% |
Transportation Portfolio | .19% |
% of Average Net Assets | |
Defense and Aerospace Portfolio | .0277 |
Industrials Portfolio | .0353 |
Transportation Portfolio | .0333 |
% of Average Net Assets | |
Defense and Aerospace Portfolio | .03 |
Industrials Portfolio | .04 |
Transportation Portfolio | .03 |
Maximum Management Fee Rate % | |
Defense and Aerospace Portfolio | 0.70 |
Industrials Portfolio | 0.67 |
Transportation Portfolio | 0.70 |
Amount | |
Defense and Aerospace Portfolio | $5,980 |
Industrials Portfolio | 10,644 |
Transportation Portfolio | 4,655 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Industrials Portfolio | Borrower | $4,691,667 | 5.41% | $4,233 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Defense and Aerospace Portfolio | 7,500,271 | 2,324,810 | 89,289 |
Industrials Portfolio | 20,772,731 | 38,087,845 | 4,803,038 |
Transportation Portfolio | 3,888,649 | 8,299,346 | 439,380 |
Amount | |
Defense and Aerospace Portfolio | $2,664 |
Industrials Portfolio | 806 |
Transportation Portfolio | 1,010 |
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 | $4,282 | $- | $- |
Industrials Portfolio | $346 | $- | $- |
Transportation Portfolio | $4,484 | $- | $- |
Custodian credits | |
Industrials Portfolio | $1,775 |
Transportation Portfolio | 1,458 |
Amount | |
Defense and Aerospace Portfolio | $112,049 |
Industrials Portfolio | 34,894 |
Transportation Portfolio | 42,496 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Defense and Aerospace Portfolio ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,104.60 | $ 3.82 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.23 | $ 3.67 | |||||||
Industrials Portfolio ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,196.30 | $ 3.93 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.28 | $ 3.62 | |||||||
Transportation Portfolio ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,114.80 | $ 3.94 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Defense and Aerospace Portfolio | .67% | |||||
Actual | $ 3.51 | |||||
Hypothetical- B | $ 3.37 | |||||
Industrials Portfolio | .67% | |||||
Actual | $ 3.66 | |||||
Hypothetical- B | $ 3.37 | |||||
Transportation Portfolio | .69% | |||||
Actual | $ 3.63 | |||||
Hypothetical- B | $ 3.47 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Defense and Aerospace Portfolio | $113,499,848 |
Industrials Portfolio | $13,274,761 |
Transportation Portfolio | $2,603,969 |
Defense and Aerospace Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Industrials Portfolio | |
April 2023 | 30% |
December 2023 | 24% |
Transportation Portfolio | |
April 2023 | 77% |
December 2023 | 55% |
Defense and Aerospace Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Industrials Portfolio | |
April 2023 | 33.31% |
December 2023 | 27.69% |
Transportation Portfolio | |
April 2023 | 74.71% |
December 2023 | 87.51% |
April, 2023 | December, 2023 | |
Industrials Portfolio | - | 100% |
Transportation Portfolio | 100% | 100% |
Industrials Portfolio | $132,769 |
Transportation Portfolio | $261,367 |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95780_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000320351-24-000080/img95780_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Banking Portfolio | 0.38% | 5.38% | 6.96% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Banking Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Wells Fargo & Co. | 11.0 | |
Bank of America Corp. | 7.2 | |
PNC Financial Services Group, Inc. | 6.5 | |
M&T Bank Corp. | 6.1 | |
U.S. Bancorp | 6.0 | |
Citigroup, Inc. | 6.0 | |
Popular, Inc. | 4.7 | |
KeyCorp | 4.3 | |
East West Bancorp, Inc. | 4.1 | |
Truist Financial Corp. | 4.0 | |
59.9 | ||
Industries (% of Fund's net assets) | ||
Banks | 98.6 | |
Capital Markets | 1.5 | |
Consumer Finance | 0.0 | |
Financial Services | 0.0 | |
Common Stocks - 100.1% | |||
Shares | Value ($) | ||
Banks - 98.6% | |||
Diversified Banks - 41.0% | |||
Bank of America Corp. | 804,476 | 27,770,512 | |
Citigroup, Inc. | 418,400 | 23,217,016 | |
KeyCorp | 1,166,500 | 16,645,955 | |
PNC Financial Services Group, Inc. | 169,200 | 24,906,240 | |
U.S. Bancorp | 556,100 | 23,333,956 | |
Wells Fargo & Co. | 763,692 | 42,453,638 | |
158,327,317 | |||
Regional Banks - 57.6% | |||
1st Source Corp. | 91,681 | 4,563,880 | |
Associated Banc-Corp. | 528,500 | 11,013,940 | |
BOK Financial Corp. | 148,300 | 12,606,983 | |
Cadence Bank | 340,539 | 9,426,120 | |
Community Trust Bancorp, Inc. | 101,976 | 4,054,566 | |
ConnectOne Bancorp, Inc. | 210,900 | 4,173,711 | |
East West Bancorp, Inc. | 218,400 | 15,912,624 | |
Eastern Bankshares, Inc. | 486,500 | 6,285,580 | |
First Hawaiian, Inc. | 394,800 | 8,275,008 | |
First Interstate Bancsystem, Inc. | 422,434 | 11,118,463 | |
Heartland Financial U.S.A., Inc. | 285,100 | 9,693,400 | |
Huntington Bancshares, Inc. | 785,700 | 10,245,528 | |
Independent Bank Group, Inc. | 128,100 | 5,601,813 | |
M&T Bank Corp. | 168,660 | 23,568,548 | |
Old National Bancorp, Indiana | 582,854 | 9,576,291 | |
Popular, Inc. (a) | 219,205 | 18,343,074 | |
Sierra Bancorp | 123,100 | 2,290,891 | |
Southern Missouri Bancorp, Inc. | 23,500 | 1,007,680 | |
Trico Bancshares | 141,787 | 4,737,104 | |
Truist Financial Corp. | 444,800 | 15,559,104 | |
UMB Financial Corp. | 113,666 | 9,276,282 | |
Univest Corp. of Pennsylvania | 264,100 | 5,287,282 | |
WesBanco, Inc. | 294,800 | 8,543,304 | |
Wintrust Financial Corp. | 119,500 | 11,513,825 | |
222,675,001 | |||
TOTAL BANKS | 381,002,318 | ||
Capital Markets - 1.5% | |||
Asset Management & Custody Banks - 1.5% | |||
Phoenix Vega Mezz PLC | 330,200 | 30,656 | |
State Street Corp. | 78,000 | 5,750,940 | |
5,781,596 | |||
Consumer Finance - 0.0% | |||
Consumer Finance - 0.0% | |||
OneMain Holdings, Inc. | 200 | 9,446 | |
Financial Services - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Sunrisemezz Ltd. | 47,171 | 16,314 | |
TOTAL COMMON STOCKS (Cost $327,334,872) | 386,809,674 | ||
Money Market Funds - 0.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (b) | 198,270 | 198,310 | |
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c) | 1,115,288 | 1,115,400 | |
TOTAL MONEY MARKET FUNDS (Cost $1,313,710) | 1,313,710 | ||
TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $328,648,582) | 388,123,384 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (1,698,284) |
NET ASSETS - 100.0% | 386,425,100 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 1,487,061 | 70,154,529 | 71,443,280 | 48,994 | - | - | 198,310 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 4,037,193 | 114,020,300 | 116,942,093 | 13,094 | - | - | 1,115,400 | 0.0% |
Total | 5,524,254 | 184,174,829 | 188,385,373 | 62,088 | - | - | 1,313,710 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 386,809,674 | 386,809,674 | - | - |
Money Market Funds | 1,313,710 | 1,313,710 | - | - |
Total Investments in Securities: | 388,123,384 | 388,123,384 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,104,576) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $327,334,872) | $ | 386,809,674 | ||
Fidelity Central Funds (cost $1,313,710) | 1,313,710 | |||
Total Investment in Securities (cost $328,648,582) | $ | 388,123,384 | ||
Receivable for fund shares sold | 25,901 | |||
Dividends receivable | 1,292,104 | |||
Distributions receivable from Fidelity Central Funds | 364 | |||
Prepaid expenses | 1,271 | |||
Other receivables | 3,222 | |||
Total assets | 389,446,246 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 1,631,699 | ||
Accrued management fee | 170,658 | |||
Other affiliated payables | 68,302 | |||
Other payables and accrued expenses | 35,087 | |||
Collateral on securities loaned | 1,115,400 | |||
Total Liabilities | 3,021,146 | |||
Net Assets | $ | 386,425,100 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 327,467,306 | ||
Total accumulated earnings (loss) | 58,957,794 | |||
Net Assets | $ | 386,425,100 | ||
Net Asset Value, offering price and redemption price per share ($386,425,100 ÷ 15,569,139 shares) | $ | 24.82 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 15,176,253 | ||
Interest | 122,725 | |||
Income from Fidelity Central Funds (including $13,094 from security lending) | 62,088 | |||
Total Income | 15,361,066 | |||
Expenses | ||||
Management fee | $ | 1,904,160 | ||
Transfer agent fees | 645,627 | |||
Accounting fees | 128,774 | |||
Custodian fees and expenses | 14,615 | |||
Independent trustees' fees and expenses | 2,477 | |||
Registration fees | 48,050 | |||
Audit | 40,339 | |||
Legal | 4,021 | |||
Interest | 3,116 | |||
Miscellaneous | 2,841 | |||
Total expenses before reductions | 2,794,020 | |||
Expense reductions | (27,415) | |||
Total expenses after reductions | 2,766,605 | |||
Net Investment income (loss) | 12,594,461 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 107,027 | |||
Foreign currency transactions | 281 | |||
Total net realized gain (loss) | 107,308 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (15,377,171) | |||
Net gain (loss) | (15,269,863) | |||
Net increase (decrease) in net assets resulting from operations | $ | (2,675,402) |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 12,594,461 | $ | 11,328,231 |
Net realized gain (loss) | 107,308 | 20,549,966 | ||
Change in net unrealized appreciation (depreciation) | (15,377,171) | (115,880,770) | ||
Net increase (decrease) in net assets resulting from operations | (2,675,402) | (84,002,573) | ||
Distributions to shareholders | (22,547,625) | (27,365,238) | ||
Share transactions | ||||
Proceeds from sales of shares | 158,041,706 | 86,486,325 | ||
Reinvestment of distributions | 20,768,717 | 25,505,449 | ||
Cost of shares redeemed | (197,046,335) | (287,573,573) | ||
Net increase (decrease) in net assets resulting from share transactions | (18,235,912) | (175,581,799) | ||
Total increase (decrease) in net assets | (43,458,939) | (286,949,610) | ||
Net Assets | ||||
Beginning of period | 429,884,039 | 716,833,649 | ||
End of period | $ | 386,425,100 | $ | 429,884,039 |
Other Information | ||||
Shares | ||||
Sold | 7,256,556 | 3,179,002 | ||
Issued in reinvestment of distributions | 935,405 | 1,010,981 | ||
Redeemed | (9,006,111) | (10,660,796) | ||
Net increase (decrease) | (814,150) | (6,470,813) | ||
Banking Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.24 | $ | 31.37 | $ | 26.31 | $ | 23.37 | $ | 26.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .75 | .61 | .58 | .54 | .58 | |||||
Net realized and unrealized gain (loss) | (.83) D | (4.24) | 5.48 | 4.32 | (1.96) | |||||
Total from investment operations | (.08) | (3.63) | 6.06 | 4.86 | (1.38) | |||||
Distributions from net investment income | (.74) | (.67) | (.54) | (.55) | (.53) | |||||
Distributions from net realized gain | (.60) | (.83) | (.46) | (1.37) | (1.14) | |||||
Total distributions | (1.34) | (1.50) | (1.00) | (1.92) | (1.67) | |||||
Net asset value, end of period | $ | 24.82 | $ | 26.24 | $ | 31.37 | $ | 26.31 | $ | 23.37 |
Total Return E | .38% D | (11.27)% | 23.37% | 25.90% | (6.05)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .77% | .75% | .73% | .79% | .77% | |||||
Expenses net of fee waivers, if any | .76% | .74% | .73% | .79% | .77% | |||||
Expenses net of all reductions | .76% | .74% | .73% | .79% | .77% | |||||
Net investment income (loss) | 3.46% | 2.29% | 1.93% | 2.84% | 2.21% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 386,425 | $ | 429,884 | $ | 716,834 | $ | 537,860 | $ | 361,696 |
Portfolio turnover rate H | 48% | 21% | 34% | 32% | 31% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Brokerage and Investment Management Portfolio | 24.95% | 17.63% | 11.26% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Brokerage and Investment Management Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Moody's Corp. | 7.9 | |
KKR & Co. LP | 5.5 | |
BlackRock, Inc. Class A | 5.4 | |
S&P Global, Inc. | 5.3 | |
Blackstone, Inc. | 5.0 | |
Intercontinental Exchange, Inc. | 4.8 | |
Ameriprise Financial, Inc. | 4.6 | |
Ares Management Corp. | 4.4 | |
Blue Owl Capital, Inc. Class A | 4.4 | |
CME Group, Inc. | 4.2 | |
51.5 | ||
Industries (% of Fund's net assets) | ||
Capital Markets | 95.8 | |
Financial Services | 3.5 | |
Software | 0.5 | |
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
Capital Markets - 95.8% | |||
Asset Management & Custody Banks - 36.6% | |||
Ameriprise Financial, Inc. | 93,700 | 38,169,632 | |
Ares Management Corp. | 279,300 | 37,043,559 | |
BlackRock, Inc. Class A | 56,200 | 45,597,308 | |
Blackstone, Inc. | 325,000 | 41,541,500 | |
Blue Owl Capital, Inc. Class A | 2,047,900 | 36,780,284 | |
Bridge Investment Group Holdings, Inc. | 3,700 | 27,750 | |
Brookfield Asset Management Ltd. Class A | 96,800 | 3,944,600 | |
Carlyle Group LP (a) | 351,800 | 16,130,030 | |
Hamilton Lane, Inc. Class A | 42,200 | 4,846,670 | |
Intermediate Capital Group PLC | 228,000 | 5,541,674 | |
KKR & Co. LP | 465,500 | 45,740,030 | |
P10, Inc. | 94,200 | 873,234 | |
Patria Investments Ltd. | 390,072 | 5,812,073 | |
State Street Corp. | 71,800 | 5,293,814 | |
StepStone Group, Inc. Class A | 175,900 | 6,109,007 | |
TPG, Inc. (a) | 282,300 | 12,520,005 | |
305,971,170 | |||
Financial Exchanges & Data - 36.2% | |||
Cboe Global Markets, Inc. | 92,738 | 17,805,696 | |
CME Group, Inc. | 159,900 | 35,233,965 | |
Coinbase Global, Inc. (b) | 150,100 | 30,554,356 | |
FactSet Research Systems, Inc. | 6,300 | 2,914,254 | |
Intercontinental Exchange, Inc. | 288,600 | 39,948,012 | |
MarketAxess Holdings, Inc. | 49,400 | 10,542,454 | |
Moody's Corp. | 174,500 | 66,208,788 | |
MSCI, Inc. | 43,100 | 24,177,807 | |
NASDAQ, Inc. | 262,600 | 14,758,120 | |
Open Lending Corp. (b) | 171,300 | 1,243,638 | |
S&P Global, Inc. | 103,900 | 44,508,682 | |
Tradeweb Markets, Inc. Class A | 144,000 | 15,238,080 | |
303,133,852 | |||
Investment Banking & Brokerage - 23.0% | |||
BGC Group, Inc. Class A | 1,254,200 | 8,716,690 | |
Charles Schwab Corp. | 508,161 | 33,934,992 | |
Evercore, Inc. Class A | 69,700 | 13,039,476 | |
Houlihan Lokey (a) | 123,700 | 15,915,242 | |
Interactive Brokers Group, Inc. | 139,300 | 15,144,696 | |
Jefferies Financial Group, Inc. | 304,200 | 12,721,644 | |
LPL Financial | 97,300 | 26,065,697 | |
Moelis & Co. Class A (a) | 105,200 | 5,685,008 | |
Morgan Stanley | 182,816 | 15,729,489 | |
PJT Partners, Inc. (a) | 131,512 | 13,861,365 | |
Raymond James Financial, Inc. | 220,600 | 26,542,592 | |
Robinhood Markets, Inc. (b) | 310,800 | 5,069,148 | |
192,426,039 | |||
TOTAL CAPITAL MARKETS | 801,531,061 | ||
Financial Services - 3.5% | |||
Diversified Financial Services - 3.5% | |||
Apollo Global Management, Inc. | 261,000 | 29,179,800 | |
Software - 0.5% | |||
Application Software - 0.5% | |||
MicroStrategy, Inc. Class A (b) | 3,800 | 3,886,792 | |
TOTAL COMMON STOCKS (Cost $484,388,411) | 834,597,653 | ||
Money Market Funds - 5.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 1,131,568 | 1,131,795 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 44,901,235 | 44,905,725 | |
TOTAL MONEY MARKET FUNDS (Cost $46,037,520) | 46,037,520 | ||
TOTAL INVESTMENT IN SECURITIES - 105.3% (Cost $530,425,931) | 880,635,173 |
NET OTHER ASSETS (LIABILITIES) - (5.3)% | (44,210,392) |
NET ASSETS - 100.0% | 836,424,781 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 16,326,467 | 111,438,676 | 126,633,348 | 123,416 | - | - | 1,131,795 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 38,919,225 | 632,688,951 | 626,702,451 | 78,591 | - | - | 44,905,725 | 0.1% |
Total | 55,245,692 | 744,127,627 | 753,335,799 | 202,007 | - | - | 46,037,520 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 834,597,653 | 834,597,653 | - | - |
Money Market Funds | 46,037,520 | 46,037,520 | - | - |
Total Investments in Securities: | 880,635,173 | 880,635,173 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $44,224,328) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $484,388,411) | $ | 834,597,653 | ||
Fidelity Central Funds (cost $46,037,520) | 46,037,520 | |||
Total Investment in Securities (cost $530,425,931) | $ | 880,635,173 | ||
Receivable for investments sold | 2,503,314 | |||
Receivable for fund shares sold | 396,985 | |||
Dividends receivable | 1,373,299 | |||
Distributions receivable from Fidelity Central Funds | 12,768 | |||
Prepaid expenses | 1,055 | |||
Other receivables | 60,262 | |||
Total assets | 884,982,856 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,499,317 | ||
Payable for fund shares redeemed | 544,958 | |||
Accrued management fee | 353,612 | |||
Other affiliated payables | 145,597 | |||
Other payables and accrued expenses | 108,866 | |||
Collateral on securities loaned | 44,905,725 | |||
Total Liabilities | 48,558,075 | |||
Net Assets | $ | 836,424,781 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 550,124,762 | ||
Total accumulated earnings (loss) | 286,300,019 | |||
Net Assets | $ | 836,424,781 | ||
Net Asset Value, offering price and redemption price per share ($836,424,781 ÷ 5,891,213 shares) | $ | 141.98 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 14,524,039 | ||
Income from Fidelity Central Funds (including $78,591 from security lending) | 202,007 | |||
Total Income | 14,726,046 | |||
Expenses | ||||
Management fee | $ | 3,795,510 | ||
Transfer agent fees | 1,348,400 | |||
Accounting fees | 232,428 | |||
Custodian fees and expenses | 16,935 | |||
Independent trustees' fees and expenses | 4,803 | |||
Registration fees | 39,891 | |||
Audit | 40,604 | |||
Legal | 1,017 | |||
Interest | 7,560 | |||
Miscellaneous | 4,202 | |||
Total expenses before reductions | 5,491,350 | |||
Expense reductions | (54,218) | |||
Total expenses after reductions | 5,437,132 | |||
Net Investment income (loss) | 9,288,914 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 12,450,625 | |||
Foreign currency transactions | 5,433 | |||
Total net realized gain (loss) | 12,456,058 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 137,993,263 | |||
Assets and liabilities in foreign currencies | 558 | |||
Total change in net unrealized appreciation (depreciation) | 137,993,821 | |||
Net gain (loss) | 150,449,879 | |||
Net increase (decrease) in net assets resulting from operations | $ | 159,738,793 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 9,288,914 | $ | 11,960,949 |
Net realized gain (loss) | 12,456,058 | (74,754,629) | ||
Change in net unrealized appreciation (depreciation) | 137,993,821 | (8,920,735) | ||
Net increase (decrease) in net assets resulting from operations | 159,738,793 | (71,714,415) | ||
Distributions to shareholders | (9,651,970) | (17,226,958) | ||
Share transactions | ||||
Proceeds from sales of shares | 125,688,073 | 189,388,454 | ||
Reinvestment of distributions | 8,580,838 | 15,606,994 | ||
Cost of shares redeemed | (260,903,898) | (512,802,938) | ||
Net increase (decrease) in net assets resulting from share transactions | (126,634,987) | (307,807,490) | ||
Total increase (decrease) in net assets | 23,451,836 | (396,748,863) | ||
Net Assets | ||||
Beginning of period | 812,972,945 | 1,209,721,808 | ||
End of period | $ | 836,424,781 | $ | 812,972,945 |
Other Information | ||||
Shares | ||||
Sold | 1,029,633 | 1,678,022 | ||
Issued in reinvestment of distributions | 64,659 | 142,147 | ||
Redeemed | (2,270,079) | (4,750,290) | ||
Net increase (decrease) | (1,175,787) | (2,930,121) | ||
Brokerage and Investment Management Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 115.04 | $ | 121.01 | $ | 100.99 | $ | 74.99 | $ | 71.71 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | 1.50 | 1.45 | 1.31 | .93 | 1.01 | |||||
Net realized and unrealized gain (loss) | 27.09 | (5.19) | 20.54 | 28.01 | 5.70 | |||||
Total from investment operations | 28.59 | (3.74) | 21.85 | 28.94 | 6.71 | |||||
Distributions from net investment income | (1.65) | (1.83) | (.83) | (1.06) | (.98) | |||||
Distributions from net realized gain | - | (.41) | (1.01) | (1.88) | (2.45) | |||||
Total distributions | (1.65) | (2.23) D | (1.83) D | (2.94) | (3.43) | |||||
Net asset value, end of period | $ | 141.98 | $ | 115.04 | $ | 121.01 | $ | 100.99 | $ | 74.99 |
Total Return E | 24.95% | (2.98)% | 21.70% | 39.69% | 9.28% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .76% | .75% | .74% | .76% | .77% | |||||
Expenses net of fee waivers, if any | .75% | .74% | .74% | .76% | .77% | |||||
Expenses net of all reductions | .75% | .74% | .74% | .76% | .77% | |||||
Net investment income (loss) | 1.28% | 1.33% | 1.06% | 1.14% | 1.33% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 836,425 | $ | 812,973 | $ | 1,209,722 | $ | 429,320 | $ | 309,088 |
Portfolio turnover rate H | 36% | 4% | 3% | 11% | 9% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Financials Portfolio | 12.15% | 12.01% | 9.98% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Financials Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
MasterCard, Inc. Class A | 10.2 | |
Wells Fargo & Co. | 8.0 | |
Bank of America Corp. | 5.4 | |
Reinsurance Group of America, Inc. | 3.8 | |
Chubb Ltd. | 3.3 | |
Citigroup, Inc. | 3.0 | |
Apollo Global Management, Inc. | 2.6 | |
Morgan Stanley | 2.4 | |
Marsh & McLennan Companies, Inc. | 2.2 | |
Moody's Corp. | 2.1 | |
43.0 | ||
Industries (% of Fund's net assets) | ||
Banks | 34.4 | |
Insurance | 22.2 | |
Financial Services | 19.8 | |
Capital Markets | 18.6 | |
Consumer Finance | 3.7 | |
Professional Services | 0.9 | |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
Banks - 34.4% | |||
Diversified Banks - 21.6% | |||
Bank of America Corp. | 1,082,500 | 37,367,900 | |
Citigroup, Inc. | 371,100 | 20,592,339 | |
KeyCorp | 766,100 | 10,932,247 | |
PNC Financial Services Group, Inc. | 91,600 | 13,483,520 | |
U.S. Bancorp | 285,500 | 11,979,580 | |
Wells Fargo & Co. | 1,009,090 | 56,095,313 | |
150,450,899 | |||
Regional Banks - 12.8% | |||
Associated Banc-Corp. | 337,000 | 7,023,080 | |
BOK Financial Corp. | 65,927 | 5,604,454 | |
Cadence Bank | 139,230 | 3,853,886 | |
East West Bancorp, Inc. | 116,600 | 8,495,476 | |
Eastern Bankshares, Inc. | 338,200 | 4,369,544 | |
First Hawaiian, Inc. | 189,500 | 3,971,920 | |
First Interstate Bancsystem, Inc. | 263,021 | 6,922,713 | |
Heartland Financial U.S.A., Inc. | 136,200 | 4,630,800 | |
M&T Bank Corp. | 99,137 | 13,853,404 | |
Popular, Inc. (a) | 135,800 | 11,363,744 | |
Truist Financial Corp. | 211,900 | 7,412,262 | |
UMB Financial Corp. | 57,800 | 4,717,058 | |
WesBanco, Inc. | 131,900 | 3,822,462 | |
Wintrust Financial Corp. | 37,700 | 3,632,395 | |
89,673,198 | |||
TOTAL BANKS | 240,124,097 | ||
Capital Markets - 18.6% | |||
Asset Management & Custody Banks - 7.5% | |||
AllianceBernstein Holding LP | 265,400 | 8,431,758 | |
Bank of New York Mellon Corp. | 168,900 | 9,473,601 | |
Blue Owl Capital, Inc. Class A (a) | 270,100 | 4,850,996 | |
Carlyle Group LP (a) | 73,400 | 3,365,390 | |
Northern Trust Corp. | 103,100 | 8,467,603 | |
Patria Investments Ltd. | 391,600 | 5,834,840 | |
State Street Corp. | 159,300 | 11,745,189 | |
52,169,377 | |||
Financial Exchanges & Data - 4.1% | |||
Bolsa Mexicana de Valores S.A.B. de CV | 2,179,900 | 4,701,476 | |
MarketAxess Holdings, Inc. | 41,100 | 8,771,151 | |
Moody's Corp. | 39,400 | 14,949,148 | |
28,421,775 | |||
Investment Banking & Brokerage - 7.0% | |||
Lazard, Inc. Class A | 172,292 | 6,640,134 | |
Morgan Stanley | 194,900 | 16,769,196 | |
Perella Weinberg Partners Class A | 342,000 | 4,671,720 | |
Raymond James Financial, Inc. | 77,500 | 9,324,800 | |
Stifel Financial Corp. (a) | 108,400 | 8,223,224 | |
Virtu Financial, Inc. Class A | 190,800 | 3,443,940 | |
49,073,014 | |||
TOTAL CAPITAL MARKETS | 129,664,166 | ||
Consumer Finance - 3.7% | |||
Consumer Finance - 3.7% | |||
Discover Financial Services | 116,000 | 14,001,200 | |
FirstCash Holdings, Inc. | 66,911 | 7,661,310 | |
OneMain Holdings, Inc. | 88,600 | 4,184,578 | |
25,847,088 | |||
Financial Services - 19.8% | |||
Commercial & Residential Mortgage Finance - 1.0% | |||
Essent Group Ltd. | 117,838 | 6,312,582 | |
Walker & Dunlop, Inc. | 3,700 | 352,906 | |
6,665,488 | |||
Diversified Financial Services - 3.8% | |||
Apollo Global Management, Inc. | 160,200 | 17,910,360 | |
Corebridge Financial, Inc. (a) | 344,500 | 8,553,935 | |
26,464,295 | |||
Multi-Sector Holdings - 0.6% | |||
Cannae Holdings, Inc. (b) | 197,690 | 4,313,596 | |
Transaction & Payment Processing Services - 14.4% | |||
Fiserv, Inc. (b) | 91,400 | 13,643,278 | |
FleetCor Technologies, Inc. (b) | 25,500 | 7,121,385 | |
Global Payments, Inc. | 69,300 | 8,988,210 | |
MasterCard, Inc. Class A | 149,900 | 71,166,523 | |
100,919,396 | |||
TOTAL FINANCIAL SERVICES | 138,362,775 | ||
Insurance - 22.2% | |||
Insurance Brokers - 5.0% | |||
Arthur J. Gallagher & Co. | 41,800 | 10,196,274 | |
BRP Group, Inc. (b) | 326,511 | 9,083,536 | |
Marsh & McLennan Companies, Inc. | 76,900 | 15,554,563 | |
34,834,373 | |||
Life & Health Insurance - 1.4% | |||
Globe Life, Inc. | 75,900 | 9,633,987 | |
Property & Casualty Insurance - 11.9% | |||
American Financial Group, Inc. | 80,000 | 10,213,600 | |
Beazley PLC | 741,400 | 6,101,867 | |
Chubb Ltd. | 91,700 | 23,078,139 | |
Direct Line Insurance Group PLC (b) | 2,187,900 | 5,578,808 | |
Fidelity National Financial, Inc. | 130,600 | 6,605,748 | |
First American Financial Corp. | 56,300 | 3,288,483 | |
Hartford Financial Services Group, Inc. | 138,800 | 13,302,592 | |
Hiscox Ltd. | 687,900 | 9,838,249 | |
Lancashire Holdings Ltd. | 669,900 | 5,504,952 | |
83,512,438 | |||
Reinsurance - 3.9% | |||
Enstar Group Ltd. (b) | 1,873 | 576,772 | |
Reinsurance Group of America, Inc. | 152,000 | 26,881,200 | |
27,457,972 | |||
TOTAL INSURANCE | 155,438,770 | ||
Professional Services - 0.9% | |||
Research & Consulting Services - 0.9% | |||
Dun & Bradstreet Holdings, Inc. | 579,500 | 6,107,930 | |
TOTAL COMMON STOCKS (Cost $550,169,039) | 695,544,826 | ||
Money Market Funds - 2.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 2,841,754 | 2,842,322 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 14,221,103 | 14,222,525 | |
TOTAL MONEY MARKET FUNDS (Cost $17,064,847) | 17,064,847 | ||
TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $567,233,886) | 712,609,673 |
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (14,299,140) |
NET ASSETS - 100.0% | 698,310,533 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 2,743,668 | 176,379,692 | 176,281,038 | 85,288 | - | - | 2,842,322 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 7,671,775 | 270,261,215 | 263,710,465 | 17,984 | - | - | 14,222,525 | 0.0% |
Total | 10,415,443 | 446,640,907 | 439,991,503 | 103,272 | - | - | 17,064,847 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 695,544,826 | 695,544,826 | - | - |
Money Market Funds | 17,064,847 | 17,064,847 | - | - |
Total Investments in Securities: | 712,609,673 | 712,609,673 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $14,094,889) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $550,169,039) | $ | 695,544,826 | ||
Fidelity Central Funds (cost $17,064,847) | 17,064,847 | |||
Total Investment in Securities (cost $567,233,886) | $ | 712,609,673 | ||
Receivable for investments sold | 3,532,397 | |||
Receivable for fund shares sold | 182,483 | |||
Dividends receivable | 1,765,648 | |||
Distributions receivable from Fidelity Central Funds | 4,937 | |||
Prepaid expenses | 1,981 | |||
Other receivables | 5,852 | |||
Total assets | 718,102,971 | |||
Liabilities | ||||
Payable for investments purchased | $ | 4,641,308 | ||
Payable for fund shares redeemed | 469,138 | |||
Accrued management fee | 297,662 | |||
Other affiliated payables | 120,733 | |||
Other payables and accrued expenses | 41,072 | |||
Collateral on securities loaned | 14,222,525 | |||
Total Liabilities | 19,792,438 | |||
Net Assets | $ | 698,310,533 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 551,584,218 | ||
Total accumulated earnings (loss) | 146,726,315 | |||
Net Assets | $ | 698,310,533 | ||
Net Asset Value, offering price and redemption price per share ($698,310,533 ÷ 55,875,974 shares) | $ | 12.50 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 17,681,337 | ||
Interest | 186,873 | |||
Income from Fidelity Central Funds (including $17,984 from security lending) | 103,272 | |||
Total Income | 17,971,482 | |||
Expenses | ||||
Management fee | $ | 2,948,859 | ||
Transfer agent fees | 1,000,914 | |||
Accounting fees | 195,007 | |||
Custodian fees and expenses | 30,666 | |||
Independent trustees' fees and expenses | 3,649 | |||
Registration fees | 56,213 | |||
Audit | 41,150 | |||
Legal | 2,861 | |||
Interest | 18,409 | |||
Miscellaneous | 4,328 | |||
Total expenses before reductions | 4,302,056 | |||
Expense reductions | (41,336) | |||
Total expenses after reductions | 4,260,720 | |||
Net Investment income (loss) | 13,710,762 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 2,601,871 | |||
Foreign currency transactions | 16,158 | |||
Total net realized gain (loss) | 2,618,029 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 26,667,305 | |||
Assets and liabilities in foreign currencies | (4) | |||
Total change in net unrealized appreciation (depreciation) | 26,667,301 | |||
Net gain (loss) | 29,285,330 | |||
Net increase (decrease) in net assets resulting from operations | $ | 42,996,092 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 13,710,762 | $ | 14,198,847 |
Net realized gain (loss) | 2,618,029 | 36,728,777 | ||
Change in net unrealized appreciation (depreciation) | 26,667,301 | (79,393,252) | ||
Net increase (decrease) in net assets resulting from operations | 42,996,092 | (28,465,628) | ||
Distributions to shareholders | (20,240,392) | (73,318,860) | ||
Share transactions | ||||
Proceeds from sales of shares | 238,771,101 | 247,678,669 | ||
Reinvestment of distributions | 18,627,765 | 67,840,973 | ||
Cost of shares redeemed | (313,003,472) | (302,485,447) | ||
Net increase (decrease) in net assets resulting from share transactions | (55,604,606) | 13,034,195 | ||
Total increase (decrease) in net assets | (32,848,906) | (88,750,293) | ||
Net Assets | ||||
Beginning of period | 731,159,439 | 819,909,732 | ||
End of period | $ | 698,310,533 | $ | 731,159,439 |
Other Information | ||||
Shares | ||||
Sold | 20,764,508 | 21,744,109 | ||
Issued in reinvestment of distributions | 1,693,153 | 6,070,885 | ||
Redeemed | (30,094,552) | (26,254,915) | ||
Net increase (decrease) | (7,636,891) | 1,560,079 | ||
Financials Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.51 | $ | 13.23 | $ | 11.26 | $ | 9.49 | $ | 9.65 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .26 | .24 | .25 | .20 | .19 | |||||
Net realized and unrealized gain (loss) | 1.09 | (.74) | 2.26 | 2.17 | .26 | |||||
Total from investment operations | 1.35 | (.50) | 2.51 | 2.37 | .45 | |||||
Distributions from net investment income | (.25) | (.23) | (.26) | (.21) | (.16) | |||||
Distributions from net realized gain | (.11) | (.98) | (.28) | (.39) | (.45) | |||||
Total distributions | (.36) | (1.22) D | (.54) | (.60) | (.61) | |||||
Net asset value, end of period | $ | 12.50 | $ | 11.51 | $ | 13.23 | $ | 11.26 | $ | 9.49 |
Total Return E | 12.15% | (3.30)% | 22.47% | 27.89% | 3.81% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .76% | .75% | .73% | .77% | .77% | |||||
Expenses net of fee waivers, if any | .76% | .75% | .72% | .77% | .77% | |||||
Expenses net of all reductions | .76% | .75% | .72% | .77% | .76% | |||||
Net investment income (loss) | 2.43% | 2.12% | 1.89% | 2.36% | 1.81% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 698,311 | $ | 731,159 | $ | 819,910 | $ | 606,048 | $ | 483,337 |
Portfolio turnover rate H | 66% | 46% | 53% | 63% | 61% I |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
FinTech Portfolio | 24.03% | 6.05% | 7.46% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in FinTech Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
MasterCard, Inc. Class A | 13.3 | |
Intuit, Inc. | 13.2 | |
Visa, Inc. Class A | 12.4 | |
American Express Co. | 7.9 | |
Fiserv, Inc. | 4.8 | |
Discover Financial Services | 4.8 | |
Shopify, Inc. Class A | 4.8 | |
Adyen BV | 4.8 | |
Global Payments, Inc. | 4.8 | |
FleetCor Technologies, Inc. | 3.7 | |
74.5 | ||
Industries (% of Fund's net assets) | ||
Financial Services | 63.1 | |
Consumer Finance | 17.3 | |
Software | 13.2 | |
IT Services | 4.8 | |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.4% | |||
Shares | Value ($) | ||
Consumer Finance - 17.3% | |||
Consumer Finance - 17.3% | |||
American Express Co. | 40,370 | 8,857,985 | |
Capital One Financial Corp. | 27,645 | 3,804,228 | |
Discover Financial Services | 44,749 | 5,401,204 | |
NerdWallet, Inc. (a) | 15,200 | 256,424 | |
OneMain Holdings, Inc. | 20,360 | 961,603 | |
19,281,444 | |||
Financial Services - 63.1% | |||
Transaction & Payment Processing Services - 63.1% | |||
Adyen BV (a)(b) | 3,388 | 5,360,625 | |
Block, Inc. Class A (a) | 19,781 | 1,571,996 | |
Dlocal Ltd. (a) | 30,501 | 508,147 | |
Edenred SA | 39,094 | 1,934,756 | |
Fidelity National Information Services, Inc. | 48,985 | 3,389,272 | |
Fiserv, Inc. (a) | 36,240 | 5,409,545 | |
FleetCor Technologies, Inc. (a) | 14,842 | 4,144,925 | |
Flywire Corp. (a) | 110,587 | 3,139,565 | |
Global Payments, Inc. | 40,980 | 5,315,106 | |
Marqeta, Inc. Class A (a) | 107,981 | 705,116 | |
MasterCard, Inc. Class A | 31,369 | 14,892,747 | |
Nuvei Corp. (Canada) (b) | 18,746 | 496,293 | |
PagSeguro Digital Ltd. (a) | 56,967 | 792,981 | |
PayPal Holdings, Inc. (a) | 41,318 | 2,493,128 | |
Remitly Global, Inc. (a) | 19,000 | 391,780 | |
Repay Holdings Corp. (a) | 60,676 | 527,274 | |
Shift4 Payments, Inc. (a)(c) | 23,064 | 1,896,322 | |
Visa, Inc. Class A | 49,159 | 13,894,300 | |
WEX, Inc. (a) | 12,892 | 2,832,759 | |
Wise PLC (a) | 74,100 | 858,477 | |
70,555,114 | |||
IT Services - 4.8% | |||
Internet Services & Infrastructure - 4.8% | |||
Shopify, Inc. Class A (a) | 70,368 | 5,374,004 | |
Software - 13.2% | |||
Application Software - 13.2% | |||
Intuit, Inc. | 22,161 | 14,690,305 | |
TOTAL COMMON STOCKS (Cost $78,400,706) | 109,900,867 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) | 1,815,197 | 1,815,560 | |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 1,886,436 | 1,886,625 | |
TOTAL MONEY MARKET FUNDS (Cost $3,702,185) | 3,702,185 | ||
TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $82,102,891) | 113,603,052 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (1,865,585) |
NET ASSETS - 100.0% | 111,737,467 |
(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 $5,856,918 or 5.2% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 355,543 | 25,027,375 | 23,567,358 | 22,817 | - | - | 1,815,560 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 376,993 | 17,109,739 | 15,600,107 | 905 | - | - | 1,886,625 | 0.0% |
Total | 732,536 | 42,137,114 | 39,167,465 | 23,722 | - | - | 3,702,185 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 109,900,867 | 104,540,242 | 5,360,625 | - |
Money Market Funds | 3,702,185 | 3,702,185 | - | - |
Total Investments in Securities: | 113,603,052 | 108,242,427 | 5,360,625 | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,767,730) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $78,400,706) | $ | 109,900,867 | ||
Fidelity Central Funds (cost $3,702,185) | 3,702,185 | |||
Total Investment in Securities (cost $82,102,891) | $ | 113,603,052 | ||
Foreign currency held at value (cost $2) | 2 | |||
Receivable for investments sold | 151,428 | |||
Receivable for fund shares sold | 37,357 | |||
Dividends receivable | 64,189 | |||
Distributions receivable from Fidelity Central Funds | 1,357 | |||
Prepaid expenses | 203 | |||
Other receivables | 524 | |||
Total assets | 113,858,112 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 129,648 | ||
Accrued management fee | 47,880 | |||
Other affiliated payables | 21,616 | |||
Other payables and accrued expenses | 34,876 | |||
Collateral on securities loaned | 1,886,625 | |||
Total Liabilities | 2,120,645 | |||
Net Assets | $ | 111,737,467 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 125,350,604 | ||
Total accumulated earnings (loss) | (13,613,137) | |||
Net Assets | $ | 111,737,467 | ||
Net Asset Value, offering price and redemption price per share ($111,737,467 ÷ 6,560,044 shares) | $ | 17.03 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 844,754 | ||
Income from Fidelity Central Funds (including $905 from security lending) | 23,722 | |||
Total Income | 868,476 | |||
Expenses | ||||
Management fee | $ | 549,731 | ||
Transfer agent fees | 252,902 | |||
Accounting fees | 37,175 | |||
Custodian fees and expenses | 8,078 | |||
Independent trustees' fees and expenses | 697 | |||
Registration fees | 19,282 | |||
Audit | 40,533 | |||
Legal | 2,924 | |||
Miscellaneous | 559 | |||
Total expenses before reductions | 911,881 | |||
Expense reductions | (7,804) | |||
Total expenses after reductions | 904,077 | |||
Net Investment income (loss) | (35,601) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (22,680,084) | |||
Foreign currency transactions | 12,791 | |||
Total net realized gain (loss) | (22,667,293) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 45,300,959 | |||
Assets and liabilities in foreign currencies | 91 | |||
Total change in net unrealized appreciation (depreciation) | 45,301,050 | |||
Net gain (loss) | 22,633,757 | |||
Net increase (decrease) in net assets resulting from operations | $ | 22,598,156 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (35,601) | $ | (42,077) |
Net realized gain (loss) | (22,667,293) | (16,193,543) | ||
Change in net unrealized appreciation (depreciation) | 45,301,050 | (7,893,080) | ||
Net increase (decrease) in net assets resulting from operations | 22,598,156 | (24,128,700) | ||
Share transactions | ||||
Proceeds from sales of shares | 14,051,673 | 14,085,599 | ||
Cost of shares redeemed | (32,490,694) | (44,229,846) | ||
Net increase (decrease) in net assets resulting from share transactions | (18,439,021) | (30,144,247) | ||
Total increase (decrease) in net assets | 4,159,135 | (54,272,947) | ||
Net Assets | ||||
Beginning of period | 107,578,332 | 161,851,279 | ||
End of period | $ | 111,737,467 | $ | 107,578,332 |
Other Information | ||||
Shares | ||||
Sold | 949,620 | 980,123 | ||
Redeemed | (2,225,879) | (3,218,612) | ||
Net increase (decrease) | (1,276,259) | (2,238,489) | ||
FinTech Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.73 | $ | 16.06 | $ | 19.37 | $ | 16.23 | $ | 15.80 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | - D | - D | .14 E | .34 F | .39 | |||||
Net realized and unrealized gain (loss) | 3.30 | (2.33) | .04 G,H | 3.14 | .35 | |||||
Total from investment operations | 3.30 | (2.33) | .18 | 3.48 | .74 | |||||
Distributions from net investment income | - | - | (.25) | (.34) | (.31) | |||||
Distributions from net realized gain | - | - | (3.24) | - | (.01) | |||||
Total distributions | - | - | (3.49) | (.34) | (.31) I | |||||
Net asset value, end of period | $ | 17.03 | $ | 13.73 | $ | 16.06 | $ | 19.37 | $ | 16.23 |
Total Return J | 24.03% | (14.51)% | (.75)% G | 21.94% | 4.54% | |||||
Ratios to Average Net Assets C,K,L | ||||||||||
Expenses before reductions | .87% | .87% | .81% | .89% | .86% | |||||
Expenses net of fee waivers, if any | .86% | .87% | .81% | .89% | .86% | |||||
Expenses net of all reductions | .86% | .87% | .81% | .89% | .85% | |||||
Net investment income (loss) | (.03)% | (.03)% | .63% E | 2.35% F | 2.29% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 111,737 | $ | 107,578 | $ | 161,851 | $ | 144,880 | $ | 148,247 |
Portfolio turnover rate M | 43% | 15% | 164% | 25% | 20% |
Average Annual Total Returns | |||
Periods ended February 29, 2024 | Past 1 year | Past 5 years | Past 10 years |
Insurance Portfolio | 23.26% | 15.39% | 12.48% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Insurance Portfolio on February 28, 2014. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Marsh & McLennan Companies, Inc. | 10.5 | |
Chubb Ltd. | 9.8 | |
The Travelers Companies, Inc. | 8.9 | |
Hartford Financial Services Group, Inc. | 8.7 | |
Arthur J. Gallagher & Co. | 6.2 | |
Arch Capital Group Ltd. | 4.9 | |
Allstate Corp. | 4.9 | |
Corebridge Financial, Inc. | 4.6 | |
Progressive Corp. | 4.6 | |
Unum Group | 4.6 | |
67.7 | ||
Industries (% of Fund's net assets) | ||
Insurance | 92.4 | |
Financial Services | 6.6 | |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
Financial Services - 6.6% | |||
Diversified Financial Services - 6.6% | |||
Corebridge Financial, Inc. | 1,110,800 | 27,581,164 | |
Voya Financial, Inc. | 180,100 | 12,311,636 | |
39,892,800 | |||
Insurance - 92.4% | |||
Insurance Brokers - 24.2% | |||
Arthur J. Gallagher & Co. | 152,800 | 37,272,504 | |
Brown & Brown, Inc. | 221,100 | 18,618,831 | |
BRP Group, Inc. (a) | 510,500 | 14,202,110 | |
Marsh & McLennan Companies, Inc. | 310,000 | 62,703,700 | |
Steadfast Group Ltd. | 3,214,728 | 12,098,629 | |
144,895,774 | |||
Life & Health Insurance - 14.8% | |||
Globe Life, Inc. | 196,900 | 24,992,517 | |
MetLife, Inc. | 296,300 | 20,663,962 | |
Primerica, Inc. | 62,700 | 15,377,802 | |
Unum Group | 557,300 | 27,558,485 | |
88,592,766 | |||
Property & Casualty Insurance - 49.0% | |||
Allstate Corp. | 184,300 | 29,399,536 | |
American Financial Group, Inc. | 214,300 | 27,359,681 | |
Arch Capital Group Ltd. (a) | 337,900 | 29,596,661 | |
Chubb Ltd. | 234,205 | 58,942,372 | |
Hanover Insurance Group, Inc. | 121,700 | 15,999,899 | |
Hartford Financial Services Group, Inc. | 542,700 | 52,012,368 | |
Progressive Corp. | 145,500 | 27,580,980 | |
The Travelers Companies, Inc. | 241,100 | 53,273,456 | |
294,164,953 | |||
Reinsurance - 4.4% | |||
Reinsurance Group of America, Inc. | 150,600 | 26,633,610 | |
TOTAL INSURANCE | 554,287,103 | ||
TOTAL COMMON STOCKS (Cost $424,379,819) | 594,179,903 | ||
Money Market Funds - 1.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (b) (Cost $8,182,208) | 8,180,572 | 8,182,208 | |
TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $432,562,027) | 602,362,111 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (2,468,409) |
NET ASSETS - 100.0% | 599,893,702 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 4,180,255 | 166,628,321 | 162,626,368 | 155,494 | - | - | 8,182,208 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 3,211,000 | 33,974,278 | 37,185,278 | 1,578 | - | - | - | 0.0% |
Total | 7,391,255 | 200,602,599 | 199,811,646 | 157,072 | - | - | 8,182,208 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Common Stocks | 594,179,903 | 594,179,903 | - | - |
Money Market Funds | 8,182,208 | 8,182,208 | - | - |
Total Investments in Securities: | 602,362,111 | 602,362,111 | - | - |
Statement of Assets and Liabilities | ||||
February 29, 2024 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $424,379,819) | $ | 594,179,903 | ||
Fidelity Central Funds (cost $8,182,208) | 8,182,208 | |||
Total Investment in Securities (cost $432,562,027) | $ | 602,362,111 | ||
Cash | 1 | |||
Foreign currency held at value (cost $3) | 3 | |||
Receivable for fund shares sold | 2,780,059 | |||
Dividends receivable | 387,249 | |||
Distributions receivable from Fidelity Central Funds | 31,906 | |||
Prepaid expenses | 682 | |||
Other receivables | 3,936 | |||
Total assets | 605,565,947 | |||
Liabilities | ||||
Payable for investments purchased | $ | 4,430,132 | ||
Payable for fund shares redeemed | 854,669 | |||
Accrued management fee | 241,393 | |||
Other affiliated payables | 109,025 | |||
Other payables and accrued expenses | 37,026 | |||
Total Liabilities | 5,672,245 | |||
Net Assets | $ | 599,893,702 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 410,119,664 | ||
Total accumulated earnings (loss) | 189,774,038 | |||
Net Assets | $ | 599,893,702 | ||
Net Asset Value, offering price and redemption price per share ($599,893,702 ÷ 7,043,560 shares) | $ | 85.17 |
Statement of Operations | ||||
Year ended February 29, 2024 | ||||
Investment Income | ||||
Dividends | $ | 8,693,255 | ||
Income from Fidelity Central Funds (including $1,578 from security lending) | 157,072 | |||
Total Income | 8,850,327 | |||
Expenses | ||||
Management fee | $ | 2,195,936 | ||
Transfer agent fees | 855,727 | |||
Accounting fees | 148,631 | |||
Custodian fees and expenses | 18,337 | |||
Independent trustees' fees and expenses | 2,402 | |||
Registration fees | 54,451 | |||
Audit | 40,567 | |||
Legal | 607 | |||
Interest | 39,946 | |||
Miscellaneous | 1,895 | |||
Total expenses before reductions | 3,358,499 | |||
Expense reductions | (30,564) | |||
Total expenses after reductions | 3,327,935 | |||
Net Investment income (loss) | 5,522,392 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 44,737,136 | |||
Foreign currency transactions | 6,807 | |||
Total net realized gain (loss) | 44,743,943 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 41,614,702 | |||
Assets and liabilities in foreign currencies | 1,394 | |||
Total change in net unrealized appreciation (depreciation) | 41,616,096 | |||
Net gain (loss) | 86,360,039 | |||
Net increase (decrease) in net assets resulting from operations | $ | 91,882,431 |
Statement of Changes in Net Assets | ||||
Year ended February 29, 2024 | Year ended February 28, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,522,392 | $ | 2,968,793 |
Net realized gain (loss) | 44,743,943 | 14,736,358 | ||
Change in net unrealized appreciation (depreciation) | 41,616,096 | 5,170,511 | ||
Net increase (decrease) in net assets resulting from operations | 91,882,431 | 22,875,662 | ||
Distributions to shareholders | (37,245,784) | (2,977,551) | ||
Share transactions | ||||
Proceeds from sales of shares | 312,809,090 | 393,392,705 | ||
Reinvestment of distributions | 33,544,278 | 2,747,103 | ||
Cost of shares redeemed | (275,557,684) | (187,507,051) | ||
Net increase (decrease) in net assets resulting from share transactions | 70,795,684 | 208,632,757 | ||
Total increase (decrease) in net assets | 125,432,331 | 228,530,868 | ||
Net Assets | ||||
Beginning of period | 474,461,371 | 245,930,503 | ||
End of period | $ | 599,893,702 | $ | 474,461,371 |
Other Information | ||||
Shares | ||||
Sold | 4,027,541 | 5,401,580 | ||
Issued in reinvestment of distributions | 459,706 | 37,851 | ||
Redeemed | (3,735,929) | (2,667,446) | ||
Net increase (decrease) | 751,318 | 2,771,985 | ||
Insurance Portfolio |
Years ended February 28, | 2024 A | 2023 | 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 75.40 | $ | 69.86 | $ | 61.17 | $ | 58.44 | $ | 59.27 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .99 | .63 | .78 | .88 | .87 | |||||
Net realized and unrealized gain (loss) | 15.28 | 5.46 | 13.73 | 6.99 | 2.77 | |||||
Total from investment operations | 16.27 | 6.09 | 14.51 | 7.87 | 3.64 | |||||
Distributions from net investment income | (.85) | (.55) | (.89) | (.94) | (.91) | |||||
Distributions from net realized gain | (5.66) | - | (4.93) | (4.20) | (3.56) | |||||
Total distributions | (6.50) D | (.55) | (5.82) | (5.14) | (4.47) | |||||
Net asset value, end of period | $ | 85.17 | $ | 75.40 | $ | 69.86 | $ | 61.17 | $ | 58.44 |
Total Return E | 23.26% | 8.75% | 24.68% | 15.54% | 5.95% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .80% | .81% | .78% | .83% | .81% | |||||
Expenses net of fee waivers, if any | .79% | .81% | .78% | .83% | .81% | |||||
Expenses net of all reductions | .79% | .81% | .78% | .83% | .80% | |||||
Net investment income (loss) | 1.32% | .90% | 1.16% | 1.68% | 1.37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 599,894 | $ | 474,461 | $ | 245,931 | $ | 184,701 | $ | 219,539 |
Portfolio turnover rate H | 80% | 48% | 15% | 18% | 28% |
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 | $57,688 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Banking Portfolio | $331,472,342 | $74,244,325 | $ (17,593,283) | $56,651,042 |
Brokerage and Investment Management Portfolio | 532,312,429 | 354,432,447 | (6,109,703) | 348,322,744 |
Financials Portfolio | 570,134,618 | 153,492,161 | (11,017,106) | 142,475,055 |
FinTech Portfolio | 82,642,606 | 39,353,221 | (8,392,775) | 30,960,446 |
Insurance Portfolio | 433,637,367 | 169,583,179 | (858,435) | 168,724,744 |
Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Banking Portfolio | $2,306,751 | $ - | $- | $56,651,042 |
Brokerage and Investment Management Portfolio | 242,017 | - | (62,213,439) | 348,321,706 |
Financials Portfolio | 2,192,679 | 2,059,761 | - | 142,473,875 |
FinTech Portfolio | - | - | (44,573,674) | 30,960,537 |
Insurance Portfolio | 556,001 | 20,493,700 | - | 168,724,337 |
Short-term | Long-term | Total capital loss carryforward | |
Brokerage and Investment Management Portfolio | $(62,213,439) | $- | $(62,213,439) |
FinTech Portfolio | (21,141,600) | (23,432,074) | (44,573,674) |
February 29, 2024 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Banking Portfolio | $12,301,133 | $10,246,492 | $22,547,625 |
Brokerage and Investment Management Portfolio | 9,651,970 | - | 9,651,970 |
Financials Portfolio | 13,548,478 | 6,691,914 | 20,240,392 |
FinTech Portfolio | - | - | - |
Insurance Portfolio | 4,972,278 | 32,273,506 | 37,245,784 |
February 28, 2023 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Banking Portfolio | $11,563,840 | $15,801,398 | $27,365,238 |
Brokerage and Investment Management Portfolio | 13,893,658 | 3,333,300 | 17,226,958 |
Financials Portfolio | 14,414,547 | 58,904,313 | 73,318,860 |
FinTech Portfolio | - | - | - |
Insurance Portfolio | 2,977,551 | - | 2,977,551 |
Purchases ($) | Sales ($) | |
Banking Portfolio | 175,668,678 | 201,352,270 |
Brokerage and Investment Management Portfolio | 260,542,472 | 370,891,378 |
Financials Portfolio | 382,940,571 | 444,510,873 |
FinTech Portfolio | 44,697,270 | 64,457,218 |
Insurance Portfolio | 378,993,030 | 341,345,372 |
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 | .1733% |
Brokerage and Investment Management Portfolio | .1827% |
Financials Portfolio | .1766% |
FinTech Portfolio | .2000% |
Insurance Portfolio | .2000% |
Banking Portfolio | .18% |
Brokerage and Investment Management Portfolio | .19% |
Financials Portfolio | .18% |
FinTech Portfolio | .24% |
Insurance Portfolio | .20% |
% of Average Net Assets | |
Banking Portfolio | .0353% |
Brokerage and Investment Management Portfolio | .0319% |
Financials Portfolio | .0348% |
FinTech Portfolio | .0353% |
Insurance Portfolio | .0354% |
% of Average Net Assets | |
Banking Portfolio | .04 |
Brokerage and Investment Management Portfolio | .03 |
Financials Portfolio | .03 |
FinTech Portfolio | .04 |
Insurance Portfolio | .04 |
Maximum Management Fee Rate % | |
Banking Portfolio | .69 |
Brokerage and Investment Management Portfolio | .70 |
Financials Portfolio | .69 |
FinTech Portfolio | .72 |
Insurance Portfolio | .72 |
Amount | |
Banking Portfolio | $4,620 |
Brokerage and Investment Management Portfolio | 3,458 |
Financials Portfolio | 6,549 |
FinTech Portfolio | 831 |
Insurance Portfolio | 2,351 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Banking Portfolio | Borrower | $ 1,894,000 | 5.57% | $2,049 |
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 | $ 16,799,250 | 5.35% | $39,946 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Banking Portfolio | 10,296,421 | 5,997,117 | 1,675,550 |
Brokerage and Investment Management Portfolio | 7,935,951 | 5,940,829 | (161,583) |
Financials Portfolio | 19,382,325 | 21,871,167 | (1,173,841) |
FinTech Portfolio | 1,367,478 | 2,603,240 | (484,819) |
Insurance Portfolio | 37,018,985 | 12,718,380 | 554,195 |
Amount | |
Banking Portfolio | $658 |
Brokerage and Investment Management Portfolio | 1,294 |
Financials Portfolio | 1,030 |
FinTech Portfolio | 186 |
Insurance Portfolio | 730 |
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 | $1,372 | $5 | $- |
Brokerage and Investment Management Portfolio | 8,224 | 1,512 | - |
Financials Portfolio | 1,875 | 2 | - |
FinTech Portfolio | 92 | - | - |
Insurance Portfolio | 158 | - | - |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Banking Portfolio | $941,000 | 5.83% | $1,067 |
Financials Portfolio | $ 1,187,000 | 5.58% | $2,392 |
Amount | |
Banking Portfolio | $27,415 |
Brokerage and Investment Management Portfolio | 54,218 |
Financials Portfolio | 41,336 |
FinTech Portfolio | 7,804 |
Insurance Portfolio | 30,564 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2023 to February 29, 2024). |
Annualized Expense Ratio- A | Beginning Account Value September 1, 2023 | Ending Account Value February 29, 2024 | Expenses Paid During Period- C September 1, 2023 to February 29, 2024 | |||||||
Banking Portfolio ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,207.30 | $ 4.12 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
Brokerage and Investment Management Portfolio ** | .74% | |||||||||
Actual | $ 1,000 | $ 1,221.30 | $ 4.09 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.18 | $ 3.72 | |||||||
Financials Portfolio ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,196.90 | $ 4.10 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
FinTech Portfolio ** | .83% | |||||||||
Actual | $ 1,000 | $ 1,153.00 | $ 4.44 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.74 | $ 4.17 | |||||||
Insurance Portfolio ** | .78% | |||||||||
Actual | $ 1,000 | $ 1,207.40 | $ 4.28 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.98 | $ 3.92 | |||||||
FinTech Portfolio- If fees and changes to the expense contract and/ or expense cap, effective December 1, 2023, had been in effect during the entire current period, the restated annualized expense ratio would have been .79% and the expenses paid in the actual and hypothetical examples above would have been $4.22 and $3.96, respectively.
Annualized Expense Ratio- A | Expenses Paid | |||||
Banking Portfolio | .70% | |||||
Actual | $ 3.84 | |||||
Hypothetical- B | $ 3.52 | |||||
Brokerage and Investment Management Portfolio | .69% | |||||
Actual | $ 3.81 | |||||
Hypothetical- B | $ 3.47 | |||||
Financials Portfolio | .70% | |||||
Actual | $ 3.82 | |||||
Hypothetical- B | $ 3.52 | |||||
FinTech Portfolio | .72% | |||||
Actual | $ 3.86 | |||||
Hypothetical- B | $ 3.62 | |||||
Insurance Portfolio | .71% | |||||
Actual | $ 3.90 | |||||
Hypothetical- B | $ 3.57 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
Financials Portfolio | $2,542,446 |
Insurance Portfolio | $43,879,468 |
Banking Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Brokerage and Investment Management Portfolio | |
April 2023 | - |
December 2023 | 100% |
Financials Portfolio | |
April 2023 | 100% |
December 2023 | 98% |
FinTech Portfolio | |
April 2023 | - |
December 2023 | - |
Insurance Portfolio | |
April 2023 | - |
December 2023 | 100% |
Banking Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
Brokerage and Investment Management Portfolio | |
April 2023 | - |
December 2023 | 100% |
Financials Portfolio | |
April 2023 | 100% |
December 2023 | 100% |
FinTech Portfolio | |
April 2023 | - |
December 2023 | - |
Insurance Portfolio | |
April 2023 | - |
December 2023 | 100% |
Banking Portfolio | - |
Brokerage and Investment Management Portfolio | - |
Financials Portfolio | $270,263 |
FinTech Portfolio | - |
Insurance Portfolio | - |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
Item 2.
Code of Ethics
As of the end of the period, February 29, 2024, Fidelity Select Portfolios (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Automotive Portfolio, Banking Portfolio, Biotechnology Portfolio, Brokerage and Investment Management Portfolio, Chemicals Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Consumer Staples Portfolio, Defense and Aerospace Portfolio, Energy Portfolio, Enterprise Technology Services Portfolio, Fidelity Environment and Alternative Energy Fund, Fidelity Natural Resources Fund, Financials Portfolio, FinTech Portfolio, Gold Portfolio, Health Care Portfolio, Health Care Services Portfolio, Industrials Portfolio, Insurance Portfolio, Leisure Portfolio, Materials Portfolio, Medical Technology and Devices Portfolio, Pharmaceuticals Portfolio, Retailing Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio, Technology Portfolio, Telecommunications Portfolio, Transportation Portfolio, Utilities Portfolio and Wireless Portfolio (the “Funds”):
Services Billed by PwC
February 29, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Automotive Portfolio | $28,800 | $2,700 | $6,800 | $900 |
Banking Portfolio | $29,000 | $2,800 | $6,800 | $900 |
Biotechnology Portfolio | $81,700 | $6,900 | $7,100 | $2,300 |
Brokerage and Investment Management Portfolio | $29,200 | $2,800 | $6,800 | $900 |
Chemicals Portfolio | $29,300 | $2,700 | $6,800 | $900 |
Communication Services Portfolio | $33,700 | $3,200 | $7,500 | $1,100 |
Construction and Housing Portfolio | $28,400 | $2,700 | $6,800 | $900 |
Consumer Discretionary Portfolio | $28,600 | $2,700 | $6,800 | $900 |
Consumer Staples Portfolio | $35,000 | $3,200 | $6,800 | $1,100 |
Defense and Aerospace Portfolio | $29,300 | $2,800 | $7,500 | $900 |
Energy Portfolio | $30,000 | $2,800 | $7,100 | $900 |
Enterprise Technology Services Portfolio | $29,500 | $2,800 | $7,500 | $900 |
Fidelity Environment and Alternative Energy Fund | $28,600 | $2,700 | $6,800 | $900 |
Fidelity Natural Resources Fund | $28,100 | $2,700 | $6,800 | $900 |
Financials Portfolio | $29,700 | $2,800 | $6,800 | $900 |
FinTech Portfolio | $29,200 | $2,800 | $6,800 | $900 |
Gold Portfolio | $49,400 | $5,000 | $15,100 | $1,700 |
Health Care Portfolio | $41,000 | $3,700 | $6,800 | $1,200 |
Health Care Services Portfolio | $28,200 | $2,700 | $6,800 | $900 |
Industrials Portfolio | $28,600 | $2,700 | $6,800 | $900 |
Insurance Portfolio | $29,200 | $2,800 | $6,800 | $900 |
Leisure Portfolio | $29,200 | $2,800 | $6,800 | $900 |
Materials Portfolio | $35,000 | $3,200 | $6,800 | $1,100 |
Medical Technology and Devices Portfolio | $28,500 | $2,700 | $6,800 | $900 |
Pharmaceuticals Portfolio | $28,500 | $2,700 | $6,800 | $900 |
Retailing Portfolio | $30,100 | $2,800 | $7,500 | $900 |
Semiconductors Portfolio | $29,900 | $2,800 | $6,800 | $900 |
Software and IT Services Portfolio | $29,000 | $2,700 | $6,800 | $900 |
Tech Hardware Portfolio | $29,800 | $2,800 | $6,800 | $900 |
Technology Portfolio | $33,100 | $3,100 | $6,800 | $1,000 |
Telecommunications Portfolio | $35,000 | $3,200 | $7,500 | $1,000 |
Transportation Portfolio | $28,800 | $2,700 | $6,800 | $900 |
Utilities Portfolio | $29,400 | $2,800 | $6,800 | $900 |
Wireless Portfolio | $28,100 | $2,700 | $6,800 | $900 |
February 28, 2023 FeesA
Automotive Portfolio | $28,900 | $2,600 | $6,800 | $900 |
Banking Portfolio | $29,100 | $2,600 | $6,800 | $900 |
Biotechnology Portfolio | $82,500 | $6,400 | $19,600 | $2,200 |
Brokerage and Investment Management Portfolio | $29,300 | $2,600 | $7,600 | $900 |
Chemicals Portfolio | $28,700 | $2,500 | $7,700 | $900 |
Communication Services Portfolio | $34,600 | $3,000 | $6,800 | $1,000 |
Construction and Housing Portfolio | $28,500 | $2,500 | $6,800 | $900 |
Consumer Discretionary Portfolio | $28,700 | $2,500 | $6,800 | $900 |
Consumer Staples Portfolio | $35,000 | $3,000 | $7,000 | $1,000 |
Defense and Aerospace Portfolio | $29,300 | $2,600 | $6,800 | $900 |
Energy Portfolio | $32,900 | $2,600 | $14,100 | $900 |
Enterprise Technology Services Portfolio | $29,500 | $2,600 | $8,200 | $900 |
Fidelity Environment and Alternative Energy Fund | $28,700 | $2,500 | $6,800 | $900 |
Fidelity Natural Resources Fund | $28,200 | $2,500 | $7,600 | $900 |
Financials Portfolio | $29,800 | $2,600 | $7,600 | $900 |
FinTech Portfolio | $29,300 | $2,600 | $6,800 | $900 |
Gold Portfolio | $50,200 | $4,600 | $15,300 | $1,600 |
Health Care Portfolio | $41,500 | $3,500 | $8,300 | $1,200 |
Health Care Services Portfolio | $28,900 | $2,600 | $6,800 | $900 |
Industrials Portfolio | $28,700 | $2,500 | $6,800 | $900 |
Insurance Portfolio | $29,300 | $2,600 | $6,800 | $900 |
Leisure Portfolio | $29,300 | $2,600 | $6,800 | $900 |
Materials Portfolio | $35,000 | $3,000 | $6,800 | $1,000 |
Medical Technology and Devices Portfolio | $28,900 | $2,600 | $7,900 | $900 |
Pharmaceuticals Portfolio | $28,700 | $2,500 | $15,200 | $900 |
Retailing Portfolio | $29,300 | $2,600 | $6,800 | $900 |
Semiconductors Portfolio | $29,500 | $2,600 | $8,900 | $900 |
Software and IT Services Portfolio | $28,500 | $2,500 | $15,000 | $900 |
Tech Hardware Portfolio | $32,800 | $2,600 | $8,900 | $900 |
Technology Portfolio | $33,300 | $2,900 | $10,800 | $1,000 |
Telecommunications Portfolio | $34,400 | $3,000 | $6,800 | $1,000 |
Transportation Portfolio | $31,900 | $2,600 | $8,900 | $900 |
Utilities Portfolio | $29,400 | $2,600 | $6,800 | $900 |
Wireless Portfolio | $28,200 | $2,500 | $9,200 | $900 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under
common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
February 29, 2024A | February 28, 2023A | |
Audit-Related Fees | $9,422,800 | $8,469,200 |
Tax Fees | $61,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | February 29, 2024A | February 28, 2023A |
PwC | $15,409,000 | $14,590,100 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a
branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
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 trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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 (Principal Executive Officer) | |
Date: | April 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer (Principal Executive Officer) | |
Date: | April 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer (Principal Financial Officer) | |
Date: | April 22, 2024 |