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 811-01352
Fidelity Devonshire Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | January 31 |
Date of reporting period: | January 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl.5.75% sales charge) | -4.76% | 5.92% | 9.12% |
Class M (incl.3.50% sales charge) | -2.70% | 6.12% | 9.05% |
Class C (incl. contingent deferred sales charge) | -0.69% | 6.30% | 9.04% |
Fidelity® Stock Selector Large Cap Value Fund | 1.36% | 7.50% | 10.09% |
Class I | 1.39% | 7.49% | 10.06% |
Class Z | 1.46% | 7.63% | 10.15% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector Large Cap Value Fund, a class of the fund, on January 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 3.7 | |
Wells Fargo & Co. | 3.4 | |
Bank of America Corp. | 3.3 | |
Johnson & Johnson | 2.4 | |
The Travelers Companies, Inc. | 2.1 | |
Alphabet, Inc. Class A | 2.0 | |
Thermo Fisher Scientific, Inc. | 1.9 | |
Verizon Communications, Inc. | 1.7 | |
JPMorgan Chase & Co. | 1.7 | |
Comcast Corp. Class A | 1.6 | |
23.8 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 20.2 | |
Health Care | 15.4 | |
Industrials | 10.3 | |
Information Technology | 8.7 | |
Energy | 8.3 | |
Communication Services | 7.5 | |
Consumer Staples | 6.5 | |
Consumer Discretionary | 6.1 | |
Utilities | 5.3 | |
Real Estate | 4.6 | |
Materials | 4.5 | |
Investment Companies | 0.9 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 8.5% |
Common Stocks - 97.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 1.9% | |||
Deutsche Telekom AG | 37,600 | 837,683 | |
Verizon Communications, Inc. | 203,120 | 8,443,698 | |
9,281,381 | |||
Entertainment - 0.7% | |||
Activision Blizzard, Inc. | 36,560 | 2,799,399 | |
Cinemark Holdings, Inc. (a)(b) | 39,978 | 477,337 | |
3,276,736 | |||
Interactive Media & Services - 2.7% | |||
Alphabet, Inc. Class A (a) | 98,684 | 9,753,927 | |
Meta Platforms, Inc. Class A (a) | 20,675 | 3,079,955 | |
12,833,882 | |||
Media - 2.2% | |||
Charter Communications, Inc. Class A (a) | 2,093 | 804,361 | |
Comcast Corp. Class A | 201,999 | 7,948,661 | |
Omnicom Group, Inc. | 24,804 | 2,132,896 | |
10,885,918 | |||
TOTAL COMMUNICATION SERVICES | 36,277,917 | ||
CONSUMER DISCRETIONARY - 6.1% | |||
Automobiles - 0.7% | |||
General Motors Co. | 90,303 | 3,550,714 | |
Hotels, Restaurants & Leisure - 1.8% | |||
Hilton Worldwide Holdings, Inc. | 28,034 | 4,067,453 | |
McDonald's Corp. | 17,217 | 4,603,826 | |
8,671,279 | |||
Household Durables - 0.6% | |||
Tempur Sealy International, Inc. | 72,002 | 2,934,082 | |
Multiline Retail - 0.6% | |||
Dollar Tree, Inc. (a) | 19,937 | 2,994,139 | |
Specialty Retail - 2.4% | |||
Dick's Sporting Goods, Inc. | 27,493 | 3,594,985 | |
Lowe's Companies, Inc. | 28,623 | 5,960,740 | |
Williams-Sonoma, Inc. (b) | 13,485 | 1,819,666 | |
11,375,391 | |||
TOTAL CONSUMER DISCRETIONARY | 29,525,605 | ||
CONSUMER STAPLES - 6.5% | |||
Beverages - 1.5% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 9,897 | 2,291,353 | |
Diageo PLC | 20,300 | 887,640 | |
Keurig Dr. Pepper, Inc. | 37,485 | 1,322,471 | |
PepsiCo, Inc. | 1,100 | 188,122 | |
The Coca-Cola Co. | 44,586 | 2,734,014 | |
7,423,600 | |||
Food & Staples Retailing - 1.5% | |||
Albertsons Companies, Inc. | 3,200 | 67,840 | |
Kroger Co. | 7,700 | 343,651 | |
U.S. Foods Holding Corp. (a) | 35,900 | 1,368,867 | |
Walmart, Inc. | 36,234 | 5,212,986 | |
6,993,344 | |||
Food Products - 1.0% | |||
Archer Daniels Midland Co. | 10,998 | 911,184 | |
Bunge Ltd. | 4,100 | 406,310 | |
Darling Ingredients, Inc. (a) | 3,100 | 205,499 | |
Mondelez International, Inc. | 45,353 | 2,967,900 | |
Tyson Foods, Inc. Class A | 6,100 | 401,075 | |
4,891,968 | |||
Household Products - 1.4% | |||
Colgate-Palmolive Co. | 1,900 | 141,607 | |
Energizer Holdings, Inc. | 13,200 | 489,720 | |
Procter & Gamble Co. | 44,549 | 6,342,887 | |
6,974,214 | |||
Tobacco - 1.1% | |||
Altria Group, Inc. | 42,792 | 1,927,352 | |
Philip Morris International, Inc. | 30,776 | 3,208,090 | |
5,135,442 | |||
TOTAL CONSUMER STAPLES | 31,418,568 | ||
ENERGY - 8.3% | |||
Energy Equipment & Services - 1.0% | |||
Schlumberger Ltd. | 81,300 | 4,632,474 | |
Oil, Gas & Consumable Fuels - 7.3% | |||
Canadian Natural Resources Ltd. | 77,300 | 4,744,723 | |
Cenovus Energy, Inc. (Canada) | 295,700 | 5,907,111 | |
Exxon Mobil Corp. | 153,600 | 17,819,133 | |
Hess Corp. | 27,300 | 4,099,368 | |
Valero Energy Corp. | 20,100 | 2,814,603 | |
35,384,938 | |||
TOTAL ENERGY | 40,017,412 | ||
FINANCIALS - 20.2% | |||
Banks - 10.5% | |||
Bank of America Corp. | 453,053 | 16,074,320 | |
Citizens Financial Group, Inc. | 22,547 | 976,736 | |
Comerica, Inc. | 17,963 | 1,316,868 | |
First Horizon National Corp. | 28,770 | 711,482 | |
JPMorgan Chase & Co. | 59,305 | 8,300,328 | |
PNC Financial Services Group, Inc. | 14,246 | 2,356,716 | |
Societe Generale Series A | 43,922 | 1,307,408 | |
U.S. Bancorp | 59,517 | 2,963,947 | |
Wells Fargo & Co. | 351,448 | 16,472,368 | |
50,480,173 | |||
Capital Markets - 2.9% | |||
Bank of New York Mellon Corp. | 137,104 | 6,933,349 | |
BlackRock, Inc. Class A | 4,673 | 3,547,788 | |
Cboe Global Markets, Inc. | 9,169 | 1,126,687 | |
Intercontinental Exchange, Inc. | 21,084 | 2,267,584 | |
13,875,408 | |||
Consumer Finance - 0.9% | |||
Capital One Financial Corp. | 35,227 | 4,192,013 | |
Diversified Financial Services - 1.0% | |||
Berkshire Hathaway, Inc. Class B (a) | 16,078 | 5,008,619 | |
Insurance - 4.9% | |||
Arthur J. Gallagher & Co. | 9,400 | 1,839,768 | |
Chubb Ltd. | 19,200 | 4,367,808 | |
Globe Life, Inc. | 18,172 | 2,196,086 | |
Hartford Financial Services Group, Inc. | 64,409 | 4,998,782 | |
The Travelers Companies, Inc. | 53,655 | 10,254,544 | |
23,656,988 | |||
TOTAL FINANCIALS | 97,213,201 | ||
HEALTH CARE - 15.4% | |||
Biotechnology - 0.9% | |||
Gilead Sciences, Inc. | 30,500 | 2,560,170 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,300 | 1,744,481 | |
4,304,651 | |||
Health Care Equipment & Supplies - 2.9% | |||
Abbott Laboratories | 54,700 | 6,047,085 | |
Becton, Dickinson & Co. | 13,800 | 3,480,636 | |
Boston Scientific Corp. (a) | 76,100 | 3,519,625 | |
Medtronic PLC | 9,900 | 828,531 | |
13,875,877 | |||
Health Care Providers & Services - 3.8% | |||
AmerisourceBergen Corp. | 27,100 | 4,578,816 | |
Centene Corp. (a) | 34,600 | 2,637,904 | |
Cigna Corp. | 13,400 | 4,243,378 | |
CVS Health Corp. | 8,800 | 776,336 | |
Elevance Health, Inc. | 4,700 | 2,349,953 | |
Molina Healthcare, Inc. (a) | 4,225 | 1,317,482 | |
UnitedHealth Group, Inc. | 4,260 | 2,126,549 | |
18,030,418 | |||
Life Sciences Tools & Services - 3.0% | |||
Danaher Corp. | 20,000 | 5,287,600 | |
Thermo Fisher Scientific, Inc. | 16,200 | 9,239,346 | |
14,526,946 | |||
Pharmaceuticals - 4.8% | |||
Bristol-Myers Squibb Co. | 46,400 | 3,370,960 | |
Johnson & Johnson | 72,485 | 11,845,499 | |
Merck & Co., Inc. | 39,500 | 4,242,695 | |
Pfizer, Inc. | 87,100 | 3,846,336 | |
23,305,490 | |||
TOTAL HEALTH CARE | 74,043,382 | ||
INDUSTRIALS - 10.3% | |||
Aerospace & Defense - 2.5% | |||
Northrop Grumman Corp. | 5,069 | 2,271,115 | |
Raytheon Technologies Corp. | 19,382 | 1,935,293 | |
The Boeing Co. (a) | 37,204 | 7,924,452 | |
12,130,860 | |||
Air Freight & Logistics - 0.9% | |||
FedEx Corp. | 23,755 | 4,605,144 | |
Construction & Engineering - 0.6% | |||
Fluor Corp. (a) | 83,100 | 3,053,925 | |
Electrical Equipment - 0.8% | |||
Sensata Technologies, Inc. PLC | 79,644 | 4,049,897 | |
Industrial Conglomerates - 1.8% | |||
3M Co. | 10,736 | 1,235,499 | |
General Electric Co. | 90,789 | 7,306,699 | |
8,542,198 | |||
Machinery - 1.1% | |||
Crane Holdings Co. | 21,700 | 2,515,247 | |
Flowserve Corp. | 75,468 | 2,597,609 | |
5,112,856 | |||
Professional Services - 0.5% | |||
Manpower, Inc. | 27,800 | 2,423,048 | |
Road & Rail - 2.1% | |||
Norfolk Southern Corp. | 12,421 | 3,053,206 | |
RXO, Inc. (a) | 94,748 | 1,735,783 | |
U-Haul Holding Co. (non-vtg.) | 33,600 | 2,076,144 | |
XPO, Inc. (a) | 77,300 | 3,081,178 | |
9,946,311 | |||
TOTAL INDUSTRIALS | 49,864,239 | ||
INFORMATION TECHNOLOGY - 8.7% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 149,121 | 7,257,719 | |
Electronic Equipment & Components - 0.6% | |||
Vontier Corp. | 115,978 | 2,670,973 | |
IT Services - 4.1% | |||
Amdocs Ltd. | 38,407 | 3,530,756 | |
Concentrix Corp. | 12,100 | 1,715,901 | |
Fidelity National Information Services, Inc. | 47,687 | 3,578,432 | |
FleetCor Technologies, Inc. (a) | 12,155 | 2,538,086 | |
Global Payments, Inc. | 32,088 | 3,616,959 | |
GoDaddy, Inc. (a) | 22,901 | 1,880,859 | |
SS&C Technologies Holdings, Inc. | 51,419 | 3,103,137 | |
19,964,130 | |||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Microchip Technology, Inc. | 81,337 | 6,313,378 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 35,200 | 3,264,096 | |
9,577,474 | |||
Software - 0.5% | |||
Adobe, Inc. (a) | 5,686 | 2,105,753 | |
Black Knight, Inc. (a) | 3,329 | 201,704 | |
2,307,457 | |||
TOTAL INFORMATION TECHNOLOGY | 41,777,753 | ||
MATERIALS - 4.5% | |||
Chemicals - 2.4% | |||
Axalta Coating Systems Ltd. (a) | 74,154 | 2,232,035 | |
Eastman Chemical Co. | 20,562 | 1,812,952 | |
Olin Corp. | 44,169 | 2,852,876 | |
The Chemours Co. LLC | 64,277 | 2,339,040 | |
Westlake Corp. | 18,971 | 2,328,690 | |
11,565,593 | |||
Containers & Packaging - 0.8% | |||
Crown Holdings, Inc. | 22,094 | 1,947,807 | |
O-I Glass, Inc. (a) | 97,733 | 1,881,360 | |
3,829,167 | |||
Metals & Mining - 1.3% | |||
Freeport-McMoRan, Inc. | 93,023 | 4,150,686 | |
Glencore PLC | 352,000 | 2,357,305 | |
6,507,991 | |||
TOTAL MATERIALS | 21,902,751 | ||
REAL ESTATE - 4.6% | |||
Equity Real Estate Investment Trusts (REITs) - 4.3% | |||
American Tower Corp. | 5,400 | 1,206,306 | |
Equity Lifestyle Properties, Inc. | 41,700 | 2,993,226 | |
Essex Property Trust, Inc. | 11,900 | 2,690,233 | |
Host Hotels & Resorts, Inc. | 115,100 | 2,169,635 | |
Invitation Homes, Inc. | 89,200 | 2,899,000 | |
Mid-America Apartment Communities, Inc. | 10,300 | 1,717,216 | |
Prologis (REIT), Inc. | 32,400 | 4,188,672 | |
Welltower, Inc. | 38,900 | 2,919,056 | |
20,783,344 | |||
Real Estate Management & Development - 0.3% | |||
Cushman & Wakefield PLC (a) | 89,200 | 1,287,156 | |
TOTAL REAL ESTATE | 22,070,500 | ||
UTILITIES - 5.3% | |||
Electric Utilities - 3.5% | |||
Constellation Energy Corp. | 34,090 | 2,909,922 | |
Edison International | 41,846 | 2,883,189 | |
Entergy Corp. | 22,650 | 2,452,542 | |
PG&E Corp. (a) | 282,971 | 4,499,239 | |
Southern Co. | 61,500 | 4,162,320 | |
16,907,212 | |||
Independent Power and Renewable Electricity Producers - 1.1% | |||
The AES Corp. | 121,929 | 3,342,074 | |
Vistra Corp. | 81,023 | 1,868,390 | |
5,210,464 | |||
Multi-Utilities - 0.7% | |||
Sempra Energy | 22,346 | 3,582,734 | |
TOTAL UTILITIES | 25,700,410 | ||
TOTAL COMMON STOCKS (Cost $389,860,076) | 469,811,738 | ||
Money Market Funds - 2.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (c) | 7,847,796 | 7,849,365 | |
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d) | 2,230,777 | 2,231,000 | |
TOTAL MONEY MARKET FUNDS (Cost $10,080,289) | 10,080,365 | ||
Equity Funds - 0.9% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.9% | |||
iShares Russell 1000 Value Index ETF (Cost $4,418,094) | 27,900 | 4,448,655 | |
TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $404,358,459) | 484,340,758 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (1,758,502) |
NET ASSETS - 100.0% | 482,582,256 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.38% | 9,866,101 | 151,114,766 | 153,131,502 | 160,340 | 1 | (1) | 7,849,365 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.38% | 3,290,175 | 92,725,132 | 93,784,307 | 11,097 | - | - | 2,231,000 | 0.0% |
Total | 13,156,276 | 243,839,898 | 246,915,809 | 171,437 | 1 | (1) | 10,080,365 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 36,277,917 | 35,440,234 | 837,683 | - |
Consumer Discretionary | 29,525,605 | 29,525,605 | - | - |
Consumer Staples | 31,418,568 | 30,530,928 | 887,640 | - |
Energy | 40,017,412 | 40,017,412 | - | - |
Financials | 97,213,201 | 95,905,793 | 1,307,408 | - |
Health Care | 74,043,382 | 74,043,382 | - | - |
Industrials | 49,864,239 | 49,864,239 | - | - |
Information Technology | 41,777,753 | 41,777,753 | - | - |
Materials | 21,902,751 | 19,545,446 | 2,357,305 | - |
Real Estate | 22,070,500 | 22,070,500 | - | - |
Utilities | 25,700,410 | 25,700,410 | - | - |
Money Market Funds | 10,080,365 | 10,080,365 | - | - |
Equity Funds | 4,448,655 | 4,448,655 | - | - |
Total Investments in Securities: | 484,340,758 | 478,950,722 | 5,390,036 | - |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,284,602) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $394,278,170) | $ | 474,260,393 | ||
Fidelity Central Funds (cost $10,080,289) | 10,080,365 | |||
Total Investment in Securities (cost $404,358,459) | $ | 484,340,758 | ||
Receivable for investments sold | 7,223,816 | |||
Receivable for fund shares sold | 72,593 | |||
Dividends receivable | 451,916 | |||
Distributions receivable from Fidelity Central Funds | 28,398 | |||
Prepaid expenses | 457 | |||
Total assets | 492,117,938 | |||
Liabilities | ||||
Payable to custodian bank | $ | 368,905 | ||
Payable for investments purchased | 6,105,390 | |||
Payable for fund shares redeemed | 436,849 | |||
Accrued management fee | 251,526 | |||
Distribution and service plan fees payable | 19,540 | |||
Other affiliated payables | 74,581 | |||
Other payables and accrued expenses | 47,891 | |||
Collateral on securities loaned | 2,231,000 | |||
Total Liabilities | 9,535,682 | |||
Net Assets | $ | 482,582,256 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 404,047,651 | ||
Total accumulated earnings (loss) | 78,534,605 | |||
Net Assets | $ | 482,582,256 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($39,638,342 ÷ 1,643,414 shares) (a) | $ | 24.12 | ||
Maximum offering price per share (100/94.25 of $24.12) | $ | 25.59 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($12,319,463 ÷ 512,131 shares) (a) | $ | 24.06 | ||
Maximum offering price per share (100/96.50 of $24.06) | $ | 24.93 | ||
Class C : | ||||
Net Asset Value and offering price per share ($7,898,160 ÷ 337,249 shares) (a) | $ | 23.42 | ||
Stock Selector Large Cap Value : | ||||
Net Asset Value , offering price and redemption price per share ($405,895,355 ÷ 16,627,409 shares) | $ | 24.41 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($10,858,205 ÷ 442,727 shares) | $ | 24.53 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($5,972,731 ÷ 246,408 shares) | $ | 24.24 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 9,454,327 | ||
Income from Fidelity Central Funds (including $11,097 from security lending) | 171,437 | |||
Total Income | 9,625,764 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 2,572,745 | ||
Performance adjustment | 364,770 | |||
Transfer agent fees | 756,700 | |||
Distribution and service plan fees | 218,003 | |||
Accounting fees | 177,993 | |||
Custodian fees and expenses | 25,706 | |||
Independent trustees' fees and expenses | 1,623 | |||
Registration fees | 94,021 | |||
Audit | 57,956 | |||
Legal | 6,858 | |||
Interest | 1,147 | |||
Miscellaneous | 2,259 | |||
Total expenses before reductions | 4,279,781 | |||
Expense reductions | (16,989) | |||
Total expenses after reductions | 4,262,792 | |||
Net Investment income (loss) | 5,362,972 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 21,556,479 | |||
Fidelity Central Funds | 1 | |||
Foreign currency transactions | (2,214) | |||
Total net realized gain (loss) | 21,554,266 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (25,324,190) | |||
Fidelity Central Funds | (1) | |||
Assets and liabilities in foreign currencies | (711) | |||
Total change in net unrealized appreciation (depreciation) | (25,324,902) | |||
Net gain (loss) | (3,770,636) | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,592,336 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,362,972 | $ | 4,974,117 |
Net realized gain (loss) | 21,554,266 | 64,640,130 | ||
Change in net unrealized appreciation (depreciation) | (25,324,902) | 41,303,206 | ||
Net increase (decrease) in net assets resulting from operations | 1,592,336 | 110,917,453 | ||
Distributions to shareholders | (37,496,299) | (22,628,924) | ||
Share transactions - net increase (decrease) | (22,942,895) | 10,727,818 | ||
Total increase (decrease) in net assets | (58,846,858) | 99,016,347 | ||
Net Assets | ||||
Beginning of period | 541,429,114 | 442,412,767 | ||
End of period | $ | 482,582,256 | $ | 541,429,114 |
Fidelity Advisor® Stock Selector Large Cap Value Fund Class A |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.78 | $ | 21.53 | $ | 20.92 | $ | 18.80 | $ | 21.26 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .20 | .18 | .32 C | .29 | .26 | |||||
Net realized and unrealized gain (loss) | (.01) | 5.16 | .71 | 2.14 | (1.45) | |||||
Total from investment operations | .19 | 5.34 | 1.03 | 2.43 | (1.19) | |||||
Distributions from net investment income | (.23) | (.20) | (.42) | (.31) | (.24) | |||||
Distributions from net realized gain | (1.62) | (.90) | - | - | (1.03) | |||||
Total distributions | (1.85) | (1.09) D | (.42) | (.31) | (1.27) | |||||
Net asset value, end of period | $ | 24.12 | $ | 25.78 | $ | 21.53 | $ | 20.92 | $ | 18.80 |
Total Return E,F | 1.06% | 24.86% | 5.03% | 12.92% | (5.46)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.13% | 1.06% | .94% | .93% | .96% | |||||
Expenses net of fee waivers, if any | 1.12% | 1.05% | .94% | .93% | .96% | |||||
Expenses net of all reductions | 1.12% | 1.05% | .93% | .93% | .95% | |||||
Net investment income (loss) | .85% | .69% | 1.67% C | 1.45% | 1.28% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 39,638 | $ | 36,552 | $ | 22,580 | $ | 25,576 | $ | 25,204 |
Portfolio turnover rate I | 67% | 76% | 104% | 68% J | 92% |
Fidelity Advisor® Stock Selector Large Cap Value Fund Class M |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.72 | $ | 21.48 | $ | 20.88 | $ | 18.77 | $ | 21.24 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .11 | .26 C | .23 | .19 | |||||
Net realized and unrealized gain (loss) | (.01) | 5.15 | .70 | 2.13 | (1.44) | |||||
Total from investment operations | .13 | 5.26 | .96 | 2.36 | (1.25) | |||||
Distributions from net investment income | (.18) | (.13) | (.36) | (.25) | (.18) | |||||
Distributions from net realized gain | (1.62) | (.90) | - | - | (1.03) | |||||
Total distributions | (1.79) D | (1.02) D | (.36) | (.25) | (1.22) D | |||||
Net asset value, end of period | $ | 24.06 | $ | 25.72 | $ | 21.48 | $ | 20.88 | $ | 18.77 |
Total Return E,F | .82% | 24.55% | 4.70% | 12.59% | (5.78)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.38% | 1.32% | 1.23% | 1.24% | 1.28% | |||||
Expenses net of fee waivers, if any | 1.37% | 1.31% | 1.23% | 1.23% | 1.28% | |||||
Expenses net of all reductions | 1.37% | 1.31% | 1.22% | 1.23% | 1.27% | |||||
Net investment income (loss) | .60% | .43% | 1.38% C | 1.15% | .96% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 12,319 | $ | 12,188 | $ | 9,526 | $ | 10,385 | $ | 9,542 |
Portfolio turnover rate I | 67% | 76% | 104% | 68% J | 92% |
Fidelity Advisor® Stock Selector Large Cap Value Fund Class C |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.11 | $ | 20.99 | $ | 20.40 | $ | 18.37 | $ | 20.81 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .01 | (.03) | .16 C | .12 | .09 | |||||
Net realized and unrealized gain (loss) | (.02) | 5.02 | .68 | 2.08 | (1.42) | |||||
Total from investment operations | (.01) | 4.99 | .84 | 2.20 | (1.33) | |||||
Distributions from net investment income | (.07) | - | (.25) | (.17) | (.08) | |||||
Distributions from net realized gain | (1.62) | (.87) | - | - | (1.03) | |||||
Total distributions | (1.68) D | (.87) | (.25) | (.17) | (1.11) | |||||
Net asset value, end of period | $ | 23.42 | $ | 25.11 | $ | 20.99 | $ | 20.40 | $ | 18.37 |
Total Return E,F | .24% | 23.82% | 4.19% | 11.96% | (6.26)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.94% | 1.88% | 1.76% | 1.78% | 1.80% | |||||
Expenses net of fee waivers, if any | 1.94% | 1.88% | 1.76% | 1.77% | 1.80% | |||||
Expenses net of all reductions | 1.94% | 1.88% | 1.75% | 1.77% | 1.79% | |||||
Net investment income (loss) | .04% | (.14)% | .86% C | .61% | .44% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 7,898 | $ | 6,948 | $ | 6,723 | $ | 8,813 | $ | 9,813 |
Portfolio turnover rate I | 67% | 76% | 104% | 68% J | 92% |
Fidelity® Stock Selector Large Cap Value Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.06 | $ | 21.73 | $ | 21.11 | $ | 18.94 | $ | 21.41 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .28 | .25 | .38 C | .35 | .32 | |||||
Net realized and unrealized gain (loss) | (.01) | 5.23 | .72 | 2.16 | (1.46) | |||||
Total from investment operations | .27 | 5.48 | 1.10 | 2.51 | (1.14) | |||||
Distributions from net investment income | (.30) | (.25) | (.48) | (.34) | (.29) | |||||
Distributions from net realized gain | (1.62) | (.90) | - | - | (1.03) | |||||
Total distributions | (1.92) | (1.15) | (.48) | (.34) | (1.33) D | |||||
Net asset value, end of period | $ | 24.41 | $ | 26.06 | $ | 21.73 | $ | 21.11 | $ | 18.94 |
Total Return E | 1.36% | 25.26% | 5.31% | 13.24% | (5.20)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .83% | .76% | .64% | .64% | .67% | |||||
Expenses net of fee waivers, if any | .83% | .75% | .64% | .64% | .67% | |||||
Expenses net of all reductions | .83% | .75% | .63% | .64% | .66% | |||||
Net investment income (loss) | 1.15% | .99% | 1.97% C | 1.74% | 1.57% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 405,895 | $ | 446,926 | $ | 373,322 | $ | 432,154 | $ | 806,342 |
Portfolio turnover rate H | 67% | 76% | 104% | 68% I | 92% |
Fidelity Advisor® Stock Selector Large Cap Value Fund Class I |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.17 | $ | 21.82 | $ | 21.22 | $ | 18.82 | $ | 21.28 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .28 | .26 | .38 C | .34 | .31 | |||||
Net realized and unrealized gain (loss) | (.01) | 5.24 | .72 | 2.14 | (1.45) | |||||
Total from investment operations | .27 | 5.50 | 1.10 | 2.48 | (1.14) | |||||
Distributions from net investment income | (.30) | (.25) | (.50) | (.08) | (.29) | |||||
Distributions from net realized gain | (1.62) | (.90) | - | - | (1.03) | |||||
Total distributions | (1.91) D | (1.15) | (.50) | (.08) | (1.32) | |||||
Net asset value, end of period | $ | 24.53 | $ | 26.17 | $ | 21.82 | $ | 21.22 | $ | 18.82 |
Total Return E | 1.39% | 25.26% | 5.31% | 13.20% | (5.20)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .82% | .75% | .67% | .67% | .69% | |||||
Expenses net of fee waivers, if any | .82% | .74% | .67% | .66% | .69% | |||||
Expenses net of all reductions | .82% | .74% | .66% | .66% | .68% | |||||
Net investment income (loss) | 1.15% | 1.00% | 1.94% C | 1.72% | 1.55% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 10,858 | $ | 18,239 | $ | 9,420 | $ | 9,450 | $ | 98,119 |
Portfolio turnover rate H | 67% | 76% | 104% | 68% I | 92% |
Fidelity Advisor® Stock Selector Large Cap Value Fund Class Z |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.88 | $ | 21.58 | $ | 20.97 | $ | 18.84 | $ | 21.30 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .30 | .28 | .41 C | .38 | .34 | |||||
Net realized and unrealized gain (loss) | (.01) | 5.20 | .71 | 2.14 | (1.45) | |||||
Total from investment operations | .29 | 5.48 | 1.12 | 2.52 | (1.11) | |||||
Distributions from net investment income | (.31) | (.28) | (.51) | (.39) | (.32) | |||||
Distributions from net realized gain | (1.62) | (.90) | - | - | (1.03) | |||||
Total distributions | (1.93) | (1.18) | (.51) | (.39) | (1.35) | |||||
Net asset value, end of period | $ | 24.24 | $ | 25.88 | $ | 21.58 | $ | 20.97 | $ | 18.84 |
Total Return D | 1.46% | 25.43% | 5.43% | 13.38% | (5.04)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .72% | .65% | .52% | .52% | .55% | |||||
Expenses net of fee waivers, if any | .71% | .65% | .52% | .52% | .55% | |||||
Expenses net of all reductions | .71% | .65% | .51% | .51% | .54% | |||||
Net investment income (loss) | 1.26% | 1.10% | 2.10% C | 1.86% | 1.70% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 5,973 | $ | 20,576 | $ | 20,841 | $ | 12,905 | $ | 858 |
Portfolio turnover rate G | 67% | 76% | 104% | 68% H | 92% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $93,691,025 |
Gross unrealized depreciation | (16,712,800) |
Net unrealized appreciation (depreciation) | $76,978,225 |
Tax Cost | $407,362,533 |
Undistributed long-term capital gain | $1,624,153 |
Net unrealized appreciation (depreciation) on securities and other investments | $76,977,634 |
January 31, 2023 | January 31, 2022 | |
Ordinary Income | $5,512,900 | $ 13,137,853 |
Long-term Capital Gains | 31,983,399 | 9,491,071 |
Total | $37,496,299 | $ 22,628,924 |
Purchases ($) | Sales ($) | |
Fidelity Stock Selector Large Cap Value Fund | 323,069,984 | 377,208,207 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $92,255 | $2,974 |
Class M | .25% | .25% | 58,454 | 115 |
Class C | .75% | .25% | 67,294 | 8,157 |
$218,003 | $11,246 |
Retained by FDC | |
Class A | $11,915 |
Class M | 1,093 |
Class C A | 82 |
$13,090 |
Amount | % of Class-Level Average Net Assets | |
Class A | $73,743 | .20 |
Class M | 23,435 | .20 |
Class C | 17,623 | .26 |
Stock Selector Large Cap Value | 617,609 | .15 |
Class I | 17,672 | .15 |
Class Z | 6,618 | .04 |
$756,700 |
% of Average Net Assets | |
Fidelity Stock Selector Large Cap Value Fund | .04 |
Amount | |
Fidelity Stock Selector Large Cap Value Fund | $5,126 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Stock Selector Large Cap Value Fund | Borrower | $12,453,000 | 3.32% | $1,147 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Stock Selector Large Cap Value Fund | 34,315,430 | 48,551,813 | 945,187 |
Amount ($) | |
Fidelity Stock Selector Large Cap Value Fund | 25,194 |
Amount | |
Fidelity Stock Selector Large Cap Value Fund | $878 |
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 Stock Selector Large Cap Value Fund | $ 1,078 | $ - | $- |
Year ended January 31, 2023 | Year ended January 31, 2022 | |
Fidelity Stock Selector Large Cap Value Fund | ||
Distributions to shareholders | ||
Class A | $2,802,856 | $1,458,259 |
Class M | 872,953 | 463,210 |
Class C | 486,387 | 235,247 |
Stock Selector Large Cap Value | 31,443,168 | 18,997,597 |
Class I | 1,004,740 | 632,304 |
Class Z | 886,195 | 842,307 |
Total | $37,496,299 | $22,628,924 |
Shares | Shares | Dollars | Dollars | |
Year ended January 31, 2023 | Year ended January 31, 2022 | Year ended January 31, 2023 | Year ended January 31, 2022 | |
Fidelity Stock Selector Large Cap Value Fund | ||||
Class A | ||||
Shares sold | 335,914 | 499,669 | $8,018,993 | $12,832,213 |
Reinvestment of distributions | 114,886 | 54,592 | 2,694,081 | 1,394,818 |
Shares redeemed | (225,187) | (185,423) | (5,287,878) | (4,674,112) |
Net increase (decrease) | 225,613 | 368,838 | $5,425,196 | $9,552,919 |
Class M | ||||
Shares sold | 68,651 | 54,496 | $1,637,524 | $1,390,358 |
Reinvestment of distributions | 37,248 | 18,165 | 872,853 | 463,210 |
Shares redeemed | (67,616) | (42,334) | (1,611,031) | (1,057,097) |
Net increase (decrease) | 38,283 | 30,327 | $899,346 | $796,471 |
Class C | ||||
Shares sold | 111,397 | 78,440 | $2,543,174 | $1,947,324 |
Reinvestment of distributions | 21,248 | 9,440 | 486,387 | 235,247 |
Shares redeemed | (72,074) | (131,579) | (1,681,764) | (3,240,337) |
Net increase (decrease) | 60,571 | (43,699) | $1,347,797 | $(1,057,766) |
Stock Selector Large Cap Value | ||||
Shares sold | 1,256,457 | 2,740,948 | $30,696,006 | $70,395,154 |
Reinvestment of distributions | 1,239,041 | 694,465 | 29,458,357 | 17,931,137 |
Shares redeemed | (3,015,259) | (3,465,566) | (72,814,961) | (89,617,663) |
Net increase (decrease) | (519,761) | (30,153) | $(12,660,598) | $(1,291,372) |
Class I | ||||
Shares sold | 132,680 | 605,163 | $3,206,703 | $15,087,077 |
Reinvestment of distributions | 40,097 | 23,134 | 965,922 | 599,870 |
Shares redeemed | (426,883) | (363,172) | (10,544,795) | (9,302,023) |
Net increase (decrease) | (254,106) | 265,125 | $(6,372,170) | $6,384,924 |
Class Z | ||||
Shares sold | 136,141 | 332,126 | $3,345,203 | $8,567,920 |
Reinvestment of distributions | 34,453 | 31,519 | 833,330 | 807,823 |
Shares redeemed | (719,267) | (534,118) | (15,760,999) | (13,033,101) |
Net increase (decrease) | (548,673) | (170,473) | $(11,582,466) | $(3,657,358) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Stock Selector Large Cap Value Fund | ||||||||||
Class A | 1.13% | |||||||||
Actual | $ 1,000 | $ 1,066.00 | $ 5.88 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.51 | $ 5.75 | |||||||
Class M | 1.38% | |||||||||
Actual | $ 1,000 | $ 1,064.50 | $ 7.18 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.25 | $ 7.02 | |||||||
Class C | 1.94% | |||||||||
Actual | $ 1,000 | $ 1,061.70 | $ 10.08 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.43 | $ 9.86 | |||||||
Fidelity® Stock Selector Large Cap Value Fund | .84% | |||||||||
Actual | $ 1,000 | $ 1,067.40 | $ 4.38 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.97 | $ 4.28 | |||||||
Class I | .84% | |||||||||
Actual | $ 1,000 | $ 1,067.50 | $ 4.38 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.97 | $ 4.28 | |||||||
Class Z | .73% | |||||||||
Actual | $ 1,000 | $ 1,067.90 | $ 3.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
- 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
Contents
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Fidelity® Mid Cap Value K6 Fund | 2.41% | 5.79% | 7.58% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Mid Cap Value K6 Fund, on May 25, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Welltower, Inc. | 4.4 | |
Public Storage | 1.5 | |
Entergy Corp. | 1.4 | |
Prologis (REIT), Inc. | 1.4 | |
Edison International | 1.4 | |
CBRE Group, Inc. | 1.3 | |
M&T Bank Corp. | 1.4 | |
PG&E Corp. | 1.3 | |
Markel Corp. | 1.3 | |
Hartford Financial Services Group, Inc. | 1.2 | |
16.6 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 17.0 | |
Industrials | 15.1 | |
Real Estate | 11.4 | |
Consumer Discretionary | 10.9 | |
Materials | 9.3 | |
Information Technology | 8.4 | |
Utilities | 7.6 | |
Health Care | 6.6 | |
Energy | 6.1 | |
Consumer Staples | 3.4 | |
Communication Services | 3.1 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 7.4% |
Common Stocks - 98.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 3.1% | |||
Diversified Telecommunication Services - 0.5% | |||
Cellnex Telecom SA (a) | 4,514 | 176,895 | |
Interactive Media & Services - 0.6% | |||
Ziff Davis, Inc. (b) | 2,648 | 236,943 | |
Media - 2.0% | |||
iHeartMedia, Inc. (b) | 7,012 | 54,343 | |
Liberty Broadband Corp. Class C (b) | 1,181 | 106,030 | |
News Corp. Class A | 13,986 | 283,356 | |
Nexstar Broadcasting Group, Inc. Class A | 949 | 194,327 | |
Thryv Holdings, Inc. (b) | 3,445 | 77,065 | |
715,121 | |||
TOTAL COMMUNICATION SERVICES | 1,128,959 | ||
CONSUMER DISCRETIONARY - 10.9% | |||
Auto Components - 1.4% | |||
Aptiv PLC (b) | 2,303 | 260,446 | |
Magna International, Inc. Class A | 4,003 | 259,955 | |
520,401 | |||
Diversified Consumer Services - 0.9% | |||
Adtalem Global Education, Inc. (b) | 4,409 | 168,336 | |
Laureate Education, Inc. Class A | 15,073 | 165,502 | |
333,838 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Bowlero Corp. Class A (b) | 3,747 | 51,521 | |
Hilton Worldwide Holdings, Inc. | 1,251 | 181,508 | |
Light & Wonder, Inc. Class A (b) | 3,341 | 218,000 | |
MGM Resorts International | 5,739 | 237,652 | |
Travel+Leisure Co. | 4,016 | 170,158 | |
858,839 | |||
Household Durables - 2.2% | |||
Helen of Troy Ltd. (b) | 957 | 108,246 | |
Mohawk Industries, Inc. (b) | 1,776 | 213,227 | |
PulteGroup, Inc. | 4,047 | 230,234 | |
Tempur Sealy International, Inc. | 5,814 | 236,921 | |
788,628 | |||
Multiline Retail - 1.6% | |||
Dollar Tree, Inc. (b) | 1,273 | 191,179 | |
Franchise Group, Inc. (c) | 6,036 | 186,452 | |
Kohl's Corp. | 6,639 | 214,904 | |
592,535 | |||
Specialty Retail - 2.4% | |||
Lithia Motors, Inc. Class A (sub. vtg.) | 826 | 217,403 | |
O'Reilly Automotive, Inc. (b) | 384 | 304,262 | |
Rent-A-Center, Inc. | 6,282 | 168,923 | |
Victoria's Secret & Co. (b) | 4,539 | 191,319 | |
881,907 | |||
TOTAL CONSUMER DISCRETIONARY | 3,976,148 | ||
CONSUMER STAPLES - 3.4% | |||
Food & Staples Retailing - 2.0% | |||
Albertsons Companies, Inc. | 12,711 | 269,473 | |
Performance Food Group Co. (b) | 4,048 | 248,223 | |
U.S. Foods Holding Corp. (b) | 5,300 | 202,089 | |
719,785 | |||
Food Products - 1.4% | |||
Bunge Ltd. | 3,033 | 300,570 | |
Tyson Foods, Inc. Class A | 3,110 | 204,483 | |
505,053 | |||
TOTAL CONSUMER STAPLES | 1,224,838 | ||
ENERGY - 6.1% | |||
Energy Equipment & Services - 1.0% | |||
Halliburton Co. | 5,132 | 211,541 | |
Liberty Oilfield Services, Inc. Class A | 10,937 | 173,133 | |
384,674 | |||
Oil, Gas & Consumable Fuels - 5.1% | |||
Cenovus Energy, Inc. (c) | 11,134 | 222,457 | |
Chesapeake Energy Corp. | 2,656 | 230,328 | |
Hess Corp. | 1,759 | 264,131 | |
Occidental Petroleum Corp. | 4,242 | 274,839 | |
Ovintiv, Inc. | 3,405 | 167,628 | |
Southwestern Energy Co. (b) | 24,774 | 136,752 | |
Targa Resources Corp. | 3,690 | 276,824 | |
Valero Energy Corp. | 1,915 | 268,157 | |
1,841,116 | |||
TOTAL ENERGY | 2,225,790 | ||
FINANCIALS - 17.0% | |||
Banks - 4.2% | |||
Citizens Financial Group, Inc. | 9,799 | 424,493 | |
East West Bancorp, Inc. | 3,939 | 309,290 | |
M&T Bank Corp. | 3,172 | 494,832 | |
Signature Bank | 2,264 | 291,943 | |
1,520,558 | |||
Capital Markets - 3.3% | |||
Ares Management Corp. | 2,938 | 243,825 | |
Carlyle Group LP | 6,771 | 243,553 | |
LPL Financial | 925 | 219,336 | |
State Street Corp. | 4,518 | 412,629 | |
Virtu Financial, Inc. Class A | 3,656 | 70,597 | |
1,189,940 | |||
Consumer Finance - 0.7% | |||
OneMain Holdings, Inc. | 5,937 | 256,122 | |
Diversified Financial Services - 1.1% | |||
Apollo Global Management, Inc. | 3,934 | 278,449 | |
Corebridge Financial, Inc. | 5,359 | 116,612 | |
395,061 | |||
Insurance - 6.5% | |||
Arthur J. Gallagher & Co. | 2,000 | 391,440 | |
Chubb Ltd. | 881 | 200,419 | |
First American Financial Corp. | 4,557 | 281,942 | |
Hartford Financial Services Group, Inc. | 5,637 | 437,488 | |
Markel Corp. (b) | 330 | 464,963 | |
MetLife, Inc. | 3,354 | 244,909 | |
Old Republic International Corp. | 13,229 | 349,113 | |
2,370,274 | |||
Thrifts & Mortgage Finance - 1.2% | |||
NMI Holdings, Inc. (b) | 7,614 | 176,873 | |
Walker & Dunlop, Inc. | 2,905 | 277,079 | |
453,952 | |||
TOTAL FINANCIALS | 6,185,907 | ||
HEALTH CARE - 6.6% | |||
Biotechnology - 0.3% | |||
Regeneron Pharmaceuticals, Inc. (b) | 151 | 114,529 | |
Health Care Providers & Services - 3.7% | |||
AdaptHealth Corp. (b) | 7,833 | 167,861 | |
AmerisourceBergen Corp. | 1,511 | 255,299 | |
DaVita HealthCare Partners, Inc. (b) | 2,592 | 213,555 | |
Molina Healthcare, Inc. (b) | 1,061 | 330,852 | |
Tenet Healthcare Corp. (b) | 6,947 | 381,043 | |
1,348,610 | |||
Life Sciences Tools & Services - 1.9% | |||
Bio-Rad Laboratories, Inc. Class A (b) | 573 | 267,855 | |
Charles River Laboratories International, Inc. (b) | 769 | 187,059 | |
ICON PLC (b) | 735 | 169,572 | |
Syneos Health, Inc. (b) | 1,429 | 51,330 | |
675,816 | |||
Pharmaceuticals - 0.7% | |||
Royalty Pharma PLC | 6,905 | 270,607 | |
TOTAL HEALTH CARE | 2,409,562 | ||
INDUSTRIALS - 15.1% | |||
Aerospace & Defense - 0.6% | |||
Woodward, Inc. | 2,150 | 219,859 | |
Building Products - 1.8% | |||
Builders FirstSource, Inc. (b) | 5,332 | 424,960 | |
UFP Industries, Inc. | 2,481 | 232,098 | |
657,058 | |||
Commercial Services & Supplies - 0.3% | |||
The Brink's Co. | 1,502 | 98,531 | |
Construction & Engineering - 1.8% | |||
EMCOR Group, Inc. | 2,029 | 300,799 | |
Willscot Mobile Mini Holdings (b) | 7,375 | 357,393 | |
658,192 | |||
Electrical Equipment - 1.2% | |||
Regal Rexnord Corp. | 3,140 | 437,088 | |
Machinery - 4.2% | |||
Crane Holdings Co. | 1,082 | 125,415 | |
ITT, Inc. | 1,890 | 173,105 | |
Oshkosh Corp. | 2,529 | 254,873 | |
PACCAR, Inc. | 3,612 | 394,828 | |
Stanley Black & Decker, Inc. | 2,166 | 193,445 | |
Timken Co. | 4,664 | 384,080 | |
1,525,746 | |||
Professional Services - 1.1% | |||
CACI International, Inc. Class A (b) | 673 | 207,345 | |
Manpower, Inc. | 2,369 | 206,482 | |
413,827 | |||
Road & Rail - 2.7% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 6,235 | 368,489 | |
RXO, Inc. (b) | 7,997 | 146,505 | |
U-Haul Holding Co. (non-vtg.) | 4,233 | 261,557 | |
XPO, Inc. (b) | 4,710 | 187,741 | |
964,292 | |||
Trading Companies & Distributors - 1.4% | |||
MSC Industrial Direct Co., Inc. Class A | 2,791 | 230,816 | |
WESCO International, Inc. (b) | 1,986 | 295,934 | |
526,750 | |||
TOTAL INDUSTRIALS | 5,501,343 | ||
INFORMATION TECHNOLOGY - 8.4% | |||
Communications Equipment - 0.4% | |||
Motorola Solutions, Inc. | 525 | 134,930 | |
Electronic Equipment & Components - 2.0% | |||
Flex Ltd. (b) | 10,165 | 237,353 | |
Knowles Corp. (b) | 5,145 | 98,938 | |
TD SYNNEX Corp. | 2,306 | 235,558 | |
Vontier Corp. | 7,248 | 166,921 | |
738,770 | |||
IT Services - 3.4% | |||
Concentrix Corp. | 1,931 | 273,835 | |
Cyxtera Technologies, Inc. Class A (b) | 15,596 | 50,219 | |
DXC Technology Co. (b) | 8,171 | 234,753 | |
Fidelity National Information Services, Inc. | 3,118 | 233,975 | |
Genpact Ltd. | 2,600 | 122,928 | |
SS&C Technologies Holdings, Inc. | 5,155 | 311,104 | |
1,226,814 | |||
Semiconductors & Semiconductor Equipment - 1.9% | |||
Lam Research Corp. | 650 | 325,065 | |
Microchip Technology, Inc. | 3,722 | 288,902 | |
Micron Technology, Inc. | 1,573 | 94,852 | |
708,819 | |||
Software - 0.7% | |||
Gen Digital, Inc. | 10,757 | 247,519 | |
TOTAL INFORMATION TECHNOLOGY | 3,056,852 | ||
MATERIALS - 9.3% | |||
Chemicals - 4.2% | |||
Celanese Corp. Class A | 2,814 | 346,685 | |
Corteva, Inc. | 2,302 | 148,364 | |
Element Solutions, Inc. | 7,295 | 149,402 | |
Nutrien Ltd. | 1,529 | 126,586 | |
Olin Corp. | 4,797 | 309,838 | |
Tronox Holdings PLC | 7,422 | 127,287 | |
Westlake Corp. | 2,478 | 304,175 | |
1,512,337 | |||
Containers & Packaging - 2.5% | |||
Crown Holdings, Inc. | 3,487 | 307,414 | |
Graphic Packaging Holding Co. | 7,105 | 171,159 | |
International Paper Co. | 4,401 | 184,050 | |
Packaging Corp. of America | 1,812 | 258,572 | |
921,195 | |||
Metals & Mining - 1.8% | |||
Arconic Corp. (b) | 9,548 | 224,473 | |
Freeport-McMoRan, Inc. | 5,082 | 226,759 | |
Reliance Steel & Aluminum Co. | 955 | 217,215 | |
668,447 | |||
Paper & Forest Products - 0.8% | |||
Louisiana-Pacific Corp. | 3,948 | 268,819 | |
TOTAL MATERIALS | 3,370,798 | ||
REAL ESTATE - 11.4% | |||
Equity Real Estate Investment Trusts (REITs) - 9.9% | |||
Camden Property Trust (SBI) | 3,341 | 411,645 | |
Essex Property Trust, Inc. | 1,040 | 235,113 | |
Lamar Advertising Co. Class A | 2,554 | 272,103 | |
Prologis (REIT), Inc. | 3,992 | 516,086 | |
Public Storage | 1,778 | 541,117 | |
Welltower, Inc. | 21,551 | 1,617,183 | |
3,593,247 | |||
Real Estate Management & Development - 1.5% | |||
CBRE Group, Inc. (b) | 5,816 | 497,326 | |
WeWork, Inc. (b)(c) | 38,603 | 61,379 | |
558,705 | |||
TOTAL REAL ESTATE | 4,151,952 | ||
UTILITIES - 7.6% | |||
Electric Utilities - 5.7% | |||
American Electric Power Co., Inc. | 2,265 | 212,819 | |
Edison International | 7,322 | 504,486 | |
Entergy Corp. | 4,988 | 540,101 | |
Exelon Corp. | 8,543 | 360,429 | |
PG&E Corp. (b) | 29,563 | 470,052 | |
2,087,887 | |||
Gas Utilities - 1.2% | |||
Brookfield Infrastructure Corp. A Shares | 9,610 | 424,954 | |
Independent Power and Renewable Electricity Producers - 0.7% | |||
NextEra Energy Partners LP | 3,179 | 233,021 | |
TOTAL UTILITIES | 2,745,862 | ||
TOTAL COMMON STOCKS (Cost $33,191,932) | 35,978,011 | ||
Money Market Funds - 1.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (d) | 38,451 | 38,458 | |
Fidelity Securities Lending Cash Central Fund 4.38% (d)(e) | 348,490 | 348,525 | |
TOTAL MONEY MARKET FUNDS (Cost $386,983) | 386,983 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $33,578,915) | 36,364,994 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 9,424 |
NET ASSETS - 100.0% | 36,374,418 |
(a) | 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 $176,895 or 0.5% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.38% | 348,969 | 7,855,717 | 8,166,228 | 1,771 | - | - | 38,458 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.38% | 154,425 | 5,462,940 | 5,268,840 | 6,943 | - | - | 348,525 | 0.0% |
Total | 503,394 | 13,318,657 | 13,435,068 | 8,714 | - | - | 386,983 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,128,959 | 952,064 | 176,895 | - |
Consumer Discretionary | 3,976,148 | 3,976,148 | - | - |
Consumer Staples | 1,224,838 | 1,224,838 | - | - |
Energy | 2,225,790 | 2,225,790 | - | - |
Financials | 6,185,907 | 6,185,907 | - | - |
Health Care | 2,409,562 | 2,409,562 | - | - |
Industrials | 5,501,343 | 5,501,343 | - | - |
Information Technology | 3,056,852 | 3,056,852 | - | - |
Materials | 3,370,798 | 3,370,798 | - | - |
Real Estate | 4,151,952 | 4,151,952 | - | - |
Utilities | 2,745,862 | 2,745,862 | - | - |
Money Market Funds | 386,983 | 386,983 | - | - |
Total Investments in Securities: | 36,364,994 | 36,188,099 | 176,895 | - |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $341,229) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $33,191,932) | $ | 35,978,011 | ||
Fidelity Central Funds (cost $386,983) | 386,983 | |||
Total Investment in Securities (cost $33,578,915) | $ | 36,364,994 | ||
Cash | 32,479 | |||
Receivable for investments sold | 139,244 | |||
Receivable for fund shares sold | 313,884 | |||
Dividends receivable | 9,618 | |||
Distributions receivable from Fidelity Central Funds | 1,375 | |||
Total assets | 36,861,594 | |||
Liabilities | ||||
Payable for investments purchased | $ | 106,841 | ||
Payable for fund shares redeemed | 20,121 | |||
Accrued management fee | 11,689 | |||
Collateral on securities loaned | 348,525 | |||
Total Liabilities | 487,176 | |||
Net Assets | $ | 36,374,418 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 33,813,836 | ||
Total accumulated earnings (loss) | 2,560,582 | |||
Net Assets | $ | 36,374,418 | ||
Net Asset Value , offering price and redemption price per share ($36,374,418 ÷ 2,664,049 shares) | $ | 13.65 |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 528,249 | ||
Special dividends | 70,945 | |||
Income from Fidelity Central Funds (including $6,943 from security lending) | 8,714 | |||
Total Income | 607,908 | |||
Expenses | ||||
Management fee | $ | 143,636 | ||
Independent trustees' fees and expenses | 106 | |||
Total expenses before reductions | 143,742 | |||
Expense reductions | (5) | |||
Total expenses after reductions | 143,737 | |||
Net Investment income (loss) | 464,171 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,733,846 | |||
Foreign currency transactions | (134) | |||
Total net realized gain (loss) | 1,733,712 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (1,679,298) | |||
Net gain (loss) | 54,414 | |||
Net increase (decrease) in net assets resulting from operations | $ | 518,585 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 464,171 | $ | 496,411 |
Net realized gain (loss) | 1,733,712 | 6,568,315 | ||
Change in net unrealized appreciation (depreciation) | (1,679,298) | 1,001,121 | ||
Net increase (decrease) in net assets resulting from operations | 518,585 | 8,065,847 | ||
Distributions to shareholders | (470,724) | (496,165) | ||
Share transactions | ||||
Proceeds from sales of shares | 9,720,249 | 12,452,914 | ||
Reinvestment of distributions | 470,724 | 496,165 | ||
Cost of shares redeemed | (8,856,637) | (12,930,840) | ||
Net increase (decrease) in net assets resulting from share transactions | 1,334,336 | 18,239 | ||
Total increase (decrease) in net assets | 1,382,197 | 7,587,921 | ||
Net Assets | ||||
Beginning of period | 34,992,221 | 27,404,300 | ||
End of period | $ | 36,374,418 | $ | 34,992,221 |
Other Information | ||||
Shares | ||||
Sold | 739,821 | 943,131 | ||
Issued in reinvestment of distributions | 37,658 | 36,536 | ||
Redeemed | (695,036) | (972,886) | ||
Net increase (decrease) | 82,443 | 6,781 | ||
Fidelity® Mid Cap Value K6 Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.55 | $ | 10.64 | $ | 10.28 | $ | 9.85 | $ | 11.35 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .19 C | .19 | .19 | .21 | .21 | |||||
Net realized and unrealized gain (loss) | .12 | 2.91 | .40 | .40 | (1.44) | |||||
Total from investment operations | .31 | 3.10 | .59 | .61 | (1.23) | |||||
Distributions from net investment income | (.21) | (.19) | (.23) | (.18) | (.22) | |||||
Distributions from net realized gain | - | - | - | - | (.05) | |||||
Total distributions | (.21) | (.19) | (.23) | (.18) | (.27) | |||||
Net asset value, end of period | $ | 13.65 | $ | 13.55 | $ | 10.64 | $ | 10.28 | $ | 9.85 |
Total Return D | 2.41% | 29.17% | 5.83% | 6.15% | (10.82)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .45% | .45% | .45% | .45% | .45% | |||||
Expenses net of fee waivers, if any | .45% | .45% | .45% | .45% | .45% | |||||
Expenses net of all reductions | .45% | .45% | .44% | .44% | .44% | |||||
Net investment income (loss) | 1.45% C | 1.45% | 2.07% | 2.05% | 2.05% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 36,374 | $ | 34,992 | $ | 27,404 | $ | 53,188 | $ | 48,924 |
Portfolio turnover rate G | 85% H | 100% | 73% H | 102% H | 89% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $4,700,969 |
Gross unrealized depreciation | (2,178,449) |
Net unrealized appreciation (depreciation) | $2,522,520 |
Tax Cost | $33,842,474 |
Undistributed ordinary income | $61 |
Undistributed long-term capital gain | $68,544 |
Net unrealized appreciation (depreciation) on securities and other investments | $2,522,520 |
January 31, 2023 | January 31, 2022 | |
Ordinary Income | $470,724 | $496,165 |
Purchases ($) | Sales ($) | |
Fidelity Mid Cap Value K6 Fund | 28,423,348 | 27,512,671 |
Shares | Total Proceeds ($) | |
Fidelity Mid Cap Value K6 Fund | 30,440 | 364,276 |
Amount | |
Fidelity Mid Cap Value K6 Fund | $578 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Mid Cap Value K6 Fund | 2,857,233 | 2,028,566 | 294,022 |
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 Mid Cap Value K6 Fund | $733 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Mid Cap Value K6 Fund | .45% | |||||||||
Actual | $ 1,000 | $ 1,065.80 | $ 2.34 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.94 | $ 2.29 | |||||||
- 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
Contents
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series All-Sector Equity Fund | -7.34% | 10.38% | 12.89% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series All-Sector Equity Fund on January 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 5.5 | |
Apple, Inc. | 5.1 | |
Amazon.com, Inc. | 2.7 | |
Exxon Mobil Corp. | 2.5 | |
UnitedHealth Group, Inc. | 1.7 | |
Bank of America Corp. | 1.7 | |
NVIDIA Corp. | 1.7 | |
Alphabet, Inc. Class C | 1.6 | |
Eli Lilly & Co. | 1.5 | |
Alphabet, Inc. Class A | 1.5 | |
25.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.3 | |
Health Care | 14.0 | |
Financials | 12.0 | |
Consumer Discretionary | 11.1 | |
Industrials | 9.1 | |
Communication Services | 7.4 | |
Consumer Staples | 5.9 | |
Energy | 5.1 | |
Real Estate | 3.1 | |
Materials | 2.7 | |
Utilities | 2.7 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 4.5% |
Futures - 0.9% |
Common Stocks - 98.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.4% | |||
Diversified Telecommunication Services - 0.0% | |||
AT&T, Inc. | 59,750 | 1,217,108 | |
Entertainment - 1.8% | |||
Activision Blizzard, Inc. | 145,011 | 11,103,492 | |
Cinemark Holdings, Inc. (a)(b) | 186,300 | 2,224,422 | |
Lions Gate Entertainment Corp. Class B (a) | 129,700 | 988,314 | |
Netflix, Inc. (a) | 65,010 | 23,004,439 | |
Spotify Technology SA (a) | 23,470 | 2,645,538 | |
Take-Two Interactive Software, Inc. (a) | 23,300 | 2,638,259 | |
The Walt Disney Co. (a) | 69,887 | 7,582,041 | |
Warner Bros Discovery, Inc. (a) | 27,293 | 404,482 | |
World Wrestling Entertainment, Inc. Class A (b) | 27,800 | 2,352,436 | |
52,943,423 | |||
Interactive Media & Services - 4.3% | |||
Alphabet, Inc.: | |||
Class A (a) | 435,600 | 43,054,704 | |
Class C (a) | 460,720 | 46,012,106 | |
Angi, Inc. (a) | 273,300 | 795,303 | |
IAC, Inc. (a) | 6,380 | 360,470 | |
Meta Platforms, Inc. Class A (a) | 211,140 | 31,453,526 | |
Snap, Inc. Class A (a) | 329,620 | 3,810,407 | |
Zoominfo Technologies, Inc. (a) | 9,230 | 260,563 | |
125,747,079 | |||
Media - 0.9% | |||
Altice U.S.A., Inc. Class A (a) | 161,130 | 789,537 | |
Charter Communications, Inc. Class A (a) | 24,700 | 9,492,457 | |
Comcast Corp. Class A | 236,438 | 9,303,835 | |
DISH Network Corp. Class A (a) | 17,200 | 247,508 | |
Liberty Broadband Corp.: | |||
Class A (a) | 59,100 | 5,296,542 | |
Class C (a) | 25,700 | 2,307,346 | |
27,437,225 | |||
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 72,352 | 10,802,877 | |
TOTAL COMMUNICATION SERVICES | 218,147,712 | ||
CONSUMER DISCRETIONARY - 11.1% | |||
Auto Components - 0.1% | |||
Aptiv PLC (a) | 29,300 | 3,313,537 | |
Automobiles - 1.2% | |||
Tesla, Inc. (a) | 201,800 | 34,955,796 | |
Hotels, Restaurants & Leisure - 2.5% | |||
ARAMARK Holdings Corp. | 15,404 | 685,940 | |
Booking Holdings, Inc. (a) | 5,990 | 14,580,259 | |
Caesars Entertainment, Inc. (a) | 128,100 | 6,668,886 | |
Chipotle Mexican Grill, Inc. (a) | 4,600 | 7,573,348 | |
Domino's Pizza, Inc. | 12,000 | 4,236,000 | |
Marriott International, Inc. Class A | 62,400 | 10,868,832 | |
McDonald's Corp. | 24,500 | 6,551,300 | |
Planet Fitness, Inc. (a) | 61,200 | 5,180,580 | |
Starbucks Corp. | 121,900 | 13,304,166 | |
Sweetgreen, Inc. Class A (a) | 19,729 | 204,590 | |
Wingstop, Inc. (b) | 21,400 | 3,391,258 | |
73,245,159 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 59,500 | 5,872,055 | |
Internet & Direct Marketing Retail - 3.1% | |||
Amazon.com, Inc. (a) | 782,700 | 80,719,851 | |
Uber Technologies, Inc. (a) | 358,060 | 11,074,796 | |
91,794,647 | |||
Multiline Retail - 0.7% | |||
Dollar General Corp. | 65,575 | 15,318,320 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 11,800 | 646,168 | |
Target Corp. | 26,000 | 4,475,640 | |
20,440,128 | |||
Specialty Retail - 2.0% | |||
O'Reilly Automotive, Inc. (a) | 7,700 | 6,101,095 | |
RH (a) | 7,100 | 2,215,129 | |
Signet Jewelers Ltd. (b) | 53,900 | 4,140,059 | |
The Home Depot, Inc. | 44,679 | 14,483,591 | |
TJX Companies, Inc. | 292,396 | 23,935,537 | |
Ulta Beauty, Inc. (a) | 9,000 | 4,625,640 | |
Victoria's Secret & Co. (a) | 22,600 | 952,590 | |
Warby Parker, Inc. (a) | 107,800 | 1,740,970 | |
58,194,611 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Capri Holdings Ltd. (a) | 22,700 | 1,509,323 | |
Crocs, Inc. (a) | 40,800 | 4,968,216 | |
NIKE, Inc. Class B | 133,300 | 16,973,089 | |
Ralph Lauren Corp. (b) | 86,200 | 10,675,870 | |
Tapestry, Inc. | 87,400 | 3,982,818 | |
38,109,316 | |||
TOTAL CONSUMER DISCRETIONARY | 325,925,249 | ||
CONSUMER STAPLES - 5.9% | |||
Beverages - 2.3% | |||
Boston Beer Co., Inc. Class A (a) | 4,419 | 1,717,268 | |
Celsius Holdings, Inc. (a) | 11,000 | 1,103,520 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 49,066 | 11,359,760 | |
Duckhorn Portfolio, Inc. (a) | 25,044 | 405,212 | |
Keurig Dr. Pepper, Inc. | 91,251 | 3,219,335 | |
Monster Beverage Corp. (a) | 81,456 | 8,477,940 | |
PepsiCo, Inc. | 109,203 | 18,675,897 | |
The Coca-Cola Co. | 374,534 | 22,966,425 | |
67,925,357 | |||
Food & Staples Retailing - 1.4% | |||
Albertsons Companies, Inc. | 93,558 | 1,983,430 | |
Costco Wholesale Corp. | 37,157 | 18,992,429 | |
Sysco Corp. | 48,932 | 3,790,273 | |
U.S. Foods Holding Corp. (a) | 42,874 | 1,634,786 | |
Walmart, Inc. | 104,370 | 15,015,712 | |
41,416,630 | |||
Food Products - 0.9% | |||
Freshpet, Inc. (a)(b) | 45,073 | 2,854,473 | |
Lamb Weston Holdings, Inc. | 26,369 | 2,633,999 | |
McCormick & Co., Inc. (non-vtg.) | 41,931 | 3,149,857 | |
Mondelez International, Inc. | 160,725 | 10,517,844 | |
Sovos Brands, Inc. (a) | 52,890 | 717,188 | |
The Hershey Co. | 20,009 | 4,494,021 | |
TreeHouse Foods, Inc. (a) | 25,151 | 1,218,063 | |
25,585,445 | |||
Household Products - 1.1% | |||
Procter & Gamble Co. | 230,343 | 32,796,236 | |
Personal Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 23,553 | 6,526,065 | |
Olaplex Holdings, Inc. (a) | 117,300 | 740,163 | |
The Honest Co., Inc. (a) | 20,300 | 66,990 | |
7,333,218 | |||
TOTAL CONSUMER STAPLES | 175,056,886 | ||
ENERGY - 5.1% | |||
Energy Equipment & Services - 0.7% | |||
Expro Group Holdings NV (a) | 211,700 | 3,999,013 | |
Schlumberger Ltd. | 244,100 | 13,908,818 | |
Weatherford International PLC (a) | 70,400 | 4,004,352 | |
21,912,183 | |||
Oil, Gas & Consumable Fuels - 4.4% | |||
Antero Resources Corp. (a) | 61,800 | 1,782,312 | |
Exxon Mobil Corp. | 625,124 | 72,520,635 | |
Hess Corp. | 202,100 | 30,347,336 | |
Phillips 66 Co. | 115,700 | 11,601,239 | |
Valero Energy Corp. | 90,500 | 12,672,715 | |
128,924,237 | |||
TOTAL ENERGY | 150,836,420 | ||
FINANCIALS - 12.0% | |||
Banks - 5.1% | |||
Bank of America Corp. | 1,432,533 | 50,826,271 | |
BankUnited, Inc. | 16,771 | 631,260 | |
Citizens Financial Group, Inc. | 100,053 | 4,334,296 | |
Comerica, Inc. | 57,231 | 4,195,605 | |
JPMorgan Chase & Co. | 147,828 | 20,690,007 | |
M&T Bank Corp. | 30,459 | 4,751,604 | |
PNC Financial Services Group, Inc. | 38,319 | 6,339,112 | |
Signature Bank | 15,357 | 1,980,285 | |
U.S. Bancorp | 314,106 | 15,642,479 | |
Wells Fargo & Co. | 902,073 | 42,280,162 | |
151,671,081 | |||
Capital Markets - 1.7% | |||
Bank of New York Mellon Corp. | 299,308 | 15,136,006 | |
BlackRock, Inc. Class A | 13,432 | 10,197,709 | |
Cboe Global Markets, Inc. | 21,508 | 2,642,903 | |
Intercontinental Exchange, Inc. | 56,204 | 6,044,740 | |
State Street Corp. | 150,167 | 13,714,752 | |
StepStone Group, Inc. Class A | 39,296 | 1,147,050 | |
Virtu Financial, Inc. Class A | 108,918 | 2,103,207 | |
50,986,367 | |||
Consumer Finance - 0.8% | |||
American Express Co. | 38,205 | 6,683,201 | |
Capital One Financial Corp. | 93,482 | 11,124,358 | |
NerdWallet, Inc. (a) | 397,100 | 4,642,099 | |
22,449,658 | |||
Diversified Financial Services - 0.3% | |||
Apollo Global Management, Inc. | 117,200 | 8,295,416 | |
Insurance - 4.0% | |||
Arch Capital Group Ltd. (a) | 75,076 | 4,831,141 | |
Arthur J. Gallagher & Co. | 56,019 | 10,964,039 | |
Chubb Ltd. | 66,100 | 15,037,089 | |
Globe Life, Inc. | 72,380 | 8,747,123 | |
Hartford Financial Services Group, Inc. | 223,238 | 17,325,501 | |
Marsh & McLennan Companies, Inc. | 84,057 | 14,702,410 | |
Progressive Corp. | 33,300 | 4,540,455 | |
Reinsurance Group of America, Inc. | 27,800 | 4,219,206 | |
The Travelers Companies, Inc. | 190,576 | 36,422,885 | |
116,789,849 | |||
Thrifts & Mortgage Finance - 0.1% | |||
MGIC Investment Corp. | 220,362 | 3,111,511 | |
TOTAL FINANCIALS | 353,303,882 | ||
HEALTH CARE - 14.0% | |||
Biotechnology - 2.4% | |||
Amgen, Inc. | 18,803 | 4,745,877 | |
Gilead Sciences, Inc. | 294,900 | 24,753,906 | |
Regeneron Pharmaceuticals, Inc. (a) | 18,600 | 14,107,542 | |
Vertex Pharmaceuticals, Inc. (a) | 79,200 | 25,589,520 | |
69,196,845 | |||
Health Care Equipment & Supplies - 2.7% | |||
Abbott Laboratories | 148,100 | 16,372,455 | |
Boston Scientific Corp. (a) | 633,810 | 29,313,713 | |
GE HealthCare Technologies, Inc. (a) | 65,129 | 4,527,768 | |
Intuitive Surgical, Inc. (a) | 28,900 | 7,100,441 | |
Masimo Corp. (a) | 37,200 | 6,326,976 | |
ResMed, Inc. | 34,400 | 7,855,928 | |
Stryker Corp. | 31,500 | 7,995,015 | |
79,492,296 | |||
Health Care Providers & Services - 3.8% | |||
agilon health, Inc. (a) | 262,566 | 5,713,436 | |
AmerisourceBergen Corp. | 133,400 | 22,539,264 | |
Humana, Inc. | 25,800 | 13,201,860 | |
Option Care Health, Inc. (a) | 285,000 | 8,227,950 | |
Surgery Partners, Inc. (a) | 347,062 | 11,522,458 | |
UnitedHealth Group, Inc. | 103,900 | 51,865,841 | |
113,070,809 | |||
Health Care Technology - 0.2% | |||
Veeva Systems, Inc. Class A (a) | 38,800 | 6,617,340 | |
Life Sciences Tools & Services - 1.5% | |||
IQVIA Holdings, Inc. (a) | 47,300 | 10,851,093 | |
Thermo Fisher Scientific, Inc. | 59,600 | 33,991,668 | |
44,842,761 | |||
Pharmaceuticals - 3.4% | |||
Bristol-Myers Squibb Co. | 119,400 | 8,674,410 | |
Eli Lilly & Co. | 129,166 | 44,452,479 | |
Merck & Co., Inc. | 279,900 | 30,064,059 | |
Royalty Pharma PLC | 442,200 | 17,329,818 | |
100,520,766 | |||
TOTAL HEALTH CARE | 413,740,817 | ||
INDUSTRIALS - 9.1% | |||
Aerospace & Defense - 2.0% | |||
Howmet Aerospace, Inc. | 132,900 | 5,407,701 | |
Lockheed Martin Corp. | 40,100 | 18,576,726 | |
Northrop Grumman Corp. | 15,400 | 6,899,816 | |
Raytheon Technologies Corp. | 52,648 | 5,256,903 | |
The Boeing Co. (a) | 88,075 | 18,759,975 | |
TransDigm Group, Inc. | 4,800 | 3,445,200 | |
58,346,321 | |||
Air Freight & Logistics - 0.1% | |||
United Parcel Service, Inc. Class B | 25,000 | 4,630,750 | |
Airlines - 0.2% | |||
Delta Air Lines, Inc. (a) | 146,600 | 5,732,060 | |
Building Products - 0.7% | |||
Trane Technologies PLC | 111,500 | 19,971,880 | |
Electrical Equipment - 0.9% | |||
AMETEK, Inc. | 136,200 | 19,738,104 | |
Emerson Electric Co. | 81,300 | 7,334,886 | |
27,072,990 | |||
Industrial Conglomerates - 0.9% | |||
General Electric Co. | 195,489 | 15,732,955 | |
Honeywell International, Inc. | 50,900 | 10,611,632 | |
26,344,587 | |||
Machinery - 3.1% | |||
Caterpillar, Inc. | 52,400 | 13,219,996 | |
Deere & Co. | 20,400 | 8,625,936 | |
Dover Corp. | 109,800 | 16,670,934 | |
Fortive Corp. | 281,500 | 19,150,445 | |
Ingersoll Rand, Inc. | 262,200 | 14,683,200 | |
Parker Hannifin Corp. | 57,806 | 18,844,756 | |
91,195,267 | |||
Road & Rail - 1.2% | |||
CSX Corp. | 518,300 | 16,025,836 | |
Norfolk Southern Corp. | 38,818 | 9,541,853 | |
Old Dominion Freight Lines, Inc. | 32,600 | 10,863,624 | |
36,431,313 | |||
TOTAL INDUSTRIALS | 269,725,168 | ||
INFORMATION TECHNOLOGY - 25.2% | |||
Electronic Equipment & Components - 1.2% | |||
Corning, Inc. | 900 | 31,149 | |
Flex Ltd. (a) | 481,500 | 11,243,025 | |
Jabil, Inc. | 313,217 | 24,628,253 | |
35,902,427 | |||
IT Services - 5.4% | |||
Accenture PLC Class A | 35,800 | 9,989,990 | |
Amdocs Ltd. | 93,200 | 8,567,876 | |
Block, Inc. Class A (a) | 193,300 | 15,796,476 | |
Cloudflare, Inc. (a) | 35,000 | 1,851,850 | |
DXC Technology Co. (a) | 99,600 | 2,861,508 | |
EPAM Systems, Inc. (a) | 62,600 | 20,823,890 | |
ExlService Holdings, Inc. (a) | 41,400 | 7,062,840 | |
Fiserv, Inc. (a) | 130,900 | 13,964,412 | |
Gartner, Inc. (a) | 13,600 | 4,598,704 | |
MasterCard, Inc. Class A | 45,600 | 16,899,360 | |
MongoDB, Inc. Class A (a) | 63,300 | 13,559,493 | |
Snowflake, Inc. (a) | 16,800 | 2,628,192 | |
Visa, Inc. Class A | 169,800 | 39,089,658 | |
157,694,249 | |||
Semiconductors & Semiconductor Equipment - 5.4% | |||
Advanced Micro Devices, Inc. (a) | 239,126 | 17,970,319 | |
Applied Materials, Inc. | 32,000 | 3,567,680 | |
Enphase Energy, Inc. (a) | 25,200 | 5,578,776 | |
First Solar, Inc. (a) | 39,600 | 7,032,960 | |
Marvell Technology, Inc. | 450,600 | 19,443,390 | |
Microchip Technology, Inc. | 236,830 | 18,382,745 | |
NVIDIA Corp. | 250,720 | 48,983,166 | |
NXP Semiconductors NV | 59,000 | 10,874,290 | |
onsemi (a) | 381,868 | 28,048,205 | |
159,881,531 | |||
Software - 7.9% | |||
Black Knight, Inc. (a) | 13,900 | 842,201 | |
Crowdstrike Holdings, Inc. (a) | 18,300 | 1,937,970 | |
Datadog, Inc. Class A (a) | 111,700 | 8,356,277 | |
Intuit, Inc. | 73,700 | 31,150,779 | |
Microsoft Corp. | 655,300 | 162,389,889 | |
Palo Alto Networks, Inc. (a) | 72,000 | 11,422,080 | |
Paycom Software, Inc. (a) | 50,300 | 16,294,182 | |
Workday, Inc. Class A (a) | 100 | 18,143 | |
232,411,521 | |||
Technology Hardware, Storage & Peripherals - 5.3% | |||
Apple, Inc. | 1,049,236 | 151,394,262 | |
Dell Technologies, Inc. | 76,000 | 3,087,120 | |
HP, Inc. | 1,000 | 29,140 | |
Pure Storage, Inc. Class A (a) | 95,800 | 2,772,452 | |
157,282,974 | |||
TOTAL INFORMATION TECHNOLOGY | 743,172,702 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.8% | |||
Air Products & Chemicals, Inc. | 25,477 | 8,165,633 | |
Ashland, Inc. | 17,200 | 1,879,444 | |
Celanese Corp. Class A | 24,000 | 2,956,800 | |
CF Industries Holdings, Inc. | 4,300 | 364,210 | |
Corteva, Inc. | 69,300 | 4,466,385 | |
DuPont de Nemours, Inc. | 47,785 | 3,533,701 | |
Ecolab, Inc. | 9,782 | 1,514,547 | |
International Flavors & Fragrances, Inc. | 12,512 | 1,407,100 | |
Linde PLC | 46,486 | 15,384,077 | |
LyondellBasell Industries NV Class A | 35,100 | 3,393,819 | |
Olin Corp. | 42,700 | 2,757,993 | |
The Chemours Co. LLC | 66,600 | 2,423,574 | |
Tronox Holdings PLC | 112,700 | 1,932,805 | |
Westlake Corp. | 10,700 | 1,313,425 | |
51,493,513 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 4,939 | 1,776,262 | |
Vulcan Materials Co. | 10,500 | 1,924,965 | |
3,701,227 | |||
Containers & Packaging - 0.2% | |||
Aptargroup, Inc. | 19,700 | 2,278,108 | |
Crown Holdings, Inc. | 4,100 | 361,456 | |
Greif, Inc. Class A | 22,600 | 1,614,318 | |
Sealed Air Corp. | 32,100 | 1,757,796 | |
6,011,678 | |||
Metals & Mining - 0.6% | |||
Alcoa Corp. | 35,500 | 1,854,520 | |
Freeport-McMoRan, Inc. | 302,834 | 13,512,453 | |
Reliance Steel & Aluminum Co. | 13,069 | 2,972,544 | |
18,339,517 | |||
TOTAL MATERIALS | 79,545,935 | ||
REAL ESTATE - 3.1% | |||
Equity Real Estate Investment Trusts (REITs) - 3.0% | |||
American Tower Corp. | 41,500 | 9,270,685 | |
Corporate Office Properties Trust (SBI) | 96,600 | 2,711,562 | |
Crown Castle International Corp. | 31,300 | 4,635,843 | |
CubeSmart | 29,600 | 1,355,384 | |
Equinix, Inc. | 15,400 | 11,367,202 | |
Equity Lifestyle Properties, Inc. | 112,700 | 8,089,606 | |
Essex Property Trust, Inc. | 21,200 | 4,792,684 | |
Host Hotels & Resorts, Inc. | 382,100 | 7,202,585 | |
Invitation Homes, Inc. | 291,100 | 9,460,750 | |
Life Storage, Inc. | 10,300 | 1,112,812 | |
Mid-America Apartment Communities, Inc. | 27,300 | 4,551,456 | |
Prologis (REIT), Inc. | 87,600 | 11,324,928 | |
Simon Property Group, Inc. | 7,100 | 912,066 | |
Ventas, Inc. | 73,200 | 3,792,492 | |
Welltower, Inc. | 101,700 | 7,631,568 | |
88,211,623 | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield PLC (a) | 135,600 | 1,956,708 | |
Jones Lang LaSalle, Inc. (a) | 7,700 | 1,423,499 | |
3,380,207 | |||
TOTAL REAL ESTATE | 91,591,830 | ||
UTILITIES - 2.7% | |||
Electric Utilities - 1.9% | |||
Constellation Energy Corp. | 69,997 | 5,974,944 | |
Edison International | 49,200 | 3,389,880 | |
Exelon Corp. | 134,793 | 5,686,917 | |
FirstEnergy Corp. | 103,200 | 4,226,040 | |
NextEra Energy, Inc. | 181,714 | 13,561,316 | |
PG&E Corp. (a) | 645,493 | 10,263,339 | |
PPL Corp. | 126,100 | 3,732,560 | |
Southern Co. | 145,100 | 9,820,368 | |
56,655,364 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
The AES Corp. | 30,000 | 822,300 | |
Vistra Corp. | 98,000 | 2,259,880 | |
3,082,180 | |||
Multi-Utilities - 0.7% | |||
Dominion Energy, Inc. | 106,141 | 6,754,813 | |
NiSource, Inc. | 108,100 | 2,999,775 | |
Public Service Enterprise Group, Inc. | 38,000 | 2,353,340 | |
Sempra Energy | 45,044 | 7,221,905 | |
19,329,833 | |||
TOTAL UTILITIES | 79,067,377 | ||
TOTAL COMMON STOCKS (Cost $1,905,303,370) | 2,900,113,978 | ||
Preferred Stocks - 0.1% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.1% | |||
INFORMATION TECHNOLOGY - 0.1% | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
Astera Labs, Inc.: | |||
Series A(c)(d) | 21,543 | 216,938 | |
Series B(c)(d) | 3,668 | 36,937 | |
Series C(a)(c)(d) | 107,300 | 1,080,511 | |
Series D(c)(d) | 73,122 | 736,339 | |
GaN Systems, Inc.: | |||
Series F1(a)(c)(d) | 11,470 | 61,479 | |
Series F2(a)(c)(d) | 6,057 | 32,466 | |
2,164,670 | |||
Software - 0.0% | |||
Skyryse, Inc. Series B (a)(c)(d) | 37,900 | 766,338 | |
TOTAL INFORMATION TECHNOLOGY | 2,931,008 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Checkr, Inc. Series E (a)(d) | 69,906 | 1,029,715 | |
TOTAL PREFERRED STOCKS (Cost $3,703,027) | 3,960,723 | ||
U.S. Treasury Obligations - 0.1% | |||
Principal Amount (e) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 4.29% to 4.38% 3/30/23 (f) (Cost $2,502,919) | 2,520,000 | 2,502,055 | |
Preferred Securities - 0.0% | |||
Principal Amount (e) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Semiconductors & Semiconductor Equipment - 0.0% | |||
GaN Systems, Inc. 0% (c)(d)(g) (Cost $268,858) | 268,858 | 166,289 | |
Money Market Funds - 2.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (h) | 50,149,396 | 50,159,426 | |
Fidelity Securities Lending Cash Central Fund 4.38% (h)(i) | 8,468,753 | 8,469,600 | |
TOTAL MONEY MARKET FUNDS (Cost $58,627,905) | 58,629,026 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $1,970,406,079) | 2,965,372,071 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (13,914,394) |
NET ASSETS - 100.0% | 2,951,457,677 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 131 | Mar 2023 | 26,789,500 | 1,572,453 | 1,572,453 |
The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
(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 $3,097,297 or 0.1% of net assets. |
(d) | Level 3 security |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,468,468. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Astera Labs, Inc. Series A | 5/17/22 | 219,082 |
Astera Labs, Inc. Series B | 5/17/22 | 37,302 |
Astera Labs, Inc. Series C | 8/24/21 | 360,721 |
Astera Labs, Inc. Series D | 5/17/22 | 743,614 |
GaN Systems, Inc. Series F1 | 11/30/21 | 97,266 |
GaN Systems, Inc. Series F2 | 11/30/21 | 51,363 |
GaN Systems, Inc. 0% | 11/30/21 | 268,858 |
Skyryse, Inc. Series B | 10/21/21 | 935,371 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.38% | 78,729,843 | 908,288,781 | 936,859,198 | 1,140,961 | - | - | 50,159,426 | 0.1% |
Fidelity Securities Lending Cash Central Fund 4.38% | 10,066,650 | 176,478,995 | 178,076,045 | 186,712 | - | - | 8,469,600 | 0.0% |
Total | 88,796,493 | 1,084,767,776 | 1,114,935,243 | 1,327,673 | - | - | 58,629,026 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 218,147,712 | 218,147,712 | - | - |
Consumer Discretionary | 325,925,249 | 325,925,249 | - | - |
Consumer Staples | 175,056,886 | 175,056,886 | - | - |
Energy | 150,836,420 | 150,836,420 | - | - |
Financials | 353,303,882 | 353,303,882 | - | - |
Health Care | 413,740,817 | 413,740,817 | - | - |
Industrials | 269,725,168 | 269,725,168 | - | - |
Information Technology | 747,133,425 | 743,172,702 | - | 3,960,723 |
Materials | 79,545,935 | 79,545,935 | - | - |
Real Estate | 91,591,830 | 91,591,830 | - | - |
Utilities | 79,067,377 | 79,067,377 | - | - |
U.S. Government and Government Agency Obligations | 2,502,055 | - | 2,502,055 | - |
Preferred Securities | 166,289 | - | - | 166,289 |
Money Market Funds | 58,629,026 | 58,629,026 | - | - |
Total Investments in Securities: | 2,965,372,071 | 2,958,743,004 | 2,502,055 | 4,127,012 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 1,572,453 | 1,572,453 | - | - |
Total Assets | 1,572,453 | 1,572,453 | - | - |
Total Derivative Instruments: | 1,572,453 | 1,572,453 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 1,572,453 | 0 |
Total Equity Risk | 1,572,453 | 0 |
Total Value of Derivatives | 1,572,453 | 0 |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $8,506,222) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,911,778,174) | $ | 2,906,743,045 | ||
Fidelity Central Funds (cost $58,627,905) | 58,629,026 | |||
Total Investment in Securities (cost $1,970,406,079) | $ | 2,965,372,071 | ||
Receivable for investments sold | 21,984,355 | |||
Receivable for fund shares sold | 2,119,884 | |||
Dividends receivable | 1,051,204 | |||
Distributions receivable from Fidelity Central Funds | 210,841 | |||
Receivable for daily variation margin on futures contracts | 376,625 | |||
Other receivables | 92,987 | |||
Total assets | 2,991,207,967 | |||
Liabilities | ||||
Payable to custodian bank | $ | 424,305 | ||
Payable for investments purchased | 17,287,568 | |||
Payable for fund shares redeemed | 13,551,900 | |||
Other payables and accrued expenses | 16,917 | |||
Collateral on securities loaned | 8,469,600 | |||
Total Liabilities | 39,750,290 | |||
Net Assets | $ | 2,951,457,677 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,944,040,518 | ||
Total accumulated earnings (loss) | 1,007,417,159 | |||
Net Assets | $ | 2,951,457,677 | ||
Net Asset Value , offering price and redemption price per share ($2,951,457,677 ÷ 314,847,478 shares) | $ | 9.37 |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 37,777,808 | ||
Interest | 55,216 | |||
Income from Fidelity Central Funds (including $186,712 from security lending) | 1,327,673 | |||
Total Income | 39,160,697 | |||
Expenses | ||||
Custodian fees and expenses | $ | 49,835 | ||
Independent trustees' fees and expenses | 10,354 | |||
Interest | 5,442 | |||
Total Expenses | 65,631 | |||
Net Investment income (loss) | 39,095,066 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 149,399,796 | |||
Futures contracts | (7,438,076) | |||
Total net realized gain (loss) | 141,961,720 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (457,650,422) | |||
Assets and liabilities in foreign currencies | (8,852) | |||
Futures contracts | 2,620,445 | |||
Total change in net unrealized appreciation (depreciation) | (455,038,829) | |||
Net gain (loss) | (313,077,109) | |||
Net increase (decrease) in net assets resulting from operations | $ | (273,982,043) |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 39,095,066 | $ | 40,437,948 |
Net realized gain (loss) | 141,961,720 | 692,564,129 | ||
Change in net unrealized appreciation (depreciation) | (455,038,829) | 4,708,231 | ||
Net increase (decrease) in net assets resulting from operations | (273,982,043) | 737,710,308 | ||
Distributions to shareholders | (326,028,448) | (728,102,259) | ||
Share transactions | ||||
Proceeds from sales of shares | 263,781,985 | 368,522,567 | ||
Reinvestment of distributions | 326,028,448 | 728,102,259 | ||
Cost of shares redeemed | (753,585,560) | (1,080,383,692) | ||
Net increase (decrease) in net assets resulting from share transactions | (163,775,127) | 16,241,134 | ||
Total increase (decrease) in net assets | (763,785,618) | 25,849,183 | ||
Net Assets | ||||
Beginning of period | 3,715,243,295 | 3,689,394,112 | ||
End of period | $ | 2,951,457,677 | $ | 3,715,243,295 |
Other Information | ||||
Shares | ||||
Sold | 28,185,768 | 30,378,267 | ||
Issued in reinvestment of distributions | 33,988,643 | 62,382,528 | ||
Redeemed | (77,938,104) | (86,033,870) | ||
Net increase (decrease) | (15,763,693) | 6,726,925 | ||
Fidelity® Series All-Sector Equity Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.24 | $ | 11.39 | $ | 10.41 | $ | 9.35 | $ | 13.46 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .12 | .13 | .15 C | .17 | .21 | |||||
Net realized and unrealized gain (loss) | (.95) | 2.21 | 2.22 | 1.78 | (.79) | |||||
Total from investment operations | (.83) | 2.34 | 2.37 | 1.95 | (.58) | |||||
Distributions from net investment income | (.13) | (.14) | (.17) | (.18) | (.22) | |||||
Distributions from net realized gain | (.91) | (2.35) | (1.23) | (.71) | (3.31) | |||||
Total distributions | (1.04) | (2.49) | (1.39) D | (.89) | (3.53) | |||||
Net asset value, end of period | $ | 9.37 | $ | 11.24 | $ | 11.39 | $ | 10.41 | $ | 9.35 |
Total Return E | (7.34)% | 20.53% | 24.94% | 21.33% | (3.23)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions H | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any H | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions H | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 1.26% | 1.04% | 1.47% C | 1.68% | 1.68% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,951,458 | $ | 3,715,243 | $ | 3,689,394 | $ | 3,480,874 | $ | 3,598,453 |
Portfolio turnover rate I | 46% | 44% | 64% | 59% | 65% |
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series Stock Selector Large Cap Value Fund | 2.10% | 8.09% | 10.26% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Stock Selector Large Cap Value Fund on January 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 3.7 | |
Bank of America Corp. | 3.3 | |
Wells Fargo & Co. | 3.0 | |
The Travelers Companies, Inc. | 2.5 | |
Johnson & Johnson | 2.4 | |
Alphabet, Inc. Class A | 2.0 | |
Thermo Fisher Scientific, Inc. | 1.9 | |
Verizon Communications, Inc. | 1.7 | |
The Boeing Co. | 1.7 | |
Comcast Corp. Class A | 1.7 | |
23.9 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 19.6 | |
Health Care | 15.3 | |
Industrials | 10.8 | |
Information Technology | 8.7 | |
Energy | 8.3 | |
Communication Services | 7.6 | |
Consumer Staples | 6.4 | |
Consumer Discretionary | 6.0 | |
Utilities | 5.3 | |
Materials | 4.5 | |
Real Estate | 4.5 | |
Investment Companies | 1.1 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 8.7% |
Common Stocks - 97.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.6% | |||
Diversified Telecommunication Services - 1.9% | |||
Deutsche Telekom AG | 759,100 | 16,911,833 | |
Verizon Communications, Inc. | 4,102,687 | 170,548,699 | |
187,460,532 | |||
Entertainment - 0.7% | |||
Activision Blizzard, Inc. | 738,124 | 56,518,155 | |
Cinemark Holdings, Inc. (a)(b) | 807,475 | 9,641,252 | |
66,159,407 | |||
Interactive Media & Services - 2.7% | |||
Alphabet, Inc. Class A (a) | 1,994,334 | 197,119,973 | |
Meta Platforms, Inc. Class A (a) | 417,035 | 62,125,704 | |
259,245,677 | |||
Media - 2.3% | |||
Charter Communications, Inc. Class A (a) | 40,489 | 15,560,328 | |
Comcast Corp. Class A | 4,080,359 | 160,562,127 | |
Omnicom Group, Inc. | 497,912 | 42,815,453 | |
218,937,908 | |||
TOTAL COMMUNICATION SERVICES | 731,803,524 | ||
CONSUMER DISCRETIONARY - 6.0% | |||
Automobiles - 0.7% | |||
General Motors Co. | 1,755,100 | 69,010,532 | |
Hotels, Restaurants & Leisure - 1.8% | |||
Hilton Worldwide Holdings, Inc. | 553,200 | 80,263,788 | |
McDonald's Corp. | 340,100 | 90,942,740 | |
171,206,528 | |||
Household Durables - 0.6% | |||
Tempur Sealy International, Inc. | 1,397,200 | 56,935,900 | |
Multiline Retail - 0.6% | |||
Dollar Tree, Inc. (a) | 393,900 | 59,155,902 | |
Specialty Retail - 2.3% | |||
Dick's Sporting Goods, Inc. (b) | 543,200 | 71,028,832 | |
Lowe's Companies, Inc. | 565,200 | 117,702,900 | |
Williams-Sonoma, Inc. (b) | 267,600 | 36,109,944 | |
224,841,676 | |||
TOTAL CONSUMER DISCRETIONARY | 581,150,538 | ||
CONSUMER STAPLES - 6.4% | |||
Beverages - 1.5% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 197,300 | 45,678,896 | |
Diageo PLC | 404,300 | 17,678,466 | |
Keurig Dr. Pepper, Inc. | 745,000 | 26,283,600 | |
PepsiCo, Inc. | 20,900 | 3,574,318 | |
The Coca-Cola Co. | 884,500 | 54,237,540 | |
147,452,820 | |||
Food & Staples Retailing - 1.4% | |||
Albertsons Companies, Inc. | 62,800 | 1,331,360 | |
Kroger Co. | 152,700 | 6,815,001 | |
U.S. Foods Holding Corp. (a) | 711,400 | 27,125,682 | |
Walmart, Inc. | 719,371 | 103,495,906 | |
138,767,949 | |||
Food Products - 1.0% | |||
Archer Daniels Midland Co. | 219,200 | 18,160,720 | |
Bunge Ltd. | 81,900 | 8,116,290 | |
Darling Ingredients, Inc. (a) | 62,700 | 4,156,383 | |
Mondelez International, Inc. | 899,752 | 58,879,771 | |
Tyson Foods, Inc. Class A | 120,800 | 7,942,600 | |
97,255,764 | |||
Household Products - 1.4% | |||
Colgate-Palmolive Co. | 37,500 | 2,794,875 | |
Energizer Holdings, Inc. | 263,600 | 9,779,560 | |
Procter & Gamble Co. | 884,472 | 125,931,123 | |
138,505,558 | |||
Tobacco - 1.1% | |||
Altria Group, Inc. | 850,500 | 38,306,520 | |
Philip Morris International, Inc. | 611,700 | 63,763,608 | |
102,070,128 | |||
TOTAL CONSUMER STAPLES | 624,052,219 | ||
ENERGY - 8.3% | |||
Energy Equipment & Services - 0.9% | |||
Schlumberger Ltd. | 1,638,700 | 93,373,126 | |
Oil, Gas & Consumable Fuels - 7.4% | |||
Canadian Natural Resources Ltd. | 1,558,600 | 95,667,853 | |
Cenovus Energy, Inc. (Canada) | 5,958,247 | 119,026,121 | |
Exxon Mobil Corp. | 3,094,900 | 359,039,344 | |
Hess Corp. | 549,000 | 82,437,840 | |
Valero Energy Corp. | 405,900 | 56,838,177 | |
713,009,335 | |||
TOTAL ENERGY | 806,382,461 | ||
FINANCIALS - 19.6% | |||
Banks - 9.6% | |||
Bank of America Corp. | 9,113,083 | 323,332,185 | |
Citizens Financial Group, Inc. | 435,758 | 18,877,037 | |
Comerica, Inc. | 309,519 | 22,690,838 | |
JPMorgan Chase & Co. | 1,032,403 | 144,495,124 | |
PNC Financial Services Group, Inc. | 228,762 | 37,844,098 | |
Societe Generale Series A | 923,971 | 27,503,462 | |
U.S. Bancorp | 1,296,800 | 64,580,640 | |
Wells Fargo & Co. | 6,237,843 | 292,367,701 | |
931,691,085 | |||
Capital Markets - 2.7% | |||
Bank of New York Mellon Corp. | 2,541,581 | 128,527,751 | |
BlackRock, Inc. Class A | 96,562 | 73,310,836 | |
Cboe Global Markets, Inc. | 196,140 | 24,101,683 | |
Intercontinental Exchange, Inc. | 364,875 | 39,242,306 | |
265,182,576 | |||
Consumer Finance - 0.8% | |||
Capital One Financial Corp. | 609,016 | 72,472,904 | |
Diversified Financial Services - 1.0% | |||
Berkshire Hathaway, Inc. Class B (a) | 301,834 | 94,027,328 | |
Insurance - 5.5% | |||
Arthur J. Gallagher & Co. | 150,100 | 29,377,572 | |
Chubb Ltd. | 461,300 | 104,941,137 | |
Globe Life, Inc. | 350,500 | 42,357,925 | |
Hartford Financial Services Group, Inc. | 1,413,779 | 109,723,388 | |
The Travelers Companies, Inc. | 1,274,230 | 243,530,838 | |
529,930,860 | |||
TOTAL FINANCIALS | 1,893,304,753 | ||
HEALTH CARE - 15.3% | |||
Biotechnology - 0.9% | |||
Gilead Sciences, Inc. | 610,800 | 51,270,552 | |
Regeneron Pharmaceuticals, Inc. (a) | 46,700 | 35,420,549 | |
86,691,101 | |||
Health Care Equipment & Supplies - 2.9% | |||
Abbott Laboratories | 1,090,700 | 120,576,885 | |
Becton, Dickinson & Co. | 275,400 | 69,461,388 | |
Boston Scientific Corp. (a) | 1,518,800 | 70,244,500 | |
Medtronic PLC | 199,000 | 16,654,310 | |
276,937,083 | |||
Health Care Providers & Services - 3.7% | |||
AmerisourceBergen Corp. | 541,200 | 91,441,152 | |
Centene Corp. (a) | 690,600 | 52,651,344 | |
Cigna Corp. | 267,900 | 84,835,893 | |
CVS Health Corp. | 176,200 | 15,544,364 | |
Elevance Health, Inc. | 92,100 | 46,049,079 | |
Molina Healthcare, Inc. (a) | 84,300 | 26,287,269 | |
UnitedHealth Group, Inc. | 85,900 | 42,880,421 | |
359,689,522 | |||
Life Sciences Tools & Services - 3.0% | |||
Danaher Corp. | 400,600 | 105,910,628 | |
Thermo Fisher Scientific, Inc. | 322,500 | 183,931,425 | |
289,842,053 | |||
Pharmaceuticals - 4.8% | |||
Bristol-Myers Squibb Co. | 926,800 | 67,332,020 | |
Johnson & Johnson | 1,447,006 | 236,469,721 | |
Merck & Co., Inc. | 787,600 | 84,596,116 | |
Pfizer, Inc. | 1,737,500 | 76,728,000 | |
465,125,857 | |||
TOTAL HEALTH CARE | 1,478,285,616 | ||
INDUSTRIALS - 10.8% | |||
Aerospace & Defense - 2.6% | |||
Northrop Grumman Corp. | 104,356 | 46,755,662 | |
Raytheon Technologies Corp. | 401,092 | 40,049,036 | |
The Boeing Co. (a) | 769,715 | 163,949,295 | |
250,753,993 | |||
Air Freight & Logistics - 1.0% | |||
FedEx Corp. | 492,311 | 95,439,410 | |
Construction & Engineering - 0.6% | |||
Fluor Corp. (a) | 1,720,000 | 63,210,000 | |
Electrical Equipment - 0.9% | |||
Sensata Technologies, Inc. PLC | 1,648,970 | 83,850,125 | |
Industrial Conglomerates - 2.0% | |||
3M Co. | 222,316 | 25,584,125 | |
General Electric Co. | 1,879,212 | 151,238,982 | |
Honeywell International, Inc. | 66,214 | 13,804,295 | |
190,627,402 | |||
Machinery - 1.1% | |||
Crane Holdings Co. | 448,900 | 52,031,999 | |
Flowserve Corp. | 1,561,911 | 53,760,977 | |
105,792,976 | |||
Professional Services - 0.5% | |||
Manpower, Inc. | 574,700 | 50,090,852 | |
Road & Rail - 2.1% | |||
Norfolk Southern Corp. | 258,508 | 63,543,851 | |
RXO, Inc. (a) | 1,799,243 | 32,962,132 | |
U-Haul Holding Co. (non-vtg.) | 695,600 | 42,981,124 | |
XPO, Inc. (a) | 1,601,100 | 63,819,846 | |
203,306,953 | |||
TOTAL INDUSTRIALS | 1,043,071,711 | ||
INFORMATION TECHNOLOGY - 8.7% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 3,030,713 | 147,504,802 | |
Electronic Equipment & Components - 0.6% | |||
Vontier Corp. | 2,355,480 | 54,246,704 | |
IT Services - 4.2% | |||
Amdocs Ltd. | 780,219 | 71,725,533 | |
Concentrix Corp. | 222,026 | 31,485,507 | |
Fidelity National Information Services, Inc. | 968,582 | 72,682,393 | |
FleetCor Technologies, Inc. (a) | 246,625 | 51,497,766 | |
Global Payments, Inc. | 652,230 | 73,519,366 | |
GoDaddy, Inc. (a) | 464,468 | 38,146,757 | |
SS&C Technologies Holdings, Inc. | 1,043,394 | 62,968,828 | |
402,026,150 | |||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Microchip Technology, Inc. | 1,652,599 | 128,274,734 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 715,300 | 66,329,769 | |
194,604,503 | |||
Software - 0.4% | |||
Adobe, Inc. (a) | 116,491 | 43,141,277 | |
TOTAL INFORMATION TECHNOLOGY | 841,523,436 | ||
MATERIALS - 4.5% | |||
Chemicals - 2.4% | |||
Axalta Coating Systems Ltd. (a) | 1,485,100 | 44,701,510 | |
Eastman Chemical Co. | 411,300 | 36,264,321 | |
Olin Corp. | 885,351 | 57,184,821 | |
The Chemours Co. LLC | 1,288,400 | 46,884,876 | |
Westlake Corp. | 381,200 | 46,792,300 | |
231,827,828 | |||
Containers & Packaging - 0.8% | |||
Crown Holdings, Inc. | 441,900 | 38,957,904 | |
O-I Glass, Inc. (a) | 1,958,665 | 37,704,301 | |
76,662,205 | |||
Metals & Mining - 1.3% | |||
Freeport-McMoRan, Inc. | 1,862,700 | 83,113,674 | |
Glencore PLC | 7,048,300 | 47,201,675 | |
130,315,349 | |||
TOTAL MATERIALS | 438,805,382 | ||
REAL ESTATE - 4.5% | |||
Equity Real Estate Investment Trusts (REITs) - 4.2% | |||
American Tower Corp. | 121,600 | 27,164,224 | |
Equity Lifestyle Properties, Inc. | 871,900 | 62,584,982 | |
Essex Property Trust, Inc. | 230,100 | 52,018,707 | |
Host Hotels & Resorts, Inc. | 2,247,600 | 42,367,260 | |
Invitation Homes, Inc. | 1,914,300 | 62,214,750 | |
Mid-America Apartment Communities, Inc. | 203,800 | 33,977,536 | |
Prologis (REIT), Inc. | 582,063 | 75,249,105 | |
Welltower, Inc. | 692,500 | 51,965,200 | |
407,541,764 | |||
Real Estate Management & Development - 0.3% | |||
Cushman & Wakefield PLC (a) | 1,872,728 | 27,023,465 | |
TOTAL REAL ESTATE | 434,565,229 | ||
UTILITIES - 5.3% | |||
Electric Utilities - 3.4% | |||
Constellation Energy Corp. | 687,033 | 58,645,137 | |
Edison International | 842,000 | 58,013,800 | |
Entergy Corp. | 463,100 | 50,144,468 | |
PG&E Corp. (a) | 5,090,395 | 80,937,281 | |
Southern Co. | 1,235,400 | 83,611,872 | |
331,352,558 | |||
Independent Power and Renewable Electricity Producers - 1.1% | |||
The AES Corp. | 2,459,600 | 67,417,636 | |
Vistra Corp. | 1,635,233 | 37,708,473 | |
105,126,109 | |||
Multi-Utilities - 0.8% | |||
Sempra Energy | 450,900 | 72,292,797 | |
TOTAL UTILITIES | 508,771,464 | ||
TOTAL COMMON STOCKS (Cost $7,466,276,378) | 9,381,716,333 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (c) | 200,483,823 | 200,523,919 | |
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d) | 117,136,721 | 117,148,435 | |
TOTAL MONEY MARKET FUNDS (Cost $317,671,493) | 317,672,354 | ||
Equity Funds - 1.1% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 1.1% | |||
iShares Russell 1000 Value Index ETF (b) (Cost $110,825,523) | 708,100 | 112,906,545 | |
TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $7,894,773,394) | 9,812,295,232 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (139,556,303) |
NET ASSETS - 100.0% | 9,672,738,929 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.38% | 157,253,985 | 4,206,667,681 | 4,163,397,747 | 3,005,157 | - | - | 200,523,919 | 0.4% |
Fidelity Securities Lending Cash Central Fund 4.38% | 41,215,525 | 1,692,575,077 | 1,616,642,167 | 296,984 | - | - | 117,148,435 | 0.4% |
Total | 198,469,510 | 5,899,242,758 | 5,780,039,914 | 3,302,141 | - | - | 317,672,354 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 731,803,524 | 714,891,691 | 16,911,833 | - |
Consumer Discretionary | 581,150,538 | 581,150,538 | - | - |
Consumer Staples | 624,052,219 | 606,373,753 | 17,678,466 | - |
Energy | 806,382,461 | 806,382,461 | - | - |
Financials | 1,893,304,753 | 1,865,801,291 | 27,503,462 | - |
Health Care | 1,478,285,616 | 1,478,285,616 | - | - |
Industrials | 1,043,071,711 | 1,043,071,711 | - | - |
Information Technology | 841,523,436 | 841,523,436 | - | - |
Materials | 438,805,382 | 391,603,707 | 47,201,675 | - |
Real Estate | 434,565,229 | 434,565,229 | - | - |
Utilities | 508,771,464 | 508,771,464 | - | - |
Money Market Funds | 317,672,354 | 317,672,354 | - | - |
Equity Funds | 112,906,545 | 112,906,545 | - | - |
Total Investments in Securities: | 9,812,295,232 | 9,702,999,796 | 109,295,436 | - |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $118,750,934) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $7,577,101,901) | $ | 9,494,622,878 | ||
Fidelity Central Funds (cost $317,671,493) | 317,672,354 | |||
Total Investment in Securities (cost $7,894,773,394) | $ | 9,812,295,232 | ||
Foreign currency held at value (cost $3,035,221) | 3,037,184 | |||
Receivable for investments sold | 15,782,651 | |||
Receivable for fund shares sold | 148,973,479 | |||
Dividends receivable | 8,777,438 | |||
Distributions receivable from Fidelity Central Funds | 633,878 | |||
Total assets | 9,989,499,862 | |||
Liabilities | ||||
Payable for investments purchased | $ | 194,227,197 | ||
Payable for fund shares redeemed | 5,379,909 | |||
Other payables and accrued expenses | 5,392 | |||
Collateral on securities loaned | 117,148,435 | |||
Total Liabilities | 316,760,933 | |||
Net Assets | $ | 9,672,738,929 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 7,774,095,077 | ||
Total accumulated earnings (loss) | 1,898,643,852 | |||
Net Assets | $ | 9,672,738,929 | ||
Net Asset Value , offering price and redemption price per share ($9,672,738,929 ÷ 767,080,951 shares) | $ | 12.61 |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 187,207,877 | ||
Income from Fidelity Central Funds (including $296,984 from security lending) | 3,302,141 | |||
Total Income | 190,510,018 | |||
Expenses | ||||
Custodian fees and expenses | $ | 81,956 | ||
Independent trustees' fees and expenses | 32,045 | |||
Interest | 39,068 | |||
Total Expenses | 153,069 | |||
Net Investment income (loss) | 190,356,949 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 555,855,356 | |||
Foreign currency transactions | (57,624) | |||
Total net realized gain (loss) | 555,797,732 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (596,988,936) | |||
Assets and liabilities in foreign currencies | (14,648) | |||
Total change in net unrealized appreciation (depreciation) | (597,003,584) | |||
Net gain (loss) | (41,205,852) | |||
Net increase (decrease) in net assets resulting from operations | $ | 149,151,097 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 190,356,949 | $ | 201,625,480 |
Net realized gain (loss) | 555,797,732 | 1,940,189,638 | ||
Change in net unrealized appreciation (depreciation) | (597,003,584) | 544,625,027 | ||
Net increase (decrease) in net assets resulting from operations | 149,151,097 | 2,686,440,145 | ||
Distributions to shareholders | (1,101,528,160) | (1,506,418,103) | ||
Share transactions | ||||
Proceeds from sales of shares | 1,157,631,759 | 1,000,109,549 | ||
Reinvestment of distributions | 1,101,528,160 | 1,506,418,103 | ||
Cost of shares redeemed | (2,517,640,943) | (3,734,008,455) | ||
Net increase (decrease) in net assets resulting from share transactions | (258,481,024) | (1,227,480,803) | ||
Total increase (decrease) in net assets | (1,210,858,087) | (47,458,761) | ||
Net Assets | ||||
Beginning of period | 10,883,597,016 | 10,931,055,777 | ||
End of period | $ | 9,672,738,929 | $ | 10,883,597,016 |
Other Information | ||||
Shares | ||||
Sold | 92,935,392 | 67,309,455 | ||
Issued in reinvestment of distributions | 88,994,941 | 109,555,214 | ||
Redeemed | (197,783,315) | (258,947,638) | ||
Net increase (decrease) | (15,852,982) | (82,082,969) | ||
Fidelity® Series Stock Selector Large Cap Value Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.90 | $ | 12.64 | $ | 12.46 | $ | 11.57 | $ | 13.47 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .25 | .26 | .28 C | .28 | .29 | |||||
Net realized and unrealized gain (loss) | (.03) | 3.04 | .39 | 1.33 | (1.01) | |||||
Total from investment operations | .22 | 3.30 | .67 | 1.61 | (.72) | |||||
Distributions from net investment income | (.27) | (.27) | (.28) | (.31) | (.27) | |||||
Distributions from net realized gain | (1.23) | (1.77) | (.21) | (.41) | (.90) | |||||
Total distributions | (1.51) D | (2.04) | (.49) | (.72) | (1.18) D | |||||
Net asset value, end of period | $ | 12.61 | $ | 13.90 | $ | 12.64 | $ | 12.46 | $ | 11.57 |
Total Return E | 2.10% | 26.30% | 5.74% | 13.98% | (5.07)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions H | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any H | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions H | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 1.98% | 1.75% | 2.54% C | 2.32% | 2.33% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,672,739 | $ | 10,883,597 | $ | 10,931,056 | $ | 9,973,648 | $ | 10,531,018 |
Portfolio turnover rate I | 72% | 81% | 94% | 65% J | 87% K |
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series Value Discovery Fund | 1.55% | 8.33% | 10.19% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Value Discovery Fund on January 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 5.1 | |
Berkshire Hathaway, Inc. Class B | 4.6 | |
Comcast Corp. Class A | 2.7 | |
Cigna Corp. | 2.7 | |
JPMorgan Chase & Co. | 2.6 | |
Bristol-Myers Squibb Co. | 2.4 | |
Centene Corp. | 2.3 | |
Chubb Ltd. | 2.2 | |
PG&E Corp. | 2.1 | |
UnitedHealth Group, Inc. | 2.1 | |
28.8 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 22.5 | |
Health Care | 18.9 | |
Energy | 9.9 | |
Utilities | 9.1 | |
Industrials | 8.9 | |
Consumer Staples | 7.6 | |
Information Technology | 7.2 | |
Communication Services | 6.0 | |
Consumer Discretionary | 4.1 | |
Materials | 3.2 | |
Real Estate | 0.6 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 16.1% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 96.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 6.0% | |||
Entertainment - 1.4% | |||
Activision Blizzard, Inc. | 1,691,400 | 129,510,498 | |
Interactive Media & Services - 1.9% | |||
Alphabet, Inc. Class A (a) | 1,700,820 | 168,109,049 | |
Media - 2.7% | |||
Comcast Corp. Class A | 6,261,204 | 246,378,377 | |
TOTAL COMMUNICATION SERVICES | 543,997,924 | ||
CONSUMER DISCRETIONARY - 4.1% | |||
Diversified Consumer Services - 1.4% | |||
H&R Block, Inc. | 3,202,912 | 124,849,510 | |
Internet & Direct Marketing Retail - 0.5% | |||
eBay, Inc. | 854,800 | 42,312,600 | |
Multiline Retail - 1.2% | |||
Dollar General Corp. | 483,739 | 113,001,430 | |
Specialty Retail - 1.0% | |||
Ross Stores, Inc. | 735,900 | 86,976,021 | |
TOTAL CONSUMER DISCRETIONARY | 367,139,561 | ||
CONSUMER STAPLES - 7.6% | |||
Beverages - 1.1% | |||
Coca-Cola European Partners PLC | 1,673,700 | 94,095,414 | |
Food & Staples Retailing - 0.8% | |||
U.S. Foods Holding Corp. (a) | 1,917,130 | 73,100,167 | |
Food Products - 2.5% | |||
Mondelez International, Inc. | 2,391,200 | 156,480,128 | |
Tyson Foods, Inc. Class A | 997,000 | 65,552,750 | |
222,032,878 | |||
Household Products - 2.9% | |||
Procter & Gamble Co. | 800,600 | 113,989,428 | |
Reckitt Benckiser Group PLC | 795,600 | 56,695,205 | |
Spectrum Brands Holdings, Inc. | 770,527 | 52,303,373 | |
The Clorox Co. (b) | 291,400 | 42,162,666 | |
265,150,672 | |||
Personal Products - 0.3% | |||
Unilever PLC sponsored ADR | 526,200 | 26,888,820 | |
TOTAL CONSUMER STAPLES | 681,267,951 | ||
ENERGY - 9.8% | |||
Oil, Gas & Consumable Fuels - 9.8% | |||
Antero Resources Corp. (a) | 808,533 | 23,318,092 | |
ConocoPhillips Co. | 1,150,700 | 140,235,809 | |
Dynagas LNG Partners LP (a) | 994,300 | 2,963,014 | |
Equinor ASA sponsored ADR | 2,013,400 | 61,267,762 | |
Exxon Mobil Corp. | 3,949,900 | 458,227,902 | |
Occidental Petroleum Corp. | 1,228,300 | 79,581,557 | |
Ovintiv, Inc. | 955,900 | 47,058,957 | |
Parex Resources, Inc. | 4,065,069 | 69,199,814 | |
881,852,907 | |||
FINANCIALS - 22.5% | |||
Banks - 8.6% | |||
Bank of America Corp. | 5,146,400 | 182,594,272 | |
Cullen/Frost Bankers, Inc. | 189,700 | 24,714,116 | |
JPMorgan Chase & Co. | 1,699,600 | 237,876,016 | |
M&T Bank Corp. | 618,744 | 96,524,064 | |
PNC Financial Services Group, Inc. | 634,500 | 104,965,335 | |
Wells Fargo & Co. | 2,713,500 | 127,181,745 | |
773,855,548 | |||
Capital Markets - 3.3% | |||
Affiliated Managers Group, Inc. | 415,631 | 71,796,099 | |
BlackRock, Inc. Class A | 205,400 | 155,941,734 | |
Invesco Ltd. | 709,724 | 13,136,991 | |
Northern Trust Corp. | 576,400 | 55,893,508 | |
296,768,332 | |||
Diversified Financial Services - 4.6% | |||
Berkshire Hathaway, Inc. Class B (a) | 1,322,166 | 411,881,152 | |
Insurance - 5.7% | |||
Chubb Ltd. | 871,839 | 198,334,654 | |
The Travelers Companies, Inc. | 957,570 | 183,010,778 | |
Willis Towers Watson PLC | 505,200 | 128,416,788 | |
509,762,220 | |||
Mortgage Real Estate Investment Trusts - 0.3% | |||
AGNC Investment Corp. | 911,600 | 10,574,560 | |
Annaly Capital Management, Inc. | 445,600 | 10,458,232 | |
MFA Financial, Inc. | 871,300 | 10,359,757 | |
31,392,549 | |||
TOTAL FINANCIALS | 2,023,659,801 | ||
HEALTH CARE - 18.9% | |||
Biotechnology - 2.4% | |||
Regeneron Pharmaceuticals, Inc. (a) | 149,600 | 113,467,112 | |
Vertex Pharmaceuticals, Inc. (a) | 321,900 | 104,005,890 | |
217,473,002 | |||
Health Care Providers & Services - 10.0% | |||
Centene Corp. (a) | 2,771,803 | 211,322,261 | |
Cigna Corp. | 752,807 | 238,391,393 | |
Elevance Health, Inc. | 267,526 | 133,760,325 | |
Humana, Inc. | 241,622 | 123,637,977 | |
UnitedHealth Group, Inc. | 375,644 | 187,517,728 | |
894,629,684 | |||
Pharmaceuticals - 6.5% | |||
AstraZeneca PLC sponsored ADR | 1,967,254 | 128,599,394 | |
Bristol-Myers Squibb Co. | 3,009,048 | 218,607,337 | |
Roche Holding AG (participation certificate) | 344,009 | 107,389,428 | |
Sanofi SA sponsored ADR | 2,689,578 | 132,165,863 | |
586,762,022 | |||
TOTAL HEALTH CARE | 1,698,864,708 | ||
INDUSTRIALS - 8.9% | |||
Aerospace & Defense - 4.8% | |||
Airbus Group NV | 227,700 | 28,545,810 | |
L3Harris Technologies, Inc. | 350,800 | 75,358,856 | |
Lockheed Martin Corp. | 186,000 | 86,166,360 | |
Northrop Grumman Corp. | 278,800 | 124,913,552 | |
The Boeing Co. (a) | 535,200 | 113,997,600 | |
428,982,178 | |||
Air Freight & Logistics - 0.1% | |||
Deutsche Post AG | 310,300 | 13,360,489 | |
Electrical Equipment - 1.2% | |||
Eaton Corp. PLC | 113,100 | 18,345,951 | |
Regal Rexnord Corp. | 611,700 | 85,148,640 | |
103,494,591 | |||
Industrial Conglomerates - 0.5% | |||
Siemens AG | 309,400 | 48,329,912 | |
Machinery - 2.3% | |||
Crane Holdings Co. | 110,200 | 12,773,282 | |
ITT, Inc. | 223,200 | 20,442,888 | |
Oshkosh Corp. | 889,600 | 89,653,888 | |
Parker Hannifin Corp. | 60,600 | 19,755,600 | |
Pentair PLC | 876,500 | 48,540,570 | |
Stanley Black & Decker, Inc. | 178,600 | 15,950,766 | |
207,116,994 | |||
TOTAL INDUSTRIALS | 801,284,164 | ||
INFORMATION TECHNOLOGY - 6.1% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 2,690,575 | 130,950,285 | |
Electronic Equipment & Components - 0.2% | |||
TE Connectivity Ltd. | 167,338 | 21,277,027 | |
IT Services - 2.7% | |||
Amdocs Ltd. | 1,067,857 | 98,168,094 | |
Capgemini SA | 192,100 | 36,317,539 | |
Cognizant Technology Solutions Corp. Class A | 973,779 | 64,999,748 | |
Maximus, Inc. | 623,300 | 46,654,005 | |
246,139,386 | |||
Semiconductors & Semiconductor Equipment - 0.2% | |||
NXP Semiconductors NV | 87,700 | 16,163,987 | |
Software - 1.5% | |||
Aspen Technology, Inc. (a) | 136,352 | 27,099,960 | |
Gen Digital, Inc. | 3,211,828 | 73,904,162 | |
Open Text Corp. | 1,045,400 | 35,073,170 | |
136,077,292 | |||
TOTAL INFORMATION TECHNOLOGY | 550,607,977 | ||
MATERIALS - 3.2% | |||
Chemicals - 2.2% | |||
DuPont de Nemours, Inc. | 1,865,395 | 137,945,960 | |
International Flavors & Fragrances, Inc. | 450,960 | 50,714,962 | |
The Scotts Miracle-Gro Co. Class A (b) | 121,400 | 8,763,866 | |
197,424,788 | |||
Metals & Mining - 1.0% | |||
Lundin Mining Corp. | 8,878,500 | 67,195,141 | |
Newmont Corp. | 510,229 | 27,006,421 | |
94,201,562 | |||
TOTAL MATERIALS | 291,626,350 | ||
REAL ESTATE - 0.6% | |||
Real Estate Management & Development - 0.6% | |||
CBRE Group, Inc. (a) | 639,072 | 54,647,047 | |
UTILITIES - 9.1% | |||
Electric Utilities - 7.4% | |||
Constellation Energy Corp. | 1,352,701 | 115,466,557 | |
Duke Energy Corp. | 271,300 | 27,794,685 | |
Edison International | 262,300 | 18,072,470 | |
Evergy, Inc. | 1,360,300 | 85,222,795 | |
Exelon Corp. | 659,306 | 27,816,120 | |
NextEra Energy, Inc. | 850,300 | 63,457,889 | |
PG&E Corp. (a) | 11,845,041 | 188,336,152 | |
Portland General Electric Co. | 978,800 | 46,571,304 | |
Southern Co. | 1,422,576 | 96,279,944 | |
669,017,916 | |||
Independent Power and Renewable Electricity Producers - 0.6% | |||
The AES Corp. | 2,077,300 | 56,938,793 | |
Multi-Utilities - 1.1% | |||
Dominion Energy, Inc. | 1,496,400 | 95,230,896 | |
TOTAL UTILITIES | 821,187,605 | ||
TOTAL COMMON STOCKS (Cost $6,650,795,046) | 8,716,135,995 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Shares | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Dynagas LNG Partners LP 9.00% | 188,872 | 4,604,001 | |
INFORMATION TECHNOLOGY - 1.1% | |||
Technology Hardware, Storage & Peripherals - 1.1% | |||
Samsung Electronics Co. Ltd. | 2,310,680 | 103,563,136 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $94,765,791) | 108,167,137 | ||
Money Market Funds - 1.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (c) | 134,673,601 | 134,700,535 | |
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d) | 20,629,187 | 20,631,250 | |
TOTAL MONEY MARKET FUNDS (Cost $155,331,785) | 155,331,785 | ||
TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $6,900,892,622) | 8,979,634,917 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 27,357,060 |
NET ASSETS - 100.0% | 9,006,991,977 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.38% | 68,176,491 | 2,261,997,312 | 2,195,473,268 | 2,682,843 | - | - | 134,700,535 | 0.3% |
Fidelity Securities Lending Cash Central Fund 4.38% | 3,125,550 | 576,583,257 | 559,077,557 | 29,429 | - | - | 20,631,250 | 0.1% |
Total | 71,302,041 | 2,838,580,569 | 2,754,550,825 | 2,712,272 | - | - | 155,331,785 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 543,997,924 | 543,997,924 | - | - |
Consumer Discretionary | 367,139,561 | 367,139,561 | - | - |
Consumer Staples | 681,267,951 | 624,572,746 | 56,695,205 | - |
Energy | 886,456,908 | 886,456,908 | - | - |
Financials | 2,023,659,801 | 2,023,659,801 | - | - |
Health Care | 1,698,864,708 | 1,591,475,280 | 107,389,428 | - |
Industrials | 801,284,164 | 711,047,953 | 90,236,211 | - |
Information Technology | 654,171,113 | 550,607,977 | 103,563,136 | - |
Materials | 291,626,350 | 291,626,350 | - | - |
Real Estate | 54,647,047 | 54,647,047 | - | - |
Utilities | 821,187,605 | 821,187,605 | - | - |
Money Market Funds | 155,331,785 | 155,331,785 | - | - |
Total Investments in Securities: | 8,979,634,917 | 8,621,750,937 | 357,883,980 | - |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $20,988,873) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $6,745,560,837) | $ | 8,824,303,132 | ||
Fidelity Central Funds (cost $155,331,785) | 155,331,785 | |||
Total Investment in Securities (cost $6,900,892,622) | $ | 8,979,634,917 | ||
Foreign currency held at value (cost $569) | 569 | |||
Receivable for securities sold on a delayed delivery basis | 11,865,188 | |||
Receivable for fund shares sold | 288,781,275 | |||
Dividends receivable | 7,922,906 | |||
Distributions receivable from Fidelity Central Funds | 567,569 | |||
Other receivables | 59 | |||
Total assets | 9,288,772,483 | |||
Liabilities | ||||
Payable for investments purchased | $ | 258,326,673 | ||
Payable for fund shares redeemed | 2,391,957 | |||
Other payables and accrued expenses | 430,626 | |||
Collateral on securities loaned | 20,631,250 | |||
Total Liabilities | 281,780,506 | |||
Net Assets | $ | 9,006,991,977 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,932,093,678 | ||
Total accumulated earnings (loss) | 2,074,898,299 | |||
Net Assets | $ | 9,006,991,977 | ||
Net Asset Value , offering price and redemption price per share ($9,006,991,977 ÷ 592,366,718 shares) | $ | 15.21 |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 172,905,312 | ||
Income from Fidelity Central Funds (including $29,429 from security lending) | 2,712,272 | |||
Total Income | 175,617,584 | |||
Expenses | ||||
Custodian fees and expenses | $ | 165,065 | ||
Independent trustees' fees and expenses | 27,380 | |||
Interest | 39,477 | |||
Total Expenses | 231,922 | |||
Net Investment income (loss) | 175,385,662 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 298,992,937 | |||
Foreign currency transactions | (63,948) | |||
Total net realized gain (loss) | 298,928,989 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (379,804,812) | |||
Assets and liabilities in foreign currencies | 19,021 | |||
Total change in net unrealized appreciation (depreciation) | (379,785,791) | |||
Net gain (loss) | (80,856,802) | |||
Net increase (decrease) in net assets resulting from operations | $ | 94,528,860 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 175,385,662 | $ | 180,441,995 |
Net realized gain (loss) | 298,928,989 | 1,138,843,249 | ||
Change in net unrealized appreciation (depreciation) | (379,785,791) | 764,430,321 | ||
Net increase (decrease) in net assets resulting from operations | 94,528,860 | 2,083,715,565 | ||
Distributions to shareholders | (714,886,691) | (788,264,704) | ||
Share transactions | ||||
Proceeds from sales of shares | 1,990,740,468 | 1,080,295,695 | ||
Reinvestment of distributions | 714,886,691 | 788,264,704 | ||
Cost of shares redeemed | (2,209,464,030) | (3,004,534,639) | ||
Net increase (decrease) in net assets resulting from share transactions | 496,163,129 | (1,135,974,240) | ||
Total increase (decrease) in net assets | (124,194,702) | 159,476,621 | ||
Net Assets | ||||
Beginning of period | 9,131,186,679 | 8,971,710,058 | ||
End of period | $ | 9,006,991,977 | $ | 9,131,186,679 |
Other Information | ||||
Shares | ||||
Sold | 130,968,012 | 65,227,616 | ||
Issued in reinvestment of distributions | 47,215,366 | 48,930,432 | ||
Redeemed | (144,612,002) | (183,016,565) | ||
Net increase (decrease) | 33,571,376 | (68,858,517) | ||
Fidelity® Series Value Discovery Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.34 | $ | 14.29 | $ | 13.01 | $ | 12.19 | $ | 13.89 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .32 | .31 | .32 C | .32 | .32 | |||||
Net realized and unrealized gain (loss) | (.10) | 3.15 | 1.39 | 1.03 | (1.20) | |||||
Total from investment operations | .22 | 3.46 | 1.71 | 1.35 | (.88) | |||||
Distributions from net investment income | (.32) | (.33) | (.30) | (.34) | (.30) | |||||
Distributions from net realized gain | (1.03) | (1.08) | (.13) | (.19) | (.52) | |||||
Total distributions | (1.35) | (1.41) | (.43) | (.53) | (.82) | |||||
Net asset value, end of period | $ | 15.21 | $ | 16.34 | $ | 14.29 | $ | 13.01 | $ | 12.19 |
Total Return E | 1.55% | 24.35% | 13.45% | 10.95% | (6.12)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions H | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any H | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions H | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 2.12% | 1.87% | 2.54% C | 2.49% | �� | 2.47% | ||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,006,992 | $ | 9,131,187 | $ | 8,971,710 | $ | 7,556,991 | $ | 7,742,285 |
Portfolio turnover rate I | 35% | 38% | 75% | 47% | 40% J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Series All-Sector Equity Fund. | $1,978,643,358 | $1,085,016,406 | $(98,287,693) | $986,728,713 |
Fidelity Series Stock Selector Large Cap Value Fund | 7,947,873,839 | 2,168,136,759 | (303,715,366) | 1,864,421,393 |
Fidelity Series Value Discovery Fund | 6,929,013,410 | 2,233,026,956 | (182,405,449) | 2,050,621,507 |
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Series All-Sector Equity Fund. | $602,351 | $20,161,831 | $986,652,979 |
Fidelity Series Stock Selector Large Cap Value Fund | 6,250,759 | 27,984,187 | 1,864,408,905 |
Fidelity Series Value Discovery Fund | 8,478,116 | 15,739,868 | 2,050,680,315 |
January 31, 2023 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Series All-Sector Equity Fund. | $38,462,025 | $287,566,423 | $326,028,448 |
Fidelity Series Stock Selector Large Cap Value Fund | 238,553,592 | 862,974,568 | 1,101,528,160 |
Fidelity Series Value Discovery Fund | 166,757,339 | 548,129,352 | 714,886,691 |
January 31, 2022 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Series All-Sector Equity Fund. | $204,040,867 | $524,061,392 | $728,102,259 |
Fidelity Series Stock Selector Large Cap Value Fund | 547,313,089 | 959,105,014 | 1,506,418,103 |
Fidelity Series Value Discovery Fund | 424,242,020 | 364,022,684 | 788,264,704 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Series All-Sector Equity Fund | 1,383,949,387 | 1,775,205,358 |
Fidelity Series Stock Selector Large Cap Value Fund | 6,820,102,790 | 8,014,223,611 |
Fidelity Series Value Discovery Fund | 2,856,049,151 | 2,953,625,834 |
Amount | |
Fidelity Series All-Sector Equity Fund | $23,785 |
Fidelity Series Stock Selector Large Cap Value Fund | 117,079 |
Fidelity Series Value Discovery Fund | 48,427 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series All-Sector Equity Fund . | Borrower | $31,280,000 | 3.13% | $5,442 |
Fidelity Series Stock Selector Large Cap Value Fund | Borrower | $64,834,375 | 2.71% | $39,068 |
Fidelity Series Value Discovery Fund | Borrower | $137,040,750 | 1.30% | $39,477 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series All-Sector Equity Fund | 51,597,052 | 95,316,444 | 3,124,412 |
Fidelity Series Stock Selector Large Cap Value Fund | 642,908,733 | 692,484,686 | 41,022,078 |
Fidelity Series Value Discovery Fund | 176,815,556 | 221,204,660 | 38,376,518 |
Amount ($) | |
Fidelity Series Stock Selector Large Cap Value Fund | 489,250 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series All-Sector Equity Fund | $19,984 | $1,335 | $- |
Fidelity Series Stock Selector Large Cap Value Fund | $29,595 | $237 | $- |
Fidelity Series Value Discovery Fund | $3,073 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Series All-Sector Equity Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 1,013.90 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.21 | $- E | |||||||
Fidelity® Series Stock Selector Large Cap Value Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 1,071.70 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.21 | $- E | |||||||
Fidelity® Series Value Discovery Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 1,054.40 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.21 | $- E | |||||||
Fidelity Series All-Sector Equity Fund | $143,862,549 |
Fidelity Series Value Discovery Fund | $346,490,321 |
Fidelity Series Stock Selector Large Cap Value Fund | $586,105,318 |
Fidelity Series All-Sector Equity Fund | |
March 2022 December 2022 | - 83% |
Fidelity Series Value Discovery Fund | |
March 2022 December 2022 | 96% 74% |
Fidelity Series Stock Selector Large Cap Value Fund | |
March 2022 December 2022 | 23% 81% |
Fidelity Series All-Sector Equity Fund | |
March 2022 December 2022 | - 86.06% |
Fidelity Series Value Discovery Fund | |
March 2022 December 2022 | 99.39% 95.99% |
Fidelity Series Stock Selector Large Cap Value Fund | |
March 2022 December 2022 | 26.21% 84.76% |
Fidelity Series All-Sector Equity Fund | |
March 2022 | - |
December 2022 | 7.62% |
Fidelity Series Value Discovery Fund | |
March 2022 December 2022 | 0.08% 0.48% |
Fidelity Series Stock Selector Large Cap Value Fund | |
March 2022 December 2022 | 0.12% 6.20% |
Fidelity Series All-Sector Equity Fund | $1,151,475 |
Fidelity Series Value Discovery Fund | $2,680,965 |
Fidelity Series Stock Selector Large Cap Value Fund | $3,025,420 |
- 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
Contents
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl.5.75% sales charge) | -4.15% | 4.20% | 8.65% |
Class M (incl.3.50% sales charge) | -2.10% | 4.41% | 8.61% |
Class C (incl. contingent deferred sales charge) | 0.00% | 4.64% | 8.65% |
Fidelity® Mid Cap Value Fund | 2.00% | 5.75% | 9.63% |
Class I | 2.01% | 5.74% | 9.61% |
Class Z | 2.15% | 5.88% | 9.70% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Mid Cap Value Fund, a class of the fund, on January 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Welltower, Inc. | 4.5 | |
Public Storage | 1.5 | |
Entergy Corp. | 1.5 | |
Prologis (REIT), Inc. | 1.4 | |
Edison International | 1.4 | |
CBRE Group, Inc. | 1.4 | |
M&T Bank Corp. | 1.4 | |
PG&E Corp. | 1.3 | |
Brookfield Infrastructure Corp. A Shares | 1.3 | |
Markel Corp. | 1.3 | |
17.0 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 17.2 | |
Industrials | 15.3 | |
Real Estate | 11.4 | |
Consumer Discretionary | 11.0 | |
Materials | 9.3 | |
Information Technology | 8.6 | |
Utilities | 7.7 | |
Health Care | 6.7 | |
Energy | 6.2 | |
Consumer Staples | 3.4 | |
Communication Services | 3.1 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 7.6% |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 3.1% | |||
Diversified Telecommunication Services - 0.5% | |||
Cellnex Telecom SA (a) | 196,286 | 7,692,057 | |
Interactive Media & Services - 0.6% | |||
Ziff Davis, Inc. (b) | 115,982 | 10,378,069 | |
Media - 2.0% | |||
iHeartMedia, Inc. (b) | 307,217 | 2,380,932 | |
Liberty Broadband Corp. Class C (b) | 51,294 | 4,605,175 | |
News Corp. Class A | 612,731 | 12,413,930 | |
Nexstar Broadcasting Group, Inc. Class A | 40,787 | 8,351,954 | |
Thryv Holdings, Inc. (b) | 154,639 | 3,459,274 | |
31,211,265 | |||
TOTAL COMMUNICATION SERVICES | 49,281,391 | ||
CONSUMER DISCRETIONARY - 11.0% | |||
Auto Components - 1.4% | |||
Aptiv PLC (b) | 100,893 | 11,409,989 | |
Magna International, Inc. Class A (c) | 175,350 | 11,387,229 | |
22,797,218 | |||
Diversified Consumer Services - 0.9% | |||
Adtalem Global Education, Inc. (b) | 193,139 | 7,374,047 | |
Laureate Education, Inc. Class A | 660,354 | 7,250,687 | |
14,624,734 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Bowlero Corp. Class A (b) | 135,200 | 1,859,000 | |
Hilton Worldwide Holdings, Inc. | 53,683 | 7,788,866 | |
Light & Wonder, Inc. Class A (b) | 146,342 | 9,548,816 | |
MGM Resorts International | 251,906 | 10,431,427 | |
Travel+Leisure Co. (c) | 175,945 | 7,454,790 | |
37,082,899 | |||
Household Durables - 2.2% | |||
Helen of Troy Ltd. (b) | 41,897 | 4,738,970 | |
Mohawk Industries, Inc. (b) | 77,779 | 9,338,147 | |
PulteGroup, Inc. | 174,835 | 9,946,363 | |
Tempur Sealy International, Inc. | 254,719 | 10,379,799 | |
34,403,279 | |||
Multiline Retail - 1.6% | |||
Dollar Tree, Inc. (b) | 55,781 | 8,377,191 | |
Franchise Group, Inc. (c) | 264,435 | 8,168,397 | |
Kohl's Corp. | 290,831 | 9,414,199 | |
25,959,787 | |||
Specialty Retail - 2.5% | |||
Lithia Motors, Inc. Class A (sub. vtg.) | 36,200 | 9,527,840 | |
O'Reilly Automotive, Inc. (b) | 16,795 | 13,307,518 | |
Rent-A-Center, Inc. | 285,260 | 7,670,641 | |
Victoria's Secret & Co. (b) | 198,845 | 8,381,317 | |
38,887,316 | |||
TOTAL CONSUMER DISCRETIONARY | 173,755,233 | ||
CONSUMER STAPLES - 3.4% | |||
Food & Staples Retailing - 2.0% | |||
Albertsons Companies, Inc. | 556,860 | 11,805,432 | |
Performance Food Group Co. (b) | 177,350 | 10,875,102 | |
U.S. Foods Holding Corp. (b) | 228,500 | 8,712,705 | |
31,393,239 | |||
Food Products - 1.4% | |||
Bunge Ltd. | 133,300 | 13,210,030 | |
Tyson Foods, Inc. Class A | 136,258 | 8,958,964 | |
22,168,994 | |||
TOTAL CONSUMER STAPLES | 53,562,233 | ||
ENERGY - 6.2% | |||
Energy Equipment & Services - 1.1% | |||
Halliburton Co. | 224,828 | 9,267,410 | |
Liberty Oilfield Services, Inc. Class A | 480,365 | 7,604,178 | |
16,871,588 | |||
Oil, Gas & Consumable Fuels - 5.1% | |||
Cenovus Energy, Inc. (c) | 486,476 | 9,719,790 | |
Chesapeake Energy Corp. | 115,578 | 10,022,924 | |
Hess Corp. | 77,075 | 11,573,582 | |
Occidental Petroleum Corp. | 188,763 | 12,229,955 | |
Ovintiv, Inc. | 149,160 | 7,343,147 | |
Southwestern Energy Co. (b) | 1,113,445 | 6,146,216 | |
Targa Resources Corp. | 161,655 | 12,127,358 | |
Valero Energy Corp. | 83,874 | 11,744,876 | |
80,907,848 | |||
TOTAL ENERGY | 97,779,436 | ||
FINANCIALS - 17.2% | |||
Banks - 4.2% | |||
Citizens Financial Group, Inc. | 429,282 | 18,596,496 | |
East West Bancorp, Inc. | 172,555 | 13,549,019 | |
M&T Bank Corp. | 138,963 | 21,678,228 | |
Signature Bank | 99,481 | 12,828,075 | |
66,651,818 | |||
Capital Markets - 3.3% | |||
Ares Management Corp. | 127,406 | 10,573,424 | |
Carlyle Group LP | 296,620 | 10,669,421 | |
LPL Financial | 40,497 | 9,602,649 | |
State Street Corp. | 197,940 | 18,077,860 | |
Virtu Financial, Inc. Class A | 160,156 | 3,092,612 | |
52,015,966 | |||
Consumer Finance - 0.8% | |||
OneMain Holdings, Inc. | 297,779 | 12,846,186 | |
Diversified Financial Services - 1.1% | |||
Apollo Global Management, Inc. | 174,517 | 12,352,313 | |
Corebridge Financial, Inc. (c) | 234,784 | 5,108,900 | |
17,461,213 | |||
Insurance - 6.5% | |||
Arthur J. Gallagher & Co. | 86,075 | 16,846,599 | |
Chubb Ltd. | 37,989 | 8,642,118 | |
First American Financial Corp. | 199,645 | 12,352,036 | |
Hartford Financial Services Group, Inc. | 244,930 | 19,009,017 | |
Markel Corp. (b) | 14,496 | 20,424,574 | |
MetLife, Inc. | 146,932 | 10,728,975 | |
Old Republic International Corp. | 578,524 | 15,267,248 | |
103,270,567 | |||
Thrifts & Mortgage Finance - 1.3% | |||
NMI Holdings, Inc. (b) | 337,598 | 7,842,402 | |
Walker & Dunlop, Inc. | 127,265 | 12,138,536 | |
19,980,938 | |||
TOTAL FINANCIALS | 272,226,688 | ||
HEALTH CARE - 6.7% | |||
Biotechnology - 0.3% | |||
Regeneron Pharmaceuticals, Inc. (b) | 6,599 | 5,005,144 | |
Health Care Providers & Services - 3.7% | |||
AdaptHealth Corp. (b) | 343,151 | 7,353,726 | |
AmerisourceBergen Corp. | 66,182 | 11,182,111 | |
DaVita HealthCare Partners, Inc. (b) | 113,568 | 9,356,868 | |
Molina Healthcare, Inc. (b) | 46,490 | 14,496,977 | |
Tenet Healthcare Corp. (b) | 304,324 | 16,692,171 | |
59,081,853 | |||
Life Sciences Tools & Services - 1.9% | |||
Bio-Rad Laboratories, Inc. Class A (b) | 24,401 | 11,406,491 | |
Charles River Laboratories International, Inc. (b) | 33,692 | 8,195,579 | |
ICON PLC (b) | 32,192 | 7,427,016 | |
Syneos Health, Inc. (b) | 62,596 | 2,248,448 | |
29,277,534 | |||
Pharmaceuticals - 0.8% | |||
Royalty Pharma PLC | 333,085 | 13,053,601 | |
TOTAL HEALTH CARE | 106,418,132 | ||
INDUSTRIALS - 15.3% | |||
Aerospace & Defense - 0.6% | |||
Woodward, Inc. | 96,094 | 9,826,572 | |
Building Products - 1.8% | |||
Builders FirstSource, Inc. (b) | 233,333 | 18,596,640 | |
UFP Industries, Inc. | 108,667 | 10,165,798 | |
28,762,438 | |||
Commercial Services & Supplies - 0.3% | |||
The Brink's Co. | 65,780 | 4,315,168 | |
Construction & Engineering - 1.8% | |||
EMCOR Group, Inc. | 88,874 | 13,175,571 | |
Willscot Mobile Mini Holdings (b) | 323,096 | 15,657,232 | |
28,832,803 | |||
Electrical Equipment - 1.2% | |||
Regal Rexnord Corp. | 137,567 | 19,149,326 | |
Machinery - 4.2% | |||
Crane Holdings Co. | 50,142 | 5,811,959 | |
ITT, Inc. | 82,775 | 7,581,362 | |
Oshkosh Corp. | 110,769 | 11,163,300 | |
PACCAR, Inc. | 158,251 | 17,298,417 | |
Stanley Black & Decker, Inc. | 94,874 | 8,473,197 | |
Timken Co. (c) | 204,345 | 16,827,811 | |
67,156,046 | |||
Professional Services - 1.2% | |||
CACI International, Inc. Class A (b) | 29,492 | 9,086,190 | |
Manpower, Inc. | 103,800 | 9,047,208 | |
18,133,398 | |||
Road & Rail - 2.7% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 274,940 | 16,248,954 | |
RXO, Inc. (b) | 350,335 | 6,418,137 | |
U-Haul Holding Co. (non-vtg.) | 185,460 | 11,459,573 | |
XPO, Inc. (b) | 206,344 | 8,224,872 | |
42,351,536 | |||
Trading Companies & Distributors - 1.5% | |||
MSC Industrial Direct Co., Inc. Class A | 122,267 | 10,111,481 | |
WESCO International, Inc. (b) | 86,978 | 12,960,592 | |
23,072,073 | |||
TOTAL INDUSTRIALS | 241,599,360 | ||
INFORMATION TECHNOLOGY - 8.6% | |||
Communications Equipment - 0.4% | |||
Motorola Solutions, Inc. | 22,988 | 5,908,146 | |
Electronic Equipment & Components - 2.2% | |||
Flex Ltd. (b) | 445,336 | 10,398,596 | |
Knowles Corp. (b) | 250,400 | 4,815,192 | |
TD SYNNEX Corp. | 115,672 | 11,815,895 | |
Vontier Corp. | 317,523 | 7,312,555 | |
34,342,238 | |||
IT Services - 3.4% | |||
Concentrix Corp. | 86,576 | 12,277,343 | |
Cyxtera Technologies, Inc. Class A (b) | 683,266 | 2,200,117 | |
DXC Technology Co. (b) | 357,971 | 10,284,507 | |
Fidelity National Information Services, Inc. | 140,600 | 10,550,624 | |
Genpact Ltd. | 113,888 | 5,384,625 | |
SS&C Technologies Holdings, Inc. | 225,830 | 13,628,841 | |
54,326,057 | |||
Semiconductors & Semiconductor Equipment - 1.9% | |||
Lam Research Corp. | 28,190 | 14,097,819 | |
Microchip Technology, Inc. | 163,054 | 12,656,251 | |
Micron Technology, Inc. | 68,895 | 4,154,369 | |
30,908,439 | |||
Software - 0.7% | |||
Gen Digital, Inc. | 471,250 | 10,843,463 | |
TOTAL INFORMATION TECHNOLOGY | 136,328,343 | ||
MATERIALS - 9.3% | |||
Chemicals - 4.2% | |||
Celanese Corp. Class A | 123,266 | 15,186,371 | |
Corteva, Inc. | 100,343 | 6,467,106 | |
Element Solutions, Inc. | 319,606 | 6,545,531 | |
Nutrien Ltd. | 66,984 | 5,545,605 | |
Olin Corp. | 210,159 | 13,574,170 | |
Tronox Holdings PLC | 325,161 | 5,576,511 | |
Westlake Corp. | 108,572 | 13,327,213 | |
66,222,507 | |||
Containers & Packaging - 2.6% | |||
Crown Holdings, Inc. | 152,378 | 13,433,644 | |
Graphic Packaging Holding Co. | 311,329 | 7,499,916 | |
International Paper Co. | 192,787 | 8,062,352 | |
Packaging Corp. of America | 79,378 | 11,327,241 | |
40,323,153 | |||
Metals & Mining - 1.8% | |||
Arconic Corp. (b) | 418,286 | 9,833,904 | |
Freeport-McMoRan, Inc. | 221,408 | 9,879,225 | |
Reliance Steel & Aluminum Co. | 41,826 | 9,513,324 | |
29,226,453 | |||
Paper & Forest Products - 0.7% | |||
Louisiana-Pacific Corp. | 172,643 | 11,755,262 | |
TOTAL MATERIALS | 147,527,375 | ||
REAL ESTATE - 11.4% | |||
Equity Real Estate Investment Trusts (REITs) - 9.9% | |||
Camden Property Trust (SBI) | 145,948 | 17,982,253 | |
Essex Property Trust, Inc. | 43,900 | 9,924,473 | |
Lamar Advertising Co. Class A | 111,892 | 11,920,974 | |
Prologis (REIT), Inc. | 174,887 | 22,609,391 | |
Public Storage | 77,870 | 23,698,956 | |
Welltower, Inc. | 942,033 | 70,690,156 | |
156,826,203 | |||
Real Estate Management & Development - 1.5% | |||
CBRE Group, Inc. (b) | 254,794 | 21,787,435 | |
WeWork, Inc. (b)(c) | 1,691,139 | 2,688,911 | |
24,476,346 | |||
TOTAL REAL ESTATE | 181,302,549 | ||
UTILITIES - 7.7% | |||
Electric Utilities - 5.8% | |||
American Electric Power Co., Inc. | 100,649 | 9,456,980 | |
Edison International | 320,778 | 22,101,604 | |
Entergy Corp. | 217,140 | 23,511,919 | |
Exelon Corp. | 374,274 | 15,790,620 | |
PG&E Corp. (b) | 1,313,312 | 20,881,661 | |
91,742,784 | |||
Gas Utilities - 1.3% | |||
Brookfield Infrastructure Corp. A Shares | 463,603 | 20,500,525 | |
Independent Power and Renewable Electricity Producers - 0.6% | |||
NextEra Energy Partners LP | 139,251 | 10,207,098 | |
TOTAL UTILITIES | 122,450,407 | ||
TOTAL COMMON STOCKS (Cost $1,461,667,460) | 1,582,231,147 | ||
Money Market Funds - 2.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (d) | 2,862,981 | 2,863,554 | |
Fidelity Securities Lending Cash Central Fund 4.38% (d)(e) | 31,439,531 | 31,442,675 | |
TOTAL MONEY MARKET FUNDS (Cost $34,306,229) | 34,306,229 | ||
TOTAL INVESTMENT IN SECURITIES - 102.1% (Cost $1,495,973,689) | 1,616,537,376 |
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (32,795,670) |
NET ASSETS - 100.0% | 1,583,741,706 |
(a) | 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 $7,692,057 or 0.5% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.38% | 3,866,632 | 97,618,541 | 98,621,619 | 26,901 | - | - | 2,863,554 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.38% | 98,198,294 | 553,179,775 | 619,935,394 | 362,971 | - | - | 31,442,675 | 0.1% |
Total | 102,064,926 | 650,798,316 | 718,557,013 | 389,872 | - | - | 34,306,229 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 49,281,391 | 41,589,334 | 7,692,057 | - |
Consumer Discretionary | 173,755,233 | 173,755,233 | - | - |
Consumer Staples | 53,562,233 | 53,562,233 | - | - |
Energy | 97,779,436 | 97,779,436 | - | - |
Financials | 272,226,688 | 272,226,688 | - | - |
Health Care | 106,418,132 | 106,418,132 | - | - |
Industrials | 241,599,360 | 241,599,360 | - | - |
Information Technology | 136,328,343 | 136,328,343 | - | - |
Materials | 147,527,375 | 147,527,375 | - | - |
Real Estate | 181,302,549 | 181,302,549 | - | - |
Utilities | 122,450,407 | 122,450,407 | - | - |
Money Market Funds | 34,306,229 | 34,306,229 | - | - |
Total Investments in Securities: | 1,616,537,376 | 1,608,845,319 | 7,692,057 | - |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $31,033,249) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,461,667,460) | $ | 1,582,231,147 | ||
Fidelity Central Funds (cost $34,306,229) | 34,306,229 | |||
Total Investment in Securities (cost $1,495,973,689) | $ | 1,616,537,376 | ||
Foreign currency held at value (cost $37) | 38 | |||
Receivable for investments sold | 6,819,983 | |||
Receivable for fund shares sold | 458,187 | |||
Dividends receivable | 433,897 | |||
Distributions receivable from Fidelity Central Funds | 18,350 | |||
Prepaid expenses | 1,382 | |||
Total assets | 1,624,269,213 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,951,256 | ||
Payable for fund shares redeemed | 903,804 | |||
Accrued management fee | 879,133 | |||
Distribution and service plan fees payable | 76,811 | |||
Other affiliated payables | 236,982 | |||
Other payables and accrued expenses | 48,564 | |||
Collateral on securities loaned | 31,430,957 | |||
Total Liabilities | 40,527,507 | |||
Net Assets | $ | 1,583,741,706 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,459,157,643 | ||
Total accumulated earnings (loss) | 124,584,063 | |||
Net Assets | $ | 1,583,741,706 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($172,188,028 ÷ 6,606,334 shares) (a) | $ | 26.06 | ||
Maximum offering price per share (100/94.25 of $26.06) | $ | 27.65 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($37,164,926 ÷ 1,435,267 shares) (a) | $ | 25.89 | ||
Maximum offering price per share (100/96.50 of $25.89) | $ | 26.83 | ||
Class C : | ||||
Net Asset Value and offering price per share ($34,138,533 ÷ 1,365,822 shares) (a) | $ | 24.99 | ||
Mid Cap Value : | ||||
Net Asset Value , offering price and redemption price per share ($1,113,890,904 ÷ 41,922,045 shares) | $ | 26.57 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($139,456,250 ÷ 5,304,636 shares) | $ | 26.29 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($86,903,065 ÷ 3,309,024 shares) | $ | 26.26 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 24,834,533 | ||
Special dividends | 3,433,891 | |||
Income from Fidelity Central Funds (including $362,971 from security lending) | 389,872 | |||
Total Income | 28,658,296 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 7,885,399 | ||
Performance adjustment | 861,057 | |||
Transfer agent fees | 2,468,773 | |||
Distribution and service plan fees | 947,494 | |||
Accounting fees | 434,847 | |||
Custodian fees and expenses | 23,637 | |||
Independent trustees' fees and expenses | 4,950 | |||
Registration fees | 113,801 | |||
Audit | 60,147 | |||
Legal | 5,379 | |||
Miscellaneous | 6,782 | |||
Total expenses before reductions | 12,812,266 | |||
Expense reductions | (52,048) | |||
Total expenses after reductions | 12,760,218 | |||
Net Investment income (loss) | 15,898,078 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 93,015,227 | |||
Redemptions in-kind | 38,755 | |||
Foreign currency transactions | (9,730) | |||
Total net realized gain (loss) | 93,044,252 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (83,193,944) | |||
Assets and liabilities in foreign currencies | 1 | |||
Total change in net unrealized appreciation (depreciation) | (83,193,943) | |||
Net gain (loss) | 9,850,309 | |||
Net increase (decrease) in net assets resulting from operations | $ | 25,748,387 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 15,898,078 | $ | 19,311,428 |
Net realized gain (loss) | 93,044,252 | 275,877,915 | ||
Change in net unrealized appreciation (depreciation) | (83,193,943) | 59,583,630 | ||
Net increase (decrease) in net assets resulting from operations | 25,748,387 | 354,772,973 | ||
Distributions to shareholders | (175,153,334) | (20,531,671) | ||
Share transactions - net increase (decrease) | 119,427,921 | 50,003,955 | ||
Total increase (decrease) in net assets | (29,977,026) | 384,245,257 | ||
Net Assets | ||||
Beginning of period | 1,613,718,732 | 1,229,473,475 | ||
End of period | $ | 1,583,741,706 | $ | 1,613,718,732 |
Fidelity Advisor® Mid Cap Value Fund Class A |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.85 | $ | 22.67 | $ | 21.75 | $ | 20.91 | $ | 26.62 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .22 C | .29 | .35 | .38 | .39 | |||||
Net realized and unrealized gain (loss) | .08 | 6.21 | .97 | .83 | (3.35) | |||||
Total from investment operations | .30 | 6.50 | 1.32 | 1.21 | (2.96) | |||||
Distributions from net investment income | (.28) | (.32) | (.40) | (.37) | (.40) | |||||
Distributions from net realized gain | (2.81) | - | - | - | (2.35) | |||||
Total distributions | (3.09) | (.32) | (.40) | (.37) | (2.75) | |||||
Net asset value, end of period | $ | 26.06 | $ | 28.85 | $ | 22.67 | $ | 21.75 | $ | 20.91 |
Total Return D,E | 1.70% | 28.68% | 6.12% | 5.72% | (11.23)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.08% | .86% | .73% | .76% | .82% | |||||
Expenses net of fee waivers, if any | 1.08% | .86% | .73% | .76% | .82% | |||||
Expenses net of all reductions | 1.08% | .86% | .72% | .75% | .81% | |||||
Net investment income (loss) | .84% C | 1.05% | 1.79% | 1.77% | 1.66% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 172,188 | $ | 167,448 | $ | 122,838 | $ | 141,439 | $ | 173,538 |
Portfolio turnover rate H | 70% I | 80% | 67% | 83% I | 80% I |
Fidelity Advisor® Mid Cap Value Fund Class M |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.68 | $ | 22.54 | $ | 21.65 | $ | 20.82 | $ | 26.51 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .15 C | .22 | .29 | .32 | .32 | |||||
Net realized and unrealized gain (loss) | .08 | 6.18 | .95 | .82 | (3.33) | |||||
Total from investment operations | .23 | 6.40 | 1.24 | 1.14 | (3.01) | |||||
Distributions from net investment income | (.22) | (.26) | (.35) | (.31) | (.33) | |||||
Distributions from net realized gain | (2.81) | - | - | - | (2.35) | |||||
Total distributions | (3.02) D | (.26) | (.35) | (.31) | (2.68) | |||||
Net asset value, end of period | $ | 25.89 | $ | 28.68 | $ | 22.54 | $ | 21.65 | $ | 20.82 |
Total Return E,F | 1.45% | 28.38% | 5.76% | 5.44% | (11.48)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.34% | 1.12% | 1.01% | 1.03% | 1.10% | |||||
Expenses net of fee waivers, if any | 1.34% | 1.12% | 1.01% | 1.03% | 1.10% | |||||
Expenses net of all reductions | 1.34% | 1.12% | 1.00% | 1.02% | 1.09% | |||||
Net investment income (loss) | .58% C | .79% | 1.51% | 1.50% | 1.39% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 37,165 | $ | 38,920 | $ | 30,549 | $ | 35,684 | $ | 41,540 |
Portfolio turnover rate I | 70% J | 80% | 67% | 83% J | 80% J |
Fidelity Advisor® Mid Cap Value Fund Class C |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 27.79 | $ | 21.84 | $ | 20.99 | $ | 20.19 | $ | 25.76 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .02 C | .08 | .19 | .21 | .21 | |||||
Net realized and unrealized gain (loss) | .07 | 5.98 | .91 | .80 | (3.23) | |||||
Total from investment operations | .09 | 6.06 | 1.10 | 1.01 | (3.02) | |||||
Distributions from net investment income | (.08) | (.11) | (.25) | (.21) | (.20) | |||||
Distributions from net realized gain | (2.81) | - | - | - | (2.35) | |||||
Total distributions | (2.89) | (.11) | (.25) | (.21) | (2.55) | |||||
Net asset value, end of period | $ | 24.99 | $ | 27.79 | $ | 21.84 | $ | 20.99 | $ | 20.19 |
Total Return D,E | .90% | 27.76% | 5.26% | 4.96% | (11.89)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.85% | 1.62% | 1.49% | 1.51% | 1.56% | |||||
Expenses net of fee waivers, if any | 1.85% | 1.62% | 1.49% | 1.51% | 1.56% | |||||
Expenses net of all reductions | 1.85% | 1.62% | 1.48% | 1.50% | 1.55% | |||||
Net investment income (loss) | .07% C | .28% | 1.04% | 1.02% | .92% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 34,139 | $ | 43,673 | $ | 43,128 | $ | 60,685 | $ | 85,519 |
Portfolio turnover rate H | 70% I | 80% | 67% | 83% I | 80% I |
Fidelity® Mid Cap Value Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 29.34 | $ | 23.03 | $ | 22.09 | $ | 21.23 | $ | 26.99 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .30 C | .38 | .41 | .45 | .47 | |||||
Net realized and unrealized gain (loss) | .09 | 6.32 | .99 | .84 | (3.41) | |||||
Total from investment operations | .39 | 6.70 | 1.40 | 1.29 | (2.94) | |||||
Distributions from net investment income | (.35) | (.39) | (.46) | (.43) | (.47) | |||||
Distributions from net realized gain | (2.81) | - | - | - | (2.35) | |||||
Total distributions | (3.16) | (.39) | (.46) | (.43) | (2.82) | |||||
Net asset value, end of period | $ | 26.57 | $ | 29.34 | $ | 23.03 | $ | 22.09 | $ | 21.23 |
Total Return D | 2.00% | 29.11% | 6.37% | 6.03% | (10.97)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .79% | .57% | .44% | .46% | .53% | |||||
Expenses net of fee waivers, if any | .79% | .57% | .43% | .46% | .53% | |||||
Expenses net of all reductions | .79% | .57% | .43% | .45% | .52% | |||||
Net investment income (loss) | 1.13% C | 1.34% | 2.09% | 2.07% | 1.96% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,113,891 | $ | 1,172,691 | $ | 920,386 | $ | 1,156,286 | $ | 1,456,510 |
Portfolio turnover rate G | 70% H | 80% | 67% | 83% H | 80% H |
Fidelity Advisor® Mid Cap Value Fund Class I |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 29.06 | $ | 22.82 | $ | 21.88 | $ | 21.03 | $ | 26.77 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .29 C | .37 | .41 | .45 | .46 | |||||
Net realized and unrealized gain (loss) | .09 | 6.26 | .98 | .83 | (3.38) | |||||
Total from investment operations | .38 | 6.63 | 1.39 | 1.28 | (2.92) | |||||
Distributions from net investment income | (.35) | (.39) | (.45) | (.43) | (.47) | |||||
Distributions from net realized gain | (2.81) | - | - | - | (2.35) | |||||
Total distributions | (3.15) D | (.39) | (.45) | (.43) | (2.82) | |||||
Net asset value, end of period | $ | 26.29 | $ | 29.06 | $ | 22.82 | $ | 21.88 | $ | 21.03 |
Total Return E | 2.01% | 29.06% | 6.41% | 6.01% | (10.99)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .81% | .59% | .42% | .46% | .53% | |||||
Expenses net of fee waivers, if any | .81% | .59% | .42% | .46% | .53% | |||||
Expenses net of all reductions | .81% | .59% | .41% | .45% | .52% | |||||
Net investment income (loss) | 1.11% C | 1.32% | 2.10% | 2.07% | 1.95% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 139,456 | $ | 128,301 | $ | 94,586 | $ | 127,647 | $ | 244,054 |
Portfolio turnover rate H | 70% I | 80% | 67% | 83% I | 80% I |
Fidelity Advisor® Mid Cap Value Fund Class Z |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 29.03 | $ | 22.80 | $ | 21.86 | $ | 21.01 | $ | 26.76 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .32 C | .41 | .43 | .48 | .49 | |||||
Net realized and unrealized gain (loss) | .10 | 6.25 | .99 | .83 | (3.38) | |||||
Total from investment operations | .42 | 6.66 | 1.42 | 1.31 | (2.89) | |||||
Distributions from net investment income | (.38) | (.43) | (.48) | (.46) | (.51) | |||||
Distributions from net realized gain | (2.81) | - | - | - | (2.35) | |||||
Total distributions | (3.19) | (.43) | (.48) | (.46) | (2.86) | |||||
Net asset value, end of period | $ | 26.26 | $ | 29.03 | $ | 22.80 | $ | 21.86 | $ | 21.01 |
Total Return D | 2.15% | 29.20% | 6.54% | 6.19% | (10.86)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .67% | .45% | .29% | .33% | .40% | |||||
Expenses net of fee waivers, if any | .67% | .45% | .29% | .33% | .40% | |||||
Expenses net of all reductions | .67% | .45% | .28% | .32% | .39% | |||||
Net investment income (loss) | 1.25% C | 1.45% | 2.23% | 2.20% | 2.09% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 86,903 | $ | 62,684 | $ | 17,987 | $ | 34,573 | $ | 35,972 |
Portfolio turnover rate G | 70% H | 80% | 67% | 83% H | 80% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $226,741,342 |
Gross unrealized depreciation | (107,013,112) |
Net unrealized appreciation (depreciation) | $119,728,230 |
Tax Cost | $1,496,809,146 |
Undistributed long-term capital gain | $6,586,888 |
Net unrealized appreciation (depreciation) on securities and other investments | $119,728,230 |
January 31, 2023 | January 31, 2022 | |
Ordinary Income | $29,264,345 | $ 20,531,671 |
Long-term Capital Gains | 145,888,989 | - |
Total | $175,153,334 | $ 20,531,671 |
Purchases ($) | Sales ($) | |
Fidelity Mid Cap Value Fund | 1,048,915,539 | 1,081,176,997 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Mid Cap Value Fund | 15,033 | 38,755 | 364,276 | Mid Cap Value |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $397,655 | $7,675 |
Class M | .25% | .25% | 180,444 | 336 |
Class C | .75% | .25% | 369,395 | 20,511 |
$947,494 | $28,522 |
Retained by FDC | |
Class A | $35,424 |
Class M | 2,933 |
Class C A | 501 |
$38,858 |
Amount | % of Class-Level Average Net Assets | |
Class A | $322,134 | .20 |
Class M | 76,576 | .21 |
Class C | 82,070 | .22 |
Mid Cap Value | 1,730,662 | .16 |
Class I | 229,537 | .18 |
Class Z | 27,794 | .04 |
$2,468,773 |
% of Average Net Assets | |
Fidelity Mid Cap Value Fund | .03 |
Amount | |
Fidelity Mid Cap Value Fund | $21,154 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Mid Cap Value Fund | 63,821,715 | 98,989,695 | 13,205,397 |
Amount | |
Fidelity Mid Cap Value Fund | $2,676 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Mid Cap Value Fund | $37,670 | $131,119 | $- |
Year ended January 31, 2023 | Year ended January 31, 2022 | |
Fidelity Mid Cap Value Fund | ||
Distributions to shareholders | ||
Class A | $18,606,358 | $1,853,949 |
Class M | 4,166,167 | 356,699 |
Class C | 4,204,855 | 185,496 |
Mid Cap Value | 125,657,551 | 15,616,805 |
Class I | 14,633,041 | 1,738,458 |
Class Z | 7,885,362 | 780,264 |
Total | $175,153,334 | $20,531,671 |
Shares | Shares | Dollars | Dollars | |
Year ended January 31, 2023 | Year ended January 31, 2022 | Year ended January 31, 2023 | Year ended January 31, 2022 | |
Fidelity Mid Cap Value Fund | ||||
Class A | ||||
Shares sold | 1,017,654 | 1,390,327 | $26,351,319 | $38,599,297 |
Reinvestment of distributions | 723,144 | 62,691 | 18,241,865 | 1,813,639 |
Shares redeemed | (938,553) | (1,068,584) | (24,220,025) | (29,625,079) |
Net increase (decrease) | 802,245 | 384,434 | $20,373,159 | $10,787,857 |
Class M | ||||
Shares sold | 189,266 | 315,877 | $4,995,734 | $8,713,904 |
Reinvestment of distributions | 164,268 | 12,290 | 4,131,202 | 353,703 |
Shares redeemed | (275,207) | (326,387) | (7,113,921) | (9,069,366) |
Net increase (decrease) | 78,327 | 1,780 | $2,013,015 | $(1,759) |
Class C | ||||
Shares sold | 154,399 | 210,777 | $3,856,902 | $5,629,261 |
Reinvestment of distributions | 171,613 | 6,628 | 4,198,785 | 184,919 |
Shares redeemed | (531,975) | (620,186) | (13,058,343) | (16,379,286) |
Net increase (decrease) | (205,963) | (402,781) | $(5,002,656) | $(10,565,106) |
Mid Cap Value | ||||
Shares sold | 2,761,991 | 6,790,784 | $72,994,952 | $191,633,827 |
Reinvestment of distributions | 4,640,191 | 505,864 | 119,360,511 | 14,877,454 |
Shares redeemed | (5,452,163) | (7,287,371) | (143,324,674) | (204,834,538) |
Net increase (decrease) | 1,950,019 | 9,277 | $49,030,789 | $1,676,743 |
Class I | ||||
Shares sold | 1,899,372 | 2,239,279 | $49,737,626 | $63,421,208 |
Reinvestment of distributions | 568,260 | 58,660 | 14,421,992 | 1,709,349 |
Shares redeemed | (1,577,351) | (2,028,004) | (40,544,202) | (56,357,435) |
Net increase (decrease) | 890,281 | 269,935 | $23,615,416 | $8,773,122 |
Class Z | ||||
Shares sold | 1,763,184 | 1,690,831 | $45,536,226 | $48,376,943 |
Reinvestment of distributions | 280,528 | 23,838 | 7,087,889 | 693,672 |
Shares redeemed | (893,611) | (344,789) | (23,225,917) | (9,737,517) |
Net increase (decrease) | 1,150,101 | 1,369,880 | $29,398,198 | $39,333,098 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Mid Cap Value Fund | ||||||||||
Class A | 1.11% | |||||||||
Actual | $ 1,000 | $ 1,061.50 | $ 5.77 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.61 | $ 5.65 | |||||||
Class M | 1.37% | |||||||||
Actual | $ 1,000 | $ 1,060.00 | $ 7.11 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.30 | $ 6.97 | |||||||
Class C | 1.89% | |||||||||
Actual | $ 1,000 | $ 1,057.10 | $ 9.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.68 | $ 9.60 | |||||||
Fidelity® Mid Cap Value Fund | .82% | |||||||||
Actual | $ 1,000 | $ 1,063.10 | $ 4.26 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.07 | $ 4.18 | |||||||
Class I | .84% | |||||||||
Actual | $ 1,000 | $ 1,062.80 | $ 4.37 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.97 | $ 4.28 | |||||||
Class Z | .70% | |||||||||
Actual | $ 1,000 | $ 1,063.50 | $ 3.64 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.68 | $ 3.57 | |||||||
- 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
Contents
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Equity-Income Fund | 0.05% | 7.96% | 9.96% |
Class K | 0.14% | 8.06% | 10.08% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Equity-Income Fund, a class of the fund, on January 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 3.3 | |
JPMorgan Chase & Co. | 3.2 | |
Bank of America Corp. | 2.4 | |
Johnson & Johnson | 2.0 | |
Danaher Corp. | 2.0 | |
Walmart, Inc. | 1.9 | |
Linde PLC | 1.8 | |
Wells Fargo & Co. | 1.8 | |
T-Mobile U.S., Inc. | 1.7 | |
Cigna Corp. | 1.5 | |
21.6 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 17.1 | |
Financials | 15.8 | |
Energy | 9.8 | |
Consumer Staples | 9.6 | |
Information Technology | 9.3 | |
Industrials | 8.4 | |
Communication Services | 7.5 | |
Utilities | 5.8 | |
Materials | 4.9 | |
Consumer Discretionary | 4.2 | |
Real Estate | 1.9 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 16.9% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 94.3% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 1.8% | |||
AT&T, Inc. | 3,046,797 | 62,063 | |
Verizon Communications, Inc. | 1,679,381 | 69,812 | |
131,875 | |||
Entertainment - 0.8% | |||
Activision Blizzard, Inc. | 716,510 | 54,863 | |
Interactive Media & Services - 0.9% | |||
Alphabet, Inc. Class A (a) | 675,411 | 66,758 | |
Media - 2.0% | |||
Comcast Corp. Class A | 2,692,258 | 105,940 | |
Interpublic Group of Companies, Inc. | 771,412 | 28,126 | |
Shaw Communications, Inc. Class B | 459,912 | 13,688 | |
147,754 | |||
Wireless Telecommunication Services - 2.0% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 488,867 | 23,768 | |
T-Mobile U.S., Inc. (a) | 793,268 | 118,443 | |
142,211 | |||
TOTAL COMMUNICATION SERVICES | 543,461 | ||
CONSUMER DISCRETIONARY - 4.2% | |||
Diversified Consumer Services - 0.3% | |||
H&R Block, Inc. | 464,619 | 18,111 | |
Hotels, Restaurants & Leisure - 1.3% | |||
McDonald's Corp. | 352,323 | 94,211 | |
Multiline Retail - 0.9% | |||
Dollar Tree, Inc. (a) | 246,457 | 37,013 | |
Target Corp. | 158,306 | 27,251 | |
64,264 | |||
Specialty Retail - 1.6% | |||
Best Buy Co., Inc. | 165,735 | 14,704 | |
Burlington Stores, Inc. (a) | 111,575 | 25,643 | |
Dick's Sporting Goods, Inc. | 27,675 | 3,619 | |
Lowe's Companies, Inc. | 14,487 | 3,017 | |
TJX Companies, Inc. | 868,467 | 71,093 | |
118,076 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Columbia Sportswear Co. | 60,145 | 5,768 | |
Tapestry, Inc. | 105,403 | 4,803 | |
10,571 | |||
TOTAL CONSUMER DISCRETIONARY | 305,233 | ||
CONSUMER STAPLES - 9.6% | |||
Beverages - 2.6% | |||
Diageo PLC | 541,204 | 23,665 | |
Keurig Dr. Pepper, Inc. | 2,105,740 | 74,291 | |
The Coca-Cola Co. | 1,477,775 | 90,617 | |
188,573 | |||
Food & Staples Retailing - 3.2% | |||
Albertsons Companies, Inc. | 781,273 | 16,563 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 407,172 | 18,594 | |
BJ's Wholesale Club Holdings, Inc. (a) | 333,941 | 24,201 | |
Costco Wholesale Corp. | 70,122 | 35,842 | |
Walmart, Inc. | 956,389 | 137,596 | |
232,796 | |||
Food Products - 1.3% | |||
Bunge Ltd. | 208,455 | 20,658 | |
Mondelez International, Inc. | 890,515 | 58,275 | |
Nestle SA (Reg. S) | 111,604 | 13,617 | |
92,550 | |||
Household Products - 1.4% | |||
Procter & Gamble Co. | 693,583 | 98,752 | |
Personal Products - 0.2% | |||
Unilever PLC | 312,485 | 15,905 | |
Tobacco - 0.9% | |||
Philip Morris International, Inc. | 601,843 | 62,736 | |
TOTAL CONSUMER STAPLES | 691,312 | ||
ENERGY - 9.8% | |||
Oil, Gas & Consumable Fuels - 9.8% | |||
Canadian Natural Resources Ltd. | 815,871 | 50,079 | |
ConocoPhillips Co. | 778,126 | 94,830 | |
Enterprise Products Partners LP | 1,662,561 | 42,562 | |
Exxon Mobil Corp. | 2,073,349 | 240,528 | |
Hess Corp. | 356,977 | 53,604 | |
Imperial Oil Ltd. | 930,022 | 50,830 | |
Phillips 66 Co. | 575,826 | 57,738 | |
Suncor Energy, Inc. | 1,319,577 | 45,799 | |
Valero Energy Corp. | 533,356 | 74,686 | |
710,656 | |||
FINANCIALS - 15.8% | |||
Banks - 10.1% | |||
Bank of America Corp. | 4,942,836 | 175,372 | |
Huntington Bancshares, Inc. | 3,272,621 | 49,646 | |
JPMorgan Chase & Co. | 1,664,345 | 232,942 | |
M&T Bank Corp. | 441,495 | 68,873 | |
PNC Financial Services Group, Inc. | 437,210 | 72,328 | |
Wells Fargo & Co. | 2,782,576 | 130,419 | |
729,580 | |||
Capital Markets - 0.8% | |||
BlackRock, Inc. Class A | 75,543 | 57,353 | |
Consumer Finance - 1.1% | |||
Capital One Financial Corp. | 668,363 | 79,535 | |
Insurance - 3.8% | |||
American Financial Group, Inc. | 315,186 | 44,942 | |
Chubb Ltd. | 386,855 | 88,006 | |
Hartford Financial Services Group, Inc. | 656,349 | 50,939 | |
Marsh & McLennan Companies, Inc. | 129,579 | 22,665 | |
The Travelers Companies, Inc. | 378,752 | 72,387 | |
278,939 | |||
TOTAL FINANCIALS | 1,145,407 | ||
HEALTH CARE - 17.1% | |||
Biotechnology - 2.1% | |||
AbbVie, Inc. | 381,505 | 56,367 | |
Amgen, Inc. | 366,071 | 92,396 | |
148,763 | |||
Health Care Equipment & Supplies - 0.3% | |||
GE HealthCare Technologies, Inc. (a) | 323,660 | 22,501 | |
Health Care Providers & Services - 2.9% | |||
Cigna Corp. | 350,286 | 110,925 | |
UnitedHealth Group, Inc. | 205,179 | 102,423 | |
213,348 | |||
Life Sciences Tools & Services - 2.0% | |||
Danaher Corp. | 550,994 | 145,672 | |
Pharmaceuticals - 9.8% | |||
AstraZeneca PLC (United Kingdom) | 596,388 | 78,134 | |
Bristol-Myers Squibb Co. | 1,500,846 | 109,036 | |
Eli Lilly & Co. | 309,702 | 106,584 | |
Johnson & Johnson | 896,931 | 146,576 | |
Merck & Co., Inc. | 579,048 | 62,196 | |
Roche Holding AG (participation certificate) | 286,397 | 89,405 | |
Royalty Pharma PLC | 929,314 | 36,420 | |
Sanofi SA | 809,523 | 79,272 | |
707,623 | |||
TOTAL HEALTH CARE | 1,237,907 | ||
INDUSTRIALS - 8.4% | |||
Aerospace & Defense - 3.0% | |||
Huntington Ingalls Industries, Inc. | 127,010 | 28,011 | |
Lockheed Martin Corp. | 79,704 | 36,924 | |
Northrop Grumman Corp. | 122,309 | 54,799 | |
The Boeing Co. (a) | 443,812 | 94,532 | |
214,266 | |||
Air Freight & Logistics - 0.5% | |||
United Parcel Service, Inc. Class B | 212,445 | 39,351 | |
Building Products - 0.6% | |||
Johnson Controls International PLC | 584,058 | 40,633 | |
Electrical Equipment - 0.8% | |||
AMETEK, Inc. | 374,913 | 54,332 | |
Industrial Conglomerates - 1.6% | |||
General Electric Co. | 970,980 | 78,144 | |
Hitachi Ltd. | 335,745 | 17,607 | |
Siemens AG | 150,365 | 23,488 | |
119,239 | |||
Machinery - 1.4% | |||
Crane Holdings Co. | 234,454 | 27,176 | |
Fortive Corp. | 450,100 | 30,620 | |
ITT, Inc. | 459,442 | 42,080 | |
99,876 | |||
Professional Services - 0.2% | |||
KBR, Inc. | 284,828 | 14,592 | |
Trading Companies & Distributors - 0.3% | |||
Watsco, Inc. (b) | 81,275 | 23,356 | |
TOTAL INDUSTRIALS | 605,645 | ||
INFORMATION TECHNOLOGY - 9.3% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 2,204,563 | 107,296 | |
IT Services - 1.6% | |||
Accenture PLC Class A | 117,254 | 32,720 | |
Amdocs Ltd. | 621,639 | 57,147 | |
Paychex, Inc. | 57,946 | 6,714 | |
Visa, Inc. Class A | 78,493 | 18,070 | |
114,651 | |||
Semiconductors & Semiconductor Equipment - 2.0% | |||
NXP Semiconductors NV | 407,540 | 75,114 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 783,258 | 72,632 | |
147,746 | |||
Software - 3.0% | |||
Gen Digital, Inc. | 824,668 | 18,976 | |
Microsoft Corp. | 338,019 | 83,764 | |
Open Text Corp. | 1,264,969 | 42,430 | |
Roper Technologies, Inc. | 166,890 | 71,220 | |
216,390 | |||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Apple, Inc. | 107,506 | 15,512 | |
Samsung Electronics Co. Ltd. | 1,344,410 | 66,884 | |
Seagate Technology Holdings PLC | 120,913 | 8,195 | |
90,591 | |||
TOTAL INFORMATION TECHNOLOGY | 676,674 | ||
MATERIALS - 4.9% | |||
Chemicals - 2.1% | |||
Linde PLC | 397,646 | 131,597 | |
Nutrien Ltd. | 215,151 | 17,810 | |
149,407 | |||
Containers & Packaging - 1.3% | |||
Ball Corp. | 589,859 | 34,353 | |
Crown Holdings, Inc. | 712,627 | 62,825 | |
97,178 | |||
Metals & Mining - 1.5% | |||
Anglo American PLC (United Kingdom) | 601,480 | 25,942 | |
Freeport-McMoRan, Inc. | 1,826,721 | 81,508 | |
107,450 | |||
TOTAL MATERIALS | 354,035 | ||
REAL ESTATE - 1.9% | |||
Equity Real Estate Investment Trusts (REITs) - 1.9% | |||
American Tower Corp. | 217,546 | 48,598 | |
Lamar Advertising Co. Class A | 451,319 | 48,084 | |
Public Storage | 137,347 | 41,800 | |
138,482 | |||
UTILITIES - 5.8% | |||
Electric Utilities - 3.3% | |||
Constellation Energy Corp. | 258,342 | 22,052 | |
Exelon Corp. | 943,158 | 39,792 | |
FirstEnergy Corp. | 590,739 | 24,191 | |
NextEra Energy, Inc. | 1,252,398 | 93,466 | |
PG&E Corp. (a) | 1,345,050 | 21,386 | |
Southern Co. | 548,168 | 37,100 | |
237,987 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Vistra Corp. | 956,829 | 22,064 | |
Multi-Utilities - 2.2% | |||
Ameren Corp. | 403,011 | 35,010 | |
CenterPoint Energy, Inc. | 1,254,319 | 37,780 | |
Dominion Energy, Inc. | 764,265 | 48,638 | |
WEC Energy Group, Inc. | 390,878 | 36,739 | |
158,167 | |||
TOTAL UTILITIES | 418,218 | ||
TOTAL COMMON STOCKS (Cost $4,584,624) | 6,827,030 | ||
Money Market Funds - 3.9% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.38% (c) | 277,141,713 | 277,197 | |
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d) | 7,255,524 | 7,256 | |
TOTAL MONEY MARKET FUNDS (Cost $284,453) | 284,453 | ||
TOTAL INVESTMENT IN SECURITIES - 98.2% (Cost $4,869,077) | 7,111,483 |
NET OTHER ASSETS (LIABILITIES) - 1.8% | 128,912 |
NET ASSETS - 100.0% | 7,240,395 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.38% | 10,397 | 1,027,289 | 760,489 | 5,534 | - | - | 277,197 | 0.6% |
Fidelity Securities Lending Cash Central Fund 4.38% | 12,160 | 988,232 | 993,136 | 123 | - | - | 7,256 | 0.0% |
Total | 22,557 | 2,015,521 | 1,753,625 | 5,657 | - | - | 284,453 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 543,461 | 543,461 | - | - |
Consumer Discretionary | 305,233 | 305,233 | - | - |
Consumer Staples | 691,312 | 638,125 | 53,187 | - |
Energy | 710,656 | 710,656 | - | - |
Financials | 1,145,407 | 1,145,407 | - | - |
Health Care | 1,237,907 | 991,096 | 246,811 | - |
Industrials | 605,645 | 564,550 | 41,095 | - |
Information Technology | 676,674 | 609,790 | 66,884 | - |
Materials | 354,035 | 328,093 | 25,942 | - |
Real Estate | 138,482 | 138,482 | - | - |
Utilities | 418,218 | 418,218 | - | - |
Money Market Funds | 284,453 | 284,453 | - | - |
Total Investments in Securities: | 7,111,483 | 6,677,564 | 433,919 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $7,414) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,584,624) | $ | 6,827,030 | ||
Fidelity Central Funds (cost $284,453) | 284,453 | |||
Total Investment in Securities (cost $4,869,077) | $ | 7,111,483 | ||
Receivable for investments sold | ||||
Regular delivery | 182,295 | |||
Delayed delivery | 6,835 | |||
Receivable for fund shares sold | 3,417 | |||
Dividends receivable | 9,216 | |||
Distributions receivable from Fidelity Central Funds | 1,026 | |||
Prepaid expenses | 7 | |||
Other receivables | 609 | |||
Total assets | 7,314,888 | |||
Liabilities | ||||
Payable for investments purchased | $ | 58,675 | ||
Payable for fund shares redeemed | 4,581 | |||
Accrued management fee | 2,541 | |||
Other affiliated payables | 803 | |||
Other payables and accrued expenses | 637 | |||
Collateral on securities loaned | 7,256 | |||
Total Liabilities | 74,493 | |||
Net Assets | $ | 7,240,395 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,000,833 | ||
Total accumulated earnings (loss) | 2,239,562 | |||
Net Assets | $ | 7,240,395 | ||
Net Asset Value and Maximum Offering Price | ||||
Equity-Income : | ||||
Net Asset Value , offering price and redemption price per share ($6,698,906 ÷ 101,253 shares) | $ | 66.16 | ||
Class K : | ||||
Net Asset Value , offering price and redemption price per share ($541,489 ÷ 8,191 shares) (a) | $ | 66.10 | ||
(a)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares |
Statement of Operations | ||||
Amounts in thousands | Year ended January 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 176,462 | ||
Income from Fidelity Central Funds (including $123 from security lending) | 5,657 | |||
Total Income | 182,119 | |||
Expenses | ||||
Management fee | $ | 30,915 | ||
Transfer agent fees | 8,717 | |||
Accounting fees | 1,091 | |||
Custodian fees and expenses | 95 | |||
Independent trustees' fees and expenses | 24 | |||
Registration fees | 110 | |||
Audit | 96 | |||
Legal | 12 | |||
Miscellaneous | 34 | |||
Total expenses before reductions | 41,094 | |||
Expense reductions | (255) | |||
Total expenses after reductions | 40,839 | |||
Net Investment income (loss) | 141,280 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 203,967 | |||
Redemptions in-kind | 19,241 | |||
Foreign currency transactions | (420) | |||
Total net realized gain (loss) | 222,788 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (398,004) | |||
Assets and liabilities in foreign currencies | (9) | |||
Total change in net unrealized appreciation (depreciation) | (398,013) | |||
Net gain (loss) | (175,225) | |||
Net increase (decrease) in net assets resulting from operations | $ | (33,945) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended January 31, 2023 | Year ended January 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 141,280 | $ | 122,850 |
Net realized gain (loss) | 222,788 | 591,527 | ||
Change in net unrealized appreciation (depreciation) | (398,013) | 850,931 | ||
Net increase (decrease) in net assets resulting from operations | (33,945) | 1,565,308 | ||
Distributions to shareholders | (314,648) | (746,840) | ||
Share transactions - net increase (decrease) | (292,149) | 467,705 | ||
Total increase (decrease) in net assets | (640,742) | 1,286,173 | ||
Net Assets | ||||
Beginning of period | 7,881,137 | 6,594,964 | ||
End of period | $ | 7,240,395 | $ | 7,881,137 |
Fidelity® Equity-Income Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 69.17 | $ | 61.74 | $ | 59.36 | $ | 54.70 | $ | 63.45 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 1.27 | 1.12 | .97 | 1.19 | 1.44 | |||||
Net realized and unrealized gain (loss) | (1.37) | 13.26 | 3.52 | 7.81 | (5.22) | |||||
Total from investment operations | (.10) | 14.38 | 4.49 | 9.00 | (3.78) | |||||
Distributions from net investment income | (1.23) | (1.09) | (.94) | (1.10) | (1.39) | |||||
Distributions from net realized gain | (1.67) | (5.86) | (1.17) | (3.24) | (3.58) | |||||
Total distributions | (2.91) C | (6.95) | (2.11) | (4.34) | (4.97) | |||||
Net asset value, end of period | $ | 66.16 | $ | 69.17 | $ | 61.74 | $ | 59.36 | $ | 54.70 |
Total Return D | .05% | 23.70% | 7.93% | 16.69% | (5.91)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .57% | .57% | .60% | .60% | .61% | |||||
Expenses net of fee waivers, if any | .57% | .57% | .60% | .60% | .61% | |||||
Expenses net of all reductions | .57% | .57% | .59% | .60% | .60% | |||||
Net investment income (loss) | 1.94% | 1.59% | 1.75% | 2.04% | 2.50% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 6,699 | $ | 7,163 | $ | 5,940 | $ | 5,378 | $ | 5,016 |
Portfolio turnover rate G | 22% H | 27% H | 50% H | 32% H | 24% H |
Fidelity® Equity-Income Fund Class K |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 69.11 | $ | 61.69 | $ | 59.31 | $ | 54.67 | $ | 63.41 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 1.33 | 1.17 | 1.02 | 1.24 | 1.51 | |||||
Net realized and unrealized gain (loss) | (1.38) | 13.26 | 3.52 | 7.80 | (5.22) | |||||
Total from investment operations | (.05) | 14.43 | 4.54 | 9.04 | (3.71) | |||||
Distributions from net investment income | (1.29) | (1.15) | (.99) | (1.16) | (1.45) | |||||
Distributions from net realized gain | (1.67) | (5.86) | (1.17) | (3.24) | (3.58) | |||||
Total distributions | (2.96) | (7.01) | (2.16) | (4.40) | (5.03) | |||||
Net asset value, end of period | $ | 66.10 | $ | 69.11 | $ | 61.69 | $ | 59.31 | $ | 54.67 |
Total Return C | .14% | 23.80% | 8.04% | 16.77% | (5.81)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .49% | .49% | .50% | .51% | .51% | |||||
Expenses net of fee waivers, if any | .48% | .48% | .50% | .51% | .51% | |||||
Expenses net of all reductions | .48% | .48% | .50% | .50% | .50% | |||||
Net investment income (loss) | 2.03% | 1.67% | 1.84% | 2.13% | 2.60% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 541 | $ | 719 | $ | 655 | $ | 788 | $ | 807 |
Portfolio turnover rate F | 22% G | 27% G | 50% G | 32% G | 24% G |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Fidelity Equity-Income Fund | $543 |
Gross unrealized appreciation | $2,366,015 |
Gross unrealized depreciation | (118,259) |
Net unrealized appreciation (depreciation) | $2,247,756 |
Tax Cost | $4,863,727 |
Undistributed ordinary income | $4,775 |
Undistributed long-term capital gain | $2,240 |
Net unrealized appreciation (depreciation) on securities and other investments | $2,233,052 |
January 31, 2023 | January 31, 2022 | |
Ordinary Income | $135,818 | $ 247,144 |
Long-term Capital Gains | 178,830 | 499,696 |
Total | $314,648 | $ 746,840 |
Purchases ($) | Sales ($) | |
Fidelity Equity-Income Fund | 1,535,133 | 2,347,357 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Equity-Income Fund | 757 | 19,241 | 48,923 | Equity-Income, Class K |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Equity-Income Fund | 415 | 13,022 | 29,474 | Class K |
Amount | % of Class-Level Average Net Assets | |
Equity-Income | $8,467 | .13 |
Class K | 250 | .04 |
$8,717 |
% of Average Net Assets | |
Fidelity Equity-Income Fund | .02 |
Amount | |
Fidelity Equity-Income Fund | $33 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Equity-Income Fund | Borrower | $7,926 | .32% | $- A |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Equity-Income Fund | 86,887 | 291,582 | 22,136 |
Amount | |
Fidelity Equity-Income Fund | $13 |
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 Equity-Income Fund | $13 | $- | $- |
Year ended January 31, 2023 | Year ended January 31, 2022 | |
Fidelity Equity-Income Fund | ||
Distributions to shareholders | ||
Equity-Income | $289,594 | $675,848 |
Class K | 25,054 | 70,992 |
Total | $314,648 | $746,840 |
Shares | Shares | Dollars | Dollars | |
Year ended January 31, 2023 | Year ended January 31, 2022 | Year ended January 31, 2023 | Year ended January 31, 2022 | |
Fidelity Equity-Income Fund | ||||
Equity-Income | ||||
Shares sold | 9,359 | 11,099 | $614,890 | $772,207 |
Reinvestment of distributions | 4,210 | 9,259 | 268,633 | 632,363 |
Shares redeemed | (15,862) | (13,025) | (1,032,128) | (916,774) |
Net increase (decrease) | (2,293) | 7,333 | $(148,605) | $487,796 |
Class K | ||||
Shares sold | 1,656 | 2,249 | $109,657 | $156,189 |
Reinvestment of distributions | 393 | 1,041 | 25,054 | 70,992 |
Shares redeemed | (4,255) | (3,504) | (278,255) | (247,272) |
Net increase (decrease) | (2,206) | (214) | $(143,544) | $(20,091) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Equity-Income Fund | ||||||||||
Fidelity® Equity-Income Fund | .57% | |||||||||
Actual | $ 1,000 | $ 1,049.90 | $ 2.95 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.33 | $ 2.91 | |||||||
Class K | .48% | |||||||||
Actual | $ 1,000 | $ 1,050.40 | $ 2.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.79 | $ 2.45 | |||||||
- 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
Contents
Average Annual Total Returns | |||
Periods ended January 31, 2023 | Past 1 year | Life of Fund A |
Fidelity® Equity-Income K6 Fund | 0.35% | 11.13% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Equity-Income K6 Fund, on June 13, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 3.3 | |
JPMorgan Chase & Co. | 3.2 | |
Bank of America Corp. | 2.4 | |
Johnson & Johnson | 2.0 | |
Danaher Corp. | 2.0 | |
Walmart, Inc. | 1.9 | |
Linde PLC | 1.8 | |
Wells Fargo & Co. | 1.8 | |
T-Mobile U.S., Inc. | 1.6 | |
Cigna Corp. | 1.6 | |
21.6 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 16.9 | |
Financials | 15.8 | |
Energy | 9.8 | |
Consumer Staples | 9.6 | |
Information Technology | 9.4 | |
Industrials | 8.4 | |
Communication Services | 7.4 | |
Utilities | 5.8 | |
Materials | 4.9 | |
Consumer Discretionary | 4.2 | |
Real Estate | 2.0 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 17.1% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 94.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.4% | |||
Diversified Telecommunication Services - 1.8% | |||
AT&T, Inc. | 64,055 | 1,304,800 | |
Verizon Communications, Inc. | 35,564 | 1,478,395 | |
2,783,195 | |||
Entertainment - 0.8% | |||
Activision Blizzard, Inc. | 15,890 | 1,216,697 | |
Interactive Media & Services - 0.9% | |||
Alphabet, Inc. Class A (a) | 14,249 | 1,408,371 | |
Media - 2.0% | |||
Comcast Corp. Class A | 57,757 | 2,272,738 | |
Interpublic Group of Companies, Inc. | 17,174 | 626,164 | |
Shaw Communications, Inc. Class B | 10,625 | 316,223 | |
3,215,125 | |||
Wireless Telecommunication Services - 1.9% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 10,837 | 526,884 | |
T-Mobile U.S., Inc. (a) | 17,002 | 2,538,569 | |
3,065,453 | |||
TOTAL COMMUNICATION SERVICES | 11,688,841 | ||
CONSUMER DISCRETIONARY - 4.2% | |||
Diversified Consumer Services - 0.2% | |||
H&R Block, Inc. | 10,381 | 404,651 | |
Hotels, Restaurants & Leisure - 1.3% | |||
McDonald's Corp. | 7,504 | 2,006,570 | |
Multiline Retail - 0.9% | |||
Dollar Tree, Inc. (a) | 5,443 | 817,430 | |
Target Corp. | 3,509 | 604,039 | |
1,421,469 | |||
Specialty Retail - 1.7% | |||
Best Buy Co., Inc. | 3,550 | 314,956 | |
Burlington Stores, Inc. (a) | 2,517 | 578,482 | |
Dick's Sporting Goods, Inc. | 625 | 81,725 | |
Lowe's Companies, Inc. | 313 | 65,182 | |
TJX Companies, Inc. | 19,263 | 1,576,869 | |
2,617,214 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Columbia Sportswear Co. | 1,255 | 120,355 | |
Tapestry, Inc. | 2,297 | 104,674 | |
225,029 | |||
TOTAL CONSUMER DISCRETIONARY | 6,674,933 | ||
CONSUMER STAPLES - 9.6% | |||
Beverages - 2.6% | |||
Diageo PLC | 12,138 | 530,748 | |
Keurig Dr. Pepper, Inc. | 45,103 | 1,591,234 | |
The Coca-Cola Co. | 31,727 | 1,945,500 | |
4,067,482 | |||
Food & Staples Retailing - 3.2% | |||
Albertsons Companies, Inc. | 17,366 | 368,159 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 8,928 | 407,700 | |
BJ's Wholesale Club Holdings, Inc. (a) | 7,534 | 545,989 | |
Costco Wholesale Corp. | 1,550 | 792,267 | |
Walmart, Inc. | 20,595 | 2,963,003 | |
5,077,118 | |||
Food Products - 1.3% | |||
Bunge Ltd. | 4,641 | 459,923 | |
Mondelez International, Inc. | 19,869 | 1,300,227 | |
Nestle SA (Reg. S) | 2,533 | 309,049 | |
2,069,199 | |||
Household Products - 1.4% | |||
Procter & Gamble Co. | 14,895 | 2,120,750 | |
Personal Products - 0.2% | |||
Unilever PLC | 7,115 | 362,147 | |
Tobacco - 0.9% | |||
Philip Morris International, Inc. | 13,357 | 1,392,334 | |
TOTAL CONSUMER STAPLES | 15,089,030 | ||
ENERGY - 9.8% | |||
Oil, Gas & Consumable Fuels - 9.8% | |||
Canadian Natural Resources Ltd. | 16,984 | 1,042,489 | |
ConocoPhillips Co. | 16,685 | 2,033,401 | |
Enterprise Products Partners LP | 37,451 | 958,746 | |
Exxon Mobil Corp. | 44,553 | 5,168,592 | |
Hess Corp. | 7,695 | 1,155,481 | |
Imperial Oil Ltd. | 20,823 | 1,138,062 | |
Phillips 66 Co. | 12,839 | 1,287,367 | |
Suncor Energy, Inc. | 29,577 | 1,026,542 | |
Valero Energy Corp. | 11,280 | 1,579,538 | |
15,390,218 | |||
FINANCIALS - 15.8% | |||
Banks - 9.9% | |||
Bank of America Corp. | 106,137 | 3,765,741 | |
Huntington Bancshares, Inc. | 68,408 | 1,037,749 | |
JPMorgan Chase & Co. | 35,793 | 5,009,588 | |
M&T Bank Corp. | 9,385 | 1,464,060 | |
PNC Financial Services Group, Inc. | 9,425 | 1,559,178 | |
Wells Fargo & Co. | 59,781 | 2,801,935 | |
15,638,251 | |||
Capital Markets - 0.8% | |||
BlackRock, Inc. Class A | 1,683 | 1,277,750 | |
Consumer Finance - 1.1% | |||
Capital One Financial Corp. | 14,181 | 1,687,539 | |
Insurance - 4.0% | |||
American Financial Group, Inc. | 7,070 | 1,008,111 | |
Chubb Ltd. | 8,578 | 1,951,409 | |
Hartford Financial Services Group, Inc. | 14,592 | 1,132,485 | |
Marsh & McLennan Companies, Inc. | 2,921 | 510,912 | |
The Travelers Companies, Inc. | 8,716 | 1,665,802 | |
6,268,719 | |||
TOTAL FINANCIALS | 24,872,259 | ||
HEALTH CARE - 16.9% | |||
Biotechnology - 2.0% | |||
AbbVie, Inc. | 8,000 | 1,182,000 | |
Amgen, Inc. | 7,824 | 1,974,778 | |
3,156,778 | |||
Health Care Equipment & Supplies - 0.3% | |||
GE HealthCare Technologies, Inc. (a) | 6,921 | 481,148 | |
Health Care Providers & Services - 3.0% | |||
Cigna Corp. | 7,521 | 2,381,675 | |
UnitedHealth Group, Inc. | 4,433 | 2,212,909 | |
4,594,584 | |||
Life Sciences Tools & Services - 2.0% | |||
Danaher Corp. | 11,857 | 3,134,754 | |
Pharmaceuticals - 9.6% | |||
AstraZeneca PLC (United Kingdom) | 12,614 | 1,652,592 | |
Bristol-Myers Squibb Co. | 32,224 | 2,341,074 | |
Eli Lilly & Co. | 6,583 | 2,265,539 | |
Johnson & Johnson | 19,259 | 3,147,306 | |
Merck & Co., Inc. | 12,185 | 1,308,791 | |
Roche Holding AG (participation certificate) | 6,157 | 1,922,033 | |
Royalty Pharma PLC | 20,686 | 810,684 | |
Sanofi SA | 17,171 | 1,681,461 | |
15,129,480 | |||
TOTAL HEALTH CARE | 26,496,744 | ||
INDUSTRIALS - 8.4% | |||
Aerospace & Defense - 3.0% | |||
Huntington Ingalls Industries, Inc. | 2,794 | 616,189 | |
Lockheed Martin Corp. | 1,738 | 805,146 | |
Northrop Grumman Corp. | 2,738 | 1,226,734 | |
The Boeing Co. (a) | 9,445 | 2,011,785 | |
4,659,854 | |||
Air Freight & Logistics - 0.6% | |||
United Parcel Service, Inc. Class B | 4,754 | 880,583 | |
Building Products - 0.6% | |||
Johnson Controls International PLC | 13,052 | 908,028 | |
Electrical Equipment - 0.7% | |||
AMETEK, Inc. | 7,807 | 1,131,390 | |
Industrial Conglomerates - 1.6% | |||
General Electric Co. | 20,766 | 1,671,248 | |
Hitachi Ltd. | 7,555 | 396,203 | |
Siemens AG | 3,379 | 527,818 | |
2,595,269 | |||
Machinery - 1.4% | |||
Crane Holdings Co. | 5,327 | 617,453 | |
Fortive Corp. | 9,956 | 677,307 | |
ITT, Inc. | 10,220 | 936,050 | |
2,230,810 | |||
Professional Services - 0.2% | |||
KBR, Inc. | 6,472 | 331,561 | |
Trading Companies & Distributors - 0.3% | |||
Watsco, Inc. (b) | 1,804 | 518,415 | |
TOTAL INDUSTRIALS | 13,255,910 | ||
INFORMATION TECHNOLOGY - 9.4% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 47,393 | 2,306,617 | |
IT Services - 1.7% | |||
Accenture PLC Class A | 2,639 | 736,413 | |
Amdocs Ltd. | 14,760 | 1,356,887 | |
Paychex, Inc. | 1,254 | 145,288 | |
Visa, Inc. Class A | 1,720 | 395,961 | |
2,634,549 | |||
Semiconductors & Semiconductor Equipment - 2.0% | |||
NXP Semiconductors NV | 8,575 | 1,580,458 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 17,360 | 1,609,793 | |
3,190,251 | |||
Software - 3.0% | |||
Gen Digital, Inc. | 18,199 | 418,759 | |
Microsoft Corp. | 7,180 | 1,779,276 | |
Open Text Corp. | 28,146 | 944,088 | |
Roper Technologies, Inc. | 3,560 | 1,519,230 | |
4,661,353 | |||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Apple, Inc. | 2,442 | 352,356 | |
Samsung Electronics Co. Ltd. | 28,767 | 1,431,143 | |
Seagate Technology Holdings PLC | 2,555 | 173,178 | |
1,956,677 | |||
TOTAL INFORMATION TECHNOLOGY | 14,749,447 | ||
MATERIALS - 4.9% | |||
Chemicals - 2.0% | |||
Linde PLC | 8,516 | 2,818,285 | |
Nutrien Ltd. | 4,795 | 396,920 | |
3,215,205 | |||
Containers & Packaging - 1.4% | |||
Ball Corp. | 13,141 | 765,332 | |
Crown Holdings, Inc. | 15,801 | 1,393,016 | |
2,158,348 | |||
Metals & Mining - 1.5% | |||
Anglo American PLC (United Kingdom) | 13,350 | 575,791 | |
Freeport-McMoRan, Inc. | 38,579 | 1,721,395 | |
2,297,186 | |||
TOTAL MATERIALS | 7,670,739 | ||
REAL ESTATE - 2.0% | |||
Equity Real Estate Investment Trusts (REITs) - 2.0% | |||
American Tower Corp. | 4,816 | 1,075,846 | |
Lamar Advertising Co. Class A | 10,105 | 1,076,587 | |
Public Storage | 3,099 | 943,150 | |
3,095,583 | |||
UTILITIES - 5.8% | |||
Electric Utilities - 3.3% | |||
Constellation Energy Corp. | 5,582 | 476,480 | |
Exelon Corp. | 20,890 | 881,349 | |
FirstEnergy Corp. | 13,042 | 534,070 | |
NextEra Energy, Inc. | 26,924 | 2,009,338 | |
PG&E Corp. (a) | 27,864 | 443,038 | |
Southern Co. | 12,134 | 821,229 | |
5,165,504 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Vistra Corp. | 21,140 | 487,488 | |
Multi-Utilities - 2.2% | |||
Ameren Corp. | 8,990 | 780,961 | |
CenterPoint Energy, Inc. | 27,939 | 841,523 | |
Dominion Energy, Inc. | 15,933 | 1,013,976 | |
WEC Energy Group, Inc. | 8,715 | 819,123 | |
3,455,583 | |||
TOTAL UTILITIES | 9,108,575 | ||
TOTAL COMMON STOCKS (Cost $123,040,404) | 148,092,279 | ||
Money Market Funds - 4.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.38% (c) | 6,466,608 | 6,467,902 | |
Fidelity Securities Lending Cash Central Fund 4.38% (c)(d) | 506,199 | 506,250 | |
TOTAL MONEY MARKET FUNDS (Cost $6,974,152) | 6,974,152 | ||
TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $130,014,556) | 155,066,431 |
NET OTHER ASSETS (LIABILITIES) - 1.4% | 2,219,756 |
NET ASSETS - 100.0% | 157,286,187 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.38% | 92,940 | 44,555,591 | 38,180,629 | 112,694 | - | - | 6,467,902 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.38% | - | 2,572,173 | 2,065,923 | 156 | - | - | 506,250 | 0.0% |
Total | 92,940 | 47,127,764 | 40,246,552 | 112,850 | - | - | 6,974,152 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 11,688,841 | 11,688,841 | - | - |
Consumer Discretionary | 6,674,933 | 6,674,933 | - | - |
Consumer Staples | 15,089,030 | 13,887,086 | 1,201,944 | - |
Energy | 15,390,218 | 15,390,218 | - | - |
Financials | 24,872,259 | 24,872,259 | - | - |
Health Care | 26,496,744 | 21,240,658 | 5,256,086 | - |
Industrials | 13,255,910 | 12,331,889 | 924,021 | - |
Information Technology | 14,749,447 | 13,318,304 | 1,431,143 | - |
Materials | 7,670,739 | 7,094,948 | 575,791 | - |
Real Estate | 3,095,583 | 3,095,583 | - | - |
Utilities | 9,108,575 | 9,108,575 | - | - |
Money Market Funds | 6,974,152 | 6,974,152 | - | - |
Total Investments in Securities: | 155,066,431 | 145,677,446 | 9,388,985 | - |
Statement of Assets and Liabilities | ||||
January 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $517,266) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $123,040,404) | $ | 148,092,279 | ||
Fidelity Central Funds (cost $6,974,152) | 6,974,152 | |||
Total Investment in Securities (cost $130,014,556) | $ | 155,066,431 | ||
Foreign currency held at value (cost $42) | 42 | |||
Receivable for investments sold | 3,907,188 | |||
Receivable for fund shares sold | 117,515 | |||
Dividends receivable | 185,353 | |||
Distributions receivable from Fidelity Central Funds | 22,034 | |||
Total assets | 159,298,563 | |||
Liabilities | ||||
Payable for investments purchased | $ | 1,360,032 | ||
Payable for fund shares redeemed | 102,346 | |||
Accrued management fee | 43,747 | |||
Other payables and accrued expenses | 1 | |||
Collateral on securities loaned | 506,250 | |||
Total Liabilities | 2,012,376 | |||
Net Assets | $ | 157,286,187 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 133,905,191 | ||
Total accumulated earnings (loss) | 23,380,996 | |||
Net Assets | $ | 157,286,187 | ||
Net Asset Value , offering price and redemption price per share ($157,286,187 ÷ 11,687,255 shares) | $ | 13.46 |
Statement of Operations | ||||
Year ended January 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 3,226,770 | ||
Income from Fidelity Central Funds (including $156 from security lending) | 112,850 | |||
Total Income | 3,339,620 | |||
Expenses | ||||
Management fee | $ | 461,344 | ||
Independent trustees' fees and expenses | 439 | |||
Total expenses before reductions | 461,783 | |||
Expense reductions | (67) | |||
Total expenses after reductions | 461,716 | |||
Net Investment income (loss) | 2,877,904 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,693,345) | |||
Foreign currency transactions | (3,023) | |||
Total net realized gain (loss) | (1,696,368) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,945,555 | |||
Assets and liabilities in foreign currencies | 769 | |||
Total change in net unrealized appreciation (depreciation) | 1,946,324 | |||
Net gain (loss) | 249,956 | |||
Net increase (decrease) in net assets resulting from operations | $ | 3,127,860 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2023 | Year ended January 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,877,904 | $ | 1,725,756 |
Net realized gain (loss) | (1,696,368) | 3,305,706 | ||
Change in net unrealized appreciation (depreciation) | 1,946,324 | 12,436,617 | ||
Net increase (decrease) in net assets resulting from operations | 3,127,860 | 17,468,079 | ||
Distributions to shareholders | (2,585,519) | (3,781,451) | ||
Share transactions | ||||
Proceeds from sales of shares | 77,628,161 | 52,489,944 | ||
Reinvestment of distributions | 2,585,519 | 3,781,451 | ||
Cost of shares redeemed | (31,423,794) | (26,061,658) | ||
Net increase (decrease) in net assets resulting from share transactions | 48,789,886 | 30,209,737 | ||
Total increase (decrease) in net assets | 49,332,227 | 43,896,365 | ||
Net Assets | ||||
Beginning of period | 107,953,960 | 64,057,595 | ||
End of period | $ | 157,286,187 | $ | 107,953,960 |
Other Information | ||||
Shares | ||||
Sold | 6,024,855 | 3,957,684 | ||
Issued in reinvestment of distributions | 205,000 | 281,069 | ||
Redeemed | (2,435,873) | (1,945,673) | ||
Net increase (decrease) | 3,793,982 | 2,293,080 | ||
Fidelity® Equity-Income K6 Fund |
Years ended January 31, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.68 | $ | 11.44 | $ | 10.83 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .27 | .24 | .20 | .12 | ||||
Net realized and unrealized gain (loss) | (.24) D | 2.51 | .62 | .79 | ||||
Total from investment operations | .03 | 2.75 | .82 | .91 | ||||
Distributions from net investment income | (.25) | (.23) | (.20) | (.08) | ||||
Distributions from net realized gain | - E | (.27) | (.01) | - E | ||||
Total distributions | (.25) | (.51) F | (.21) | (.08) | ||||
Net asset value, end of period | $ | 13.46 | $ | 13.68 | $ | 11.44 | $ | 10.83 |
Total Return G,H | .35% | 24.13% | 7.97% | 9.14% | ||||
Ratios to Average Net Assets C,I,J | ||||||||
Expenses before reductions | .34% | .34% | .34% | .34% K | ||||
Expenses net of fee waivers, if any | .34% | .34% | .34% | .34% K | ||||
Expenses net of all reductions | .34% | .34% | .34% | .34% K | ||||
Net investment income (loss) | 2.12% | 1.81% | 1.98% | 1.78% K | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 157,286 | $ | 107,954 | $ | 64,058 | $ | 48,531 |
Portfolio turnover rate L | 37% M | 43% M | 70% M | 21% K,M |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $27,693,706 |
Gross unrealized depreciation | (3,390,227) |
Net unrealized appreciation (depreciation) | $24,303,479 |
Tax Cost | $130,762,952 |
Undistributed ordinary income | $464,572 |
Capital loss carryforward | $(1,273,433) |
Net unrealized appreciation (depreciation) on securities and other investments | $24,189,857 |
Short-term | $(1,273,433) |
Long-term | (-) |
Total capital loss carryforward | $(1,273,433) |
January 31, 2023 | January 31, 2022 | |
Ordinary Income | $2,585,519 | $1,985,782 |
Long-term Capital Gains | - | 1,795,669 |
Total | $2,585,519 | $3,781,451 |
Purchases ($) | Sales ($) | |
Fidelity Equity-Income K6 Fund | 46,641,171 | 53,478,352 |
Shares | Total Proceeds ($) | |
Fidelity Equity-Income K6 Fund | 3,821,064 | 48,923,346 |
Shares | Total Proceeds ($) | |
Fidelity Equity-Income K6 Fund | 2,202,584 | 29,474,296 |
Amount | |
Fidelity Equity-Income K6 Fund | $713 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Equity-Income K6 Fund | 2,329,996 | 5,188,881 | (406,099) |
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 Equity-Income K6 Fund | $16 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 to January 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2022 | Ending Account Value January 31, 2023 | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 | |||||||
Fidelity® Equity-Income K6 Fund | .34% | |||||||||
Actual | $ 1,000 | $ 1,050.70 | $ 1.76 | |||||||
Hypothetical- B | $ 1,000 | $ 1,023.49 | $ 1.73 | |||||||
- 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, January 31, 2023, Fidelity Devonshire Trust (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 Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Equity-Income K6 Fund, Fidelity Mid Cap Value K6 Fund, Fidelity Series All-Sector Equity Fund and Fidelity Series Value Discovery Fund (the “Funds”):
Services Billed by Deloitte Entities
January 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Equity-Income K6 Fund | $45,800 | $- | $10,200 | $1,100 |
Fidelity Mid Cap Value K6 Fund | $35,700 | $- | $7,800 | $900 |
Fidelity Series All-Sector Equity Fund | $41,700 | $- | $8,100 | $1,000 |
Fidelity Series Value Discovery Fund | $43,100 | $- | $10,000 | $1,100 |
January 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Equity-Income K6 Fund | $45,400 | $- | $9,700 | $1,000 |
Fidelity Mid Cap Value K6 Fund | $38,200 | $- | $7,500 | $800 |
Fidelity Series All-Sector Equity Fund | $41,400 | $- | $7,800 | $1,000 |
Fidelity Series Value Discovery Fund | $42,700 | $- | $9,300 | $1,000 |
A Amounts may reflect rounding
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Equity-Income Fund, Fidelity Mid Cap Value Fund, Fidelity Series Stock Selector Large Cap Value Fund and Fidelity Stock Selector Large Cap Value Fund (the “Funds”):
Services Billed by PwC
January 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Equity-Income Fund | $63,000 | $5,000 | $18,200 | $1,700 |
Fidelity Mid Cap Value Fund | $45,000 | $3,800 | $10,000 | $1,300 |
Fidelity Series Stock Selector Large Cap Value Fund | $40,200 | $3,300 | $8,100 | $1,200 |
Fidelity Stock Selector Large Cap Value Fund | $44,700 | $3,800 | $8,400 | $1,300 |
January 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Equity-Income Fund | $57,800 | $5,400 | $15,200 | $1,700 |
Fidelity Mid Cap Value Fund | $43,100 | $4,100 | $8,800 | $1,300 |
Fidelity Series Stock Selector Large Cap Value Fund | $37,700 | $3,600 | $7,200 | $1,200 |
Fidelity Stock Selector Large Cap Value Fund | $42,700 | $4,100 | $8,000 | $1,300 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and 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 Deloitte Entities
January 31, 2023A | January 31, 2022A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
January 31, 2023A | January 31, 2022A | |
Audit-Related Fees | $7,914,600 | $8,239,800 |
Tax Fees | $1,000 | $354,200 |
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 Deloitte Entities and 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 | January 31, 2023A | January 31, 2022A |
Deloitte Entities | $498,500 | $567,600 |
PwC | $12,949,100 | $13,898,600 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and 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).
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 13.
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 Devonshire Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | March 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | March 23, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | March 23, 2023 |