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 811-3583
Fidelity Mt. Vernon Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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: | November 30 |
Date of reporting period: | May 31, 2018 |
Item 1.
Reports to Stockholders
Fidelity® Growth Company Fund Semi-Annual Report May 31, 2018 |
Contents
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
NVIDIA Corp. | 7.1 |
Amazon.com, Inc. | 5.9 |
Apple, Inc. | 4.9 |
Alphabet, Inc. Class A | 3.4 |
Facebook, Inc. Class A | 3.1 |
Salesforce.com, Inc. | 3.0 |
Microsoft Corp. | 2.5 |
adidas AG | 2.3 |
Alphabet, Inc. Class C | 1.8 |
lululemon athletica, Inc. | 1.8 |
35.8 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 44.0 |
Consumer Discretionary | 22.0 |
Health Care | 18.0 |
Industrials | 5.3 |
Consumer Staples | 4.1 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018* | ||
Stocks | 97.6% | |
Convertible Securities | 2.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.3% |
* Foreign investments - 11.7%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 21.8% | |||
Auto Components - 0.0% | |||
Aptiv PLC | 39,083 | $3,811 | |
Automobiles - 1.1% | |||
Tesla, Inc. (a)(b) | 1,707,445 | 486,161 | |
Hotels, Restaurants & Leisure - 1.9% | |||
China Lodging Group Ltd. ADR | 575,884 | 25,345 | |
Chipotle Mexican Grill, Inc. (a) | 279,766 | 120,350 | |
Hilton Worldwide Holdings, Inc. | 470,622 | 37,984 | |
Hyatt Hotels Corp. Class A | 151,574 | 12,388 | |
Las Vegas Sands Corp. | 778,470 | 62,752 | |
Marriott International, Inc. Class A | 120,523 | 16,314 | |
McDonald's Corp. | 1,319,965 | 211,208 | |
Shake Shack, Inc. Class A (a)(b) | 756,217 | 45,086 | |
Starbucks Corp. | 3,284,568 | 186,136 | |
U.S. Foods Holding Corp. (a) | 306,872 | 10,949 | |
Yum China Holdings, Inc. | 1,611,031 | 63,314 | |
Yum! Brands, Inc. | 868,796 | 70,659 | |
862,485 | |||
Household Durables - 0.4% | |||
iRobot Corp. (a)(b) | 566,716 | 35,369 | |
Roku, Inc. | 3,579,213 | 134,077 | |
Sony Corp. sponsored ADR | 125,086 | 5,890 | |
175,336 | |||
Internet & Direct Marketing Retail - 9.4% | |||
Amazon.com, Inc. (a) | 1,619,904 | 2,639,828 | |
Blue Apron Holdings, Inc. Class B | 2,211,569 | 6,790 | |
Ctrip.com International Ltd. ADR (a) | 1,032,440 | 46,553 | |
Expedia, Inc. | 297,979 | 36,064 | |
Groupon, Inc. (a) | 7,215,306 | 34,706 | |
JD.com, Inc. sponsored ADR (a) | 4,382,401 | 154,173 | |
Netflix, Inc. (a) | 2,052,449 | 721,641 | |
The Booking Holdings, Inc. (a) | 103,688 | 218,670 | |
The Honest Co., Inc. (a)(c)(d) | 39,835 | 736 | |
Wayfair LLC Class A (a)(b) | 3,599,499 | 332,414 | |
4,191,575 | |||
Leisure Products - 0.1% | |||
Callaway Golf Co. | 2,047,604 | 38,782 | |
Media - 0.8% | |||
Comcast Corp. Class A | 7,395,736 | 230,599 | |
Lions Gate Entertainment Corp.: | |||
Class A (b) | 97,018 | 2,248 | |
Class B | 83,892 | 1,831 | |
The Walt Disney Co. | 1,472,091 | 146,429 | |
Turn, Inc. (Escrow) (a)(c)(d) | 984,774 | 655 | |
381,762 | |||
Multiline Retail - 0.3% | |||
Dollar General Corp. | 192,086 | 16,804 | |
Dollar Tree, Inc. (a) | 810,489 | 66,938 | |
Target Corp. | 509,955 | 37,171 | |
120,913 | |||
Specialty Retail - 1.3% | |||
Home Depot, Inc. | 1,933,265 | 360,651 | |
L Brands, Inc. | 134,783 | 4,570 | |
Lowe's Companies, Inc. | 788,451 | 74,911 | |
RH (a)(b) | 1,025,895 | 100,261 | |
TJX Companies, Inc. | 510,601 | 46,117 | |
586,510 | |||
Textiles, Apparel & Luxury Goods - 6.5% | |||
adidas AG | 4,511,576 | 1,021,096 | |
Canada Goose Holdings, Inc. (a) | 610,400 | 25,742 | |
Carbon Black, Inc. | 70,900 | 1,667 | |
Cibus Global Ltd. Series C (c)(d)(e) | 4,523,810 | 9,500 | |
Homology Medicines, Inc. (a) | 440,484 | 8,867 | |
Homology Medicines, Inc. | 712,521 | 12,909 | |
Kering SA | 615,700 | 352,478 | |
lululemon athletica, Inc. (a)(f) | 7,603,859 | 798,785 | |
LVMH Moet Hennessy - Louis Vuitton SA | 216,838 | 75,503 | |
NIKE, Inc. Class B | 2,378,720 | 170,792 | |
PagSeguro Digital Ltd. (a) | 417,108 | 13,877 | |
Puma AG (b) | 50,441 | 30,604 | |
Scholar Rock Holding Corp. (b) | 201,000 | 3,515 | |
Scholar Rock Holding Corp. | 470,781 | 7,411 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 8,856,419 | 257,368 | |
Tory Burch LLC: | |||
Class A (c)(d)(e) | 950,844 | 67,310 | |
Class B (c)(d)(e) | 324,840 | 24,105 | |
Under Armour, Inc. Class C (non-vtg.) (a)(b) | 141,350 | 2,674 | |
VF Corp. | 376,141 | 30,528 | |
2,914,731 | |||
TOTAL CONSUMER DISCRETIONARY | 9,762,066 | ||
CONSUMER STAPLES - 4.1% | |||
Beverages - 2.0% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 306,094 | 68,283 | |
Dr. Pepper Snapple Group, Inc. | 1,122,210 | 133,880 | |
Fever-Tree Drinks PLC | 1,780,147 | 71,088 | |
Monster Beverage Corp. (a) | 6,459,405 | 330,463 | |
PepsiCo, Inc. | 910,990 | 91,327 | |
The Coca-Cola Co. | 4,858,624 | 208,921 | |
903,962 | |||
Food & Staples Retailing - 0.5% | |||
Costco Wholesale Corp. | 889,493 | 176,333 | |
Drogasil SA | 2,127,473 | 35,574 | |
Kroger Co. | 429,916 | 10,460 | |
222,367 | |||
Food Products - 0.3% | |||
Kellogg Co. | 81,228 | 5,230 | |
Lamb Weston Holdings, Inc. | 770,081 | 49,093 | |
Mondelez International, Inc. | 1,191,220 | 46,779 | |
The Hershey Co. | 207,924 | 18,721 | |
The Kraft Heinz Co. | 252,194 | 14,496 | |
134,319 | |||
Household Products - 0.1% | |||
Church & Dwight Co., Inc. | 739,156 | 34,703 | |
Colgate-Palmolive Co. | 317,166 | 20,010 | |
Kimberly-Clark Corp. | 90,594 | 9,136 | |
63,849 | |||
Personal Products - 0.5% | |||
Coty, Inc. Class A | 6,709,349 | 88,899 | |
Godrej Consumer Products Ltd. | 301,051 | 5,086 | |
Herbalife Nutrition Ltd. (a) | 1,881,258 | 95,511 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 624,300 | 34,816 | |
224,312 | |||
Tobacco - 0.7% | |||
Altria Group, Inc. | 2,878,608 | 160,454 | |
British American Tobacco PLC sponsored ADR | 191,960 | 9,828 | |
Philip Morris International, Inc. | 1,736,517 | 138,123 | |
308,405 | |||
TOTAL CONSUMER STAPLES | 1,857,214 | ||
ENERGY - 1.9% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes, a GE Co. Class A | 1,869,819 | 64,677 | |
Halliburton Co. | 476,812 | 23,717 | |
88,394 | |||
Oil, Gas & Consumable Fuels - 1.7% | |||
Anadarko Petroleum Corp. | 238,600 | 16,654 | |
Cabot Oil & Gas Corp. | 1,331,089 | 30,415 | |
Concho Resources, Inc. (a) | 446,971 | 61,374 | |
Continental Resources, Inc. (a) | 433,551 | 29,195 | |
Diamondback Energy, Inc. | 158,320 | 19,119 | |
EOG Resources, Inc. | 1,716,412 | 202,210 | |
Hess Corp. | 338,119 | 20,429 | |
Noble Energy, Inc. | 1,251,837 | 44,691 | |
Occidental Petroleum Corp. | 669,469 | 56,369 | |
PDC Energy, Inc. (a) | 389,575 | 23,565 | |
Pioneer Natural Resources Co. | 562,091 | 108,540 | |
Reliance Industries Ltd. | 4,932,780 | 67,401 | |
Valero Energy Corp. | 651,481 | 78,959 | |
758,921 | |||
TOTAL ENERGY | 847,315 | ||
FINANCIALS - 2.8% | |||
Banks - 1.0% | |||
Bank of America Corp. | 2,033,822 | 59,062 | |
Citigroup, Inc. | 549,649 | 36,656 | |
HDFC Bank Ltd. sponsored ADR | 1,256,040 | 133,668 | |
JPMorgan Chase & Co. | 1,750,742 | 187,347 | |
Signature Bank (a) | 69,457 | 8,855 | |
Wells Fargo & Co. | 680,639 | 36,748 | |
462,336 | |||
Capital Markets - 1.7% | |||
BlackRock, Inc. Class A | 403,898 | 215,774 | |
BM&F BOVESPA SA | 5,250,497 | 30,693 | |
Charles Schwab Corp. | 6,718,458 | 373,681 | |
E*TRADE Financial Corp. (a) | 563,961 | 35,727 | |
Edelweiss Financial Services Ltd. | 5,416,808 | 26,212 | |
Nomura Holdings, Inc. | 4,816,200 | 24,825 | |
T. Rowe Price Group, Inc. | 311,980 | 37,881 | |
744,793 | |||
Consumer Finance - 0.1% | |||
American Express Co. | 188,934 | 18,572 | |
Discover Financial Services | 132,280 | 9,770 | |
28,342 | |||
Insurance - 0.0% | |||
Hiscox Ltd. | 374,800 | 7,484 | |
TOTAL FINANCIALS | 1,242,955 | ||
HEALTH CARE - 17.0% | |||
Biotechnology - 11.9% | |||
AbbVie, Inc. | 1,316,480 | 130,253 | |
ACADIA Pharmaceuticals, Inc. (a)(b)(f) | 6,890,955 | 124,726 | |
Agios Pharmaceuticals, Inc. (a) | 2,252,500 | 210,609 | |
Alexion Pharmaceuticals, Inc. (a) | 1,323,554 | 153,704 | |
Alkermes PLC (a)(f) | 9,384,653 | 442,956 | |
Alnylam Pharmaceuticals, Inc. (a)(f) | 5,080,974 | 505,404 | |
Amgen, Inc. | 1,141,970 | 205,121 | |
AnaptysBio, Inc. (a) | 266,663 | 20,746 | |
Argenx SE ADR | 77,101 | 7,363 | |
Array BioPharma, Inc. (a) | 5,319,165 | 86,968 | |
Arsanis, Inc. (a) | 345,972 | 5,958 | |
aTyr Pharma, Inc. (a)(f)(g) | 524,585 | 473 | |
aTyr Pharma, Inc. (a)(f) | 1,705,667 | 1,539 | |
BeiGene Ltd. ADR (a) | 2,043,459 | 408,937 | |
Biogen, Inc. (a) | 342,832 | 100,779 | |
bluebird bio, Inc. (a)(f) | 2,589,689 | 463,684 | |
Blueprint Medicines Corp. (a) | 334,484 | 28,123 | |
Calyxt, Inc. (b)(f) | 1,709,853 | 32,265 | |
Celgene Corp. (a) | 910,148 | 71,610 | |
Cellectis SA sponsored ADR (a) | 843,732 | 25,261 | |
Chimerix, Inc. (a) | 1,640,841 | 7,499 | |
Coherus BioSciences, Inc. (a)(b) | 2,242,509 | 34,983 | |
CytomX Therapeutics, Inc. (a) | 716,789 | 18,400 | |
CytomX Therapeutics, Inc. (a)(g) | 794,033 | 20,383 | |
Denali Therapeutics, Inc. (a)(b) | 936,708 | 18,013 | |
Editas Medicine, Inc. (a)(b) | 901,566 | 34,548 | |
Evelo Biosciences, Inc. | 515,500 | 8,191 | |
Evelo Biosciences, Inc. | 909,286 | 13,004 | |
Exact Sciences Corp. (a) | 175,802 | 10,467 | |
Exelixis, Inc. (a) | 12,248,299 | 253,907 | |
Fate Therapeutics, Inc. (a)(b) | 1,815,965 | 19,885 | |
Five Prime Therapeutics, Inc. (a) | 1,448,898 | 25,443 | |
Gilead Sciences, Inc. | 649,602 | 43,783 | |
Global Blood Therapeutics, Inc. (a) | 1,053,863 | 50,744 | |
Heron Therapeutics, Inc. (a) | 2,558,835 | 83,418 | |
Intellia Therapeutics, Inc. (a)(b) | 799,636 | 21,670 | |
Intercept Pharmaceuticals, Inc. (a) | 136,249 | 9,566 | |
Ionis Pharmaceuticals, Inc. (a)(b)(f) | 7,372,773 | 343,940 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 4,960,261 | 92,162 | |
Jounce Therapeutics, Inc. (a)(b) | 516,395 | 5,809 | |
Kiniksa Pharmaceuticals Ltd. | 141,600 | 2,423 | |
Kiniksa Pharmaceuticals Ltd. | 304,279 | 4,686 | |
Lexicon Pharmaceuticals, Inc. (a)(b)(f) | 6,839,857 | 79,342 | |
Macrogenics, Inc. (a) | 201,491 | 4,580 | |
Momenta Pharmaceuticals, Inc. (a)(f) | 5,073,012 | 119,723 | |
Protagonist Therapeutics, Inc. (a) | 831,414 | 6,053 | |
Prothena Corp. PLC (a)(f) | 2,019,677 | 27,245 | |
Regeneron Pharmaceuticals, Inc. (a) | 715,368 | 214,839 | |
Regulus Therapeutics, Inc. (a)(b)(f) | 5,236,516 | 3,825 | |
Rigel Pharmaceuticals, Inc. (a)(f) | 11,621,382 | 37,769 | |
Sage Therapeutics, Inc. (a) | 2,105,273 | 321,454 | |
Seres Therapeutics, Inc. (a)(b) | 1,132,111 | 9,113 | |
Seres Therapeutics, Inc. (a)(g) | 572,827 | 4,611 | |
Sienna Biopharmaceuticals, Inc. (b)(f) | 815,686 | 12,227 | |
Sienna Biopharmaceuticals, Inc. (f)(g) | 564,045 | 8,455 | |
Spark Therapeutics, Inc. (a) | 808,302 | 64,494 | |
Syros Pharmaceuticals, Inc. (a)(f) | 1,156,394 | 14,374 | |
Syros Pharmaceuticals, Inc. (a)(f)(g) | 938,007 | 11,659 | |
TESARO, Inc. (a)(b) | 368,254 | 16,855 | |
Ultragenyx Pharmaceutical, Inc. (a) | 682,379 | 49,950 | |
uniQure B.V. (a) | 829,128 | 29,053 | |
UNITY Biotechnology, Inc. (b) | 478,294 | 7,127 | |
UNITY Biotechnology, Inc. | 1,193,604 | 16,006 | |
Vertex Pharmaceuticals, Inc. (a) | 371,370 | 57,191 | |
Xencor, Inc. (a) | 1,268,991 | 50,772 | |
Zai Lab Ltd. ADR (b) | 1,061,325 | 24,856 | |
5,340,976 | |||
Health Care Equipment & Supplies - 2.1% | |||
Abbott Laboratories | 562,870 | 34,633 | |
Align Technology, Inc. (a) | 127,590 | 42,354 | |
Boston Scientific Corp. (a) | 1,009,834 | 30,689 | |
Danaher Corp. | 1,241,755 | 123,281 | |
DexCom, Inc. (a) | 444,609 | 39,121 | |
Genmark Diagnostics, Inc. (a) | 1,480,341 | 10,851 | |
Insulet Corp. (a) | 1,937,956 | 181,761 | |
Intuitive Surgical, Inc. (a) | 435,225 | 200,060 | |
Novocure Ltd. (a) | 1,790,083 | 56,298 | |
Novocure Ltd. (a)(g) | 571,461 | 17,972 | |
Penumbra, Inc. (a) | 1,262,496 | 203,136 | |
Presbia PLC (a)(f) | 1,272,116 | 2,748 | |
942,904 | |||
Health Care Providers & Services - 0.7% | |||
G1 Therapeutics, Inc. | 309,704 | 13,413 | |
Humana, Inc. | 59,948 | 17,444 | |
McKesson Corp. | 94,133 | 13,361 | |
National Vision Holdings, Inc. | 168,479 | 6,133 | |
OptiNose, Inc. (b)(f) | 1,017,943 | 23,484 | |
OptiNose, Inc. (f)(g) | 992,571 | 22,899 | |
UnitedHealth Group, Inc. | 819,870 | 198,007 | |
294,741 | |||
Health Care Technology - 0.3% | |||
athenahealth, Inc. (a) | 647,757 | 97,468 | |
Castlight Health, Inc. Class B (a) | 2,134,008 | 7,682 | |
Cerner Corp. (a) | 201,783 | 12,042 | |
Teladoc, Inc. (a)(b) | 249,963 | 12,723 | |
129,915 | |||
Life Sciences Tools & Services - 0.0% | |||
Illumina, Inc. (a) | 49,571 | 13,505 | |
Pharmaceuticals - 2.0% | |||
Adimab LLC (c)(d)(e) | 3,162,765 | 128,503 | |
Akcea Therapeutics, Inc. (b)(f) | 4,827,247 | 117,012 | |
Bristol-Myers Squibb Co. | 1,046,977 | 55,092 | |
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(h) | 46,864 | 23,900 | |
Intra-Cellular Therapies, Inc. (a)(f) | 3,751,784 | 87,342 | |
Kolltan Pharmaceuticals, Inc. rights (a)(d) | 7,940,644 | 0 | |
MyoKardia, Inc. (a) | 1,373,765 | 65,391 | |
Nektar Therapeutics (a) | 3,546,028 | 284,640 | |
resTORbio, Inc. (a)(b) | 181,228 | 1,774 | |
Rhythm Pharmaceuticals, Inc. | 493,000 | 15,840 | |
RPI International Holdings LP (c)(d) | 130,847 | 19,006 | |
Stemcentrx, Inc. rights 12/31/21 (a)(d) | 2,065,715 | 4,049 | |
The Medicines Company (a)(b) | 2,288,388 | 77,485 | |
Theravance Biopharma, Inc. (a)(b) | 979,838 | 23,849 | |
903,883 | |||
TOTAL HEALTH CARE | 7,625,924 | ||
INDUSTRIALS - 5.1% | |||
Aerospace & Defense - 1.1% | |||
Lockheed Martin Corp. | 449,707 | 141,451 | |
Northrop Grumman Corp. | 56,050 | 18,342 | |
Space Exploration Technologies Corp. Class A (a)(c)(d) | 418,210 | 70,677 | |
The Boeing Co. | 592,796 | 208,759 | |
United Technologies Corp. | 414,223 | 51,703 | |
490,932 | |||
Air Freight & Logistics - 0.3% | |||
FedEx Corp. | 84,188 | 20,973 | |
United Parcel Service, Inc. Class B | 916,730 | 106,451 | |
127,424 | |||
Airlines - 1.2% | |||
Allegiant Travel Co. | 125,576 | 19,006 | |
Azul SA sponsored ADR (a) | 496,820 | 10,622 | |
Delta Air Lines, Inc. | 756,462 | 40,887 | |
InterGlobe Aviation Ltd. (g) | 1,333,131 | 24,105 | |
JetBlue Airways Corp. (a) | 4,509,381 | 85,182 | |
Ryanair Holdings PLC sponsored ADR (a) | 465,525 | 53,959 | |
Southwest Airlines Co. | 2,076,154 | 106,050 | |
Spirit Airlines, Inc. (a) | 294,150 | 10,792 | |
United Continental Holdings, Inc. (a) | 562,183 | 39,122 | |
Wheels Up Partners Holdings LLC: | |||
Series B (a)(c)(d)(e) | 6,703,518 | 15,485 | |
Series C (a)(c)(d)(e) | 3,466,281 | 8,007 | |
Wizz Air Holdings PLC (a)(g) | 2,889,497 | 130,676 | |
543,893 | |||
Construction & Engineering - 0.1% | |||
Fluor Corp. | 471,731 | 22,992 | |
Electrical Equipment - 0.2% | |||
AMETEK, Inc. | 63,963 | 4,671 | |
Eaton Corp. PLC | 401,805 | 30,770 | |
Emerson Electric Co. | 355,670 | 25,196 | |
Fortive Corp. | 613,286 | 44,580 | |
105,217 | |||
Industrial Conglomerates - 0.7% | |||
3M Co. | 642,270 | 126,675 | |
General Electric Co. | 1,544,835 | 21,751 | |
Honeywell International, Inc. | 1,047,514 | 154,938 | |
303,364 | |||
Machinery - 1.1% | |||
Aumann AG (g) | 230,094 | 16,247 | |
Caterpillar, Inc. | 1,221,175 | 185,509 | |
Cummins, Inc. | 251,642 | 35,831 | |
Deere & Co. | 697,226 | 104,242 | |
Illinois Tool Works, Inc. | 281,708 | 40,481 | |
Rational AG | 18,703 | 11,698 | |
Wabtec Corp. (b) | 255,020 | 24,867 | |
Xylem, Inc. | 1,125,774 | 79,254 | |
498,129 | |||
Road & Rail - 0.4% | |||
J.B. Hunt Transport Services, Inc. | 302,231 | 38,716 | |
Union Pacific Corp. | 1,060,289 | 151,367 | |
190,083 | |||
TOTAL INDUSTRIALS | 2,282,034 | ||
INFORMATION TECHNOLOGY - 43.3% | |||
Communications Equipment - 0.6% | |||
Arista Networks, Inc. (a) | 145,999 | 36,728 | |
Infinera Corp. (a)(f) | 11,301,466 | 99,453 | |
NETGEAR, Inc. (a)(f) | 1,887,777 | 114,116 | |
Palo Alto Networks, Inc. (a) | 56,107 | 11,675 | |
261,972 | |||
Electronic Equipment & Components - 0.1% | |||
Cognex Corp. | 51,338 | 2,347 | |
IPG Photonics Corp. (a) | 17,154 | 4,139 | |
TE Connectivity Ltd. | 105,300 | 9,801 | |
Trimble, Inc. (a) | 1,667,150 | 55,116 | |
71,403 | |||
Internet Software & Services - 11.9% | |||
2U, Inc. (a) | 769,771 | 72,974 | |
Actua Corp. (d)(f) | 1,800,882 | 1,801 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,252,238 | 247,956 | |
Alphabet, Inc.: | |||
Class A (a) | 1,390,819 | 1,529,901 | |
Class C (a) | 756,673 | 820,983 | |
Apptio, Inc. Class A (a) | 1,226,480 | 40,511 | |
CarGurus, Inc. Class A | 52,014 | 1,725 | |
DocuSign, Inc. | 122,292 | 6,091 | |
Dropbox, Inc.: | |||
Class A (a) | 213,339 | 6,398 | |
Class B | 736,721 | 19,885 | |
eBay, Inc. (a) | 497,114 | 18,751 | |
Etsy, Inc. (a) | 186,014 | 6,016 | |
Facebook, Inc. Class A (a) | 7,240,959 | 1,388,671 | |
GoDaddy, Inc. (a) | 345,482 | 24,733 | |
Match Group, Inc. (a)(b) | 210,012 | 8,642 | |
MongoDB, Inc. | 956,702 | 45,089 | |
NAVER Corp. | 8,760 | 5,425 | |
NetEase, Inc. ADR | 203,990 | 46,575 | |
New Relic, Inc. (a) | 434,667 | 44,158 | |
Nutanix, Inc.: | |||
Class A (a) | 5,705,044 | 304,935 | |
Class B (a)(g) | 1,151,309 | 61,537 | |
Shopify, Inc. Class A (a) | 3,312,196 | 491,312 | |
Tencent Holdings Ltd. | 1,265,800 | 64,622 | |
Twitter, Inc. (a) | 398,662 | 13,834 | |
Wix.com Ltd. (a) | 597,418 | 51,945 | |
5,324,470 | |||
IT Services - 3.7% | |||
Cognizant Technology Solutions Corp. Class A | 925,970 | 69,772 | |
IBM Corp. | 231,719 | 32,744 | |
MasterCard, Inc. Class A | 2,255,060 | 428,732 | |
PayPal Holdings, Inc. (a) | 5,239,725 | 430,024 | |
Square, Inc. (a) | 2,724,395 | 158,696 | |
Visa, Inc. Class A | 3,983,910 | 520,777 | |
1,640,745 | |||
Semiconductors & Semiconductor Equipment - 9.8% | |||
Advanced Micro Devices, Inc. (a)(b) | 4,607,150 | 63,256 | |
Applied Materials, Inc. | 403,517 | 20,491 | |
ASML Holding NV | 403,483 | 79,345 | |
Broadcom, Inc. | 587,850 | 148,179 | |
Cirrus Logic, Inc. (a) | 1,111,714 | 41,667 | |
Cree, Inc. (a) | 1,614,518 | 75,269 | |
Inphi Corp. (a)(b) | 291,513 | 9,847 | |
Intel Corp. | 75,915 | 4,191 | |
KLA-Tencor Corp. | 243,611 | 27,584 | |
Marvell Technology Group Ltd. | 2,055,295 | 44,271 | |
Micron Technology, Inc. (a) | 1,295,859 | 74,629 | |
NVIDIA Corp. | 12,672,330 | 3,195,833 | |
Qorvo, Inc. (a) | 184,020 | 14,768 | |
Renesas Electronics Corp. (a) | 901,400 | 8,966 | |
Silicon Laboratories, Inc. (a)(f) | 3,182,940 | 336,118 | |
Skyworks Solutions, Inc. | 110,704 | 10,917 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,174,756 | 45,463 | |
Texas Instruments, Inc. | 1,556,747 | 174,216 | |
4,375,010 | |||
Software - 11.9% | |||
Activision Blizzard, Inc. | 7,162,180 | 507,870 | |
Adobe Systems, Inc. (a) | 1,740,080 | 433,767 | |
Aspen Technology, Inc. (a) | 332,699 | 31,028 | |
Atlassian Corp. PLC (a) | 446,080 | 28,455 | |
Autodesk, Inc. (a) | 1,570,583 | 202,762 | |
Black Knight, Inc. (a) | 496,358 | 25,116 | |
BlackBerry Ltd. (a) | 2,197,390 | 25,995 | |
Electronic Arts, Inc. (a) | 1,544,109 | 202,139 | |
HubSpot, Inc. (a) | 1,713,908 | 207,726 | |
Intuit, Inc. | 545,956 | 110,065 | |
Microsoft Corp. | 11,205,425 | 1,107,544 | |
Nintendo Co. Ltd. | 88,100 | 36,063 | |
Oracle Corp. | 959,062 | 44,807 | |
Parametric Technology Corp. (a) | 1,976,498 | 170,453 | |
Paylocity Holding Corp. (a) | 145,801 | 8,712 | |
Pivotal Software, Inc. | 985,316 | 17,726 | |
Pluralsight, Inc. | 257,500 | 5,541 | |
Proofpoint, Inc. (a) | 449,825 | 52,580 | |
Red Hat, Inc. (a) | 3,923,340 | 637,229 | |
Salesforce.com, Inc. (a) | 10,308,990 | 1,333,262 | |
Smartsheet, Inc. | 98,632 | 2,458 | |
Snap, Inc. Class A (a)(b) | 1,724,290 | 19,640 | |
Zendesk, Inc. (a) | 2,124,395 | 118,732 | |
Zscaler, Inc. (a) | 667,045 | 17,517 | |
5,347,187 | |||
Technology Hardware, Storage & Peripherals - 5.3% | |||
Apple, Inc. | 11,692,679 | 2,185,011 | |
NetApp, Inc. | 377,709 | 25,805 | |
Pure Storage, Inc. Class A (a) | 5,415,148 | 116,209 | |
Samsung Electronics Co. Ltd. | 1,064,900 | 49,982 | |
2,377,007 | |||
TOTAL INFORMATION TECHNOLOGY | 19,397,794 | ||
MATERIALS - 0.9% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 1,347,177 | 55,423 | |
DowDuPont, Inc. | 3,407,653 | 218,465 | |
LG Chemical Ltd. | 101,570 | 31,829 | |
LyondellBasell Industries NV Class A | 119,209 | 13,366 | |
The Mosaic Co. | 241,652 | 6,643 | |
The Scotts Miracle-Gro Co. Class A | 938,082 | 79,859 | |
405,585 | |||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
American Tower Corp. | 684,456 | 94,708 | |
Ant International Co. Ltd. (c)(d)(i) | 1,658,265 | 9,303 | |
104,011 | |||
TELECOMMUNICATION SERVICES - 0.4% | |||
Diversified Telecommunication Services - 0.1% | |||
Verizon Communications, Inc. | 936,657 | 44,650 | |
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. (a) | 2,793,188 | 155,581 | |
TOTAL TELECOMMUNICATION SERVICES | 200,231 | ||
TOTAL COMMON STOCKS | |||
(Cost $19,079,015) | 43,725,129 | ||
Preferred Stocks - 2.2% | |||
Convertible Preferred Stocks - 2.1% | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) | 61,485 | 8,604 | |
Topgolf International, Inc. Series F (c)(d) | 819,532 | 11,337 | |
19,941 | |||
Internet & Direct Marketing Retail - 0.0% | |||
The Honest Co., Inc.: | |||
Series C (a)(c)(d) | 92,950 | 2,904 | |
Series D (a)(c)(d) | 69,363 | 2,340 | |
5,244 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. Series E (a)(c)(d) | 637,482 | 23,058 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
Generation Bio Series B (c)(d) | 831,800 | 7,607 | |
Harmony Biosciences II, Inc. Series A (c)(d) | 10,934,380 | 10,934 | |
ORIC Pharmaceuticals, Inc. Series C (c)(d) | 1,416,666 | 4,250 | |
Rubius Therapeutics, Inc.: | |||
Series B (c)(d) | 1,287,247 | 16,464 | |
Series C (c)(d) | 578,030 | 7,393 | |
46,648 | |||
TOTAL CONSUMER DISCRETIONARY | 94,891 | ||
FINANCIALS - 0.0% | |||
Insurance - 0.0% | |||
Clover Health Series D (c)(d) | 863,631 | 8,099 | |
HEALTH CARE - 1.0% | |||
Biotechnology - 0.9% | |||
10X Genomics, Inc.: | |||
Series C (a)(c)(d) | 2,505,940 | 23,982 | |
Series D (c)(d) | 364,100 | 3,484 | |
23andMe, Inc. Series F (c)(d) | 590,383 | 9,210 | |
Axcella Health, Inc. Series C (a)(c)(d) | 536,592 | 6,933 | |
BioNTech AG Series A (c)(d) | 114,025 | 24,331 | |
Immunocore Ltd. Series A (a)(c)(d) | 67,323 | 23,468 | |
Intarcia Therapeutics, Inc.: | |||
Series CC (a)(c)(d) | 1,051,411 | 63,085 | |
Series DD (a)(c)(d) | 1,543,687 | 92,621 | |
Kaleido Biosciences, Inc. Series C, (c)(d) | 729,738 | 7,290 | |
Moderna Therapeutics, Inc.: | |||
Series B (a)(c)(d) | 242,837 | 2,443 | |
Series C (a)(c)(d) | 554,903 | 5,582 | |
Series D (a)(c)(d) | 4,688,230 | 47,164 | |
Series E (a)(c)(d) | 5,651,170 | 56,851 | |
Series F (a)(c)(d) | 140,212 | 1,411 | |
Translate Bio: | |||
Series B (a)(c)(d) | 4,408,601 | 8,729 | |
Series C (a)(c)(d) | 6,666,443 | 13,200 | |
389,784 | |||
Health Care Equipment & Supplies - 0.0% | |||
Shockwave Medical, Inc. Series C (c)(d) | 5,413,080 | 7,416 | |
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (a)(c)(d) | 2,790,742 | 19,912 | |
Health Care Technology - 0.0% | |||
Codiak Biosciences, Inc.: | |||
Series A 8.00% (a)(c)(d) | 589,863 | 2,234 | |
Series B 8.00% (a)(c)(d) | 1,917,058 | 7,261 | |
Series C, 8.00% (c)(d) | 2,688,186 | 10,182 | |
19,677 | |||
Life Sciences Tools & Services - 0.0% | |||
Neon Therapeutics, Inc. Series B (a)(c)(d) | 4,449,273 | 12,814 | |
Pharmaceuticals - 0.0% | |||
Constellation Pharmaceuticals Series F (c)(d) | 4,665,921 | 4,666 | |
Nohla Therapeutics, Inc. Series B (c)(d) | 9,124,200 | 4,161 | |
8,827 | |||
TOTAL HEALTH CARE | 458,430 | ||
INDUSTRIALS - 0.2% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp. Series G (a)(c)(d) | 216,276 | 36,551 | |
Commercial Services & Supplies - 0.0% | |||
Domo, Inc. Series D (a)(c)(d) | 2,990,903 | 14,476 | |
Professional Services - 0.1% | |||
YourPeople, Inc. Series C (a)(c)(d) | 5,833,137 | 29,399 | |
TOTAL INDUSTRIALS | 80,426 | ||
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.5% | |||
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) | 7,578,338 | 344 | |
Reddit, Inc. Series B (c)(d) | 384,303 | 8,935 | |
Starry, Inc.: | |||
Series B (a)(c)(d) | 9,869,159 | 9,099 | |
Series C (c)(d) | 5,234,614 | 4,826 | |
Uber Technologies, Inc.: | |||
Series D, 8.00% (a)(c)(d) | 4,770,180 | 190,807 | |
Series E, 8.00% (a)(c)(d) | 209,216 | 8,369 | |
222,380 | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (a)(c)(d) | 923,523 | 21,887 | |
Software - 0.2% | |||
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 1,429,726 | 10,423 | |
Dataminr, Inc. Series D (a)(c)(d) | 1,773,901 | 35,301 | |
Outset Medical, Inc. Series C (a)(c)(d) | 1,244,716 | 3,535 | |
Taboola.Com Ltd. Series E (a)(c)(d) | 1,337,420 | 22,255 | |
71,514 | |||
TOTAL INFORMATION TECHNOLOGY | 315,781 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series A1 (a)(c)(d) | 699,106 | 895 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 958,522 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
FINANCIALS - 0.1% | |||
Banks - 0.1% | |||
Itau Unibanco Holding SA | 1,874,400 | 21,633 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Yumanity Holdings LLC Class A (a)(c)(d) | 464,607 | 3,898 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 25,531 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $665,581) | 984,053 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 1.76% (j) | 161,172,548 | 161,205 | |
Fidelity Securities Lending Cash Central Fund 1.76% (j)(k) | 589,835,518 | 589,895 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $751,090) | 751,100 | ||
TOTAL INVESTMENT IN SECURITIES - 101.4% | |||
(Cost $20,495,686) | 45,460,282 | ||
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (639,355) | ||
NET ASSETS - 100% | $44,820,927 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,339,607,000 or 3.0% of net assets.
(d) Level 3 security
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(f) Affiliated company
(g) 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 $319,017,000 or 0.7% of net assets.
(h) Investment represents common shares and preferred shares.
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(k) Includes investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
10X Genomics, Inc. Series C | 2/23/16 - 4/3/17 | $11,222 |
10X Genomics, Inc. Series D | 4/10/18 | $3,484 |
23andMe, Inc. Series F | 8/31/17 | $8,197 |
Adimab LLC | 9/17/14 - 6/5/15 | $47,869 |
Altiostar Networks, Inc. Series A1 | 1/10/17 | $3,216 |
Ant International Co. Ltd. | 5/16/18 | $9,303 |
AppNexus, Inc. Series E | 8/1/14 | $18,500 |
Axcella Health, Inc. Series C | 8/11/17 | $5,409 |
BioNTech AG Series A | 12/29/17 | $24,972 |
Castle Creek Pharmaceuticals, LLC Class A-2 unit | 9/29/16 | $15,465 |
Cibus Global Ltd. Series C | 2/16/18 | $9,500 |
Cloudflare, Inc. Series D, 8.00% | 11/5/14 | $8,758 |
Clover Health Series D | 6/7/17 | $8,099 |
Codiak Biosciences, Inc. Series A 8.00% | 11/12/15 | $590 |
Codiak Biosciences, Inc. Series B 8.00% | 11/12/15 | $5,751 |
Codiak Biosciences, Inc. Series C, 8.00% | 11/17/17 | $10,182 |
Constellation Pharmaceuticals Series F | 4/5/18 | $4,666 |
Dataminr, Inc. Series D | 2/18/15 - 3/6/15 | $22,617 |
Domo, Inc. Series D | 1/24/14 | $12,362 |
Generation Bio Series B | 2/21/18 | $7,607 |
Harmony Biosciences II, Inc. Series A | 9/22/17 | $10,934 |
Immunocore Ltd. Series A | 7/27/15 | $12,669 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $14,331 |
Intarcia Therapeutics, Inc. Series DD | 3/17/14 | $50,000 |
Jet.Com, Inc. Series B1 (Escrow) | 9/19/16 | $2,489 |
Kaleido Biosciences, Inc. Series C, | 3/16/18 | $7,290 |
MOD Super Fast Pizza Holdings LLC Series 3 Preferred | 11/3/16 - 12/14/17 | $8,439 |
Moderna Therapeutics, Inc. Series B | 4/13/17 | $1,408 |
Moderna Therapeutics, Inc. Series C | 4/13/17 | $3,224 |
Moderna Therapeutics, Inc. Series D | 11/6/13 | $20,615 |
Moderna Therapeutics, Inc. Series E | 12/18/14 | $24,850 |
Moderna Therapeutics, Inc. Series F | 8/10/16 | $617 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $18,851 |
Neon Therapeutics, Inc. Series B | 12/28/16 - 12/1/17 | $12,503 |
Nohla Therapeutics, Inc. Series B | 5/1/18 | $4,161 |
ORIC Pharmaceuticals, Inc. Series C | 2/6/18 | $4,250 |
Outset Medical, Inc. Series C | 4/19/17 | $3,226 |
Peloton Interactive, Inc. Series E | 3/31/17 | $13,809 |
Reddit, Inc. Series B | 7/26/17 | $5,456 |
RPI International Holdings LP | 5/21/15 - 3/23/16 | $16,269 |
Rubius Therapeutics, Inc. Series B | 6/7/17 | $10,800 |
Rubius Therapeutics, Inc. Series C | 2/23/18 | $7,393 |
Shockwave Medical, Inc. Series C | 9/27/17 | $5,467 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 4/6/17 | $38,201 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $16,753 |
Starry, Inc. Series B | 12/1/16 | $5,339 |
Starry, Inc. Series C | 12/8/17 | $4,826 |
Taboola.Com Ltd. Series E | 12/22/14 | $13,943 |
The Honest Co., Inc. | 8/21/14 | $1,078 |
The Honest Co., Inc. Series C | 8/21/14 | $2,515 |
The Honest Co., Inc. Series D | 8/3/15 | $3,174 |
Topgolf International, Inc. Series F | 11/10/17 | $11,337 |
Tory Burch LLC Class A | 5/14/15 | 67,653 |
Tory Burch LLC Class B | 12/31/12 | $17,505 |
Translate Bio Series B | 7/17/15 | $4,761 |
Translate Bio Series C | 12/22/16 - 12/22/17 | $13,200 |
Turn, Inc. (Escrow) | 4/11/17 | $709 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $74,000 |
Uber Technologies, Inc. Series E, 8.00% | 12/5/14 | $6,971 |
Wheels Up Partners Holdings LLC Series B | 9/18/15 | $19,040 |
Wheels Up Partners Holdings LLC Series C | 6/22/17 | 10,815 |
YourPeople, Inc. Series C | 5/1/15 | $86,920 |
Yumanity Holdings LLC Class A | 2/8/16 | $3,140 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $625 |
Fidelity Securities Lending Cash Central Fund | 5,617 |
Total | $6,242 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
ACADIA Pharmaceuticals, Inc. | $231,213 | $148 | $21,734 | $-- | $(2,730) | $(82,171) | $124,726 |
Actua Corp. | 36,209 | -- | 924 | -- | (31,611) | (1,873) | 1,801 |
Akcea Therapeutics, Inc. | 70,889 | 26,196 | 2,302 | -- | 1,452 | 20,777 | 117,012 |
Alkermes PLC | 485,912 | 28,513 | 21,338 | -- | 10,159 | (60,290) | 442,956 |
Alnylam Pharmaceuticals, Inc. | 668,331 | 34,139 | 19,885 | -- | 12,716 | (189,897) | 505,404 |
aTyr Pharma, Inc. | 5,730 | -- | -- | -- | -- | 13,743 | 473 |
aTyr Pharma, Inc. | 3,031 | 27 | 84 | -- | (33) | (20,402) | 1,539 |
Avexis, Inc. | 162,779 | 14,222 | 387,476 | -- | 250,139 | (39,664) | -- |
bluebird bio, Inc. | 439,342 | 27,158 | 18,849 | -- | 12,990 | 3,043 | 463,684 |
Calyxt, Inc. | 28,618 | 3,870 | 872 | -- | 530 | 119 | 32,265 |
Exelixis, Inc. | 410,001 | -- | 67,864 | -- | 27,944 | (116,174) | -- |
Infinera Corp. | 81,330 | 3,479 | 3,033 | -- | 748 | 16,929 | 99,453 |
Intra-Cellular Therapies, Inc. | 59,705 | 236 | 2,050 | -- | 416 | 29,035 | 87,342 |
Ionis Pharmaceuticals, Inc. | 417,706 | 5,601 | 13,031 | -- | 6,375 | (72,711) | 343,940 |
Lexicon Pharmaceuticals, Inc. | 71,027 | 929 | 1,797 | -- | 182 | 9,001 | 79,342 |
lululemon athletica, Inc. | 521,918 | 37,729 | 58,403 | -- | 20,431 | 277,110 | 798,785 |
Momenta Pharmaceuticals, Inc. | 70,799 | 1,750 | 2,536 | -- | 649 | 49,061 | 119,723 |
NETGEAR, Inc. | -- | 120,709 | 2,698 | -- | 274 | (4,169) | 114,116 |
OptiNose, Inc. | 14,894 | 4,429 | 498 | -- | 65 | 4,594 | 23,484 |
OptiNose, Inc. | 17,053 | -- | -- | -- | -- | 5,846 | 22,899 |
Presbia PLC | 3,510 | -- | 123 | -- | 11 | (650) | 2,748 |
Prothena Corp. PLC | 100,105 | 274 | 4,610 | -- | (784) | (67,740) | 27,245 |
Regulus Therapeutics, Inc. | 4,872 | 23 | 164 | -- | 28 | (934) | 3,825 |
Rigel Pharmaceuticals, Inc. | 44,595 | 4,744 | 1,200 | -- | 578 | (10,948) | 37,769 |
Sienna Biopharmaceuticals, Inc. | 16,690 | 223 | 410 | -- | 54 | (4,330) | 12,227 |
Sienna Biopharmaceuticals, Inc. | 10,803 | -- | -- | -- | -- | (2,348) | 8,455 |
Silicon Laboratories, Inc. | 298,944 | 3,752 | 12,672 | -- | 4,729 | 41,365 | 336,118 |
Syros Pharmaceuticals, Inc. | 10,854 | 4,689 | 305 | -- | 17 | (881) | 14,374 |
Syros Pharmaceuticals, Inc. | 13,929 | -- | -- | -- | -- | (2,270) | 11,659 |
Total | $4,300,789 | $322,840 | $644,858 | $-- | $315,329 | $(206,829) | $3,833,364 |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $9,856,957 | $9,563,937 | $95,823 | $197,197 |
Consumer Staples | 1,857,214 | 1,822,398 | 34,816 | -- |
Energy | 847,315 | 847,315 | -- | -- |
Financials | 1,272,687 | 1,239,763 | 24,825 | 8,099 |
Health Care | 8,088,252 | 7,416,770 | 46,510 | 624,972 |
Industrials | 2,362,460 | 2,187,865 | -- | 174,595 |
Information Technology | 19,713,575 | 19,275,423 | 120,570 | 317,582 |
Materials | 405,585 | 405,585 | -- | -- |
Real Estate | 104,011 | 94,708 | -- | 9,303 |
Telecommunication Services | 201,126 | 200,231 | -- | 895 |
Money Market Funds | 751,100 | 751,100 | -- | -- |
Total Investments in Securities: | $45,460,282 | $43,805,095 | $322,544 | $1,332,643 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Equities - Health Care | |
Beginning Balance | $489,611 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 99,584 |
Cost of Purchases | 53,902 |
Proceeds of Sales | (9,164) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (8,961) |
Ending Balance | $624,972 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $81,521 |
Other Investments in Securities | |
Beginning Balance | $618,926 |
Net Realized Gain (Loss) on Investment Securities | 5,435 |
Net Unrealized Gain (Loss) on Investment Securities | 60,128 |
Cost of Purchases | 43,619 |
Proceeds of Sales | (56,646) |
Amortization/Accretion | -- |
Transfers into Level 3 | 36,209 |
Transfers out of Level 3 | -- |
Ending Balance | $707,671 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $95,645 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 88.3% |
Cayman Islands | 2.8% |
Germany | 2.5% |
Ireland | 1.3% |
Canada | 1.2% |
France | 1.1% |
Others (Individually Less Than 1%) | 2.8% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | May 31, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $568,056) — See accompanying schedule: Unaffiliated issuers (cost $17,213,647) | $40,875,818 | |
Fidelity Central Funds (cost $751,090) | 751,100 | |
Other affiliated issuers (cost $2,530,949) | 3,833,364 | |
Total Investment in Securities (cost $20,495,686) | $45,460,282 | |
Restricted cash | 282 | |
Foreign currency held at value (cost $1,784) | 1,784 | |
Receivable for investments sold | 18,093 | |
Receivable for fund shares sold | 22,943 | |
Dividends receivable | 30,075 | |
Distributions receivable from Fidelity Central Funds | 2,781 | |
Prepaid expenses | 10 | |
Other receivables | 2,450 | |
Total assets | 45,538,700 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $45,683 | |
Delayed delivery | 9,303 | |
Payable for fund shares redeemed | 37,540 | |
Accrued management fee | 26,415 | |
Other affiliated payables | 3,697 | |
Other payables and accrued expenses | 5,287 | |
Collateral on securities loaned | 589,848 | |
Total liabilities | 717,773 | |
Net Assets | $44,820,927 | |
Net Assets consist of: | ||
Paid in capital | $17,577,029 | |
Distributions in excess of net investment income | (27,840) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 2,309,775 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 24,961,963 | |
Net Assets | $44,820,927 | |
Growth Company: | ||
Net Asset Value, offering price and redemption price per share ($27,580,141 ÷ 138,951 shares) | $198.49 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($17,240,786 ÷ 86,845 shares) | $198.52 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | |
Investment Income | ||
Dividends | $147,947 | |
Income from Fidelity Central Funds | 6,242 | |
Total income | 154,189 | |
Expenses | ||
Management fee | ||
Basic fee | $117,285 | |
Performance adjustment | 39,095 | |
Transfer agent fees | 21,451 | |
Accounting and security lending fees | 1,181 | |
Custodian fees and expenses | 423 | |
Independent trustees' fees and expenses | 96 | |
Registration fees | 220 | |
Audit | 151 | |
Legal | 48 | |
Interest | 6 | |
Miscellaneous | 162 | |
Total expenses before reductions | 180,118 | |
Expense reductions | (436) | |
Total expenses after reductions | 179,682 | |
Net investment income (loss) | (25,493) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,127,392 | |
Fidelity Central Funds | 37 | |
Other affiliated issuers | 315,329 | |
Foreign currency transactions | (28) | |
Total net realized gain (loss) | 2,442,730 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $778) | 2,764,054 | |
Fidelity Central Funds | (15) | |
Other affiliated issuers | (206,829) | |
Assets and liabilities in foreign currencies | (92) | |
Total change in net unrealized appreciation (depreciation) | 2,557,118 | |
Net gain (loss) | 4,999,848 | |
Net increase (decrease) in net assets resulting from operations | $4,974,355 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(25,493) | $904 |
Net realized gain (loss) | 2,442,730 | 5,300,359 |
Change in net unrealized appreciation (depreciation) | 2,557,118 | 6,673,348 |
Net increase (decrease) in net assets resulting from operations | 4,974,355 | 11,974,611 |
Distributions to shareholders from net investment income | (1,416) | (37,300) |
Distributions to shareholders from net realized gain | (1,898,114) | (2,014,292) |
Total distributions | (1,899,530) | (2,051,592) |
Share transactions - net increase (decrease) | 73,487 | (4,103,390) |
Total increase (decrease) in net assets | 3,148,312 | 5,819,629 |
Net Assets | ||
Beginning of period | 41,672,615 | 35,852,986 |
End of period | $44,820,927 | $41,672,615 |
Other Information | ||
Distributions in excess of net investment income end of period | $(27,840) | $(931) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Growth Company Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $185.27 | $142.76 | $143.47 | $136.46 | $124.69 | $95.80 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.14) | (.06) | .09 | (.01) | .15 | .29 |
Net realized and unrealized gain (loss) | 21.82 | 50.73 | 4.71 | 11.72 | 20.49 | 31.23 |
Total from investment operations | 21.68 | 50.67 | 4.80 | 11.71 | 20.64 | 31.52 |
Distributions from net investment income | – | (.09) | – | (.13) | (.21) | (.19) |
Distributions from net realized gain | (8.46) | (8.07) | (5.51) | (4.57) | (8.67) | (2.44) |
Total distributions | (8.46) | (8.16) | (5.51) | (4.70) | (8.87)B | (2.63) |
Net asset value, end of period | $198.49 | $185.27 | $142.76 | $143.47 | $136.46 | $124.69 |
Total ReturnC,D | 12.18% | 37.34% | 3.48% | 8.90% | 17.80% | 33.85% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .86%G | .85% | .77% | .88% | .82% | .83% |
Expenses net of fee waivers, if any | .86%G | .85% | .77% | .87% | .82% | .83% |
Expenses net of all reductions | .86%G | .85% | .77% | .87% | .82% | .83% |
Net investment income (loss) | (.15)%G | (.04)% | .07% | (.01)% | .12% | .27% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $27,580 | $25,256 | $21,114 | $23,513 | $24,165 | $22,936 |
Portfolio turnover rateH | 18%G,I | 15%I | 19%I | 18%I | 12%I | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $8.87 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $8.666 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Growth Company Fund Class K
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $185.24 | $142.74 | $143.42 | $136.41 | $124.68 | $95.82 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.06) | .10 | .23 | .12 | .29 | .42 |
Net realized and unrealized gain (loss) | 21.81 | 50.70 | 4.71 | 11.72 | 20.48 | 31.21 |
Total from investment operations | 21.75 | 50.80 | 4.94 | 11.84 | 20.77 | 31.63 |
Distributions from net investment income | (.02) | (.23) | (.11) | (.26) | (.37) | (.34) |
Distributions from net realized gain | (8.46) | (8.07) | (5.51) | (4.57) | (8.67) | (2.44) |
Total distributions | (8.47)B | (8.30) | (5.62) | (4.83) | (9.04) | (2.77)C |
Net asset value, end of period | $198.52 | $185.24 | $142.74 | $143.42 | $136.41 | $124.68 |
Total ReturnD,E | 12.23% | 37.47% | 3.59% | 9.01% | 17.93% | 34.02% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .78%H | .75% | .66% | .77% | .71% | .71% |
Expenses net of fee waivers, if any | .78%H | .75% | .66% | .77% | .71% | .71% |
Expenses net of all reductions | .77%H | .75% | .66% | .77% | .71% | .71% |
Net investment income (loss) | (.06)%H | .06% | .17% | .09% | .24% | .39% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $17,241 | $16,416 | $14,739 | $17,587 | $18,242 | $21,951 |
Portfolio turnover rateI | 18%H,J | 15%J | 19%J | 18%J | 12%J | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $8.47 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $8.455 per share.
C Total distributions of $2.77 per share is comprised of distributions from net investment income of $.336 and distributions from net realized gain of $2.438 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $1,330,840 | Market approach | Transaction price | $0.81 - $169.00 / $60.93 | Increase |
Liquidity preference | $16.35 - $45.76 / $36.41 | Increase | |||
Conversion ratio | 1.6 | Increase | |||
Market comparable | Transaction price | $0.46 - $330.00 / $65.27 | Increase | ||
Enterprise value/Sales multiple (EV/S) | 1.2 - 15.4 / 4.8 | Increase | |||
Discount rate | 20.0% - 76.0% / 59.7% | Decrease | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 12.1 | Increase | |||
Discount for lack of marketability | 10.0% - 20.0% / 13.6% | Decrease | |||
Enterprise value/Revenue multiple (EV/R) | 4.9 | Increase | |||
Liquidity preference | $4.13 - $25.62 / $17.92 | Increase | |||
Premium rate | 15.0% - 76.0% / 26.6% | Increase | |||
Conversion ratio | 3.0 | Increase | |||
Proxy premium | 28.2% - 54.5% / 48.6% | Increase | |||
Recovery value | Recovery value | 0.0% - 0.7% / 0.5% | Increase | ||
Discount cash flow | Discount rate | 8.0% | Decrease | ||
Discount for lack of marketability | 10.0% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $25,948,171 |
Gross unrealized depreciation | (1,111,591) |
Net unrealized appreciation (depreciation) | $24,836,580 |
Tax cost | $20,623,702 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $285,696 in these Subsidiaries, representing .64% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,784,466 and $4,378,502, respectively.
Redemptions In-Kind. During the period, 6,381 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $1,217,697. The net realized gain of $863,214 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 34,649 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $5,209,289. The Fund had a net realized gain of $3,322,910 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company(the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Company. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Growth Company | $17,626 | .13 |
Class K | 3,825 | .05 |
$21,451 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $111 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
Borrower | $25,753 | 1.65% | $6 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $684.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $61 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $61,050. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,617, including $437 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $225 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $209.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended May 31, 2018 | Year ended November 30, 2017 | |
From net investment income | ||
Growth Company | $– | $13,724 |
Class K | 1,416 | 23,576 |
Total | $1,416 | $37,300 |
From net realized gain | ||
Growth Company | $1,149,814 | $1,190,770 |
Class K | 748,300 | 823,522 |
Total | $1,898,114 | $2,014,292 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2018 | Year ended November 30, 2017 | Six months ended May 31, 2018 | Year ended November 30, 2017 | |
Growth Company | ||||
Shares sold | 18,927 | 17,127 | $3,565,595 | $2,740,883 |
Reinvestment of distributions | 5,899 | 8,092 | 1,059,396 | 1,134,062 |
Shares redeemed | (22,196)(a) | (36,791)(b) | (4,196,200)(a) | (5,635,831)(b) |
Net increase (decrease) | 2,630 | (11,572) | $428,791 | $(1,760,886) |
Class K | ||||
Shares sold | 11,280 | 19,521 | $2,138,762 | $3,093,032 |
Reinvestment of distributions | 4,174 | 6,051 | 749,491 | 847,098 |
Shares redeemed | (17,230)(a) | (40,209)(b) | (3,243,557)(a) | (6,282,634)(b) |
Net increase (decrease) | (1,776) | (14,637) | $(355,304) | $(2,342,504) |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Growth Company | .86% | |||
Actual | $1,000.00 | $1,121.80 | $4.55 | |
Hypothetical-C | $1,000.00 | $1,020.64 | $4.33 | |
Class K | .78% | |||
Actual | $1,000.00 | $1,122.30 | $4.13 | |
Hypothetical-C | $1,000.00 | $1,021.04 | $3.93 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® Growth Company Fund Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
NVIDIA Corp. | 7.1 |
Amazon.com, Inc. | 5.9 |
Apple, Inc. | 4.9 |
Alphabet, Inc. Class A | 3.4 |
Facebook, Inc. Class A | 3.1 |
Salesforce.com, Inc. | 3.0 |
Microsoft Corp. | 2.5 |
adidas AG | 2.3 |
Alphabet, Inc. Class C | 1.8 |
lululemon athletica, Inc. | 1.8 |
35.8 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 44.0 |
Consumer Discretionary | 22.0 |
Health Care | 18.0 |
Industrials | 5.3 |
Consumer Staples | 4.1 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018* | ||
Stocks | 97.6% | |
Convertible Securities | 2.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.3% |
* Foreign investments - 11.7%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 21.8% | |||
Auto Components - 0.0% | |||
Aptiv PLC | 39,083 | $3,811 | |
Automobiles - 1.1% | |||
Tesla, Inc. (a)(b) | 1,707,445 | 486,161 | |
Hotels, Restaurants & Leisure - 1.9% | |||
China Lodging Group Ltd. ADR | 575,884 | 25,345 | |
Chipotle Mexican Grill, Inc. (a) | 279,766 | 120,350 | |
Hilton Worldwide Holdings, Inc. | 470,622 | 37,984 | |
Hyatt Hotels Corp. Class A | 151,574 | 12,388 | |
Las Vegas Sands Corp. | 778,470 | 62,752 | |
Marriott International, Inc. Class A | 120,523 | 16,314 | |
McDonald's Corp. | 1,319,965 | 211,208 | |
Shake Shack, Inc. Class A (a)(b) | 756,217 | 45,086 | |
Starbucks Corp. | 3,284,568 | 186,136 | |
U.S. Foods Holding Corp. (a) | 306,872 | 10,949 | |
Yum China Holdings, Inc. | 1,611,031 | 63,314 | |
Yum! Brands, Inc. | 868,796 | 70,659 | |
862,485 | |||
Household Durables - 0.4% | |||
iRobot Corp. (a)(b) | 566,716 | 35,369 | |
Roku, Inc. | 3,579,213 | 134,077 | |
Sony Corp. sponsored ADR | 125,086 | 5,890 | |
175,336 | |||
Internet & Direct Marketing Retail - 9.4% | |||
Amazon.com, Inc. (a) | 1,619,904 | 2,639,828 | |
Blue Apron Holdings, Inc. Class B | 2,211,569 | 6,790 | |
Ctrip.com International Ltd. ADR (a) | 1,032,440 | 46,553 | |
Expedia, Inc. | 297,979 | 36,064 | |
Groupon, Inc. (a) | 7,215,306 | 34,706 | |
JD.com, Inc. sponsored ADR (a) | 4,382,401 | 154,173 | |
Netflix, Inc. (a) | 2,052,449 | 721,641 | |
The Booking Holdings, Inc. (a) | 103,688 | 218,670 | |
The Honest Co., Inc. (a)(c)(d) | 39,835 | 736 | |
Wayfair LLC Class A (a)(b) | 3,599,499 | 332,414 | |
4,191,575 | |||
Leisure Products - 0.1% | |||
Callaway Golf Co. | 2,047,604 | 38,782 | |
Media - 0.8% | |||
Comcast Corp. Class A | 7,395,736 | 230,599 | |
Lions Gate Entertainment Corp.: | |||
Class A (b) | 97,018 | 2,248 | |
Class B | 83,892 | 1,831 | |
The Walt Disney Co. | 1,472,091 | 146,429 | |
Turn, Inc. (Escrow) (a)(c)(d) | 984,774 | 655 | |
381,762 | |||
Multiline Retail - 0.3% | |||
Dollar General Corp. | 192,086 | 16,804 | |
Dollar Tree, Inc. (a) | 810,489 | 66,938 | |
Target Corp. | 509,955 | 37,171 | |
120,913 | |||
Specialty Retail - 1.3% | |||
Home Depot, Inc. | 1,933,265 | 360,651 | |
L Brands, Inc. | 134,783 | 4,570 | |
Lowe's Companies, Inc. | 788,451 | 74,911 | |
RH (a)(b) | 1,025,895 | 100,261 | |
TJX Companies, Inc. | 510,601 | 46,117 | |
586,510 | |||
Textiles, Apparel & Luxury Goods - 6.5% | |||
adidas AG | 4,511,576 | 1,021,096 | |
Canada Goose Holdings, Inc. (a) | 610,400 | 25,742 | |
Carbon Black, Inc. | 70,900 | 1,667 | |
Cibus Global Ltd. Series C (c)(d)(e) | 4,523,810 | 9,500 | |
Homology Medicines, Inc. (a) | 440,484 | 8,867 | |
Homology Medicines, Inc. | 712,521 | 12,909 | |
Kering SA | 615,700 | 352,478 | |
lululemon athletica, Inc. (a)(f) | 7,603,859 | 798,785 | |
LVMH Moet Hennessy - Louis Vuitton SA | 216,838 | 75,503 | |
NIKE, Inc. Class B | 2,378,720 | 170,792 | |
PagSeguro Digital Ltd. (a) | 417,108 | 13,877 | |
Puma AG (b) | 50,441 | 30,604 | |
Scholar Rock Holding Corp. (b) | 201,000 | 3,515 | |
Scholar Rock Holding Corp. | 470,781 | 7,411 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 8,856,419 | 257,368 | |
Tory Burch LLC: | |||
Class A (c)(d)(e) | 950,844 | 67,310 | |
Class B (c)(d)(e) | 324,840 | 24,105 | |
Under Armour, Inc. Class C (non-vtg.) (a)(b) | 141,350 | 2,674 | |
VF Corp. | 376,141 | 30,528 | |
2,914,731 | |||
TOTAL CONSUMER DISCRETIONARY | 9,762,066 | ||
CONSUMER STAPLES - 4.1% | |||
Beverages - 2.0% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 306,094 | 68,283 | |
Dr. Pepper Snapple Group, Inc. | 1,122,210 | 133,880 | |
Fever-Tree Drinks PLC | 1,780,147 | 71,088 | |
Monster Beverage Corp. (a) | 6,459,405 | 330,463 | |
PepsiCo, Inc. | 910,990 | 91,327 | |
The Coca-Cola Co. | 4,858,624 | 208,921 | |
903,962 | |||
Food & Staples Retailing - 0.5% | |||
Costco Wholesale Corp. | 889,493 | 176,333 | |
Drogasil SA | 2,127,473 | 35,574 | |
Kroger Co. | 429,916 | 10,460 | |
222,367 | |||
Food Products - 0.3% | |||
Kellogg Co. | 81,228 | 5,230 | |
Lamb Weston Holdings, Inc. | 770,081 | 49,093 | |
Mondelez International, Inc. | 1,191,220 | 46,779 | |
The Hershey Co. | 207,924 | 18,721 | |
The Kraft Heinz Co. | 252,194 | 14,496 | |
134,319 | |||
Household Products - 0.1% | |||
Church & Dwight Co., Inc. | 739,156 | 34,703 | |
Colgate-Palmolive Co. | 317,166 | 20,010 | |
Kimberly-Clark Corp. | 90,594 | 9,136 | |
63,849 | |||
Personal Products - 0.5% | |||
Coty, Inc. Class A | 6,709,349 | 88,899 | |
Godrej Consumer Products Ltd. | 301,051 | 5,086 | |
Herbalife Nutrition Ltd. (a) | 1,881,258 | 95,511 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 624,300 | 34,816 | |
224,312 | |||
Tobacco - 0.7% | |||
Altria Group, Inc. | 2,878,608 | 160,454 | |
British American Tobacco PLC sponsored ADR | 191,960 | 9,828 | |
Philip Morris International, Inc. | 1,736,517 | 138,123 | |
308,405 | |||
TOTAL CONSUMER STAPLES | 1,857,214 | ||
ENERGY - 1.9% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes, a GE Co. Class A | 1,869,819 | 64,677 | |
Halliburton Co. | 476,812 | 23,717 | |
88,394 | |||
Oil, Gas & Consumable Fuels - 1.7% | |||
Anadarko Petroleum Corp. | 238,600 | 16,654 | |
Cabot Oil & Gas Corp. | 1,331,089 | 30,415 | |
Concho Resources, Inc. (a) | 446,971 | 61,374 | |
Continental Resources, Inc. (a) | 433,551 | 29,195 | |
Diamondback Energy, Inc. | 158,320 | 19,119 | |
EOG Resources, Inc. | 1,716,412 | 202,210 | |
Hess Corp. | 338,119 | 20,429 | |
Noble Energy, Inc. | 1,251,837 | 44,691 | |
Occidental Petroleum Corp. | 669,469 | 56,369 | |
PDC Energy, Inc. (a) | 389,575 | 23,565 | |
Pioneer Natural Resources Co. | 562,091 | 108,540 | |
Reliance Industries Ltd. | 4,932,780 | 67,401 | |
Valero Energy Corp. | 651,481 | 78,959 | |
758,921 | |||
TOTAL ENERGY | 847,315 | ||
FINANCIALS - 2.8% | |||
Banks - 1.0% | |||
Bank of America Corp. | 2,033,822 | 59,062 | |
Citigroup, Inc. | 549,649 | 36,656 | |
HDFC Bank Ltd. sponsored ADR | 1,256,040 | 133,668 | |
JPMorgan Chase & Co. | 1,750,742 | 187,347 | |
Signature Bank (a) | 69,457 | 8,855 | |
Wells Fargo & Co. | 680,639 | 36,748 | |
462,336 | |||
Capital Markets - 1.7% | |||
BlackRock, Inc. Class A | 403,898 | 215,774 | |
BM&F BOVESPA SA | 5,250,497 | 30,693 | |
Charles Schwab Corp. | 6,718,458 | 373,681 | |
E*TRADE Financial Corp. (a) | 563,961 | 35,727 | |
Edelweiss Financial Services Ltd. | 5,416,808 | 26,212 | |
Nomura Holdings, Inc. | 4,816,200 | 24,825 | |
T. Rowe Price Group, Inc. | 311,980 | 37,881 | |
744,793 | |||
Consumer Finance - 0.1% | |||
American Express Co. | 188,934 | 18,572 | |
Discover Financial Services | 132,280 | 9,770 | |
28,342 | |||
Insurance - 0.0% | |||
Hiscox Ltd. | 374,800 | 7,484 | |
TOTAL FINANCIALS | 1,242,955 | ||
HEALTH CARE - 17.0% | |||
Biotechnology - 11.9% | |||
AbbVie, Inc. | 1,316,480 | 130,253 | |
ACADIA Pharmaceuticals, Inc. (a)(b)(f) | 6,890,955 | 124,726 | |
Agios Pharmaceuticals, Inc. (a) | 2,252,500 | 210,609 | |
Alexion Pharmaceuticals, Inc. (a) | 1,323,554 | 153,704 | |
Alkermes PLC (a)(f) | 9,384,653 | 442,956 | |
Alnylam Pharmaceuticals, Inc. (a)(f) | 5,080,974 | 505,404 | |
Amgen, Inc. | 1,141,970 | 205,121 | |
AnaptysBio, Inc. (a) | 266,663 | 20,746 | |
Argenx SE ADR | 77,101 | 7,363 | |
Array BioPharma, Inc. (a) | 5,319,165 | 86,968 | |
Arsanis, Inc. (a) | 345,972 | 5,958 | |
aTyr Pharma, Inc. (a)(f)(g) | 524,585 | 473 | |
aTyr Pharma, Inc. (a)(f) | 1,705,667 | 1,539 | |
BeiGene Ltd. ADR (a) | 2,043,459 | 408,937 | |
Biogen, Inc. (a) | 342,832 | 100,779 | |
bluebird bio, Inc. (a)(f) | 2,589,689 | 463,684 | |
Blueprint Medicines Corp. (a) | 334,484 | 28,123 | |
Calyxt, Inc. (b)(f) | 1,709,853 | 32,265 | |
Celgene Corp. (a) | 910,148 | 71,610 | |
Cellectis SA sponsored ADR (a) | 843,732 | 25,261 | |
Chimerix, Inc. (a) | 1,640,841 | 7,499 | |
Coherus BioSciences, Inc. (a)(b) | 2,242,509 | 34,983 | |
CytomX Therapeutics, Inc. (a) | 716,789 | 18,400 | |
CytomX Therapeutics, Inc. (a)(g) | 794,033 | 20,383 | |
Denali Therapeutics, Inc. (a)(b) | 936,708 | 18,013 | |
Editas Medicine, Inc. (a)(b) | 901,566 | 34,548 | |
Evelo Biosciences, Inc. | 515,500 | 8,191 | |
Evelo Biosciences, Inc. | 909,286 | 13,004 | |
Exact Sciences Corp. (a) | 175,802 | 10,467 | |
Exelixis, Inc. (a) | 12,248,299 | 253,907 | |
Fate Therapeutics, Inc. (a)(b) | 1,815,965 | 19,885 | |
Five Prime Therapeutics, Inc. (a) | 1,448,898 | 25,443 | |
Gilead Sciences, Inc. | 649,602 | 43,783 | |
Global Blood Therapeutics, Inc. (a) | 1,053,863 | 50,744 | |
Heron Therapeutics, Inc. (a) | 2,558,835 | 83,418 | |
Intellia Therapeutics, Inc. (a)(b) | 799,636 | 21,670 | |
Intercept Pharmaceuticals, Inc. (a) | 136,249 | 9,566 | |
Ionis Pharmaceuticals, Inc. (a)(b)(f) | 7,372,773 | 343,940 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 4,960,261 | 92,162 | |
Jounce Therapeutics, Inc. (a)(b) | 516,395 | 5,809 | |
Kiniksa Pharmaceuticals Ltd. | 141,600 | 2,423 | |
Kiniksa Pharmaceuticals Ltd. | 304,279 | 4,686 | |
Lexicon Pharmaceuticals, Inc. (a)(b)(f) | 6,839,857 | 79,342 | |
Macrogenics, Inc. (a) | 201,491 | 4,580 | |
Momenta Pharmaceuticals, Inc. (a)(f) | 5,073,012 | 119,723 | |
Protagonist Therapeutics, Inc. (a) | 831,414 | 6,053 | |
Prothena Corp. PLC (a)(f) | 2,019,677 | 27,245 | |
Regeneron Pharmaceuticals, Inc. (a) | 715,368 | 214,839 | |
Regulus Therapeutics, Inc. (a)(b)(f) | 5,236,516 | 3,825 | |
Rigel Pharmaceuticals, Inc. (a)(f) | 11,621,382 | 37,769 | |
Sage Therapeutics, Inc. (a) | 2,105,273 | 321,454 | |
Seres Therapeutics, Inc. (a)(b) | 1,132,111 | 9,113 | |
Seres Therapeutics, Inc. (a)(g) | 572,827 | 4,611 | |
Sienna Biopharmaceuticals, Inc. (b)(f) | 815,686 | 12,227 | |
Sienna Biopharmaceuticals, Inc. (f)(g) | 564,045 | 8,455 | |
Spark Therapeutics, Inc. (a) | 808,302 | 64,494 | |
Syros Pharmaceuticals, Inc. (a)(f) | 1,156,394 | 14,374 | |
Syros Pharmaceuticals, Inc. (a)(f)(g) | 938,007 | 11,659 | |
TESARO, Inc. (a)(b) | 368,254 | 16,855 | |
Ultragenyx Pharmaceutical, Inc. (a) | 682,379 | 49,950 | |
uniQure B.V. (a) | 829,128 | 29,053 | |
UNITY Biotechnology, Inc. (b) | 478,294 | 7,127 | |
UNITY Biotechnology, Inc. | 1,193,604 | 16,006 | |
Vertex Pharmaceuticals, Inc. (a) | 371,370 | 57,191 | |
Xencor, Inc. (a) | 1,268,991 | 50,772 | |
Zai Lab Ltd. ADR (b) | 1,061,325 | 24,856 | |
5,340,976 | |||
Health Care Equipment & Supplies - 2.1% | |||
Abbott Laboratories | 562,870 | 34,633 | |
Align Technology, Inc. (a) | 127,590 | 42,354 | |
Boston Scientific Corp. (a) | 1,009,834 | 30,689 | |
Danaher Corp. | 1,241,755 | 123,281 | |
DexCom, Inc. (a) | 444,609 | 39,121 | |
Genmark Diagnostics, Inc. (a) | 1,480,341 | 10,851 | |
Insulet Corp. (a) | 1,937,956 | 181,761 | |
Intuitive Surgical, Inc. (a) | 435,225 | 200,060 | |
Novocure Ltd. (a) | 1,790,083 | 56,298 | |
Novocure Ltd. (a)(g) | 571,461 | 17,972 | |
Penumbra, Inc. (a) | 1,262,496 | 203,136 | |
Presbia PLC (a)(f) | 1,272,116 | 2,748 | |
942,904 | |||
Health Care Providers & Services - 0.7% | |||
G1 Therapeutics, Inc. | 309,704 | 13,413 | |
Humana, Inc. | 59,948 | 17,444 | |
McKesson Corp. | 94,133 | 13,361 | |
National Vision Holdings, Inc. | 168,479 | 6,133 | |
OptiNose, Inc. (b)(f) | 1,017,943 | 23,484 | |
OptiNose, Inc. (f)(g) | 992,571 | 22,899 | |
UnitedHealth Group, Inc. | 819,870 | 198,007 | |
294,741 | |||
Health Care Technology - 0.3% | |||
athenahealth, Inc. (a) | 647,757 | 97,468 | |
Castlight Health, Inc. Class B (a) | 2,134,008 | 7,682 | |
Cerner Corp. (a) | 201,783 | 12,042 | |
Teladoc, Inc. (a)(b) | 249,963 | 12,723 | |
129,915 | |||
Life Sciences Tools & Services - 0.0% | |||
Illumina, Inc. (a) | 49,571 | 13,505 | |
Pharmaceuticals - 2.0% | |||
Adimab LLC (c)(d)(e) | 3,162,765 | 128,503 | |
Akcea Therapeutics, Inc. (b)(f) | 4,827,247 | 117,012 | |
Bristol-Myers Squibb Co. | 1,046,977 | 55,092 | |
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(h) | 46,864 | 23,900 | |
Intra-Cellular Therapies, Inc. (a)(f) | 3,751,784 | 87,342 | |
Kolltan Pharmaceuticals, Inc. rights (a)(d) | 7,940,644 | 0 | |
MyoKardia, Inc. (a) | 1,373,765 | 65,391 | |
Nektar Therapeutics (a) | 3,546,028 | 284,640 | |
resTORbio, Inc. (a)(b) | 181,228 | 1,774 | |
Rhythm Pharmaceuticals, Inc. | 493,000 | 15,840 | |
RPI International Holdings LP (c)(d) | 130,847 | 19,006 | |
Stemcentrx, Inc. rights 12/31/21 (a)(d) | 2,065,715 | 4,049 | |
The Medicines Company (a)(b) | 2,288,388 | 77,485 | |
Theravance Biopharma, Inc. (a)(b) | 979,838 | 23,849 | |
903,883 | |||
TOTAL HEALTH CARE | 7,625,924 | ||
INDUSTRIALS - 5.1% | |||
Aerospace & Defense - 1.1% | |||
Lockheed Martin Corp. | 449,707 | 141,451 | |
Northrop Grumman Corp. | 56,050 | 18,342 | |
Space Exploration Technologies Corp. Class A (a)(c)(d) | 418,210 | 70,677 | |
The Boeing Co. | 592,796 | 208,759 | |
United Technologies Corp. | 414,223 | 51,703 | |
490,932 | |||
Air Freight & Logistics - 0.3% | |||
FedEx Corp. | 84,188 | 20,973 | |
United Parcel Service, Inc. Class B | 916,730 | 106,451 | |
127,424 | |||
Airlines - 1.2% | |||
Allegiant Travel Co. | 125,576 | 19,006 | |
Azul SA sponsored ADR (a) | 496,820 | 10,622 | |
Delta Air Lines, Inc. | 756,462 | 40,887 | |
InterGlobe Aviation Ltd. (g) | 1,333,131 | 24,105 | |
JetBlue Airways Corp. (a) | 4,509,381 | 85,182 | |
Ryanair Holdings PLC sponsored ADR (a) | 465,525 | 53,959 | |
Southwest Airlines Co. | 2,076,154 | 106,050 | |
Spirit Airlines, Inc. (a) | 294,150 | 10,792 | |
United Continental Holdings, Inc. (a) | 562,183 | 39,122 | |
Wheels Up Partners Holdings LLC: | |||
Series B (a)(c)(d)(e) | 6,703,518 | 15,485 | |
Series C (a)(c)(d)(e) | 3,466,281 | 8,007 | |
Wizz Air Holdings PLC (a)(g) | 2,889,497 | 130,676 | |
543,893 | |||
Construction & Engineering - 0.1% | |||
Fluor Corp. | 471,731 | 22,992 | |
Electrical Equipment - 0.2% | |||
AMETEK, Inc. | 63,963 | 4,671 | |
Eaton Corp. PLC | 401,805 | 30,770 | |
Emerson Electric Co. | 355,670 | 25,196 | |
Fortive Corp. | 613,286 | 44,580 | |
105,217 | |||
Industrial Conglomerates - 0.7% | |||
3M Co. | 642,270 | 126,675 | |
General Electric Co. | 1,544,835 | 21,751 | |
Honeywell International, Inc. | 1,047,514 | 154,938 | |
303,364 | |||
Machinery - 1.1% | |||
Aumann AG (g) | 230,094 | 16,247 | |
Caterpillar, Inc. | 1,221,175 | 185,509 | |
Cummins, Inc. | 251,642 | 35,831 | |
Deere & Co. | 697,226 | 104,242 | |
Illinois Tool Works, Inc. | 281,708 | 40,481 | |
Rational AG | 18,703 | 11,698 | |
Wabtec Corp. (b) | 255,020 | 24,867 | |
Xylem, Inc. | 1,125,774 | 79,254 | |
498,129 | |||
Road & Rail - 0.4% | |||
J.B. Hunt Transport Services, Inc. | 302,231 | 38,716 | |
Union Pacific Corp. | 1,060,289 | 151,367 | |
190,083 | |||
TOTAL INDUSTRIALS | 2,282,034 | ||
INFORMATION TECHNOLOGY - 43.3% | |||
Communications Equipment - 0.6% | |||
Arista Networks, Inc. (a) | 145,999 | 36,728 | |
Infinera Corp. (a)(f) | 11,301,466 | 99,453 | |
NETGEAR, Inc. (a)(f) | 1,887,777 | 114,116 | |
Palo Alto Networks, Inc. (a) | 56,107 | 11,675 | |
261,972 | |||
Electronic Equipment & Components - 0.1% | |||
Cognex Corp. | 51,338 | 2,347 | |
IPG Photonics Corp. (a) | 17,154 | 4,139 | |
TE Connectivity Ltd. | 105,300 | 9,801 | |
Trimble, Inc. (a) | 1,667,150 | 55,116 | |
71,403 | |||
Internet Software & Services - 11.9% | |||
2U, Inc. (a) | 769,771 | 72,974 | |
Actua Corp. (d)(f) | 1,800,882 | 1,801 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,252,238 | 247,956 | |
Alphabet, Inc.: | |||
Class A (a) | 1,390,819 | 1,529,901 | |
Class C (a) | 756,673 | 820,983 | |
Apptio, Inc. Class A (a) | 1,226,480 | 40,511 | |
CarGurus, Inc. Class A | 52,014 | 1,725 | |
DocuSign, Inc. | 122,292 | 6,091 | |
Dropbox, Inc.: | |||
Class A (a) | 213,339 | 6,398 | |
Class B | 736,721 | 19,885 | |
eBay, Inc. (a) | 497,114 | 18,751 | |
Etsy, Inc. (a) | 186,014 | 6,016 | |
Facebook, Inc. Class A (a) | 7,240,959 | 1,388,671 | |
GoDaddy, Inc. (a) | 345,482 | 24,733 | |
Match Group, Inc. (a)(b) | 210,012 | 8,642 | |
MongoDB, Inc. | 956,702 | 45,089 | |
NAVER Corp. | 8,760 | 5,425 | |
NetEase, Inc. ADR | 203,990 | 46,575 | |
New Relic, Inc. (a) | 434,667 | 44,158 | |
Nutanix, Inc.: | |||
Class A (a) | 5,705,044 | 304,935 | |
Class B (a)(g) | 1,151,309 | 61,537 | |
Shopify, Inc. Class A (a) | 3,312,196 | 491,312 | |
Tencent Holdings Ltd. | 1,265,800 | 64,622 | |
Twitter, Inc. (a) | 398,662 | 13,834 | |
Wix.com Ltd. (a) | 597,418 | 51,945 | |
5,324,470 | |||
IT Services - 3.7% | |||
Cognizant Technology Solutions Corp. Class A | 925,970 | 69,772 | |
IBM Corp. | 231,719 | 32,744 | |
MasterCard, Inc. Class A | 2,255,060 | 428,732 | |
PayPal Holdings, Inc. (a) | 5,239,725 | 430,024 | |
Square, Inc. (a) | 2,724,395 | 158,696 | |
Visa, Inc. Class A | 3,983,910 | 520,777 | |
1,640,745 | |||
Semiconductors & Semiconductor Equipment - 9.8% | |||
Advanced Micro Devices, Inc. (a)(b) | 4,607,150 | 63,256 | |
Applied Materials, Inc. | 403,517 | 20,491 | |
ASML Holding NV | 403,483 | 79,345 | |
Broadcom, Inc. | 587,850 | 148,179 | |
Cirrus Logic, Inc. (a) | 1,111,714 | 41,667 | |
Cree, Inc. (a) | 1,614,518 | 75,269 | |
Inphi Corp. (a)(b) | 291,513 | 9,847 | |
Intel Corp. | 75,915 | 4,191 | |
KLA-Tencor Corp. | 243,611 | 27,584 | |
Marvell Technology Group Ltd. | 2,055,295 | 44,271 | |
Micron Technology, Inc. (a) | 1,295,859 | 74,629 | |
NVIDIA Corp. | 12,672,330 | 3,195,833 | |
Qorvo, Inc. (a) | 184,020 | 14,768 | |
Renesas Electronics Corp. (a) | 901,400 | 8,966 | |
Silicon Laboratories, Inc. (a)(f) | 3,182,940 | 336,118 | |
Skyworks Solutions, Inc. | 110,704 | 10,917 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,174,756 | 45,463 | |
Texas Instruments, Inc. | 1,556,747 | 174,216 | |
4,375,010 | |||
Software - 11.9% | |||
Activision Blizzard, Inc. | 7,162,180 | 507,870 | |
Adobe Systems, Inc. (a) | 1,740,080 | 433,767 | |
Aspen Technology, Inc. (a) | 332,699 | 31,028 | |
Atlassian Corp. PLC (a) | 446,080 | 28,455 | |
Autodesk, Inc. (a) | 1,570,583 | 202,762 | |
Black Knight, Inc. (a) | 496,358 | 25,116 | |
BlackBerry Ltd. (a) | 2,197,390 | 25,995 | |
Electronic Arts, Inc. (a) | 1,544,109 | 202,139 | |
HubSpot, Inc. (a) | 1,713,908 | 207,726 | |
Intuit, Inc. | 545,956 | 110,065 | |
Microsoft Corp. | 11,205,425 | 1,107,544 | |
Nintendo Co. Ltd. | 88,100 | 36,063 | |
Oracle Corp. | 959,062 | 44,807 | |
Parametric Technology Corp. (a) | 1,976,498 | 170,453 | |
Paylocity Holding Corp. (a) | 145,801 | 8,712 | |
Pivotal Software, Inc. | 985,316 | 17,726 | |
Pluralsight, Inc. | 257,500 | 5,541 | |
Proofpoint, Inc. (a) | 449,825 | 52,580 | |
Red Hat, Inc. (a) | 3,923,340 | 637,229 | |
Salesforce.com, Inc. (a) | 10,308,990 | 1,333,262 | |
Smartsheet, Inc. | 98,632 | 2,458 | |
Snap, Inc. Class A (a)(b) | 1,724,290 | 19,640 | |
Zendesk, Inc. (a) | 2,124,395 | 118,732 | |
Zscaler, Inc. (a) | 667,045 | 17,517 | |
5,347,187 | |||
Technology Hardware, Storage & Peripherals - 5.3% | |||
Apple, Inc. | 11,692,679 | 2,185,011 | |
NetApp, Inc. | 377,709 | 25,805 | |
Pure Storage, Inc. Class A (a) | 5,415,148 | 116,209 | |
Samsung Electronics Co. Ltd. | 1,064,900 | 49,982 | |
2,377,007 | |||
TOTAL INFORMATION TECHNOLOGY | 19,397,794 | ||
MATERIALS - 0.9% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 1,347,177 | 55,423 | |
DowDuPont, Inc. | 3,407,653 | 218,465 | |
LG Chemical Ltd. | 101,570 | 31,829 | |
LyondellBasell Industries NV Class A | 119,209 | 13,366 | |
The Mosaic Co. | 241,652 | 6,643 | |
The Scotts Miracle-Gro Co. Class A | 938,082 | 79,859 | |
405,585 | |||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
American Tower Corp. | 684,456 | 94,708 | |
Ant International Co. Ltd. (c)(d)(i) | 1,658,265 | 9,303 | |
104,011 | |||
TELECOMMUNICATION SERVICES - 0.4% | |||
Diversified Telecommunication Services - 0.1% | |||
Verizon Communications, Inc. | 936,657 | 44,650 | |
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. (a) | 2,793,188 | 155,581 | |
TOTAL TELECOMMUNICATION SERVICES | 200,231 | ||
TOTAL COMMON STOCKS | |||
(Cost $19,079,015) | 43,725,129 | ||
Preferred Stocks - 2.2% | |||
Convertible Preferred Stocks - 2.1% | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) | 61,485 | 8,604 | |
Topgolf International, Inc. Series F (c)(d) | 819,532 | 11,337 | |
19,941 | |||
Internet & Direct Marketing Retail - 0.0% | |||
The Honest Co., Inc.: | |||
Series C (a)(c)(d) | 92,950 | 2,904 | |
Series D (a)(c)(d) | 69,363 | 2,340 | |
5,244 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. Series E (a)(c)(d) | 637,482 | 23,058 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
Generation Bio Series B (c)(d) | 831,800 | 7,607 | |
Harmony Biosciences II, Inc. Series A (c)(d) | 10,934,380 | 10,934 | |
ORIC Pharmaceuticals, Inc. Series C (c)(d) | 1,416,666 | 4,250 | |
Rubius Therapeutics, Inc.: | |||
Series B (c)(d) | 1,287,247 | 16,464 | |
Series C (c)(d) | 578,030 | 7,393 | |
46,648 | |||
TOTAL CONSUMER DISCRETIONARY | 94,891 | ||
FINANCIALS - 0.0% | |||
Insurance - 0.0% | |||
Clover Health Series D (c)(d) | 863,631 | 8,099 | |
HEALTH CARE - 1.0% | |||
Biotechnology - 0.9% | |||
10X Genomics, Inc.: | |||
Series C (a)(c)(d) | 2,505,940 | 23,982 | |
Series D (c)(d) | 364,100 | 3,484 | |
23andMe, Inc. Series F (c)(d) | 590,383 | 9,210 | |
Axcella Health, Inc. Series C (a)(c)(d) | 536,592 | 6,933 | |
BioNTech AG Series A (c)(d) | 114,025 | 24,331 | |
Immunocore Ltd. Series A (a)(c)(d) | 67,323 | 23,468 | |
Intarcia Therapeutics, Inc.: | |||
Series CC (a)(c)(d) | 1,051,411 | 63,085 | |
Series DD (a)(c)(d) | 1,543,687 | 92,621 | |
Kaleido Biosciences, Inc. Series C, (c)(d) | 729,738 | 7,290 | |
Moderna Therapeutics, Inc.: | |||
Series B (a)(c)(d) | 242,837 | 2,443 | |
Series C (a)(c)(d) | 554,903 | 5,582 | |
Series D (a)(c)(d) | 4,688,230 | 47,164 | |
Series E (a)(c)(d) | 5,651,170 | 56,851 | |
Series F (a)(c)(d) | 140,212 | 1,411 | |
Translate Bio: | |||
Series B (a)(c)(d) | 4,408,601 | 8,729 | |
Series C (a)(c)(d) | 6,666,443 | 13,200 | |
389,784 | |||
Health Care Equipment & Supplies - 0.0% | |||
Shockwave Medical, Inc. Series C (c)(d) | 5,413,080 | 7,416 | |
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (a)(c)(d) | 2,790,742 | 19,912 | |
Health Care Technology - 0.0% | |||
Codiak Biosciences, Inc.: | |||
Series A 8.00% (a)(c)(d) | 589,863 | 2,234 | |
Series B 8.00% (a)(c)(d) | 1,917,058 | 7,261 | |
Series C, 8.00% (c)(d) | 2,688,186 | 10,182 | |
19,677 | |||
Life Sciences Tools & Services - 0.0% | |||
Neon Therapeutics, Inc. Series B (a)(c)(d) | 4,449,273 | 12,814 | |
Pharmaceuticals - 0.0% | |||
Constellation Pharmaceuticals Series F (c)(d) | 4,665,921 | 4,666 | |
Nohla Therapeutics, Inc. Series B (c)(d) | 9,124,200 | 4,161 | |
8,827 | |||
TOTAL HEALTH CARE | 458,430 | ||
INDUSTRIALS - 0.2% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp. Series G (a)(c)(d) | 216,276 | 36,551 | |
Commercial Services & Supplies - 0.0% | |||
Domo, Inc. Series D (a)(c)(d) | 2,990,903 | 14,476 | |
Professional Services - 0.1% | |||
YourPeople, Inc. Series C (a)(c)(d) | 5,833,137 | 29,399 | |
TOTAL INDUSTRIALS | 80,426 | ||
INFORMATION TECHNOLOGY - 0.7% | |||
Internet Software & Services - 0.5% | |||
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) | 7,578,338 | 344 | |
Reddit, Inc. Series B (c)(d) | 384,303 | 8,935 | |
Starry, Inc.: | |||
Series B (a)(c)(d) | 9,869,159 | 9,099 | |
Series C (c)(d) | 5,234,614 | 4,826 | |
Uber Technologies, Inc.: | |||
Series D, 8.00% (a)(c)(d) | 4,770,180 | 190,807 | |
Series E, 8.00% (a)(c)(d) | 209,216 | 8,369 | |
222,380 | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (a)(c)(d) | 923,523 | 21,887 | |
Software - 0.2% | |||
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 1,429,726 | 10,423 | |
Dataminr, Inc. Series D (a)(c)(d) | 1,773,901 | 35,301 | |
Outset Medical, Inc. Series C (a)(c)(d) | 1,244,716 | 3,535 | |
Taboola.Com Ltd. Series E (a)(c)(d) | 1,337,420 | 22,255 | |
71,514 | |||
TOTAL INFORMATION TECHNOLOGY | 315,781 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series A1 (a)(c)(d) | 699,106 | 895 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 958,522 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
FINANCIALS - 0.1% | |||
Banks - 0.1% | |||
Itau Unibanco Holding SA | 1,874,400 | 21,633 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Yumanity Holdings LLC Class A (a)(c)(d) | 464,607 | 3,898 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 25,531 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $665,581) | 984,053 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 1.76% (j) | 161,172,548 | 161,205 | |
Fidelity Securities Lending Cash Central Fund 1.76% (j)(k) | 589,835,518 | 589,895 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $751,090) | 751,100 | ||
TOTAL INVESTMENT IN SECURITIES - 101.4% | |||
(Cost $20,495,686) | 45,460,282 | ||
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (639,355) | ||
NET ASSETS - 100% | $44,820,927 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,339,607,000 or 3.0% of net assets.
(d) Level 3 security
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(f) Affiliated company
(g) 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 $319,017,000 or 0.7% of net assets.
(h) Investment represents common shares and preferred shares.
(i) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(k) Includes investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
10X Genomics, Inc. Series C | 2/23/16 - 4/3/17 | $11,222 |
10X Genomics, Inc. Series D | 4/10/18 | $3,484 |
23andMe, Inc. Series F | 8/31/17 | $8,197 |
Adimab LLC | 9/17/14 - 6/5/15 | $47,869 |
Altiostar Networks, Inc. Series A1 | 1/10/17 | $3,216 |
Ant International Co. Ltd. | 5/16/18 | $9,303 |
AppNexus, Inc. Series E | 8/1/14 | $18,500 |
Axcella Health, Inc. Series C | 8/11/17 | $5,409 |
BioNTech AG Series A | 12/29/17 | $24,972 |
Castle Creek Pharmaceuticals, LLC Class A-2 unit | 9/29/16 | $15,465 |
Cibus Global Ltd. Series C | 2/16/18 | $9,500 |
Cloudflare, Inc. Series D, 8.00% | 11/5/14 | $8,758 |
Clover Health Series D | 6/7/17 | $8,099 |
Codiak Biosciences, Inc. Series A 8.00% | 11/12/15 | $590 |
Codiak Biosciences, Inc. Series B 8.00% | 11/12/15 | $5,751 |
Codiak Biosciences, Inc. Series C, 8.00% | 11/17/17 | $10,182 |
Constellation Pharmaceuticals Series F | 4/5/18 | $4,666 |
Dataminr, Inc. Series D | 2/18/15 - 3/6/15 | $22,617 |
Domo, Inc. Series D | 1/24/14 | $12,362 |
Generation Bio Series B | 2/21/18 | $7,607 |
Harmony Biosciences II, Inc. Series A | 9/22/17 | $10,934 |
Immunocore Ltd. Series A | 7/27/15 | $12,669 |
Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $14,331 |
Intarcia Therapeutics, Inc. Series DD | 3/17/14 | $50,000 |
Jet.Com, Inc. Series B1 (Escrow) | 9/19/16 | $2,489 |
Kaleido Biosciences, Inc. Series C, | 3/16/18 | $7,290 |
MOD Super Fast Pizza Holdings LLC Series 3 Preferred | 11/3/16 - 12/14/17 | $8,439 |
Moderna Therapeutics, Inc. Series B | 4/13/17 | $1,408 |
Moderna Therapeutics, Inc. Series C | 4/13/17 | $3,224 |
Moderna Therapeutics, Inc. Series D | 11/6/13 | $20,615 |
Moderna Therapeutics, Inc. Series E | 12/18/14 | $24,850 |
Moderna Therapeutics, Inc. Series F | 8/10/16 | $617 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $18,851 |
Neon Therapeutics, Inc. Series B | 12/28/16 - 12/1/17 | $12,503 |
Nohla Therapeutics, Inc. Series B | 5/1/18 | $4,161 |
ORIC Pharmaceuticals, Inc. Series C | 2/6/18 | $4,250 |
Outset Medical, Inc. Series C | 4/19/17 | $3,226 |
Peloton Interactive, Inc. Series E | 3/31/17 | $13,809 |
Reddit, Inc. Series B | 7/26/17 | $5,456 |
RPI International Holdings LP | 5/21/15 - 3/23/16 | $16,269 |
Rubius Therapeutics, Inc. Series B | 6/7/17 | $10,800 |
Rubius Therapeutics, Inc. Series C | 2/23/18 | $7,393 |
Shockwave Medical, Inc. Series C | 9/27/17 | $5,467 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 4/6/17 | $38,201 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $16,753 |
Starry, Inc. Series B | 12/1/16 | $5,339 |
Starry, Inc. Series C | 12/8/17 | $4,826 |
Taboola.Com Ltd. Series E | 12/22/14 | $13,943 |
The Honest Co., Inc. | 8/21/14 | $1,078 |
The Honest Co., Inc. Series C | 8/21/14 | $2,515 |
The Honest Co., Inc. Series D | 8/3/15 | $3,174 |
Topgolf International, Inc. Series F | 11/10/17 | $11,337 |
Tory Burch LLC Class A | 5/14/15 | 67,653 |
Tory Burch LLC Class B | 12/31/12 | $17,505 |
Translate Bio Series B | 7/17/15 | $4,761 |
Translate Bio Series C | 12/22/16 - 12/22/17 | $13,200 |
Turn, Inc. (Escrow) | 4/11/17 | $709 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $74,000 |
Uber Technologies, Inc. Series E, 8.00% | 12/5/14 | $6,971 |
Wheels Up Partners Holdings LLC Series B | 9/18/15 | $19,040 |
Wheels Up Partners Holdings LLC Series C | 6/22/17 | 10,815 |
YourPeople, Inc. Series C | 5/1/15 | $86,920 |
Yumanity Holdings LLC Class A | 2/8/16 | $3,140 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $625 |
Fidelity Securities Lending Cash Central Fund | 5,617 |
Total | $6,242 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
ACADIA Pharmaceuticals, Inc. | $231,213 | $148 | $21,734 | $-- | $(2,730) | $(82,171) | $124,726 |
Actua Corp. | 36,209 | -- | 924 | -- | (31,611) | (1,873) | 1,801 |
Akcea Therapeutics, Inc. | 70,889 | 26,196 | 2,302 | -- | 1,452 | 20,777 | 117,012 |
Alkermes PLC | 485,912 | 28,513 | 21,338 | -- | 10,159 | (60,290) | 442,956 |
Alnylam Pharmaceuticals, Inc. | 668,331 | 34,139 | 19,885 | -- | 12,716 | (189,897) | 505,404 |
aTyr Pharma, Inc. | 5,730 | -- | -- | -- | -- | 13,743 | 473 |
aTyr Pharma, Inc. | 3,031 | 27 | 84 | -- | (33) | (20,402) | 1,539 |
Avexis, Inc. | 162,779 | 14,222 | 387,476 | -- | 250,139 | (39,664) | -- |
bluebird bio, Inc. | 439,342 | 27,158 | 18,849 | -- | 12,990 | 3,043 | 463,684 |
Calyxt, Inc. | 28,618 | 3,870 | 872 | -- | 530 | 119 | 32,265 |
Exelixis, Inc. | 410,001 | -- | 67,864 | -- | 27,944 | (116,174) | -- |
Infinera Corp. | 81,330 | 3,479 | 3,033 | -- | 748 | 16,929 | 99,453 |
Intra-Cellular Therapies, Inc. | 59,705 | 236 | 2,050 | -- | 416 | 29,035 | 87,342 |
Ionis Pharmaceuticals, Inc. | 417,706 | 5,601 | 13,031 | -- | 6,375 | (72,711) | 343,940 |
Lexicon Pharmaceuticals, Inc. | 71,027 | 929 | 1,797 | -- | 182 | 9,001 | 79,342 |
lululemon athletica, Inc. | 521,918 | 37,729 | 58,403 | -- | 20,431 | 277,110 | 798,785 |
Momenta Pharmaceuticals, Inc. | 70,799 | 1,750 | 2,536 | -- | 649 | 49,061 | 119,723 |
NETGEAR, Inc. | -- | 120,709 | 2,698 | -- | 274 | (4,169) | 114,116 |
OptiNose, Inc. | 14,894 | 4,429 | 498 | -- | 65 | 4,594 | 23,484 |
OptiNose, Inc. | 17,053 | -- | -- | -- | -- | 5,846 | 22,899 |
Presbia PLC | 3,510 | -- | 123 | -- | 11 | (650) | 2,748 |
Prothena Corp. PLC | 100,105 | 274 | 4,610 | -- | (784) | (67,740) | 27,245 |
Regulus Therapeutics, Inc. | 4,872 | 23 | 164 | -- | 28 | (934) | 3,825 |
Rigel Pharmaceuticals, Inc. | 44,595 | 4,744 | 1,200 | -- | 578 | (10,948) | 37,769 |
Sienna Biopharmaceuticals, Inc. | 16,690 | 223 | 410 | -- | 54 | (4,330) | 12,227 |
Sienna Biopharmaceuticals, Inc. | 10,803 | -- | -- | -- | -- | (2,348) | 8,455 |
Silicon Laboratories, Inc. | 298,944 | 3,752 | 12,672 | -- | 4,729 | 41,365 | 336,118 |
Syros Pharmaceuticals, Inc. | 10,854 | 4,689 | 305 | -- | 17 | (881) | 14,374 |
Syros Pharmaceuticals, Inc. | 13,929 | -- | -- | -- | -- | (2,270) | 11,659 |
Total | $4,300,789 | $322,840 | $644,858 | $-- | $315,329 | $(206,829) | $3,833,364 |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $9,856,957 | $9,563,937 | $95,823 | $197,197 |
Consumer Staples | 1,857,214 | 1,822,398 | 34,816 | -- |
Energy | 847,315 | 847,315 | -- | -- |
Financials | 1,272,687 | 1,239,763 | 24,825 | 8,099 |
Health Care | 8,088,252 | 7,416,770 | 46,510 | 624,972 |
Industrials | 2,362,460 | 2,187,865 | -- | 174,595 |
Information Technology | 19,713,575 | 19,275,423 | 120,570 | 317,582 |
Materials | 405,585 | 405,585 | -- | -- |
Real Estate | 104,011 | 94,708 | -- | 9,303 |
Telecommunication Services | 201,126 | 200,231 | -- | 895 |
Money Market Funds | 751,100 | 751,100 | -- | -- |
Total Investments in Securities: | $45,460,282 | $43,805,095 | $322,544 | $1,332,643 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Equities - Health Care | |
Beginning Balance | $489,611 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 99,584 |
Cost of Purchases | 53,902 |
Proceeds of Sales | (9,164) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (8,961) |
Ending Balance | $624,972 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $81,521 |
Other Investments in Securities | |
Beginning Balance | $618,926 |
Net Realized Gain (Loss) on Investment Securities | 5,435 |
Net Unrealized Gain (Loss) on Investment Securities | 60,128 |
Cost of Purchases | 43,619 |
Proceeds of Sales | (56,646) |
Amortization/Accretion | -- |
Transfers into Level 3 | 36,209 |
Transfers out of Level 3 | -- |
Ending Balance | $707,671 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $95,645 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 88.3% |
Cayman Islands | 2.8% |
Germany | 2.5% |
Ireland | 1.3% |
Canada | 1.2% |
France | 1.1% |
Others (Individually Less Than 1%) | 2.8% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | May 31, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $568,056) — See accompanying schedule: Unaffiliated issuers (cost $17,213,647) | $40,875,818 | |
Fidelity Central Funds (cost $751,090) | 751,100 | |
Other affiliated issuers (cost $2,530,949) | 3,833,364 | |
Total Investment in Securities (cost $20,495,686) | $45,460,282 | |
Restricted cash | 282 | |
Foreign currency held at value (cost $1,784) | 1,784 | |
Receivable for investments sold | 18,093 | |
Receivable for fund shares sold | 22,943 | |
Dividends receivable | 30,075 | |
Distributions receivable from Fidelity Central Funds | 2,781 | |
Prepaid expenses | 10 | |
Other receivables | 2,450 | |
Total assets | 45,538,700 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $45,683 | |
Delayed delivery | 9,303 | |
Payable for fund shares redeemed | 37,540 | |
Accrued management fee | 26,415 | |
Other affiliated payables | 3,697 | |
Other payables and accrued expenses | 5,287 | |
Collateral on securities loaned | 589,848 | |
Total liabilities | 717,773 | |
Net Assets | $44,820,927 | |
Net Assets consist of: | ||
Paid in capital | $17,577,029 | |
Distributions in excess of net investment income | (27,840) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 2,309,775 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 24,961,963 | |
Net Assets | $44,820,927 | |
Growth Company: | ||
Net Asset Value, offering price and redemption price per share ($27,580,141 ÷ 138,951 shares) | $198.49 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($17,240,786 ÷ 86,845 shares) | $198.52 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | |
Investment Income | ||
Dividends | $147,947 | |
Income from Fidelity Central Funds | 6,242 | |
Total income | 154,189 | |
Expenses | ||
Management fee | ||
Basic fee | $117,285 | |
Performance adjustment | 39,095 | |
Transfer agent fees | 21,451 | |
Accounting and security lending fees | 1,181 | |
Custodian fees and expenses | 423 | |
Independent trustees' fees and expenses | 96 | |
Registration fees | 220 | |
Audit | 151 | |
Legal | 48 | |
Interest | 6 | |
Miscellaneous | 162 | |
Total expenses before reductions | 180,118 | |
Expense reductions | (436) | |
Total expenses after reductions | 179,682 | |
Net investment income (loss) | (25,493) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,127,392 | |
Fidelity Central Funds | 37 | |
Other affiliated issuers | 315,329 | |
Foreign currency transactions | (28) | |
Total net realized gain (loss) | 2,442,730 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $778) | 2,764,054 | |
Fidelity Central Funds | (15) | |
Other affiliated issuers | (206,829) | |
Assets and liabilities in foreign currencies | (92) | |
Total change in net unrealized appreciation (depreciation) | 2,557,118 | |
Net gain (loss) | 4,999,848 | |
Net increase (decrease) in net assets resulting from operations | $4,974,355 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(25,493) | $904 |
Net realized gain (loss) | 2,442,730 | 5,300,359 |
Change in net unrealized appreciation (depreciation) | 2,557,118 | 6,673,348 |
Net increase (decrease) in net assets resulting from operations | 4,974,355 | 11,974,611 |
Distributions to shareholders from net investment income | (1,416) | (37,300) |
Distributions to shareholders from net realized gain | (1,898,114) | (2,014,292) |
Total distributions | (1,899,530) | (2,051,592) |
Share transactions - net increase (decrease) | 73,487 | (4,103,390) |
Total increase (decrease) in net assets | 3,148,312 | 5,819,629 |
Net Assets | ||
Beginning of period | 41,672,615 | 35,852,986 |
End of period | $44,820,927 | $41,672,615 |
Other Information | ||
Distributions in excess of net investment income end of period | $(27,840) | $(931) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Growth Company Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $185.27 | $142.76 | $143.47 | $136.46 | $124.69 | $95.80 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.14) | (.06) | .09 | (.01) | .15 | .29 |
Net realized and unrealized gain (loss) | 21.82 | 50.73 | 4.71 | 11.72 | 20.49 | 31.23 |
Total from investment operations | 21.68 | 50.67 | 4.80 | 11.71 | 20.64 | 31.52 |
Distributions from net investment income | – | (.09) | – | (.13) | (.21) | (.19) |
Distributions from net realized gain | (8.46) | (8.07) | (5.51) | (4.57) | (8.67) | (2.44) |
Total distributions | (8.46) | (8.16) | (5.51) | (4.70) | (8.87)B | (2.63) |
Net asset value, end of period | $198.49 | $185.27 | $142.76 | $143.47 | $136.46 | $124.69 |
Total ReturnC,D | 12.18% | 37.34% | 3.48% | 8.90% | 17.80% | 33.85% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .86%G | .85% | .77% | .88% | .82% | .83% |
Expenses net of fee waivers, if any | .86%G | .85% | .77% | .87% | .82% | .83% |
Expenses net of all reductions | .86%G | .85% | .77% | .87% | .82% | .83% |
Net investment income (loss) | (.15)%G | (.04)% | .07% | (.01)% | .12% | .27% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $27,580 | $25,256 | $21,114 | $23,513 | $24,165 | $22,936 |
Portfolio turnover rateH | 18%G,I | 15%I | 19%I | 18%I | 12%I | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $8.87 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $8.666 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Growth Company Fund Class K
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $185.24 | $142.74 | $143.42 | $136.41 | $124.68 | $95.82 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.06) | .10 | .23 | .12 | .29 | .42 |
Net realized and unrealized gain (loss) | 21.81 | 50.70 | 4.71 | 11.72 | 20.48 | 31.21 |
Total from investment operations | 21.75 | 50.80 | 4.94 | 11.84 | 20.77 | 31.63 |
Distributions from net investment income | (.02) | (.23) | (.11) | (.26) | (.37) | (.34) |
Distributions from net realized gain | (8.46) | (8.07) | (5.51) | (4.57) | (8.67) | (2.44) |
Total distributions | (8.47)B | (8.30) | (5.62) | (4.83) | (9.04) | (2.77)C |
Net asset value, end of period | $198.52 | $185.24 | $142.74 | $143.42 | $136.41 | $124.68 |
Total ReturnD,E | 12.23% | 37.47% | 3.59% | 9.01% | 17.93% | 34.02% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .78%H | .75% | .66% | .77% | .71% | .71% |
Expenses net of fee waivers, if any | .78%H | .75% | .66% | .77% | .71% | .71% |
Expenses net of all reductions | .77%H | .75% | .66% | .77% | .71% | .71% |
Net investment income (loss) | (.06)%H | .06% | .17% | .09% | .24% | .39% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $17,241 | $16,416 | $14,739 | $17,587 | $18,242 | $21,951 |
Portfolio turnover rateI | 18%H,J | 15%J | 19%J | 18%J | 12%J | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $8.47 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $8.455 per share.
C Total distributions of $2.77 per share is comprised of distributions from net investment income of $.336 and distributions from net realized gain of $2.438 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Company and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $1,330,840 | Market approach | Transaction price | $0.81 - $169.00 / $60.93 | Increase |
Liquidity preference | $16.35 - $45.76 / $36.41 | Increase | |||
Conversion ratio | 1.6 | Increase | |||
Market comparable | Transaction price | $0.46 - $330.00 / $65.27 | Increase | ||
Enterprise value/Sales multiple (EV/S) | 1.2 - 15.4 / 4.8 | Increase | |||
Discount rate | 20.0% - 76.0% / 59.7% | Decrease | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 12.1 | Increase | |||
Discount for lack of marketability | 10.0% - 20.0% / 13.6% | Decrease | |||
Enterprise value/Revenue multiple (EV/R) | 4.9 | Increase | |||
Liquidity preference | $4.13 - $25.62 / $17.92 | Increase | |||
Premium rate | 15.0% - 76.0% / 26.6% | Increase | |||
Conversion ratio | 3.0 | Increase | |||
Proxy premium | 28.2% - 54.5% / 48.6% | Increase | |||
Recovery value | Recovery value | 0.0% - 0.7% / 0.5% | Increase | ||
Discount cash flow | Discount rate | 8.0% | Decrease | ||
Discount for lack of marketability | 10.0% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $25,948,171 |
Gross unrealized depreciation | (1,111,591) |
Net unrealized appreciation (depreciation) | $24,836,580 |
Tax cost | $20,623,702 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $285,696 in these Subsidiaries, representing .64% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,784,466 and $4,378,502, respectively.
Redemptions In-Kind. During the period, 6,381 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $1,217,697. The net realized gain of $863,214 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 34,649 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $5,209,289. The Fund had a net realized gain of $3,322,910 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company(the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Company as compared to its benchmark index, the Russell 3000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Company. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Growth Company | $17,626 | .13 |
Class K | 3,825 | .05 |
$21,451 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .01%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $111 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
Borrower | $25,753 | 1.65% | $6 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $684.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $61 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $61,050. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,617, including $437 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $225 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $209.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended May 31, 2018 | Year ended November 30, 2017 | |
From net investment income | ||
Growth Company | $– | $13,724 |
Class K | 1,416 | 23,576 |
Total | $1,416 | $37,300 |
From net realized gain | ||
Growth Company | $1,149,814 | $1,190,770 |
Class K | 748,300 | 823,522 |
Total | $1,898,114 | $2,014,292 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2018 | Year ended November 30, 2017 | Six months ended May 31, 2018 | Year ended November 30, 2017 | |
Growth Company | ||||
Shares sold | 18,927 | 17,127 | $3,565,595 | $2,740,883 |
Reinvestment of distributions | 5,899 | 8,092 | 1,059,396 | 1,134,062 |
Shares redeemed | (22,196)(a) | (36,791)(b) | (4,196,200)(a) | (5,635,831)(b) |
Net increase (decrease) | 2,630 | (11,572) | $428,791 | $(1,760,886) |
Class K | ||||
Shares sold | 11,280 | 19,521 | $2,138,762 | $3,093,032 |
Reinvestment of distributions | 4,174 | 6,051 | 749,491 | 847,098 |
Shares redeemed | (17,230)(a) | (40,209)(b) | (3,243,557)(a) | (6,282,634)(b) |
Net increase (decrease) | (1,776) | (14,637) | $(355,304) | $(2,342,504) |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Growth Company | .86% | |||
Actual | $1,000.00 | $1,121.80 | $4.55 | |
Hypothetical-C | $1,000.00 | $1,020.64 | $4.33 | |
Class K | .78% | |||
Actual | $1,000.00 | $1,122.30 | $4.13 | |
Hypothetical-C | $1,000.00 | $1,021.04 | $3.93 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® New Millennium Fund® Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Bank of America Corp. | 2.6 |
UnitedHealth Group, Inc. | 2.3 |
Cisco Systems, Inc. | 1.9 |
ARAMARK Holdings Corp. | 1.9 |
Boston Scientific Corp. | 1.7 |
Walmart, Inc. | 1.6 |
Chevron Corp. | 1.5 |
ConocoPhillips Co. | 1.5 |
General Dynamics Corp. | 1.5 |
Northrop Grumman Corp. | 1.4 |
17.9 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Financials | 15.8 |
Consumer Discretionary | 14.9 |
Health Care | 14.3 |
Energy | 12.8 |
Information Technology | 12.7 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018 * | ||
Stocks | 96.9% | |
Bonds | 0.2% | |
Convertible Securities | 0.9% | |
Other Investments | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.9% |
* Foreign investments - 19.1%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 14.1% | |||
Auto Components - 0.5% | |||
Magna International, Inc. Class A (sub. vtg.) | 280,900 | $18,012 | |
Automobiles - 1.4% | |||
Fiat Chrysler Automobiles NV | 1,532,200 | 35,593 | |
Tesla, Inc. (a) | 29,900 | 8,513 | |
44,106 | |||
Distributors - 0.5% | |||
Pool Corp. | 119,500 | 17,079 | |
Hotels, Restaurants & Leisure - 3.0% | |||
ARAMARK Holdings Corp. | 1,571,300 | 60,998 | |
Drive Shack, Inc. (a) | 1,507,922 | 9,847 | |
U.S. Foods Holding Corp. (a) | 732,600 | 26,139 | |
96,984 | |||
Household Durables - 2.2% | |||
D.R. Horton, Inc. | 550,700 | 23,245 | |
Newell Brands, Inc. | 550,700 | 12,986 | |
NVR, Inc. (a) | 5,100 | 15,252 | |
Toll Brothers, Inc. | 474,813 | 18,750 | |
70,233 | |||
Internet & Direct Marketing Retail - 0.8% | |||
The Booking Holdings, Inc. (a) | 11,700 | 24,674 | |
Leisure Products - 0.4% | |||
Mattel, Inc. (b) | 606,000 | 9,405 | |
New Academy Holding Co. LLC unit (a)(c)(d)(e) | 66,000 | 2,331 | |
11,736 | |||
Media - 0.3% | |||
WME Entertainment Parent, LLC Class A (d)(e)(f) | 3,761,973 | 9,405 | |
Multiline Retail - 0.5% | |||
Dollar General Corp. | 207,500 | 18,152 | |
Specialty Retail - 2.7% | |||
AutoZone, Inc. (a) | 31,700 | 20,583 | |
Tiffany & Co., Inc. | 330,000 | 43,157 | |
TJX Companies, Inc. | 265,000 | 23,935 | |
87,675 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
Brunello Cucinelli SpA | 822,600 | 32,937 | |
Hermes International SCA | 22,100 | 15,729 | |
Under Armour, Inc. Class A (sub. vtg.) (a)(b) | 475,000 | 9,928 | |
58,594 | |||
TOTAL CONSUMER DISCRETIONARY | 456,650 | ||
CONSUMER STAPLES - 6.3% | |||
Beverages - 1.0% | |||
Fever-Tree Drinks PLC | 336,582 | 13,441 | |
Molson Coors Brewing Co. Class B | 278,000 | 17,139 | |
30,580 | |||
Food & Staples Retailing - 2.6% | |||
Costco Wholesale Corp. | 155,900 | 30,906 | |
Walmart, Inc. | 646,600 | 53,370 | |
84,276 | |||
Food Products - 1.3% | |||
Amira Nature Foods Ltd. (a)(b) | 1,082,352 | 2,554 | |
Associated British Foods PLC | 311,700 | 10,980 | |
Greencore Group PLC | 4,603,761 | 11,181 | |
The Hershey Co. | 185,200 | 16,675 | |
41,390 | |||
Household Products - 0.4% | |||
Reckitt Benckiser Group PLC | 182,400 | 13,961 | |
Personal Products - 0.8% | |||
Coty, Inc. Class A | 669,500 | 8,871 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 303,000 | 16,898 | |
25,769 | |||
Tobacco - 0.2% | |||
British American Tobacco PLC sponsored ADR | 137,100 | 7,020 | |
TOTAL CONSUMER STAPLES | 202,996 | ||
ENERGY - 12.5% | |||
Energy Equipment & Services - 2.1% | |||
Borr Drilling Ltd. (a) | 4,401,703 | 22,593 | |
Oceaneering International, Inc. | 588,652 | 14,028 | |
Odfjell Drilling Ltd. (a) | 4,699,224 | 20,646 | |
TechnipFMC PLC | 325,600 | 10,142 | |
67,409 | |||
Oil, Gas & Consumable Fuels - 10.4% | |||
Anadarko Petroleum Corp. | 503,000 | 35,109 | |
Cabot Oil & Gas Corp. | 676,300 | 15,453 | |
Cheniere Energy, Inc. (a) | 239,300 | 15,942 | |
Chevron Corp. | 400,900 | 49,832 | |
Cimarex Energy Co. | 110,600 | 10,277 | |
ConocoPhillips Co. | 737,500 | 49,700 | |
Denbury Resources, Inc. (a) | 2,486,300 | 10,567 | |
Diamondback Energy, Inc. | 162,400 | 19,611 | |
GasLog Ltd. | 472,841 | 8,511 | |
Golar LNG Ltd. | 717,100 | 18,630 | |
Legacy Reserves LP (a)(g) | 5,606,520 | 31,845 | |
Southwestern Energy Co. (a) | 510,600 | 2,415 | |
The Williams Companies, Inc. | 1,157,500 | 31,090 | |
Whiting Petroleum Corp. (a) | 119,925 | 6,286 | |
Williams Partners LP | 792,000 | 31,522 | |
336,790 | |||
TOTAL ENERGY | 404,199 | ||
FINANCIALS - 15.8% | |||
Banks - 6.3% | |||
Bank of America Corp. | 2,915,600 | 84,672 | |
CaixaBank SA | 2,388,300 | 10,277 | |
First Republic Bank | 206,200 | 20,538 | |
Metro Bank PLC (a)(b) | 243,010 | 10,738 | |
PNC Financial Services Group, Inc. | 168,300 | 24,136 | |
Republic First Bancorp, Inc. (a) | 933,900 | 8,032 | |
SunTrust Banks, Inc. | 296,412 | 20,011 | |
U.S. Bancorp | 528,500 | 26,420 | |
204,824 | |||
Capital Markets - 1.4% | |||
HUB24 Ltd. (a) | 329,116 | 3,430 | |
KKR & Co. LP | 628,104 | 13,963 | |
The NASDAQ OMX Group, Inc. | 204,200 | 18,758 | |
TPG Specialty Lending, Inc. | 542,500 | 10,123 | |
46,274 | |||
Insurance - 6.5% | |||
AIA Group Ltd. | 1,482,800 | 13,534 | |
American International Group, Inc. | 819,000 | 43,235 | |
Arch Capital Group Ltd. (a) | 308,200 | 24,178 | |
Chubb Ltd. | 309,709 | 40,476 | |
First American Financial Corp. | 271,800 | 14,155 | |
FNF Group | 657,300 | 24,294 | |
MetLife, Inc. | 617,000 | 28,376 | |
The Travelers Companies, Inc. | 157,400 | 20,229 | |
208,477 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
KKR Real Estate Finance Trust, Inc. | 15,146 | 308 | |
Thrifts & Mortgage Finance - 1.6% | |||
Housing Development Finance Corp. Ltd. | 425,968 | 11,579 | |
MGIC Investment Corp. (a) | 1,240,834 | 12,892 | |
Radian Group, Inc. | 1,774,923 | 28,221 | |
52,692 | |||
TOTAL FINANCIALS | 512,575 | ||
HEALTH CARE - 14.1% | |||
Health Care Equipment & Supplies - 4.9% | |||
Becton, Dickinson & Co. | 117,000 | 25,926 | |
Boston Scientific Corp. (a) | 1,857,500 | 56,449 | |
Danaher Corp. | 182,200 | 18,089 | |
DexCom, Inc. (a) | 257,600 | 22,666 | |
Integra LifeSciences Holdings Corp. (a) | 263,100 | 16,980 | |
Intuitive Surgical, Inc. (a) | 28,800 | 13,238 | |
Sartorius Stedim Biotech | 66,309 | 6,574 | |
159,922 | |||
Health Care Providers & Services - 4.3% | |||
Amplifon SpA | 1,041,550 | 18,776 | |
National Vision Holdings, Inc. | 385,600 | 14,036 | |
Premier, Inc. (a) | 239,400 | 7,809 | |
Ryman Healthcare Group Ltd. | 1,080,746 | 8,622 | |
UnitedHealth Group, Inc. | 301,900 | 72,912 | |
Universal Health Services, Inc. Class B | 154,000 | 17,707 | |
139,862 | |||
Health Care Technology - 1.1% | |||
Cerner Corp. (a) | 231,200 | 13,798 | |
Medidata Solutions, Inc. (a) | 165,500 | 12,770 | |
Teladoc, Inc. (a) | 191,300 | 9,737 | |
36,305 | |||
Life Sciences Tools & Services - 2.1% | |||
Agilent Technologies, Inc. | 281,100 | 17,406 | |
Bruker Corp. | 318,900 | 9,653 | |
Eurofins Scientific SA | 77,577 | 39,850 | |
66,909 | |||
Pharmaceuticals - 1.7% | |||
Amneal Pharmaceuticals, Inc. (a) | 488,400 | 9,641 | |
Catalent, Inc. (a) | 248,493 | 9,756 | |
GlaxoSmithKline PLC | 1,184,600 | 24,000 | |
Prestige Brands Holdings, Inc. (a) | 300,000 | 10,029 | |
53,426 | |||
TOTAL HEALTH CARE | 456,424 | ||
INDUSTRIALS - 12.3% | |||
Aerospace & Defense - 5.4% | |||
General Dynamics Corp. | 239,300 | 48,269 | |
Huntington Ingalls Industries, Inc. | 36,500 | 8,069 | |
KEYW Holding Corp. (a)(b) | 1,870,437 | 17,676 | |
Kratos Defense & Security Solutions, Inc. (a) | 771,600 | 8,634 | |
Northrop Grumman Corp. | 142,700 | 46,699 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(d)(e) | 58,589 | 9,902 | |
Class C (d)(e) | 818 | 138 | |
Teledyne Technologies, Inc. (a) | 75,700 | 15,251 | |
United Technologies Corp. | 171,500 | 21,407 | |
176,045 | |||
Air Freight & Logistics - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 189,200 | 16,460 | |
Hub Group, Inc. Class A (a) | 207,916 | 10,385 | |
26,845 | |||
Commercial Services & Supplies - 1.1% | |||
KAR Auction Services, Inc. | 283,900 | 14,981 | |
Stericycle, Inc. (a) | 125,800 | 7,988 | |
U.S. Ecology, Inc. | 193,056 | 11,699 | |
34,668 | |||
Electrical Equipment - 0.6% | |||
Melrose Industries PLC | 5,769,909 | 18,102 | |
Industrial Conglomerates - 1.0% | |||
General Electric Co. | 2,381,200 | 33,527 | |
Machinery - 1.7% | |||
Aumann AG (b)(h) | 223,600 | 15,789 | |
Donaldson Co., Inc. | 284,400 | 13,424 | |
Flowserve Corp. | 158,200 | 6,540 | |
Pentair PLC | 160,200 | 6,991 | |
Rational AG | 21,300 | 13,322 | |
56,066 | |||
Marine - 0.5% | |||
Goodbulk Ltd. (e) | 959,290 | 14,654 | |
Trading Companies & Distributors - 1.2% | |||
Bunzl PLC | 541,600 | 16,487 | |
Rush Enterprises, Inc. Class A (a) | 241,500 | 10,392 | |
United Rentals, Inc. (a) | 64,700 | 10,324 | |
37,203 | |||
TOTAL INDUSTRIALS | 397,110 | ||
INFORMATION TECHNOLOGY - 12.5% | |||
Communications Equipment - 1.9% | |||
Cisco Systems, Inc. | 1,429,900 | 61,071 | |
Electronic Equipment & Components - 1.7% | |||
Amphenol Corp. Class A | 280,182 | 24,356 | |
CDW Corp. | 182,000 | 14,569 | |
Keysight Technologies, Inc. (a) | 290,000 | 17,035 | |
55,960 | |||
Internet Software & Services - 1.2% | |||
Akamai Technologies, Inc. (a) | 245,400 | 18,498 | |
GoDaddy, Inc. (a) | 161,800 | 11,583 | |
LogMeIn, Inc. | 72,423 | 7,814 | |
37,895 | |||
IT Services - 4.5% | |||
First Data Corp. Class A (a) | 1,438,662 | 27,335 | |
FleetCor Technologies, Inc. (a) | 53,900 | 10,745 | |
Leidos Holdings, Inc. | 340,800 | 20,468 | |
PayPal Holdings, Inc. (a) | 369,900 | 30,358 | |
Science Applications International Corp. | 123,900 | 10,959 | |
Visa, Inc. Class A | 356,100 | 46,549 | |
146,414 | |||
Semiconductors & Semiconductor Equipment - 0.8% | |||
Qualcomm, Inc. | 459,800 | 26,724 | |
Software - 2.4% | |||
ANSYS, Inc. (a) | 112,900 | 18,380 | |
Aspen Technology, Inc. (a) | 202,200 | 18,857 | |
Black Knight, Inc. (a) | 334,549 | 16,928 | |
Citrix Systems, Inc. (a) | 207,300 | 21,895 | |
Trion World, Inc. (a)(d)(e) | 1,062,359 | 0 | |
Trion World, Inc. warrants 10/3/18 (a)(d)(e) | 42,310 | 0 | |
76,060 | |||
TOTAL INFORMATION TECHNOLOGY | 404,124 | ||
MATERIALS - 1.8% | |||
Chemicals - 0.3% | |||
Nutrien Ltd. | 205,920 | 10,420 | |
Construction Materials - 0.1% | |||
nVent Electric PLC (a) | 160,200 | 4,338 | |
Metals & Mining - 1.4% | |||
Franco-Nevada Corp. | 143,800 | 10,140 | |
Freeport-McMoRan, Inc. | 838,200 | 14,166 | |
Newcrest Mining Ltd. | 541,982 | 8,509 | |
Novagold Resources, Inc. (a) | 2,591,580 | 12,532 | |
45,347 | |||
TOTAL MATERIALS | 60,105 | ||
REAL ESTATE - 1.4% | |||
Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
Cousins Properties, Inc. | 901,553 | 8,493 | |
Healthcare Trust of America, Inc. | 274,800 | 7,051 | |
Spirit Realty Capital, Inc. | 1,903,800 | 16,677 | |
VEREIT, Inc. | 471,400 | 3,375 | |
35,596 | |||
Real Estate Management & Development - 0.3% | |||
Realogy Holdings Corp. | 414,300 | 9,856 | |
TOTAL REAL ESTATE | 45,452 | ||
TELECOMMUNICATION SERVICES - 1.2% | |||
Diversified Telecommunication Services - 1.2% | |||
Verizon Communications, Inc. | 794,000 | 37,850 | |
UTILITIES - 4.6% | |||
Electric Utilities - 4.6% | |||
Alliant Energy Corp. | 409,800 | 16,974 | |
Duke Energy Corp. | 410,700 | 31,690 | |
Exelon Corp. | 454,100 | 18,795 | |
IDACORP, Inc. | 260,800 | 24,087 | |
OGE Energy Corp. | 265,200 | 9,287 | |
Southern Co. | 500,000 | 22,450 | |
Xcel Energy, Inc. | 557,200 | 25,364 | |
148,647 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,358,456) | 3,126,132 | ||
Preferred Stocks - 1.2% | |||
Convertible Preferred Stocks - 0.9% | |||
CONSUMER DISCRETIONARY - 0.5% | |||
Leisure Products - 0.3% | |||
Peloton Interactive, Inc. Series E (a)(d)(e) | 230,821 | 8,349 | |
Textiles, Apparel & Luxury Goods - 0.2% | |||
Bolt Threads, Inc. Series D (d)(e) | 390,327 | 6,261 | |
TOTAL CONSUMER DISCRETIONARY | 14,610 | ||
HEALTH CARE - 0.2% | |||
Health Care Equipment & Supplies - 0.2% | |||
Butterfly Network, Inc. Series D, (d)(e) | 658,083 | 6,759 | |
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Space Exploration Technologies Corp. Series H (d)(e) | 7,570 | 1,279 | |
INFORMATION TECHNOLOGY - 0.2% | |||
Internet Software & Services - 0.2% | |||
Lyft, Inc. Series H (d)(e) | 143,083 | 5,687 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 28,335 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
CONSUMER DISCRETIONARY - 0.3% | |||
Automobiles - 0.3% | |||
Porsche Automobil Holding SE (Germany) | 154,773 | 11,414 | |
TOTAL PREFERRED STOCKS | |||
(Cost $33,512) | 39,749 | ||
Principal Amount (000s) | Value (000s) | ||
Corporate Bonds - 0.2% | |||
Convertible Bonds - 0.0% | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Trion World, Inc. 10% 10/10/19 pay-in-kind (d)(e)(i) | 474 | 163 | |
Nonconvertible Bonds - 0.2% | |||
ENERGY - 0.2% | |||
Energy Equipment & Services - 0.2% | |||
Pacific Drilling V Ltd. 7.25% 12/1/17 (h)(j) | 9,250 | 4,718 | |
TOTAL CORPORATE BONDS | |||
(Cost $9,633) | 4,881 | ||
Shares | Value (000s) | ||
Other - 0.1% | |||
Energy - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Utica Shale Drilling Program (non-operating revenue interest)(d)(e)(f) | |||
(Cost $8,368) | 8,367,654 | 4,498 | |
Money Market Funds - 2.1% | |||
Fidelity Cash Central Fund, 1.76% (k) | 45,672,997 | 45,682 | |
Fidelity Securities Lending Cash Central Fund 1.76% (k)(l) | 23,350,554 | 23,353 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $69,034) | 69,035 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $2,479,003) | 3,244,295 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (6,723) | ||
NET ASSETS - 100% | $3,237,572 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.
(d) Restricted securities - 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 $54,772,000 or 1.7% of net assets.
(e) Level 3 security
(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(g) Affiliated company
(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,507,000 or 0.6% of net assets.
(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(j) Non-income producing - Security is in default.
(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(l) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Bolt Threads, Inc. Series D | 12/13/17 | $6,261 |
Butterfly Network, Inc. Series D, | 5/4/18 | $6,759 |
Lyft, Inc. Series H | 11/22/17 | $5,687 |
New Academy Holding Co. LLC unit | 8/1/11 | $6,956 |
Peloton Interactive, Inc. Series E | 3/31/17 | $5,000 |
Space Exploration Technologies Corp. Class A | 4/8/16 - 9/11/17 | $5,981 |
Space Exploration Technologies Corp. Class C | 9/11/17 | $110 |
Space Exploration Technologies Corp. Series H | 8/4/17 | $1,022 |
Trion World, Inc. | 8/22/08 - 3/20/13 | $5,798 |
Trion World, Inc. warrants 10/3/18 | 10/10/13 | $0 |
Trion World, Inc. 10% 10/10/19 pay-in-kind | 10/10/13 - 4/10/18 | $473 |
Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $8,368 |
WME Entertainment Parent, LLC Class A | 8/16/16 | $7,349 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $412 |
Fidelity Securities Lending Cash Central Fund | 269 |
Total | $681 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
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 |
Legacy Reserves LP | $8,690 | $-- | $-- | $-- | $-- | $23,155 | $31,845 |
Total | $8,690 | $-- | $-- | $-- | $-- | $23,155 | $31,845 |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $482,674 | $456,328 | $-- | $26,346 |
Consumer Staples | 202,996 | 172,137 | 30,859 | -- |
Energy | 404,199 | 404,199 | -- | -- |
Financials | 512,575 | 488,764 | 23,811 | -- |
Health Care | 463,183 | 432,424 | 24,000 | 6,759 |
Industrials | 398,389 | 372,416 | -- | 25,973 |
Information Technology | 409,811 | 404,124 | -- | 5,687 |
Materials | 60,105 | 60,105 | -- | -- |
Real Estate | 45,452 | 45,452 | -- | -- |
Telecommunication Services | 37,850 | 37,850 | -- | -- |
Utilities | 148,647 | 148,647 | -- | -- |
Corporate Bonds | 4,881 | -- | 4,718 | 163 |
Other | 4,498 | -- | -- | 4,498 |
Money Market Funds | 69,035 | 69,035 | -- | -- |
Total Investments in Securities: | $3,244,295 | $3,091,481 | $83,388 | $69,426 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Beginning Balance | $37,832 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 5,648 |
Cost of Purchases | 20,831 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | 5,115 |
Transfers out of Level 3 | -- |
Ending Balance | $69,426 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $5,648 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 80.9% |
United Kingdom | 3.8% |
Bermuda | 3.6% |
Netherlands | 1.6% |
Italy | 1.6% |
Canada | 1.5% |
Switzerland | 1.3% |
Germany | 1.2% |
Luxembourg | 1.2% |
Others (Individually Less Than 1%) | 3.3% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | May 31, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $22,595) — See accompanying schedule: Unaffiliated issuers (cost $2,394,385) | $3,143,415 | |
Fidelity Central Funds (cost $69,034) | 69,035 | |
Other affiliated issuers (cost $15,584) | 31,845 | |
Total Investment in Securities (cost $2,479,003) | $3,244,295 | |
Restricted cash | 146 | |
Receivable for investments sold | 14,493 | |
Receivable for fund shares sold | 632 | |
Dividends receivable | 5,034 | |
Interest receivable | 307 | |
Distributions receivable from Fidelity Central Funds | 83 | |
Prepaid expenses | 1 | |
Other receivables | 68 | |
Total assets | 3,265,059 | |
Liabilities | ||
Payable for investments purchased | $889 | |
Payable for fund shares redeemed | 1,472 | |
Accrued management fee | 1,259 | |
Other affiliated payables | 459 | |
Other payables and accrued expenses | 64 | |
Collateral on securities loaned | 23,344 | |
Total liabilities | 27,487 | |
Net Assets | $3,237,572 | |
Net Assets consist of: | ||
Paid in capital | $2,361,526 | |
Undistributed net investment income | 2,647 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 108,122 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 765,277 | |
Net Assets, for 78,958 shares outstanding | $3,237,572 | |
Net Asset Value, offering price and redemption price per share ($3,237,572 ÷ 78,958 shares) | $41.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | |
Investment Income | ||
Dividends | $24,485 | |
Interest | 18 | |
Income from Fidelity Central Funds | 681 | |
Total income | 25,184 | |
Expenses | ||
Management fee | ||
Basic fee | $8,822 | |
Performance adjustment | (1,404) | |
Transfer agent fees | 2,281 | |
Accounting and security lending fees | 482 | |
Custodian fees and expenses | 39 | |
Independent trustees' fees and expenses | 7 | |
Registration fees | 23 | |
Audit | 115 | |
Legal | 4 | |
Miscellaneous | 14 | |
Total expenses before reductions | 10,383 | |
Expense reductions | (98) | |
Total expenses after reductions | 10,285 | |
Net investment income (loss) | 14,899 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 104,802 | |
Fidelity Central Funds | 1 | |
Foreign currency transactions | 21 | |
Total net realized gain (loss) | 104,824 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (580) | |
Fidelity Central Funds | (2) | |
Other affiliated issuers | 23,155 | |
Assets and liabilities in foreign currencies | (33) | |
Total change in net unrealized appreciation (depreciation) | 22,540 | |
Net gain (loss) | 127,364 | |
Net increase (decrease) in net assets resulting from operations | $142,263 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $14,899 | $31,033 |
Net realized gain (loss) | 104,824 | 246,779 |
Change in net unrealized appreciation (depreciation) | 22,540 | 319,973 |
Net increase (decrease) in net assets resulting from operations | 142,263 | 597,785 |
Distributions to shareholders from net investment income | (27,269) | (34,461) |
Distributions to shareholders from net realized gain | (238,166) | (147,147) |
Total distributions | (265,435) | (181,608) |
Share transactions | ||
Proceeds from sales of shares | 94,069 | 217,367 |
Reinvestment of distributions | 252,831 | 173,679 |
Cost of shares redeemed | (274,129) | (563,945) |
Net increase (decrease) in net assets resulting from share transactions | 72,771 | (172,899) |
Total increase (decrease) in net assets | (50,401) | 243,278 |
Net Assets | ||
Beginning of period | 3,287,973 | 3,044,695 |
End of period | $3,237,572 | $3,287,973 |
Other Information | ||
Undistributed net investment income end of period | $2,647 | $15,017 |
Shares | ||
Sold | 2,298 | 5,693 |
Issued in reinvestment of distributions | 6,362 | 4,765 |
Redeemed | (6,699) | (14,529) |
Net increase (decrease) | 1,961 | (4,071) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity New Millennium Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $42.70 | $37.56 | $38.99 | $42.10 | $40.16 | $32.83 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .19 | .38 | .43 | .39 | .38B | .23 |
Net realized and unrealized gain (loss) | 1.59 | 7.01 | 2.31 | (.46) | 3.89 | 10.14 |
Total from investment operations | 1.78 | 7.39 | 2.74 | (.07) | 4.27 | 10.37 |
Distributions from net investment income | (.36) | (.43) | (.35) | (.28) | (.19) | (.37) |
Distributions from net realized gain | (3.12) | (1.82) | (3.82) | (2.76) | (2.13) | (2.67) |
Total distributions | (3.48) | (2.25) | (4.17) | (3.04) | (2.33)C | (3.04) |
Net asset value, end of period | $41.00 | $42.70 | $37.56 | $38.99 | $42.10 | $40.16 |
Total ReturnD,E | 4.41% | 20.69% | 8.57% | .08% | 11.31% | 34.78% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .64%H | .54% | .57% | .72% | .82% | .88% |
Expenses net of fee waivers, if any | .64%H | .54% | .57% | .72% | .82% | .88% |
Expenses net of all reductions | .63%H | .54% | .57% | .71% | .81% | .87% |
Net investment income (loss) | .91%H | .98% | 1.25% | 1.00% | .92%B | .65% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $3,238 | $3,288 | $3,045 | $3,313 | $4,282 | $2,826 |
Portfolio turnover rateI | 21%H | 31% | 44% | 57% | 44% | 49% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .59%.
C Total distributions of $2.33 per share is comprised of distributions from net investment income of $.192 and distributions from net realized gain of $2.133 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity New Millennium Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Corporate Bonds | $163 | Recovery value | Recovery value | 34.4% | Increase |
Equities | $50,110 | Market approach | Transaction price | $2.50 - $169.00 / $59.15 | Increase |
Market comparable | Enterprise value/Sales multiple (EV/S) | 1.2 - 5.4 / 3.3 | Increase | ||
Enterprise value/EBITDA multiple (EV/EBITDA) | 6.7 | Increase | |||
Discount for lack of marketability | 10.0% | Decrease | |||
Premium rate | 10.0% | Increase | |||
Recovery value | Recovery value | 0.0% | Increase | ||
Other | $4,498 | Market comparable | Proxy discount | 13.5% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, deferred trustees compensation, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $916,882 |
Gross unrealized depreciation | (149,283) |
Net unrealized appreciation (depreciation) | $767,599 |
Tax cost | $2,476,696 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $14,049 in these Subsidiaries, representing .43% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $335,036 and $481,996, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .45% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .14% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $18 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $277. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $269, including $29 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $81 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $17.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Actual | .64% | $1,000.00 | $1,044.10 | $3.26 |
Hypothetical-C | $1,000.00 | $1,021.74 | $3.23 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
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Boston, MA 02210
www.fidelity.com
NMF-SANN-0718
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Fidelity® Growth Strategies Fund Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Total System Services, Inc. | 2.9 |
VeriSign, Inc. | 2.6 |
Wyndham Worldwide Corp. | 2.5 |
ON Semiconductor Corp. | 2.3 |
Citrix Systems, Inc. | 2.2 |
Huntington Ingalls Industries, Inc. | 2.1 |
Aptiv PLC | 2.0 |
Fiserv, Inc. | 1.9 |
Roper Technologies, Inc. | 1.8 |
Citizens Financial Group, Inc. | 1.8 |
22.1 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 32.4 |
Consumer Discretionary | 16.4 |
Health Care | 15.5 |
Industrials | 15.1 |
Financials | 10.3 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018 * | ||
Stocks | 99.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9% |
* Foreign investments - 6.1%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 16.4% | |||
Auto Components - 3.8% | |||
Aptiv PLC | 560,500 | $54,649 | |
Lear Corp. | 109,300 | 21,641 | |
Visteon Corp. (a) | 215,200 | 26,891 | |
103,181 | |||
Distributors - 0.7% | |||
Pool Corp. | 143,800 | 20,552 | |
Diversified Consumer Services - 1.0% | |||
Service Corp. International | 786,000 | 28,838 | |
Hotels, Restaurants & Leisure - 3.8% | |||
Domino's Pizza, Inc. | 85,400 | 21,476 | |
Hilton Grand Vacations, Inc. (a) | 342,500 | 13,618 | |
Wyndham Worldwide Corp. | 626,000 | 67,883 | |
102,977 | |||
Household Durables - 1.1% | |||
NVR, Inc. (a) | 10,140 | 30,324 | |
Internet & Direct Marketing Retail - 0.6% | |||
TripAdvisor, Inc. (a) | 320,017 | 16,686 | |
Media - 0.8% | |||
Live Nation Entertainment, Inc. (a) | 515,000 | 21,954 | |
Multiline Retail - 1.9% | |||
Dollar General Corp. | 284,300 | 24,871 | |
Dollar Tree, Inc. (a) | 340,900 | 28,155 | |
53,026 | |||
Specialty Retail - 1.5% | |||
Ross Stores, Inc. | 507,000 | 39,992 | |
Textiles, Apparel & Luxury Goods - 1.2% | |||
Carter's, Inc. | 171,200 | 18,663 | |
VF Corp. | 170,700 | 13,854 | |
32,517 | |||
TOTAL CONSUMER DISCRETIONARY | 450,047 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 2.1% | |||
Brown-Forman Corp. Class B (non-vtg.) | 481,100 | 27,211 | |
Dr. Pepper Snapple Group, Inc. | 196,500 | 23,442 | |
Monster Beverage Corp. (a) | 163,000 | 8,339 | |
58,992 | |||
Food Products - 1.0% | |||
The Hershey Co. | 298,250 | 26,854 | |
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 94,000 | 14,047 | |
Herbalife Nutrition Ltd. (a) | 296,000 | 15,028 | |
29,075 | |||
TOTAL CONSUMER STAPLES | 114,921 | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Andeavor | 117,400 | 16,956 | |
FINANCIALS - 10.3% | |||
Banks - 2.5% | |||
Citizens Financial Group, Inc. | 1,223,600 | 49,984 | |
Huntington Bancshares, Inc. | 1,177,300 | 17,506 | |
67,490 | |||
Capital Markets - 5.7% | |||
Ameriprise Financial, Inc. | 289,100 | 40,078 | |
E*TRADE Financial Corp. (a) | 213,700 | 13,538 | |
MarketAxess Holdings, Inc. | 46,096 | 9,848 | |
Moody's Corp. | 283,200 | 48,305 | |
MSCI, Inc. | 163,144 | 26,522 | |
S&P Global, Inc. | 90,100 | 17,795 | |
156,086 | |||
Insurance - 2.1% | |||
Aon PLC | 90,800 | 12,700 | |
Progressive Corp. | 720,022 | 44,706 | |
57,406 | |||
TOTAL FINANCIALS | 280,982 | ||
HEALTH CARE - 15.5% | |||
Health Care Equipment & Supplies - 3.6% | |||
Edwards Lifesciences Corp. (a) | 258,500 | 35,495 | |
Intuitive Surgical, Inc. (a) | 33,300 | 15,307 | |
ResMed, Inc. | 473,700 | 48,701 | |
99,503 | |||
Health Care Providers & Services - 2.9% | |||
AmerisourceBergen Corp. | 65,841 | 5,408 | |
Laboratory Corp. of America Holdings (a) | 105,400 | 19,034 | |
MEDNAX, Inc. (a) | 96,600 | 4,429 | |
Wellcare Health Plans, Inc. (a) | 223,000 | 49,432 | |
78,303 | |||
Health Care Technology - 1.4% | |||
Cerner Corp. (a) | 643,000 | 38,374 | |
Life Sciences Tools & Services - 5.3% | |||
Charles River Laboratories International, Inc. (a) | 317,600 | 34,148 | |
Illumina, Inc. (a) | 146,797 | 39,993 | |
Mettler-Toledo International, Inc. (a) | 62,100 | 34,201 | |
Waters Corp. (a) | 193,900 | 37,349 | |
145,691 | |||
Pharmaceuticals - 2.3% | |||
Jazz Pharmaceuticals PLC (a) | 118,000 | 19,942 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 529,400 | 11,382 | |
Zoetis, Inc. Class A | 382,200 | 31,990 | |
63,314 | |||
TOTAL HEALTH CARE | 425,185 | ||
INDUSTRIALS - 15.1% | |||
Aerospace & Defense - 3.1% | |||
Huntington Ingalls Industries, Inc. | 257,175 | 56,854 | |
TransDigm Group, Inc. | 85,500 | 28,566 | |
85,420 | |||
Airlines - 0.4% | |||
Alaska Air Group, Inc. | 166,000 | 10,094 | |
Building Products - 0.6% | |||
Masco Corp. | 410,000 | 15,281 | |
Commercial Services & Supplies - 0.8% | |||
KAR Auction Services, Inc. | 405,000 | 21,372 | |
Electrical Equipment - 2.0% | |||
AMETEK, Inc. | 295,600 | 21,588 | |
Fortive Corp. | 468,700 | 34,070 | |
55,658 | |||
Industrial Conglomerates - 2.3% | |||
ITT, Inc. | 275,300 | 14,211 | |
Roper Technologies, Inc. | 181,900 | 50,166 | |
64,377 | |||
Machinery - 3.7% | |||
Cummins, Inc. | 214,900 | 30,600 | |
IDEX Corp. | 211,100 | 29,275 | |
Parker Hannifin Corp. | 127,236 | 21,745 | |
Toro Co. | 331,000 | 19,198 | |
100,818 | |||
Professional Services - 1.4% | |||
Dun & Bradstreet Corp. | 78,900 | 9,690 | |
Equifax, Inc. | 258,800 | 29,493 | |
39,183 | |||
Trading Companies & Distributors - 0.8% | |||
United Rentals, Inc. (a) | 131,859 | 21,041 | |
TOTAL INDUSTRIALS | 413,244 | ||
INFORMATION TECHNOLOGY - 32.4% | |||
Communications Equipment - 1.5% | |||
F5 Networks, Inc. (a) | 227,000 | 39,296 | |
Electronic Equipment & Components - 1.3% | |||
Amphenol Corp. Class A | 419,400 | 36,458 | |
Internet Software & Services - 4.5% | |||
Akamai Technologies, Inc. (a) | 381,900 | 28,788 | |
LogMeIn, Inc. | 217,000 | 23,414 | |
VeriSign, Inc. (a) | 549,916 | 71,731 | |
123,933 | |||
IT Services - 8.3% | |||
Amdocs Ltd. | 335,000 | 22,599 | |
DXC Technology Co. | 130,000 | 11,974 | |
Fiserv, Inc. (a) | 720,300 | 52,294 | |
FleetCor Technologies, Inc. (a) | 83,900 | 16,725 | |
Genpact Ltd.�� | 286,228 | 8,595 | |
Global Payments, Inc. | 249,300 | 27,712 | |
Paychex, Inc. | 99,358 | 6,516 | |
Total System Services, Inc. | 940,400 | 80,117 | |
226,532 | |||
Semiconductors & Semiconductor Equipment - 10.0% | |||
Analog Devices, Inc. | 466,000 | 45,286 | |
Applied Materials, Inc. | 207,300 | 10,527 | |
Broadcom, Inc. | 38,000 | 9,579 | |
KLA-Tencor Corp. | 302,900 | 34,297 | |
Lam Research Corp. | 152,910 | 30,304 | |
Microchip Technology, Inc. | 446,900 | 43,519 | |
ON Semiconductor Corp. (a) | 2,513,300 | 63,159 | |
Skyworks Solutions, Inc. | 381,500 | 37,620 | |
274,291 | |||
Software - 6.8% | |||
Adobe Systems, Inc. (a) | 71,302 | 17,774 | |
Check Point Software Technologies Ltd. (a) | 243,700 | 23,727 | |
Citrix Systems, Inc. (a) | 565,400 | 59,718 | |
Electronic Arts, Inc. (a) | 141,000 | 18,458 | |
Intuit, Inc. | 64,100 | 12,923 | |
Parametric Technology Corp. (a) | 160,000 | 13,798 | |
Take-Two Interactive Software, Inc. (a) | 360,400 | 40,394 | |
186,792 | |||
TOTAL INFORMATION TECHNOLOGY | 887,302 | ||
MATERIALS - 2.1% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 81,555 | 8,507 | |
Sherwin-Williams Co. | 34,400 | 13,046 | |
The Chemours Co. LLC | 450,000 | 22,046 | |
The Scotts Miracle-Gro Co. Class A | 150,000 | 12,770 | |
56,369 | |||
REAL ESTATE - 2.5% | |||
Equity Real Estate Investment Trusts (REITs) - 2.5% | |||
CoreSite Realty Corp. | 253,500 | 26,912 | |
Equity Lifestyle Properties, Inc. | 264,900 | 24,079 | |
Extra Space Storage, Inc. | 165,500 | 15,929 | |
66,920 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,191,078) | 2,711,926 | ||
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund, 1.76% (b) | 93,096,768 | 93,115 | |
Fidelity Securities Lending Cash Central Fund 1.76% (b) | 14,926 | 15 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $93,130) | 93,130 | ||
TOTAL INVESTMENT IN SECURITIES - 102.5% | |||
(Cost $2,284,208) | 2,805,056 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (67,318) | ||
NET ASSETS - 100% | $2,737,738 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $256 |
Fidelity Securities Lending Cash Central Fund | 100 |
Total | $356 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | May 31, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,191,078) | $2,711,926 | |
Fidelity Central Funds (cost $93,130) | 93,130 | |
Total Investment in Securities (cost $2,284,208) | $2,805,056 | |
Receivable for investments sold | 4,224 | |
Receivable for fund shares sold | 782 | |
Dividends receivable | 2,385 | |
Distributions receivable from Fidelity Central Funds | 58 | |
Prepaid expenses | 1 | |
Other receivables | 112 | |
Total assets | 2,812,618 | |
Liabilities | ||
Payable for investments purchased | $6,998 | |
Payable for fund shares redeemed | 66,447 | |
Accrued management fee | 863 | |
Other affiliated payables | 453 | |
Other payables and accrued expenses | 119 | |
Total liabilities | 74,880 | |
Net Assets | $2,737,738 | |
Net Assets consist of: | ||
Paid in capital | $2,192,476 | |
Undistributed net investment income | 4,283 | |
Accumulated undistributed net realized gain (loss) on investments | 20,131 | |
Net unrealized appreciation (depreciation) on investments | 520,848 | |
Net Assets | $2,737,738 | |
Growth Strategies: | ||
Net Asset Value, offering price and redemption price per share ($2,522,850 ÷ 58,933 shares) | $42.81 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($214,888 ÷ 4,982 shares) | $43.13 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | |
Investment Income | ||
Dividends | $13,360 | |
Income from Fidelity Central Funds | 356 | |
Total income | 13,716 | |
Expenses | ||
Management fee | ||
Basic fee | $7,579 | |
Performance adjustment | (1,746) | |
Transfer agent fees | 2,294 | |
Accounting and security lending fees | 424 | |
Custodian fees and expenses | 20 | |
Independent trustees' fees and expenses | 6 | |
Registration fees | 41 | |
Audit | 37 | |
Legal | 4 | |
Miscellaneous | 12 | |
Total expenses before reductions | 8,671 | |
Expense reductions | (67) | |
Total expenses after reductions | 8,604 | |
Net investment income (loss) | 5,112 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 20,120 | |
Fidelity Central Funds | (8) | |
Total net realized gain (loss) | 20,112 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 109,581 | |
Fidelity Central Funds | 8 | |
Total change in net unrealized appreciation (depreciation) | 109,589 | |
Net gain (loss) | 129,701 | |
Net increase (decrease) in net assets resulting from operations | $134,813 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $5,112 | $11,703 |
Net realized gain (loss) | 20,112 | 130,731 |
Change in net unrealized appreciation (depreciation) | 109,589 | 367,532 |
Net increase (decrease) in net assets resulting from operations | 134,813 | 509,966 |
Distributions to shareholders from net investment income | (10,814) | (13,542) |
Distributions to shareholders from net realized gain | (1,260) | (1,063) |
Total distributions | (12,074) | (14,605) |
Share transactions - net increase (decrease) | (112,081) | (323,399) |
Redemption fees | – | 42 |
Total increase (decrease) in net assets | 10,658 | 172,004 |
Net Assets | ||
Beginning of period | 2,727,080 | 2,555,076 |
End of period | $2,737,738 | $2,727,080 |
Other Information | ||
Undistributed net investment income end of period | $4,283 | $9,985 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Growth Strategies Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $40.96 | $33.87 | $33.91 | $32.44 | $27.66 | $20.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .16B | .16C | .04 | .11 | .09 |
Net realized and unrealized gain (loss) | 1.96 | 7.13 | (.16) | 1.53 | 4.72 | 7.10 |
Total from investment operations | 2.03 | 7.29 | – | 1.57 | 4.83 | 7.19 |
Distributions from net investment income | (.16) | (.18) | (.04) | (.09) | (.05) | (.07)D |
Distributions from net realized gain | (.02) | (.02) | – | (.01) | – | (.02)D |
Total distributions | (.18) | (.20) | (.04) | (.10) | (.05) | (.09) |
Redemption fees added to paid in capitalA | – | –E | –E | –E | –E | –E |
Net asset value, end of period | $42.81 | $40.96 | $33.87 | $33.91 | $32.44 | $27.66 |
Total ReturnF,G | 4.97% | 21.63% | .02% | 4.86% | 17.50% | 35.13% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .63%J | .78% | .94% | .91% | .72% | .71% |
Expenses net of fee waivers, if any | .63%J | .78% | .94% | .91% | .72% | .71% |
Expenses net of all reductions | .63%J | .78% | .94% | .91% | .72% | .69% |
Net investment income (loss) | .35%J | .43%B | .49%C | .13% | .37% | .39% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $2,523 | $2,455 | $2,080 | $2,535 | $1,835 | $1,640 |
Portfolio turnover rateK | 39%J,L | 73%L | 63% | 40% | 58% | 87% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.
C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .34%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Growth Strategies Fund Class K
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $41.29 | $34.14 | $34.17 | $32.70 | $27.88 | $20.74 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .21B | .21C | .10 | .17 | .15 |
Net realized and unrealized gain (loss) | 1.97 | 7.19 | (.14) | 1.52 | 4.76 | 7.14 |
Total from investment operations | 2.07 | 7.40 | .07 | 1.62 | 4.93 | 7.29 |
Distributions from net investment income | (.21) | (.23) | (.10) | (.15) | (.11) | (.13)D |
Distributions from net realized gain | (.02) | (.02) | – | (.01) | – | (.02)D |
Total distributions | (.23) | (.25) | (.10) | (.15)E | (.11) | (.15) |
Redemption fees added to paid in capitalA | – | –F | –F | –F | –F | –F |
Net asset value, end of period | $43.13 | $41.29 | $34.14 | $34.17 | $32.70 | $27.88 |
Total ReturnG,H | 5.03% | 21.81% | .20% | 5.00% | 17.75% | 35.42% |
Ratios to Average Net AssetsI,J | ||||||
Expenses before reductions | .50%K | .63% | .78% | .76% | .53% | .48% |
Expenses net of fee waivers, if any | .50%K | .63% | .78% | .76% | .53% | .48% |
Expenses net of all reductions | .50%K | .63% | .78% | .76% | .53% | .46% |
Net investment income (loss) | .48%K | .57%B | .64%C | .28% | .56% | .62% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $215 | $272 | $475 | $699 | $385 | $342 |
Portfolio turnover rateL | 39%K,M | 73%M | 63% | 40% | 58% | 87% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.
C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .50%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions of $.15 per share is comprised of distributions from net investment income of $.145 and distributions for net realized gain of $.008 per share.
F Amount represents less than $.005 per share.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Annualized
L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Growth Strategies Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Strategies and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to in-kind transactions, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $548,733 |
Gross unrealized depreciation | (28,091) |
Net unrealized appreciation (depreciation) | $520,642 |
Tax cost | $2,284,414 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $538,713 and $608,338, respectively.
Redemptions In-Kind. During the period, 1,166 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $49,867. The net realized gain of $12,890 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to its benchmark index, the Russell Midcap Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .42% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Strategies. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Growth Strategies | $2,237 | .18 |
Class K | 57 | .05 |
$2,294 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $21.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,028 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $77,806. The Fund had a net realized gain of $13,916 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $100, including an amount of less than five hundred dollars from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $53 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended May 31, 2018 | Year ended November 30, 2017 | |
From net investment income | ||
Growth Strategies | $9,430 | $11,145 |
Class K | 1,384 | 2,397 |
Total | $10,814 | $13,542 |
From net realized gain | ||
Growth Strategies | $1,134 | $909 |
Class K | 126 | 154 |
Total | $1,260 | $1,063 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2018 | Year ended November 30, 2017 | Six months ended May 31, 2018 | Year ended November 30, 2017 | |
Growth Strategies | ||||
Shares sold | 4,516 | 8,324 | $190,269 | $303,468 |
Reinvestment of distributions | 247 | 338 | 10,142 | 11,624 |
Shares redeemed | (5,756) | (10,158) | (243,638) | (373,570) |
Net increase (decrease) | (993) | (1,496) | $(43,227) | $(58,478) |
Class K | ||||
Shares sold | 417 | 1,619 | $17,653 | $59,764 |
Reinvestment of distributions | 36 | 74 | 1,510 | 2,551 |
Shares redeemed | (2,069)(a) | (9,002)(b) | (88,017)(a) | (327,236)(b) |
Net increase (decrease) | (1,616) | (7,309) | $(68,854) | $(264,921) |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Growth Strategies | .63% | |||
Actual | $1,000.00 | $1,049.70 | $3.22 | |
Hypothetical-C | $1,000.00 | $1,021.79 | $3.18 | |
Class K | .50% | |||
Actual | $1,000.00 | $1,050.30 | $2.56 | |
Hypothetical-C | $1,000.00 | $1,022.44 | $2.52 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® Growth Strategies Fund Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Total System Services, Inc. | 2.9 |
VeriSign, Inc. | 2.6 |
Wyndham Worldwide Corp. | 2.5 |
ON Semiconductor Corp. | 2.3 |
Citrix Systems, Inc. | 2.2 |
Huntington Ingalls Industries, Inc. | 2.1 |
Aptiv PLC | 2.0 |
Fiserv, Inc. | 1.9 |
Roper Technologies, Inc. | 1.8 |
Citizens Financial Group, Inc. | 1.8 |
22.1 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 32.4 |
Consumer Discretionary | 16.4 |
Health Care | 15.5 |
Industrials | 15.1 |
Financials | 10.3 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018 * | ||
Stocks | 99.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9% |
* Foreign investments - 6.1%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value (000s) | ||
CONSUMER DISCRETIONARY - 16.4% | |||
Auto Components - 3.8% | |||
Aptiv PLC | 560,500 | $54,649 | |
Lear Corp. | 109,300 | 21,641 | |
Visteon Corp. (a) | 215,200 | 26,891 | |
103,181 | |||
Distributors - 0.7% | |||
Pool Corp. | 143,800 | 20,552 | |
Diversified Consumer Services - 1.0% | |||
Service Corp. International | 786,000 | 28,838 | |
Hotels, Restaurants & Leisure - 3.8% | |||
Domino's Pizza, Inc. | 85,400 | 21,476 | |
Hilton Grand Vacations, Inc. (a) | 342,500 | 13,618 | |
Wyndham Worldwide Corp. | 626,000 | 67,883 | |
102,977 | |||
Household Durables - 1.1% | |||
NVR, Inc. (a) | 10,140 | 30,324 | |
Internet & Direct Marketing Retail - 0.6% | |||
TripAdvisor, Inc. (a) | 320,017 | 16,686 | |
Media - 0.8% | |||
Live Nation Entertainment, Inc. (a) | 515,000 | 21,954 | |
Multiline Retail - 1.9% | |||
Dollar General Corp. | 284,300 | 24,871 | |
Dollar Tree, Inc. (a) | 340,900 | 28,155 | |
53,026 | |||
Specialty Retail - 1.5% | |||
Ross Stores, Inc. | 507,000 | 39,992 | |
Textiles, Apparel & Luxury Goods - 1.2% | |||
Carter's, Inc. | 171,200 | 18,663 | |
VF Corp. | 170,700 | 13,854 | |
32,517 | |||
TOTAL CONSUMER DISCRETIONARY | 450,047 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 2.1% | |||
Brown-Forman Corp. Class B (non-vtg.) | 481,100 | 27,211 | |
Dr. Pepper Snapple Group, Inc. | 196,500 | 23,442 | |
Monster Beverage Corp. (a) | 163,000 | 8,339 | |
58,992 | |||
Food Products - 1.0% | |||
The Hershey Co. | 298,250 | 26,854 | |
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 94,000 | 14,047 | |
Herbalife Nutrition Ltd. (a) | 296,000 | 15,028 | |
29,075 | |||
TOTAL CONSUMER STAPLES | 114,921 | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Andeavor | 117,400 | 16,956 | |
FINANCIALS - 10.3% | |||
Banks - 2.5% | |||
Citizens Financial Group, Inc. | 1,223,600 | 49,984 | |
Huntington Bancshares, Inc. | 1,177,300 | 17,506 | |
67,490 | |||
Capital Markets - 5.7% | |||
Ameriprise Financial, Inc. | 289,100 | 40,078 | |
E*TRADE Financial Corp. (a) | 213,700 | 13,538 | |
MarketAxess Holdings, Inc. | 46,096 | 9,848 | |
Moody's Corp. | 283,200 | 48,305 | |
MSCI, Inc. | 163,144 | 26,522 | |
S&P Global, Inc. | 90,100 | 17,795 | |
156,086 | |||
Insurance - 2.1% | |||
Aon PLC | 90,800 | 12,700 | |
Progressive Corp. | 720,022 | 44,706 | |
57,406 | |||
TOTAL FINANCIALS | 280,982 | ||
HEALTH CARE - 15.5% | |||
Health Care Equipment & Supplies - 3.6% | |||
Edwards Lifesciences Corp. (a) | 258,500 | 35,495 | |
Intuitive Surgical, Inc. (a) | 33,300 | 15,307 | |
ResMed, Inc. | 473,700 | 48,701 | |
99,503 | |||
Health Care Providers & Services - 2.9% | |||
AmerisourceBergen Corp. | 65,841 | 5,408 | |
Laboratory Corp. of America Holdings (a) | 105,400 | 19,034 | |
MEDNAX, Inc. (a) | 96,600 | 4,429 | |
Wellcare Health Plans, Inc. (a) | 223,000 | 49,432 | |
78,303 | |||
Health Care Technology - 1.4% | |||
Cerner Corp. (a) | 643,000 | 38,374 | |
Life Sciences Tools & Services - 5.3% | |||
Charles River Laboratories International, Inc. (a) | 317,600 | 34,148 | |
Illumina, Inc. (a) | 146,797 | 39,993 | |
Mettler-Toledo International, Inc. (a) | 62,100 | 34,201 | |
Waters Corp. (a) | 193,900 | 37,349 | |
145,691 | |||
Pharmaceuticals - 2.3% | |||
Jazz Pharmaceuticals PLC (a) | 118,000 | 19,942 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 529,400 | 11,382 | |
Zoetis, Inc. Class A | 382,200 | 31,990 | |
63,314 | |||
TOTAL HEALTH CARE | 425,185 | ||
INDUSTRIALS - 15.1% | |||
Aerospace & Defense - 3.1% | |||
Huntington Ingalls Industries, Inc. | 257,175 | 56,854 | |
TransDigm Group, Inc. | 85,500 | 28,566 | |
85,420 | |||
Airlines - 0.4% | |||
Alaska Air Group, Inc. | 166,000 | 10,094 | |
Building Products - 0.6% | |||
Masco Corp. | 410,000 | 15,281 | |
Commercial Services & Supplies - 0.8% | |||
KAR Auction Services, Inc. | 405,000 | 21,372 | |
Electrical Equipment - 2.0% | |||
AMETEK, Inc. | 295,600 | 21,588 | |
Fortive Corp. | 468,700 | 34,070 | |
55,658 | |||
Industrial Conglomerates - 2.3% | |||
ITT, Inc. | 275,300 | 14,211 | |
Roper Technologies, Inc. | 181,900 | 50,166 | |
64,377 | |||
Machinery - 3.7% | |||
Cummins, Inc. | 214,900 | 30,600 | |
IDEX Corp. | 211,100 | 29,275 | |
Parker Hannifin Corp. | 127,236 | 21,745 | |
Toro Co. | 331,000 | 19,198 | |
100,818 | |||
Professional Services - 1.4% | |||
Dun & Bradstreet Corp. | 78,900 | 9,690 | |
Equifax, Inc. | 258,800 | 29,493 | |
39,183 | |||
Trading Companies & Distributors - 0.8% | |||
United Rentals, Inc. (a) | 131,859 | 21,041 | |
TOTAL INDUSTRIALS | 413,244 | ||
INFORMATION TECHNOLOGY - 32.4% | |||
Communications Equipment - 1.5% | |||
F5 Networks, Inc. (a) | 227,000 | 39,296 | |
Electronic Equipment & Components - 1.3% | |||
Amphenol Corp. Class A | 419,400 | 36,458 | |
Internet Software & Services - 4.5% | |||
Akamai Technologies, Inc. (a) | 381,900 | 28,788 | |
LogMeIn, Inc. | 217,000 | 23,414 | |
VeriSign, Inc. (a) | 549,916 | 71,731 | |
123,933 | |||
IT Services - 8.3% | |||
Amdocs Ltd. | 335,000 | 22,599 | |
DXC Technology Co. | 130,000 | 11,974 | |
Fiserv, Inc. (a) | 720,300 | 52,294 | |
FleetCor Technologies, Inc. (a) | 83,900 | 16,725 | |
Genpact Ltd. | 286,228 | 8,595 | |
Global Payments, Inc. | 249,300 | 27,712 | |
Paychex, Inc. | 99,358 | 6,516 | |
Total System Services, Inc. | 940,400 | 80,117 | |
226,532 | |||
Semiconductors & Semiconductor Equipment - 10.0% | |||
Analog Devices, Inc. | 466,000 | 45,286 | |
Applied Materials, Inc. | 207,300 | 10,527 | |
Broadcom, Inc. | 38,000 | 9,579 | |
KLA-Tencor Corp. | 302,900 | 34,297 | |
Lam Research Corp. | 152,910 | 30,304 | |
Microchip Technology, Inc. | 446,900 | 43,519 | |
ON Semiconductor Corp. (a) | 2,513,300 | 63,159 | |
Skyworks Solutions, Inc. | 381,500 | 37,620 | |
274,291 | |||
Software - 6.8% | |||
Adobe Systems, Inc. (a) | 71,302 | 17,774 | |
Check Point Software Technologies Ltd. (a) | 243,700 | 23,727 | |
Citrix Systems, Inc. (a) | 565,400 | 59,718 | |
Electronic Arts, Inc. (a) | 141,000 | 18,458 | |
Intuit, Inc. | 64,100 | 12,923 | |
Parametric Technology Corp. (a) | 160,000 | 13,798 | |
Take-Two Interactive Software, Inc. (a) | 360,400 | 40,394 | |
186,792 | |||
TOTAL INFORMATION TECHNOLOGY | 887,302 | ||
MATERIALS - 2.1% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 81,555 | 8,507 | |
Sherwin-Williams Co. | 34,400 | 13,046 | |
The Chemours Co. LLC | 450,000 | 22,046 | |
The Scotts Miracle-Gro Co. Class A | 150,000 | 12,770 | |
56,369 | |||
REAL ESTATE - 2.5% | |||
Equity Real Estate Investment Trusts (REITs) - 2.5% | |||
CoreSite Realty Corp. | 253,500 | 26,912 | |
Equity Lifestyle Properties, Inc. | 264,900 | 24,079 | |
Extra Space Storage, Inc. | 165,500 | 15,929 | |
66,920 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,191,078) | 2,711,926 | ||
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund, 1.76% (b) | 93,096,768 | 93,115 | |
Fidelity Securities Lending Cash Central Fund 1.76% (b) | 14,926 | 15 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $93,130) | 93,130 | ||
TOTAL INVESTMENT IN SECURITIES - 102.5% | |||
(Cost $2,284,208) | 2,805,056 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (67,318) | ||
NET ASSETS - 100% | $2,737,738 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $256 |
Fidelity Securities Lending Cash Central Fund | 100 |
Total | $356 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | May 31, 2018 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,191,078) | $2,711,926 | |
Fidelity Central Funds (cost $93,130) | 93,130 | |
Total Investment in Securities (cost $2,284,208) | $2,805,056 | |
Receivable for investments sold | 4,224 | |
Receivable for fund shares sold | 782 | |
Dividends receivable | 2,385 | |
Distributions receivable from Fidelity Central Funds | 58 | |
Prepaid expenses | 1 | |
Other receivables | 112 | |
Total assets | 2,812,618 | |
Liabilities | ||
Payable for investments purchased | $6,998 | |
Payable for fund shares redeemed | 66,447 | |
Accrued management fee | 863 | |
Other affiliated payables | 453 | |
Other payables and accrued expenses | 119 | |
Total liabilities | 74,880 | |
Net Assets | $2,737,738 | |
Net Assets consist of: | ||
Paid in capital | $2,192,476 | |
Undistributed net investment income | 4,283 | |
Accumulated undistributed net realized gain (loss) on investments | 20,131 | |
Net unrealized appreciation (depreciation) on investments | 520,848 | |
Net Assets | $2,737,738 | |
Growth Strategies: | ||
Net Asset Value, offering price and redemption price per share ($2,522,850 ÷ 58,933 shares) | $42.81 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($214,888 ÷ 4,982 shares) | $43.13 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | |
Investment Income | ||
Dividends | $13,360 | |
Income from Fidelity Central Funds | 356 | |
Total income | 13,716 | |
Expenses | ||
Management fee | ||
Basic fee | $7,579 | |
Performance adjustment | (1,746) | |
Transfer agent fees | 2,294 | |
Accounting and security lending fees | 424 | |
Custodian fees and expenses | 20 | |
Independent trustees' fees and expenses | 6 | |
Registration fees | 41 | |
Audit | 37 | |
Legal | 4 | |
Miscellaneous | 12 | |
Total expenses before reductions | 8,671 | |
Expense reductions | (67) | |
Total expenses after reductions | 8,604 | |
Net investment income (loss) | 5,112 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 20,120 | |
Fidelity Central Funds | (8) | |
Total net realized gain (loss) | 20,112 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 109,581 | |
Fidelity Central Funds | 8 | |
Total change in net unrealized appreciation (depreciation) | 109,589 | |
Net gain (loss) | 129,701 | |
Net increase (decrease) in net assets resulting from operations | $134,813 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $5,112 | $11,703 |
Net realized gain (loss) | 20,112 | 130,731 |
Change in net unrealized appreciation (depreciation) | 109,589 | 367,532 |
Net increase (decrease) in net assets resulting from operations | 134,813 | 509,966 |
Distributions to shareholders from net investment income | (10,814) | (13,542) |
Distributions to shareholders from net realized gain | (1,260) | (1,063) |
Total distributions | (12,074) | (14,605) |
Share transactions - net increase (decrease) | (112,081) | (323,399) |
Redemption fees | – | 42 |
Total increase (decrease) in net assets | 10,658 | 172,004 |
Net Assets | ||
Beginning of period | 2,727,080 | 2,555,076 |
End of period | $2,737,738 | $2,727,080 |
Other Information | ||
Undistributed net investment income end of period | $4,283 | $9,985 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Growth Strategies Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $40.96 | $33.87 | $33.91 | $32.44 | $27.66 | $20.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .16B | .16C | .04 | .11 | .09 |
Net realized and unrealized gain (loss) | 1.96 | 7.13 | (.16) | 1.53 | 4.72 | 7.10 |
Total from investment operations | 2.03 | 7.29 | – | 1.57 | 4.83 | 7.19 |
Distributions from net investment income | (.16) | (.18) | (.04) | (.09) | (.05) | (.07)D |
Distributions from net realized gain | (.02) | (.02) | – | (.01) | – | (.02)D |
Total distributions | (.18) | (.20) | (.04) | (.10) | (.05) | (.09) |
Redemption fees added to paid in capitalA | – | –E | –E | –E | –E | –E |
Net asset value, end of period | $42.81 | $40.96 | $33.87 | $33.91 | $32.44 | $27.66 |
Total ReturnF,G | 4.97% | 21.63% | .02% | 4.86% | 17.50% | 35.13% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .63%J | .78% | .94% | .91% | .72% | .71% |
Expenses net of fee waivers, if any | .63%J | .78% | .94% | .91% | .72% | .71% |
Expenses net of all reductions | .63%J | .78% | .94% | .91% | .72% | .69% |
Net investment income (loss) | .35%J | .43%B | .49%C | .13% | .37% | .39% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $2,523 | $2,455 | $2,080 | $2,535 | $1,835 | $1,640 |
Portfolio turnover rateK | 39%J,L | 73%L | 63% | 40% | 58% | 87% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.
C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .34%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Growth Strategies Fund Class K
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $41.29 | $34.14 | $34.17 | $32.70 | $27.88 | $20.74 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .21B | .21C | .10 | .17 | .15 |
Net realized and unrealized gain (loss) | 1.97 | 7.19 | (.14) | 1.52 | 4.76 | 7.14 |
Total from investment operations | 2.07 | 7.40 | .07 | 1.62 | 4.93 | 7.29 |
Distributions from net investment income | (.21) | (.23) | (.10) | (.15) | (.11) | (.13)D |
Distributions from net realized gain | (.02) | (.02) | – | (.01) | – | (.02)D |
Total distributions | (.23) | (.25) | (.10) | (.15)E | (.11) | (.15) |
Redemption fees added to paid in capitalA | – | –F | –F | –F | –F | –F |
Net asset value, end of period | $43.13 | $41.29 | $34.14 | $34.17 | $32.70 | $27.88 |
Total ReturnG,H | 5.03% | 21.81% | .20% | 5.00% | 17.75% | 35.42% |
Ratios to Average Net AssetsI,J | ||||||
Expenses before reductions | .50%K | .63% | .78% | .76% | .53% | .48% |
Expenses net of fee waivers, if any | .50%K | .63% | .78% | .76% | .53% | .48% |
Expenses net of all reductions | .50%K | .63% | .78% | .76% | .53% | .46% |
Net investment income (loss) | .48%K | .57%B | .64%C | .28% | .56% | .62% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $215 | $272 | $475 | $699 | $385 | $342 |
Portfolio turnover rateL | 39%K,M | 73%M | 63% | 40% | 58% | 87% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.
C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .50%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total distributions of $.15 per share is comprised of distributions from net investment income of $.145 and distributions for net realized gain of $.008 per share.
F Amount represents less than $.005 per share.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Annualized
L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
M Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
(Amounts in thousands except percentages)
1. Organization.
Fidelity Growth Strategies Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth Strategies and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to in-kind transactions, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $548,733 |
Gross unrealized depreciation | (28,091) |
Net unrealized appreciation (depreciation) | $520,642 |
Tax cost | $2,284,414 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $538,713 and $608,338, respectively.
Redemptions In-Kind. During the period, 1,166 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $49,867. The net realized gain of $12,890 on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the redemptions is included in share transactions activity shown in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Growth Strategies as compared to its benchmark index, the Russell Midcap Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .42% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth Strategies. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Growth Strategies | $2,237 | .18 |
Class K | 57 | .05 |
$2,294 |
(a) Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $21.
Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,028 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $77,806. The Fund had a net realized gain of $13,916 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $100, including an amount of less than five hundred dollars from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $53 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended May 31, 2018 | Year ended November 30, 2017 | |
From net investment income | ||
Growth Strategies | $9,430 | $11,145 |
Class K | 1,384 | 2,397 |
Total | $10,814 | $13,542 |
From net realized gain | ||
Growth Strategies | $1,134 | $909 |
Class K | 126 | 154 |
Total | $1,260 | $1,063 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2018 | Year ended November 30, 2017 | Six months ended May 31, 2018 | Year ended November 30, 2017 | |
Growth Strategies | ||||
Shares sold | 4,516 | 8,324 | $190,269 | $303,468 |
Reinvestment of distributions | 247 | 338 | 10,142 | 11,624 |
Shares redeemed | (5,756) | (10,158) | (243,638) | (373,570) |
Net increase (decrease) | (993) | (1,496) | $(43,227) | $(58,478) |
Class K | ||||
Shares sold | 417 | 1,619 | $17,653 | $59,764 |
Reinvestment of distributions | 36 | 74 | 1,510 | 2,551 |
Shares redeemed | (2,069)(a) | (9,002)(b) | (88,017)(a) | (327,236)(b) |
Net increase (decrease) | (1,616) | (7,309) | $(68,854) | $(264,921) |
(a) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemptions In-Kind note for additional details).
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Growth Strategies | .63% | |||
Actual | $1,000.00 | $1,049.70 | $3.22 | |
Hypothetical-C | $1,000.00 | $1,021.79 | $3.18 | |
Class K | .50% | |||
Actual | $1,000.00 | $1,050.30 | $2.56 | |
Hypothetical-C | $1,000.00 | $1,022.44 | $2.52 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
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FEG-K-SANN-0718
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Fidelity® Series Growth Company Fund Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
NVIDIA Corp. | 7.1 |
Amazon.com, Inc. | 5.9 |
Apple, Inc. | 4.9 |
Alphabet, Inc. Class A | 3.5 |
Facebook, Inc. Class A | 3.1 |
Salesforce.com, Inc. | 3.0 |
Microsoft Corp. | 2.5 |
adidas AG | 2.3 |
Alphabet, Inc. Class C | 1.8 |
lululemon athletica, Inc. | 1.8 |
35.9 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 43.9 |
Consumer Discretionary | 21.8 |
Health Care | 18.0 |
Industrials | 5.3 |
Consumer Staples | 4.2 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018* | ||
Stocks | 97.7% | |
Convertible Securities | 1.7% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.6% |
* Foreign investments - 11.5%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 21.6% | |||
Auto Components - 0.0% | |||
Aptiv PLC | 11,900 | $1,160,250 | |
Automobiles - 1.1% | |||
Tesla, Inc. (a)(b) | 474,900 | 135,218,277 | |
Hotels, Restaurants & Leisure - 1.9% | |||
China Lodging Group Ltd. ADR | 163,600 | 7,200,036 | |
Chipotle Mexican Grill, Inc. (a) | 77,000 | 33,123,860 | |
Hilton Worldwide Holdings, Inc. | 133,500 | 10,774,785 | |
Hyatt Hotels Corp. Class A | 40,600 | 3,318,238 | |
Las Vegas Sands Corp. | 220,800 | 17,798,688 | |
Marriott International, Inc. Class A | 34,500 | 4,669,920 | |
McDonald's Corp. | 366,500 | 58,643,665 | |
Shake Shack, Inc. Class A (a) | 214,900 | 12,812,338 | |
Starbucks Corp. | 912,300 | 51,700,041 | |
U.S. Foods Holding Corp. (a) | 88,900 | 3,171,952 | |
Yum China Holdings, Inc. | 443,400 | 17,425,620 | |
Yum! Brands, Inc. | 239,400 | 19,470,402 | |
240,109,545 | |||
Household Durables - 0.2% | |||
iRobot Corp. (a)(b) | 160,900 | 10,041,769 | |
Roku, Inc. | 148,375 | 5,558,128 | |
Roku, Inc. Class A (b) | 297,099 | 11,129,329 | |
Sony Corp. sponsored ADR | 33,300 | 1,568,097 | |
28,297,323 | |||
Internet & Direct Marketing Retail - 9.4% | |||
Amazon.com, Inc. (a) | 450,899 | 734,794,028 | |
Blue Apron Holdings, Inc. Class B | 644,604 | 1,978,934 | |
Ctrip.com International Ltd. ADR (a) | 287,000 | 12,940,830 | |
Expedia, Inc. | 79,900 | 9,670,297 | |
Groupon, Inc. (a) | 2,038,500 | 9,805,185 | |
JD.com, Inc. sponsored ADR (a) | 1,201,300 | 42,261,734 | |
Netflix, Inc. (a) | 579,300 | 203,681,880 | |
The Booking Holdings, Inc. (a) | 28,800 | 60,736,896 | |
The Honest Co., Inc. (a)(c)(d) | 9,496 | 175,338 | |
Wayfair LLC Class A (a)(b) | 1,017,059 | 93,925,399 | |
1,169,970,521 | |||
Leisure Products - 0.1% | |||
Callaway Golf Co. | 611,500 | 11,581,810 | |
Media - 0.9% | |||
Comcast Corp. Class A | 2,027,200 | 63,208,096 | |
Lions Gate Entertainment Corp.: | |||
Class A (b) | 26,200 | 607,054 | |
Class B | 23,300 | 508,639 | |
The Walt Disney Co. | 400,100 | 39,797,947 | |
Turn, Inc. (Escrow) (a)(c)(d) | 205,882 | 136,912 | |
104,258,648 | |||
Multiline Retail - 0.3% | |||
Dollar General Corp. | 55,200 | 4,828,896 | |
Dollar Tree, Inc. (a) | 229,800 | 18,979,182 | |
Target Corp. | 139,900 | 10,197,311 | |
34,005,389 | |||
Specialty Retail - 1.3% | |||
Home Depot, Inc. | 534,000 | 99,617,700 | |
L Brands, Inc. | 36,100 | 1,224,151 | |
Lowe's Companies, Inc. | 219,300 | 20,835,693 | |
RH (a) | 295,644 | 28,893,288 | |
TJX Companies, Inc. | 146,000 | 13,186,720 | |
163,757,552 | |||
Textiles, Apparel & Luxury Goods - 6.4% | |||
adidas AG | 1,249,513 | 282,799,877 | |
Canada Goose Holdings, Inc. (a) | 169,100 | 7,131,257 | |
Carbon Black, Inc. | 19,600 | 460,796 | |
Cibus Global Ltd. Series C (c)(d)(e) | 1,142,857 | 2,400,000 | |
Homology Medicines, Inc. | 182,088 | 3,298,888 | |
Homology Medicines, Inc. (a) | 121,400 | 2,443,782 | |
Kering SA | 171,700 | 98,295,465 | |
lululemon athletica, Inc. (a) | 2,110,320 | 221,689,116 | |
LVMH Moet Hennessy - Louis Vuitton SA | 61,307 | 21,347,012 | |
NIKE, Inc. Class B | 641,100 | 46,030,980 | |
PagSeguro Digital Ltd. (a) | 117,503 | 3,909,325 | |
Puma AG (b) | 14,074 | 8,539,216 | |
Scholar Rock Holding Corp. (b) | 55,800 | 975,942 | |
Scholar Rock Holding Corp. | 93,749 | 1,475,703 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 2,464,300 | 71,612,558 | |
Tory Burch LLC (c)(d)(e) | 248,840 | 17,615,384 | |
Under Armour, Inc. Class C (non-vtg.) (a) | 45,759 | 865,760 | |
VF Corp. | 108,200 | 8,781,512 | |
799,672,573 | |||
TOTAL CONSUMER DISCRETIONARY | 2,688,031,888 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 2.0% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 84,500 | 18,850,260 | |
Dr. Pepper Snapple Group, Inc. | 342,800 | 40,896,040 | |
Fever-Tree Drinks PLC | 496,520 | 19,827,868 | |
Monster Beverage Corp. (a) | 1,786,600 | 91,402,456 | |
PepsiCo, Inc. | 251,600 | 25,222,900 | |
The Coca-Cola Co. | 1,346,400 | 57,895,200 | |
254,094,724 | |||
Food & Staples Retailing - 0.5% | |||
Costco Wholesale Corp. | 242,900 | 48,152,496 | |
Drogasil SA | 624,300 | 10,438,947 | |
Kroger Co. | 116,300 | 2,829,579 | |
61,421,022 | |||
Food Products - 0.3% | |||
Kellogg Co. | 27,000 | 1,738,530 | |
Lamb Weston Holdings, Inc. | 216,200 | 13,782,750 | |
Mondelez International, Inc. | 329,100 | 12,923,757 | |
The Hershey Co. | 59,500 | 5,357,380 | |
The Kraft Heinz Co. | 72,800 | 4,184,544 | |
37,986,961 | |||
Household Products - 0.2% | |||
Church & Dwight Co., Inc. | 208,900 | 9,807,855 | |
Colgate-Palmolive Co. | 91,000 | 5,741,190 | |
Kimberly-Clark Corp. | 26,000 | 2,622,100 | |
18,171,145 | |||
Personal Products - 0.5% | |||
Coty, Inc. Class A | 1,900,300 | 25,178,975 | |
Godrej Consumer Products Ltd. | 81,474 | 1,376,407 | |
Herbalife Nutrition Ltd. (a) | 522,800 | 26,542,556 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 189,500 | 10,568,194 | |
63,666,132 | |||
Tobacco - 0.7% | |||
Altria Group, Inc. | 794,400 | 44,279,856 | |
British American Tobacco PLC sponsored ADR | 57,300 | 2,933,760 | |
Philip Morris International, Inc. | 481,500 | 38,298,510 | |
85,512,126 | |||
TOTAL CONSUMER STAPLES | 520,852,110 | ||
ENERGY - 1.9% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes, a GE Co. Class A | 510,400 | 17,654,736 | |
Halliburton Co. | 139,100 | 6,918,834 | |
24,573,570 | |||
Oil, Gas & Consumable Fuels - 1.7% | |||
Anadarko Petroleum Corp. | 70,000 | 4,886,000 | |
Cabot Oil & Gas Corp. | 356,600 | 8,148,310 | |
Concho Resources, Inc. (a) | 123,800 | 16,998,978 | |
Continental Resources, Inc. (a) | 122,300 | 8,235,682 | |
Diamondback Energy, Inc. | 44,400 | 5,361,744 | |
EOG Resources, Inc. | 477,700 | 56,277,837 | |
Hess Corp. | 93,900 | 5,673,438 | |
Noble Energy, Inc. | 364,000 | 12,994,800 | |
Occidental Petroleum Corp. | 189,900 | 15,989,580 | |
PDC Energy, Inc. (a) | 110,338 | 6,674,346 | |
Pioneer Natural Resources Co. | 156,693 | 30,257,418 | |
Reliance Industries Ltd. | 1,402,499 | 19,163,465 | |
Valero Energy Corp. | 187,500 | 22,725,000 | |
213,386,598 | |||
TOTAL ENERGY | 237,960,168 | ||
FINANCIALS - 2.8% | |||
Banks - 1.0% | |||
Bank of America Corp. | 553,100 | 16,062,024 | |
Citigroup, Inc. | 152,400 | 10,163,556 | |
HDFC Bank Ltd. sponsored ADR | 344,511 | 36,662,861 | |
JPMorgan Chase & Co. | 479,000 | 51,257,790 | |
Signature Bank (a) | 18,700 | 2,384,063 | |
Wells Fargo & Co. | 182,000 | 9,826,180 | |
126,356,474 | |||
Capital Markets - 1.7% | |||
BlackRock, Inc. Class A | 109,900 | 58,711,877 | |
BM&F BOVESPA SA | 1,445,500 | 8,450,084 | |
Charles Schwab Corp. | 1,897,700 | 105,550,074 | |
E*TRADE Financial Corp. (a) | 159,500 | 10,104,325 | |
Edelweiss Financial Services Ltd. | 1,486,861 | 7,195,058 | |
Nomura Holdings, Inc. | 1,348,500 | 6,950,898 | |
T. Rowe Price Group, Inc. | 88,600 | 10,757,812 | |
207,720,128 | |||
Consumer Finance - 0.1% | |||
American Express Co. | 51,600 | 5,072,280 | |
Discover Financial Services | 35,358 | 2,611,542 | |
7,683,822 | |||
Insurance - 0.0% | |||
Hiscox Ltd. | 100,300 | 2,002,674 | |
TOTAL FINANCIALS | 343,763,098 | ||
HEALTH CARE - 17.3% | |||
Biotechnology - 12.1% | |||
AbbVie, Inc. | 362,384 | 35,854,273 | |
ACADIA Pharmaceuticals, Inc. (a) | 1,994,274 | 36,096,359 | |
Agios Pharmaceuticals, Inc. (a) | 636,928 | 59,552,768 | |
Alexion Pharmaceuticals, Inc. (a) | 366,200 | 42,526,806 | |
Alkermes PLC (a) | 2,635,359 | 124,388,945 | |
Alnylam Pharmaceuticals, Inc. (a) | 1,419,923 | 141,239,741 | |
Amgen, Inc. | 315,900 | 56,741,958 | |
AnaptysBio, Inc. (a) | 74,191 | 5,772,060 | |
Argenx SE ADR | 21,800 | 2,081,900 | |
Array BioPharma, Inc. (a) | 1,481,600 | 24,224,160 | |
Arsanis, Inc. (a) | 93,400 | 1,608,348 | |
aTyr Pharma, Inc. (a) | 398,874 | 359,984 | |
BeiGene Ltd. ADR (a) | 576,636 | 115,396,396 | |
Biogen, Inc. (a) | 94,700 | 27,838,012 | |
bluebird bio, Inc. (a) | 734,365 | 131,488,053 | |
Blueprint Medicines Corp. (a) | 97,400 | 8,189,392 | |
Calyxt, Inc. (b) | 460,500 | 8,689,635 | |
Celgene Corp. (a) | 253,500 | 19,945,380 | |
Cellectis SA sponsored ADR (a) | 290,045 | 8,683,947 | |
Chimerix, Inc. (a) | 487,316 | 2,227,034 | |
Coherus BioSciences, Inc. (a)(b) | 600,592 | 9,369,235 | |
CytomX Therapeutics, Inc. (a) | 245,128 | 6,292,436 | |
CytomX Therapeutics, Inc. (a)(f) | 207,739 | 5,332,660 | |
Denali Therapeutics, Inc. (a)(b) | 261,000 | 5,019,030 | |
Editas Medicine, Inc. (a) | 249,862 | 9,574,712 | |
Evelo Biosciences, Inc. | 142,500 | 2,264,325 | |
Evelo Biosciences, Inc. | 230,736 | 3,299,756 | |
Exact Sciences Corp. (a) | 52,300 | 3,113,942 | |
Exelixis, Inc. (a) | 3,374,984 | 69,963,418 | |
Fate Therapeutics, Inc. (a) | 290,173 | 3,177,394 | |
Five Prime Therapeutics, Inc. (a) | 444,700 | 7,808,932 | |
Gilead Sciences, Inc. | 182,700 | 12,313,980 | |
Global Blood Therapeutics, Inc. (a) | 294,000 | 14,156,100 | |
Heron Therapeutics, Inc. (a) | 728,002 | 23,732,865 | |
Intellia Therapeutics, Inc. (a)(b) | 226,238 | 6,131,050 | |
Intercept Pharmaceuticals, Inc. (a) | 43,000 | 3,019,030 | |
Ionis Pharmaceuticals, Inc. (a) | 2,104,782 | 98,188,080 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 1,367,656 | 25,411,048 | |
Jounce Therapeutics, Inc. (a)(b) | 144,600 | 1,626,750 | |
Kiniksa Pharmaceuticals Ltd. | 90,238 | 1,389,575 | |
Kiniksa Pharmaceuticals Ltd. | 39,200 | 670,712 | |
Lexicon Pharmaceuticals, Inc. (a) | 1,977,178 | 22,935,265 | |
Macrogenics, Inc. (a) | 66,000 | 1,500,180 | |
Momenta Pharmaceuticals, Inc. (a) | 1,468,406 | 34,654,382 | |
Protagonist Therapeutics, Inc. (a) | 262,138 | 1,908,365 | |
Prothena Corp. PLC (a) | 612,977 | 8,269,060 | |
Regeneron Pharmaceuticals, Inc. (a) | 198,800 | 59,703,616 | |
Regulus Therapeutics, Inc. (a) | 1,508,832 | 1,102,202 | |
Rigel Pharmaceuticals, Inc. (a) | 3,366,112 | 10,939,864 | |
Sage Therapeutics, Inc. (a) | 603,434 | 92,138,337 | |
Seres Therapeutics, Inc. (a) | 401,592 | 3,232,816 | |
Seres Therapeutics, Inc. (a)(f) | 142,139 | 1,144,219 | |
Sienna Biopharmaceuticals, Inc. | 245,238 | 3,676,118 | |
Sienna Biopharmaceuticals, Inc. (f) | 155,108 | 2,325,069 | |
Spark Therapeutics, Inc. (a) | 225,901 | 18,024,641 | |
Syros Pharmaceuticals, Inc. (a) | 324,829 | 4,037,624 | |
Syros Pharmaceuticals, Inc. (a)(f) | 301,001 | 3,741,442 | |
TESARO, Inc. (a) | 112,900 | 5,167,433 | |
Ultragenyx Pharmaceutical, Inc. (a) | 189,500 | 13,871,400 | |
uniQure B.V. (a) | 234,000 | 8,199,360 | |
UNITY Biotechnology, Inc. | 308,360 | 4,135,108 | |
UNITY Biotechnology, Inc. (b) | 132,300 | 1,971,270 | |
Vertex Pharmaceuticals, Inc. (a) | 103,100 | 15,877,400 | |
Xencor, Inc. (a) | 392,000 | 15,683,920 | |
Zai Lab Ltd. ADR (b) | 295,195 | 6,913,467 | |
1,505,912,739 | |||
Health Care Equipment & Supplies - 2.2% | |||
Abbott Laboratories | 160,321 | 9,864,551 | |
Align Technology, Inc. (a) | 33,734 | 11,198,001 | |
Boston Scientific Corp. (a) | 279,800 | 8,503,122 | |
Danaher Corp. | 344,200 | 34,172,176 | |
DexCom, Inc. (a) | 119,100 | 10,479,609 | |
Genmark Diagnostics, Inc. (a) | 550,700 | 4,036,631 | |
Insulet Corp. (a) | 558,220 | 52,355,454 | |
Intuitive Surgical, Inc. (a) | 120,021 | 55,170,053 | |
Novocure Ltd. (a) | 629,400 | 19,794,630 | |
Novocure Ltd. (a)(f) | 149,451 | 4,700,234 | |
Penumbra, Inc. (a) | 378,492 | 60,899,363 | |
Presbia PLC (a) | 443,695 | 958,381 | |
272,132,205 | |||
Health Care Providers & Services - 0.7% | |||
G1 Therapeutics, Inc. | 85,000 | 3,681,350 | |
Humana, Inc. | 17,000 | 4,946,660 | |
McKesson Corp. | 25,200 | 3,576,888 | |
National Vision Holdings, Inc. | 45,200 | 1,645,280 | |
OptiNose, Inc. (f) | 301,785 | 6,962,180 | |
OptiNose, Inc. | 296,600 | 6,842,562 | |
UnitedHealth Group, Inc. | 226,100 | 54,605,411 | |
82,260,331 | |||
Health Care Technology - 0.3% | |||
athenahealth, Inc. (a) | 175,400 | 26,392,438 | |
Castlight Health, Inc. Class B (a) | 777,600 | 2,799,360 | |
Cerner Corp. (a) | 58,900 | 3,515,152 | |
Teladoc, Inc. (a) | 69,000 | 3,512,100 | |
36,219,050 | |||
Life Sciences Tools & Services - 0.0% | |||
Illumina, Inc. (a) | 13,662 | 3,722,075 | |
Pharmaceuticals - 2.0% | |||
Adimab LLC (c)(d)(e) | 762,787 | 30,992,036 | |
Akcea Therapeutics, Inc. (b) | 1,434,623 | 34,775,262 | |
Bristol-Myers Squibb Co. | 286,800 | 15,091,416 | |
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(c)(d)(e)(g) | 13,511 | 6,890,475 | |
Intra-Cellular Therapies, Inc. (a) | 1,072,498 | 24,967,753 | |
Kolltan Pharmaceuticals, Inc. rights (a)(d) | 1,692,030 | 17 | |
MyoKardia, Inc. (a) | 384,400 | 18,297,440 | |
Nektar Therapeutics (a) | 1,018,200 | 81,730,914 | |
resTORbio, Inc. (a) | 49,300 | 482,647 | |
Rhythm Pharmaceuticals, Inc. | 132,000 | 4,241,160 | |
RPI International Holdings LP (c)(d) | 35,220 | 5,115,705 | |
Stemcentrx, Inc. rights 12/31/21 (a)(d) | 568,100 | 1,113,476 | |
The Medicines Company (a) | 704,623 | 23,858,535 | |
Theravance Biopharma, Inc. (a) | 318,848 | 7,760,760 | |
255,317,596 | |||
TOTAL HEALTH CARE | 2,155,563,996 | ||
INDUSTRIALS - 5.1% | |||
Aerospace & Defense - 1.1% | |||
Lockheed Martin Corp. | 123,000 | 38,688,420 | |
Northrop Grumman Corp. | 16,900 | 5,530,525 | |
Space Exploration Technologies Corp. Class A (a)(c)(d) | 137,569 | 23,249,161 | |
The Boeing Co. | 163,200 | 57,472,512 | |
United Technologies Corp. | 115,300 | 14,391,746 | |
139,332,364 | |||
Air Freight & Logistics - 0.3% | |||
FedEx Corp. | 23,600 | 5,879,232 | |
United Parcel Service, Inc. Class B | 253,200 | 29,401,584 | |
35,280,816 | |||
Airlines - 1.2% | |||
Allegiant Travel Co. | 33,300 | 5,039,955 | |
Azul SA sponsored ADR (a) | 140,500 | 3,003,890 | |
Delta Air Lines, Inc. | 209,000 | 11,296,450 | |
InterGlobe Aviation Ltd. (f) | 341,188 | 6,169,264 | |
JetBlue Airways Corp. (a) | 1,300,700 | 24,570,223 | |
Ryanair Holdings PLC sponsored ADR (a) | 124,510 | 14,431,954 | |
Southwest Airlines Co. | 564,000 | 28,809,120 | |
Spirit Airlines, Inc. (a) | 79,600 | 2,920,524 | |
United Continental Holdings, Inc. (a) | 153,500 | 10,682,065 | |
Wheels Up Partners Holdings LLC: | |||
Series B (a)(c)(d)(e) | 1,843,115 | 4,257,596 | |
Series C (a)(c)(d)(e) | 670,590 | 1,549,063 | |
Wizz Air Holdings PLC (a)(f) | 792,504 | 35,840,587 | |
148,570,691 | |||
Construction & Engineering - 0.1% | |||
Fluor Corp. | 130,400 | 6,355,696 | |
Electrical Equipment - 0.2% | |||
AMETEK, Inc. | 16,000 | 1,168,480 | |
Eaton Corp. PLC | 114,600 | 8,776,068 | |
Emerson Electric Co. | 101,800 | 7,211,512 | |
Fortive Corp. | 171,900 | 12,495,411 | |
29,651,471 | |||
Industrial Conglomerates - 0.7% | |||
3M Co. | 179,200 | 35,343,616 | |
General Electric Co. | 427,800 | 6,023,424 | |
Honeywell International, Inc. | 290,200 | 42,923,482 | |
84,290,522 | |||
Machinery - 1.1% | |||
Aumann AG (f) | 73,900 | 5,218,125 | |
Caterpillar, Inc. | 337,700 | 51,300,007 | |
Cummins, Inc. | 67,300 | 9,582,847 | |
Deere & Co. | 193,300 | 28,900,283 | |
Illinois Tool Works, Inc. | 80,200 | 11,524,740 | |
Rational AG | 5,136 | 3,212,269 | |
Wabtec Corp. | 73,100 | 7,127,981 | |
Xylem, Inc. | 316,700 | 22,295,680 | |
139,161,932 | |||
Road & Rail - 0.4% | |||
J.B. Hunt Transport Services, Inc. | 86,000 | 11,016,600 | |
Union Pacific Corp. | 297,300 | 42,442,548 | |
53,459,148 | |||
TOTAL INDUSTRIALS | 636,102,640 | ||
INFORMATION TECHNOLOGY - 43.3% | |||
Communications Equipment - 0.6% | |||
Arista Networks, Inc. (a) | 40,700 | 10,238,492 | |
Infinera Corp. (a) | 3,232,600 | 28,446,880 | |
NETGEAR, Inc. (a) | 531,162 | 32,108,743 | |
Palo Alto Networks, Inc. (a) | 18,800 | 3,912,092 | |
74,706,207 | |||
Electronic Equipment & Components - 0.2% | |||
Cognex Corp. | 13,900 | 635,369 | |
IPG Photonics Corp. (a) | 5,500 | 1,326,985 | |
TE Connectivity Ltd. | 28,500 | 2,652,780 | |
Trimble, Inc. (a) | 448,800 | 14,837,328 | |
19,452,462 | |||
Internet Software & Services - 11.8% | |||
2U, Inc. (a) | 227,180 | 21,536,664 | |
Actua Corp. (d) | 546,564 | 546,564 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 346,900 | 68,689,669 | |
Alphabet, Inc.: | |||
Class A (a) | 390,770 | 429,847,000 | |
Class C (a) | 209,756 | 227,583,162 | |
Apptio, Inc. Class A (a) | 285,700 | 9,436,671 | |
CarGurus, Inc. Class A | 17,800 | 590,248 | |
DocuSign, Inc. | 33,900 | 1,688,559 | |
Dropbox, Inc. Class A (a) | 58,800 | 1,763,412 | |
eBay, Inc. (a) | 141,600 | 5,341,152 | |
Etsy, Inc. (a) | 48,700 | 1,574,958 | |
Facebook, Inc. Class A (a) | 2,035,158 | 390,302,601 | |
GoDaddy, Inc. (a) | 100,300 | 7,180,477 | |
Match Group, Inc. (a)(b) | 56,200 | 2,312,630 | |
NAVER Corp. | 2,194 | 1,358,809 | |
NetEase, Inc. ADR | 57,500 | 13,128,400 | |
New Relic, Inc. (a) | 120,246 | 12,215,791 | |
Nutanix, Inc.: | |||
Class A (a) | 1,641,350 | 87,730,158 | |
Class B (a)(f) | 274,751 | 14,685,441 | |
Shopify, Inc. Class A (a) | 913,649 | 135,525,306 | |
Tencent Holdings Ltd. | 340,300 | 17,373,039 | |
Twitter, Inc. (a) | 106,890 | 3,709,083 | |
Wix.com Ltd. (a) | 169,407 | 14,729,939 | |
1,468,849,733 | |||
IT Services - 3.6% | |||
Cognizant Technology Solutions Corp. Class A | 258,600 | 19,485,510 | |
IBM Corp. | 62,800 | 8,874,268 | |
MasterCard, Inc. Class A | 624,300 | 118,691,916 | |
PayPal Holdings, Inc. (a) | 1,448,200 | 118,853,774 | |
Square, Inc. (a) | 780,100 | 45,440,825 | |
Visa, Inc. Class A | 1,089,800 | 142,458,656 | |
453,804,949 | |||
Semiconductors & Semiconductor Equipment - 9.8% | |||
Advanced Micro Devices, Inc. (a) | 1,319,000 | 18,109,870 | |
Applied Materials, Inc. | 143,800 | 7,302,164 | |
ASML Holding NV | 119,200 | 23,440,680 | |
Broadcom, Inc. | 163,336 | 41,172,106 | |
Cirrus Logic, Inc. (a) | 334,700 | 12,544,556 | |
Cree, Inc. (a) | 460,166 | 21,452,939 | |
Inphi Corp. (a) | 104,400 | 3,526,632 | |
Intel Corp. | 20,500 | 1,131,600 | |
KLA-Tencor Corp. | 65,200 | 7,382,596 | |
Marvell Technology Group Ltd. | 571,000 | 12,299,340 | |
Micron Technology, Inc. (a) | 359,400 | 20,697,846 | |
NVIDIA Corp. | 3,505,900 | 884,152,915 | |
Qorvo, Inc. (a) | 53,200 | 4,269,300 | |
Renesas Electronics Corp. (a) | 252,000 | 2,506,449 | |
Silicon Laboratories, Inc. (a) | 905,782 | 95,650,579 | |
Skyworks Solutions, Inc. | 32,078 | 3,163,212 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 328,400 | 12,709,080 | |
Texas Instruments, Inc. | 435,000 | 48,680,850 | |
1,220,192,714 | |||
Software - 12.0% | |||
Activision Blizzard, Inc. | 1,984,400 | 140,713,804 | |
Adobe Systems, Inc. (a) | 482,700 | 120,327,456 | |
Aspen Technology, Inc. (a) | 95,400 | 8,897,004 | |
Atlassian Corp. PLC (a) | 115,900 | 7,393,261 | |
Autodesk, Inc. (a) | 436,400 | 56,339,240 | |
Black Knight, Inc. (a) | 133,100 | 6,734,860 | |
BlackBerry Ltd. (a) | 588,500 | 6,961,955 | |
Electronic Arts, Inc. (a) | 427,100 | 55,911,661 | |
HubSpot, Inc. (a) | 478,900 | 58,042,680 | |
Intuit, Inc. | 153,300 | 30,905,280 | |
Microsoft Corp. | 3,159,292 | 312,264,421 | |
Nintendo Co. Ltd. | 24,000 | 9,824,065 | |
Oracle Corp. | 267,700 | 12,506,944 | |
Parametric Technology Corp. (a) | 553,100 | 47,699,344 | |
Paylocity Holding Corp. (a) | 45,700 | 2,730,575 | |
Pivotal Software, Inc. | 272,500 | 4,902,275 | |
Pluralsight, Inc. | 71,400 | 1,536,528 | |
Proofpoint, Inc. (a) | 126,900 | 14,833,341 | |
Red Hat, Inc. (a) | 1,085,400 | 176,290,668 | |
Salesforce.com, Inc. (a) | 2,854,142 | 369,126,184 | |
Smartsheet, Inc. | 27,300 | 680,316 | |
Snap, Inc. Class A (a)(b) | 518,197 | 5,902,264 | |
Zendesk, Inc. (a) | 626,600 | 35,020,674 | |
Zscaler, Inc. (a)(b) | 184,400 | 4,842,344 | |
1,490,387,144 | |||
Technology Hardware, Storage & Peripherals - 5.3% | |||
Apple, Inc. | 3,257,665 | 608,759,859 | |
NetApp, Inc. | 107,100 | 7,317,072 | |
Pure Storage, Inc. Class A (a) | 1,491,378 | 32,004,972 | |
Samsung Electronics Co. Ltd. | 284,950 | 13,374,343 | |
661,456,246 | |||
TOTAL INFORMATION TECHNOLOGY | 5,388,849,455 | ||
MATERIALS - 0.9% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 375,700 | 15,456,298 | |
DowDuPont, Inc. | 939,205 | 60,212,433 | |
LG Chemical Ltd. | 28,338 | 8,880,219 | |
LyondellBasell Industries NV Class A | 33,900 | 3,800,868 | |
The Mosaic Co. | 64,700 | 1,778,603 | |
The Scotts Miracle-Gro Co. Class A | 258,821 | 22,033,432 | |
112,161,853 | |||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
American Tower Corp. | 189,000 | 26,151,930 | |
Ant International Co. Ltd. (c)(d) | 419,242 | 2,351,948 | |
28,503,878 | |||
TELECOMMUNICATION SERVICES - 0.4% | |||
Diversified Telecommunication Services - 0.1% | |||
Verizon Communications, Inc. | 250,800 | 11,955,636 | |
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. (a) | 775,800 | 43,212,060 | |
TOTAL TELECOMMUNICATION SERVICES | 55,167,696 | ||
TOTAL COMMON STOCKS | |||
(Cost $6,149,374,089) | 12,166,956,782 | ||
Preferred Stocks - 1.7% | |||
Convertible Preferred Stocks - 1.7% | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(c)(d)(e) | 17,731 | 2,481,099 | |
Topgolf International, Inc. Series F (c)(d) | 234,069 | 3,237,994 | |
5,719,093 | |||
Internet & Direct Marketing Retail - 0.0% | |||
The Honest Co., Inc.: | |||
Series C (a)(c)(d) | 22,157 | 692,353 | |
Series D (a)(c)(d) | 19,064 | 643,092 | |
1,335,445 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. Series E (a)(c)(d) | 194,028 | 7,017,993 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
Generation Bio Series B (c)(d) | 224,243 | 2,050,859 | |
Harmony Biosciences II, Inc. Series A (c)(d) | 2,550,636 | 2,550,636 | |
ORIC Pharmaceuticals, Inc. Series C (c)(d) | 316,667 | 950,001 | |
Rubius Therapeutics, Inc.: | |||
Series B (c)(d) | 333,731 | 4,268,419 | |
Series C (c)(d) | 127,287 | 1,628,001 | |
11,447,916 | |||
TOTAL CONSUMER DISCRETIONARY | 25,520,447 | ||
FINANCIALS - 0.0% | |||
Insurance - 0.0% | |||
Clover Health Series D (c)(d) | 264,037 | 2,476,086 | |
HEALTH CARE - 0.7% | |||
Biotechnology - 0.6% | |||
10X Genomics, Inc.: | |||
Series C (a)(c)(d) | 715,467 | 6,847,019 | |
Series D (c)(d) | 100,390 | 960,732 | |
23andMe, Inc. Series F (c)(d) | 164,720 | 2,569,632 | |
Axcella Health, Inc. Series C (a)(c)(d) | 111,581 | 1,441,627 | |
BioNTech AG Series A (c)(d) | 25,199 | 5,377,131 | |
Immunocore Ltd. Series A (a)(c)(d) | 18,504 | 6,450,164 | |
Intarcia Therapeutics, Inc. Series EE (a)(c)(d) | 116,544 | 6,992,640 | |
Kaleido Biosciences, Inc. Series C, (c)(d) | 212,696 | 2,124,833 | |
Moderna Therapeutics, Inc.: | |||
Series B (a)(c)(d) | 171,343 | 1,723,711 | |
Series C (a)(c)(d) | 111,846 | 1,125,171 | |
Series E (a)(c)(d) | 1,403,070 | 14,114,884 | |
Series F (a)(c)(d) | 1,538,270 | 15,474,996 | |
Translate Bio: | |||
Series B (a)(c)(d) | 1,211,240 | 2,398,255 | |
Series C (a)(c)(d) | 1,667,170 | 3,300,997 | |
70,901,792 | |||
Health Care Equipment & Supplies - 0.0% | |||
Shockwave Medical, Inc. Series C (c)(d) | 1,015,306 | 1,390,969 | |
Health Care Providers & Services - 0.1% | |||
Mulberry Health, Inc. Series A8 (a)(c)(d) | 783,663 | 5,591,349 | |
Health Care Technology - 0.0% | |||
Codiak Biosciences, Inc.: | |||
Series A 8.00% (a)(c)(d) | 163,914 | 620,841 | |
Series B 8.00% (a)(c)(d) | 532,720 | 2,017,730 | |
Series C, 8.00% (c)(d) | 648,255 | 2,455,331 | |
5,093,902 | |||
Life Sciences Tools & Services - 0.0% | |||
Neon Therapeutics, Inc. Series B (a)(c)(d) | 1,343,771 | 3,870,060 | |
Pharmaceuticals - 0.0% | |||
Constellation Pharmaceuticals Series F (c)(d) | 923,423 | 923,423 | |
Nohla Therapeutics, Inc. Series B (c)(d) | 3,126,919 | 1,426,000 | |
2,349,423 | |||
TOTAL HEALTH CARE | 89,197,495 | ||
INDUSTRIALS - 0.2% | |||
Aerospace & Defense - 0.1% | |||
Space Exploration Technologies Corp. Series G (a)(c)(d) | 53,937 | 9,115,353 | |
Commercial Services & Supplies - 0.0% | |||
Domo, Inc. Series D (a)(c)(d) | 613,084 | 2,967,327 | |
Professional Services - 0.1% | |||
YourPeople, Inc. Series C (a)(c)(d) | 1,527,000 | 7,696,080 | |
TOTAL INDUSTRIALS | 19,778,760 | ||
INFORMATION TECHNOLOGY - 0.6% | |||
Internet Software & Services - 0.4% | |||
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) | 2,105,094 | 95,571 | |
Reddit, Inc. Series B (c)(d) | 37,935 | 881,989 | |
Starry, Inc.: | |||
Series B (a)(c)(d) | 2,961,147 | 2,730,178 | |
Series C (c)(d) | 1,339,018 | 1,234,575 | |
Uber Technologies, Inc.: | |||
Series D, 8.00% (a)(c)(d) | 1,095,852 | 43,834,080 | |
Series E, 8.00% (a)(c)(d) | 51,852 | 2,074,080 | |
50,850,473 | |||
IT Services - 0.0% | |||
AppNexus, Inc. Series E (a)(c)(d) | 209,665 | 4,969,061 | |
Software - 0.2% | |||
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) | 344,325 | 2,510,129 | |
Dataminr, Inc. Series D (a)(c)(d) | 442,241 | 8,800,596 | |
Outset Medical, Inc. Series C (a)(c)(d) | 382,862 | 1,087,328 | |
Taboola.Com Ltd. Series E (a)(c)(d) | 331,426 | 5,514,929 | |
17,912,982 | |||
TOTAL INFORMATION TECHNOLOGY | 73,732,516 | ||
TELECOMMUNICATION SERVICES - 0.0% | |||
Wireless Telecommunication Services - 0.0% | |||
Altiostar Networks, Inc. Series A1 (a)(c)(d) | 202,849 | 259,647 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 210,964,951 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
FINANCIALS - 0.0% | |||
Banks - 0.0% | |||
Itau Unibanco Holding SA | 512,400 | 5,913,710 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Yumanity Holdings LLC Class A (a)(c)(d) | 130,754 | 1,097,026 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 7,010,736 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $170,583,725) | 217,975,687 | ||
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund, 1.76% (h) | 90,550,423 | 90,568,534 | |
Fidelity Securities Lending Cash Central Fund 1.76% (h)(i) | 66,945,192 | 66,951,886 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $157,520,420) | 157,520,420 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $6,477,478,234) | 12,542,452,889 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (85,167,685) | ||
NET ASSETS - 100% | $12,457,285,204 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - 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 $306,795,591 or 2.5% of net assets.
(d) Level 3 security
(e) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(f) 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 $86,119,221 or 0.7% of net assets.
(g) Investment represents common shares and preferred shares.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
10X Genomics, Inc. Series C | 2/23/16 - 4/3/17 | $3,204,004 |
10X Genomics, Inc. Series D | 4/10/2018 | $960,732 |
23andMe, Inc. Series F | 8/31/17 | $2,287,005 |
Adimab LLC | 9/17/14 - 6/5/15 | $11,583,995 |
Altiostar Networks, Inc. Series A1 | 1/10/17 | $933,105 |
Ant International Co. Ltd. | 5/16/18 | $2,351,948 |
AppNexus, Inc. Series E | 8/1/14 | $4,200,051 |
Axcella Health, Inc. Series C | 8/11/17 | $1,124,736 |
BioNTech AG Series A | 12/29/17 | $5,518,798 |
Castle Creek Pharmaceuticals, LLC Class A-2 unit | 9/29/16 | $4,458,630 |
Cibus Global Ltd. Series C | 2/16/18 | $2,400,000 |
Cloudflare, Inc. Series D, 8.00% | 11/5/14 | $2,109,163 |
Clover Health Series D | 6/7/17 | $2,476,086 |
Codiak Biosciences, Inc. Series A 8.00% | 11/12/15 | $163,914 |
Codiak Biosciences, Inc. Series B 8.00% | 11/12/15 | $1,598,160 |
Codiak Biosciences, Inc. Series C, 8.00% | 11/17/17 | $2,455,331 |
Constellation Pharmaceuticals Series F | 4/5/18 | $923,423 |
Dataminr, Inc. Series D | 2/18/15 - 3/6/15 | $5,638,573 |
Domo, Inc. Series D | 1/24/14 | $2,533,999 |
Generation Bio Series B | 2/21/18 | $2,050,859 |
Harmony Biosciences II, Inc. Series A | 9/22/17 | $2,550,636 |
Immunocore Ltd. Series A | 7/27/15 | $3,482,067 |
Intarcia Therapeutics, Inc. Series EE | 9/2/16 | $6,992,640 |
Jet.Com, Inc. Series B1 (Escrow) | 9/19/16 | $691,418 |
Kaleido Biosciences, Inc. Series C, | 3/16/18 | $2,124,833 |
MOD Super Fast Pizza Holdings LLC Series 3 Preferred | 11/3/16 - 12/14/17 | $2,433,492 |
Moderna Therapeutics, Inc. Series B | 4/13/17 | $993,789 |
Moderna Therapeutics, Inc. Series C | 4/13/17 | $649,825 |
Moderna Therapeutics, Inc. Series E | 12/18/14 | $10,570,104 |
Moderna Therapeutics, Inc. Series F | 8/10/16 | $11,588,640 |
Mulberry Health, Inc. Series A8 | 1/20/16 | $5,293,448 |
Neon Therapeutics, Inc. Series B | 12/28/16 - 12/1/17 | $3,775,997 |
Nohla Therapeutics, Inc. Series B | 5/1/18 | $1,426,000 |
ORIC Pharmaceuticals, Inc. Series C | 2/6/18 | $950,001 |
Outset Medical, Inc. Series C | 4/19/17 | $992,187 |
Peloton Interactive, Inc. Series E | 3/31/17 | $4,202,996 |
Reddit, Inc. Series B | 7/26/17 | $538,544 |
RPI International Holdings LP | 5/21/15 - 3/23/16 | $4,390,645 |
Rubius Therapeutics, Inc. Series B | 6/7/17 | $2,800,003 |
Rubius Therapeutics, Inc. Series C | 2/23/18 | $1,628,001 |
Shockwave Medical, Inc. Series C | 9/27/17 | $1,025,439 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 4/6/17 | $12,876,729 |
Space Exploration Technologies Corp. Series G | 1/20/15 | $4,177,960 |
Starry, Inc. Series B | 12/1/16 | $1,601,981 |
Starry, Inc. Series C | 12/8/17 | $1,234,575 |
Taboola.Com Ltd. Series E | 12/22/14 | $3,455,249 |
The Honest Co., Inc. | 8/21/14 | $256,936 |
The Honest Co., Inc. Series C | 8/21/14 | $599,509 |
The Honest Co., Inc. Series D | 8/3/15 | $872,273 |
Topgolf International, Inc. Series F | 11/10/17 | $3,237,994 |
Tory Burch LLC | 5/14/15 | 17,704,966 |
Translate Bio Series B | 7/17/15 | $1,308,139 |
Translate Bio Series C | 12/22/16 - 12/22/17 | $3,300,997 |
Turn, Inc. (Escrow) | 4/11/17 | $123,537 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $17,000,007 |
Uber Technologies, Inc. Series E, 8.00% | 12/5/14 | $1,727,583 |
Wheels Up Partners Holdings LLC Series B | 9/18/15 | $5,235,000 |
Wheels Up Partners Holdings LLC Series C | 6/22/17 | 2,092,241 |
YourPeople, Inc. Series C | 5/1/15 | $22,753,949 |
Yumanity Holdings LLC Class A | 2/8/16 | $883,727 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $424,736 |
Fidelity Securities Lending Cash Central Fund | 1,457,866 |
Total | $1,882,602 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $2,713,552,335 | $2,641,582,651 | $26,121,603 | $45,848,081 |
Consumer Staples | 520,852,110 | 510,283,916 | 10,568,194 | -- |
Energy | 237,960,168 | 237,960,168 | -- | -- |
Financials | 352,152,894 | 342,725,910 | 6,950,898 | 2,476,086 |
Health Care | 2,245,858,517 | 2,102,627,848 | 12,694,499 | 130,536,170 |
Industrials | 655,881,400 | 607,046,820 | -- | 48,834,580 |
Information Technology | 5,462,581,971 | 5,361,105,787 | 27,197,104 | 74,279,080 |
Materials | 112,161,853 | 112,161,853 | -- | -- |
Real Estate | 28,503,878 | 26,151,930 | -- | 2,351,948 |
Telecommunication Services | 55,427,343 | 55,167,696 | -- | 259,647 |
Money Market Funds | 157,520,420 | 157,520,420 | -- | -- |
Total Investments in Securities: | $12,542,452,889 | $12,154,334,999 | $83,532,298 | $304,585,592 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Health Care | |
Beginning Balance | $95,454,102 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 27,181,979 |
Cost of Purchases | 13,141,843 |
Proceeds of Sales | (2,652,943) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (2,588,811) |
Ending Balance | $130,536,170 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $21,940,228 |
Other Investments in Securities | |
Beginning Balance | $150,274,375 |
Net Realized Gain (Loss) on Investment Securities | 674,275 |
Net Unrealized Gain (Loss) on Investment Securities | 14,986,457 |
Cost of Purchases | 12,928,494 |
Proceeds of Sales | (15,909,358) |
Amortization/Accretion | -- |
Transfers into Level 3 | 11,095,179 |
Transfers out of Level 3 | -- |
Ending Balance | $174,049,422 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2018 | $20,500,903 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 88.5% |
Cayman Islands | 2.6% |
Germany | 2.5% |
Ireland | 1.3% |
Canada | 1.1% |
France | 1.1% |
Others (Individually Less Than 1%) | 2.9% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $64,754,300) — See accompanying schedule: Unaffiliated issuers (cost $6,319,957,814) | $12,384,932,469 | |
Fidelity Central Funds (cost $157,520,420) | 157,520,420 | |
Total Investment in Securities (cost $6,477,478,234) | $12,542,452,889 | |
Restricted cash | 102,331 | |
Foreign currency held at value (cost $816,156) | 816,160 | |
Receivable for investments sold | 4,525,147 | |
Receivable for fund shares sold | 6,046,630 | |
Dividends receivable | 8,152,422 | |
Distributions receivable from Fidelity Central Funds | 685,944 | |
Other receivables | 99,074 | |
Total assets | 12,562,880,597 | |
Liabilities | ||
Payable for investments purchased | $37,052,001 | |
Payable for fund shares redeemed | 743,803 | |
Other payables and accrued expenses | 864,738 | |
Collateral on securities loaned | 66,934,851 | |
Total liabilities | 105,595,393 | |
Net Assets | $12,457,285,204 | |
Net Assets consist of: | ||
Paid in capital | $5,795,060,758 | |
Undistributed net investment income | 38,473,185 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 559,498,952 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 6,064,252,309 | |
Net Assets | $12,457,285,204 | |
Net Asset Value, offering price and redemption price per share ($12,457,285,204 ÷ 671,288,869 shares) | $18.56 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2018 (Unaudited) | ||
Investment Income | ||
Dividends | $40,700,739 | |
Income from Fidelity Central Funds | 1,882,602 | |
Total income | 42,583,341 | |
Expenses | ||
Custodian fees and expenses | $186,028 | |
Independent trustees' fees and expenses | 26,517 | |
Interest | 1,164 | |
Miscellaneous | 16,733 | |
Total expenses before reductions | 230,442 | |
Expense reductions | (131,211) | |
Total expenses after reductions | 99,231 | |
Net investment income (loss) | 42,484,110 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 602,587,540 | |
Fidelity Central Funds | 7,865 | |
Foreign currency transactions | (94,763) | |
Total net realized gain (loss) | 602,500,642 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $191,660) | 790,216,120 | |
Fidelity Central Funds | (1,515) | |
Assets and liabilities in foreign currencies | (25,069) | |
Total change in net unrealized appreciation (depreciation) | 790,189,536 | |
Net gain (loss) | 1,392,690,178 | |
Net increase (decrease) in net assets resulting from operations | $1,435,174,288 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $42,484,110 | $50,717,898 |
Net realized gain (loss) | 602,500,642 | 1,020,994,032 |
Change in net unrealized appreciation (depreciation) | 790,189,536 | 2,493,193,965 |
Net increase (decrease) in net assets resulting from operations | 1,435,174,288 | 3,564,905,895 |
Distributions to shareholders from net investment income | (53,111,644) | (21,273,177) |
Distributions to shareholders from net realized gain | (1,039,113,689) | (237,558,300) |
Total distributions | (1,092,225,333) | (258,831,477) |
Share transactions - net increase (decrease) | 492,174,706 | (2,090,059,508) |
Total increase (decrease) in net assets | 835,123,661 | 1,216,014,910 |
Net Assets | ||
Beginning of period | 11,622,161,543 | 10,406,146,633 |
End of period | $12,457,285,204 | $11,622,161,543 |
Other Information | ||
Undistributed net investment income end of period | $38,473,185 | $49,100,719 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Growth Company Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.19 | $13.49 | $13.08 | $12.10 | $10.29 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .06 | .07 | .01 | .03 | .02 | .01 |
Net realized and unrealized gain (loss) | 2.06 | 4.96 | .43 | 1.04 | 1.80 | .28 |
Total from investment operations | 2.12 | 5.03 | .44 | 1.07 | 1.82 | .29 |
Distributions from net investment income | (.09) | (.02) | (.03) | (.02) | (.01) | – |
Distributions from net realized gain | (1.66) | (.31) | – | (.07) | – | – |
Total distributions | (1.75) | (.33) | (.03) | (.09) | (.01) | – |
Net asset value, end of period | $18.56 | $18.19 | $13.49 | $13.08 | $12.10 | $10.29 |
Total ReturnC,D | 12.73% | 38.10% | 3.38% | 8.94% | 17.67% | 2.90% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | - %G,H | .38% | .74% | .79% | .74% | .76%G |
Expenses net of fee waivers, if any | - %G,H | .38% | .74% | .79% | .74% | .76%G |
Expenses net of all reductions | - %G,H | .37% | .74% | .79% | .74% | .76%G |
Net investment income (loss) | .71%G | .43% | .11% | .24% | .22% | .87%G |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $12,457,285 | $11,622,162 | $4,032,151 | $4,602,479 | $4,353,274 | $4,063,472 |
Portfolio turnover rateI | 20%G | 15% | 20% | 18% | 14% | 1%G |
A For the period November 7, 2013 (commencement of operations) to November 30, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
1. Organization.
Fidelity Series Growth Company Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which FMR or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Fidelity Series Growth Company.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $304,039,023 | Market approach | Transaction price | $0.81 - $169.00 / $64.82 | Increase |
Liquidity preference | $16.35 - $45.76 / $36.62 | Increase | |||
Conversion ratio | 1.6 | Increase | |||
Market comparable | Transaction price | $0.46 - $330.00 / $67.01 | Increase | ||
Enterprise value/Sales multiple (EV/S) | 1.2 – 15.4 / 4.3 | Increase | |||
Discount rate | 20.0% - 76.0% / 59.7% | Decrease | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 12.1 | Increase | |||
Discount for lack of marketability | 10.0% / 20.0% / 13.4% | Decrease | |||
Enterprise value/Revenue multiple (EV/R) | 4.9 | Increase | |||
Liquidity preference | $4.13 - $25.62 / $17.99 | Increase | |||
Premium rate | 15.0% - 76.0% / 22.1% | Increase | |||
Conversion ratio | 3.0 | Increase | |||
Proxy premium | 28.2% - 54.5% / 49.4% | Increase | |||
Recovery value | Recovery value | 0.0% - 0.7% / 0.4% | Increase | ||
Discount cash flow | Discount rate | 8.0% | Decrease | ||
Discount for lack of maretability | 10.0% | Decrease |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $6,270,748,588 |
Gross unrealized depreciation | (247,170,332) |
Net unrealized appreciation (depreciation) | $6,023,578,256 |
Tax cost | $6,518,874,633 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, the Fund held an investment of $66,287,984 in these Subsidiaries, representing .53% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.
Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,167,296,295 and $1,692,800,100, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $29,273 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
Borrower | $25,697,000 | 1.63% | $1,164 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $16,733 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $3,486,554. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds Total security lending income during the period amounted to $1,457,866, including $34,271 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $129,877 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,334.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended May 31, 2018 | Year ended November 30, 2017 | |
From net investment income | ||
Series Growth Company | $53,111,644 | $4,446,809 |
Class F | – | 16,826,368 |
Total | $53,111,644 | $21,273,177 |
From net realized gain | ||
Series Growth Company | $1,039,113,689 | $92,197,173 |
Class F | – | 145,361,127 |
Total | $1,039,113,689 | $237,558,300 |
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2018 | Year ended November 30, 2017 | Six months ended May 31, 2018 | Year ended November 30, 2017 | |
Series Growth Company | ||||
Shares sold | 24,361,659 | 431,705,596 | $433,488,613 | $7,133,495,773 |
Reinvestment of distributions | 65,481,135 | 7,164,120 | 1,092,225,333 | 96,643,982 |
Shares redeemed | (57,368,797) | (98,878,934) | (1,033,539,240) | (1,617,775,564) |
Net increase (decrease) | 32,473,997 | 339,990,782 | $492,174,706 | $5,612,364,191 |
Class F | ||||
Shares sold | – | 5,710,126 | $– | $91,560,409 |
Reinvestment of distributions | – | 12,022,794 | – | 162,187,495 |
Shares redeemed | – | (489,437,017) | – | (7,956,171,603) |
Net increase (decrease) | – | (471,704,097) | $– | $(7,702,423,699) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Series Growth Company | - %-C | |||
Actual | $1,000.00 | $1,127.30 | $--D | |
Hypothetical-E | $1,000.00 | $1,024.93 | $- |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
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Fidelity Flex℠ Funds Fidelity Flex℠ Mid Cap Growth Fund Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Total System Services, Inc. | 2.9 |
VeriSign, Inc. | 2.6 |
Wyndham Worldwide Corp. | 2.4 |
Citrix Systems, Inc. | 2.4 |
ON Semiconductor Corp. | 2.4 |
Progressive Corp. | 2.0 |
Huntington Ingalls Industries, Inc. | 2.0 |
Edwards Lifesciences Corp. | 2.0 |
Aptiv PLC | 2.0 |
Fiserv, Inc. | 1.8 |
22.5 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 31.8 |
Health Care | 16.7 |
Consumer Discretionary | 16.6 |
Industrials | 14.8 |
Financials | 10.8 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018 * | ||
Stocks | 99.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.2% |
* Foreign investments - 5.9%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 16.6% | |||
Auto Components - 4.6% | |||
Aptiv PLC | 519 | $50,603 | |
Lear Corp. | 148 | 29,304 | |
Visteon Corp. (a) | 320 | 39,987 | |
119,894 | |||
Distributors - 0.7% | |||
Pool Corp. | 135 | 19,294 | |
Diversified Consumer Services - 1.0% | |||
Service Corp. International | 727 | 26,674 | |
Hotels, Restaurants & Leisure - 3.7% | |||
Domino's Pizza, Inc. | 80 | 20,118 | |
Hilton Grand Vacations, Inc. (a) | 316 | 12,564 | |
Wyndham Worldwide Corp. | 593 | 64,305 | |
96,987 | |||
Household Durables - 1.2% | |||
NVR, Inc. (a) | 10 | 29,905 | |
Internet & Direct Marketing Retail - 0.6% | |||
TripAdvisor, Inc. (a) | 310 | 16,163 | |
Media - 0.4% | |||
Live Nation Entertainment, Inc. (a) | 216 | 9,208 | |
Multiline Retail - 1.9% | |||
Dollar General Corp. | 269 | 23,532 | |
Dollar Tree, Inc. (a) | 308 | 25,438 | |
48,970 | |||
Specialty Retail - 1.4% | |||
Ross Stores, Inc. | 475 | 37,468 | |
Textiles, Apparel & Luxury Goods - 1.1% | |||
Carter's, Inc. | 160 | 17,442 | |
VF Corp. | 152 | 12,336 | |
29,778 | |||
TOTAL CONSUMER DISCRETIONARY | 434,341 | ||
CONSUMER STAPLES - 4.6% | |||
Beverages - 2.6% | |||
Brown-Forman Corp. Class B (non-vtg.) | 655 | 37,047 | |
Dr. Pepper Snapple Group, Inc. | 179 | 21,355 | |
Monster Beverage Corp. (a) | 191 | 9,772 | |
68,174 | |||
Food Products - 1.0% | |||
The Hershey Co. | 292 | 26,292 | |
Personal Products - 1.0% | |||
Estee Lauder Companies, Inc. Class A | 85 | 12,702 | |
Herbalife Nutrition Ltd. (a) | 275 | 13,962 | |
26,664 | |||
TOTAL CONSUMER STAPLES | 121,130 | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Andeavor | 111 | 16,032 | |
FINANCIALS - 10.8% | |||
Banks - 2.4% | |||
Citizens Financial Group, Inc. | 1,139 | 46,528 | |
Huntington Bancshares, Inc. | 1,075 | 15,985 | |
62,513 | |||
Capital Markets - 6.1% | |||
Ameriprise Financial, Inc. | 268 | 37,153 | |
E*TRADE Financial Corp. (a) | 313 | 19,829 | |
MarketAxess Holdings, Inc. | 43 | 9,187 | |
Moody's Corp. | 270 | 46,054 | |
MSCI, Inc. | 150 | 24,386 | |
S&P Global, Inc. | 111 | 21,923 | |
158,532 | |||
Insurance - 2.3% | |||
Aon PLC | 50 | 6,994 | |
Progressive Corp. | 871 | 54,080 | |
61,074 | |||
TOTAL FINANCIALS | 282,119 | ||
HEALTH CARE - 16.7% | |||
Health Care Equipment & Supplies - 4.3% | |||
Edwards Lifesciences Corp. (a) | 385 | 52,864 | |
Intuitive Surgical, Inc. (a) | 35 | 16,088 | |
ResMed, Inc. | 439 | 45,134 | |
114,086 | |||
Health Care Providers & Services - 3.3% | |||
AmerisourceBergen Corp. | 138 | 11,335 | |
Laboratory Corp. of America Holdings (a) | 110 | 19,865 | |
MEDNAX, Inc. (a) | 207 | 9,491 | |
Wellcare Health Plans, Inc. (a) | 210 | 46,551 | |
87,242 | |||
Health Care Technology - 1.4% | |||
Cerner Corp. (a) | 599 | 35,748 | |
Life Sciences Tools & Services - 5.3% | |||
Charles River Laboratories International, Inc. (a) | 296 | 31,826 | |
Illumina, Inc. (a) | 145 | 39,504 | |
Mettler-Toledo International, Inc. (a) | 58 | 31,943 | |
Waters Corp. (a) | 180 | 34,672 | |
137,945 | |||
Pharmaceuticals - 2.4% | |||
Jazz Pharmaceuticals PLC (a) | 110 | 18,590 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 467 | 10,041 | |
Zoetis, Inc. Class A | 402 | 33,647 | |
62,278 | |||
TOTAL HEALTH CARE | 437,299 | ||
INDUSTRIALS - 14.8% | |||
Aerospace & Defense - 3.0% | |||
Huntington Ingalls Industries, Inc. | 241 | 53,278 | |
TransDigm Group, Inc. | 78 | 26,061 | |
79,339 | |||
Airlines - 0.4% | |||
Alaska Air Group, Inc. | 155 | 9,426 | |
Building Products - 0.5% | |||
Masco Corp. | 390 | 14,535 | |
Commercial Services & Supplies - 0.8% | |||
KAR Auction Services, Inc. | 382 | 20,158 | |
Electrical Equipment - 2.0% | |||
AMETEK, Inc. | 300 | 21,909 | |
Fortive Corp. | 436 | 31,693 | |
53,602 | |||
Industrial Conglomerates - 2.3% | |||
ITT, Inc. | 251 | 12,957 | |
Roper Technologies, Inc. | 169 | 46,609 | |
59,566 | |||
Machinery - 3.3% | |||
Cummins, Inc. | 199 | 28,336 | |
IDEX Corp. | 191 | 26,488 | |
Parker Hannifin Corp. | 120 | 20,508 | |
Toro Co. | 187 | 10,846 | |
86,178 | |||
Professional Services - 1.3% | |||
Dun & Bradstreet Corp. | 48 | 5,895 | |
Equifax, Inc. | 242 | 27,578 | |
33,473 | |||
Trading Companies & Distributors - 1.2% | |||
United Rentals, Inc. (a) | 193 | 30,797 | |
TOTAL INDUSTRIALS | 387,074 | ||
INFORMATION TECHNOLOGY - 31.8% | |||
Communications Equipment - 1.5% | |||
F5 Networks, Inc. (a) | 220 | 38,084 | |
Electronic Equipment & Components - 1.3% | |||
Amphenol Corp. Class A | 386 | 33,555 | |
Internet Software & Services - 4.4% | |||
Akamai Technologies, Inc. (a) | 353 | 26,609 | |
LogMeIn, Inc. | 202 | 21,796 | |
VeriSign, Inc. (a) | 510 | 66,524 | |
114,929 | |||
IT Services - 7.9% | |||
Amdocs Ltd. | 310 | 20,913 | |
DXC Technology Co. | 112 | 10,316 | |
Fiserv, Inc. (a) | 662 | 48,061 | |
FleetCor Technologies, Inc. (a) | 79 | 15,749 | |
Genpact Ltd. | 256 | 7,688 | |
Global Payments, Inc. | 228 | 25,344 | |
Paychex, Inc. | 40 | 2,623 | |
Total System Services, Inc. | 901 | 76,752 | |
207,446 | |||
Semiconductors & Semiconductor Equipment - 9.6% | |||
Analog Devices, Inc. | 357 | 34,693 | |
Applied Materials, Inc. | 190 | 9,648 | |
Broadcom, Inc. | 28 | 7,058 | |
KLA-Tencor Corp. | 310 | 35,101 | |
Lam Research Corp. | 145 | 28,736 | |
Microchip Technology, Inc. | 415 | 40,413 | |
ON Semiconductor Corp. (a) | 2,455 | 61,694 | |
Skyworks Solutions, Inc. | 345 | 34,020 | |
251,363 | |||
Software - 7.1% | |||
Adobe Systems, Inc. (a) | 41 | 10,220 | |
Check Point Software Technologies Ltd. (a) | 232 | 22,588 | |
Citrix Systems, Inc. (a) | 603 | 63,689 | |
Electronic Arts, Inc. (a) | 148 | 19,375 | |
Intuit, Inc. | 61 | 12,298 | |
Parametric Technology Corp. (a) | 165 | 14,230 | |
Take-Two Interactive Software, Inc. (a) | 400 | 44,832 | |
187,232 | |||
TOTAL INFORMATION TECHNOLOGY | 832,609 | ||
MATERIALS - 2.1% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 76 | 7,928 | |
Sherwin-Williams Co. | 35 | 13,274 | |
The Chemours Co. LLC | 450 | 22,046 | |
The Scotts Miracle-Gro Co. Class A | 140 | 11,918 | |
55,166 | |||
REAL ESTATE - 1.8% | |||
Equity Real Estate Investment Trusts (REITs) - 1.8% | |||
CoreSite Realty Corp. | 236 | 25,054 | |
Equity Lifestyle Properties, Inc. | 88 | 7,999 | |
Extra Space Storage, Inc. | 151 | 14,534 | |
47,587 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,475,960) | 2,613,357 | ||
Money Market Funds - 1.4% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $35,749) | 35,742 | 35,749 | |
TOTAL INVESTMENT IN SECURITIES - 101.2% | |||
(Cost $2,511,709) | 2,649,106 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (30,630) | ||
NET ASSETS - 100% | $2,618,476 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $344 |
Total | $344 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,475,960) | $2,613,357 | |
Fidelity Central Funds (cost $35,749) | 35,749 | |
Total Investment in Securities (cost $2,511,709) | $2,649,106 | |
Cash | 1,079 | |
Receivable for fund shares sold | 1,653 | |
Dividends receivable | 2,005 | |
Distributions receivable from Fidelity Central Funds | 311 | |
Other receivables | 4 | |
Total assets | 2,654,158 | |
Liabilities | ||
Payable for investments purchased | $35,682 | |
Total liabilities | 35,682 | |
Net Assets | $2,618,476 | |
Net Assets consist of: | ||
Paid in capital | $2,484,033 | |
Undistributed net investment income | 5,067 | |
Accumulated undistributed net realized gain (loss) on investments | (8,021) | |
Net unrealized appreciation (depreciation) on investments | 137,397 | |
Net Assets, for 220,985 shares outstanding | $2,618,476 | |
Net Asset Value, offering price and redemption price per share ($2,618,476 ÷ 220,985 shares) | $11.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2018 (Unaudited) | ||
Investment Income | ||
Dividends | $5,385 | |
Income from Fidelity Central Funds | 344 | |
Total income | 5,729 | |
Expenses | ||
Independent trustees' fees and expenses | $2 | |
Miscellaneous | 1 | |
Total expenses | 3 | |
Net investment income (loss) | 5,726 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,587 | |
Total net realized gain (loss) | 1,587 | |
Change in net unrealized appreciation (depreciation) on investment securities | 65,298 | |
Net gain (loss) | 66,885 | |
Net increase (decrease) in net assets resulting from operations | $72,611 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2018 (Unaudited) | For the period March 8, 2017 (commencement of operations) to November 30, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $5,726 | $5,271 |
Net realized gain (loss) | 1,587 | (9,608) |
Change in net unrealized appreciation (depreciation) | 65,298 | 72,099 |
Net increase (decrease) in net assets resulting from operations | 72,611 | 67,762 |
Distributions to shareholders from net investment income | (5,930) | – |
Share transactions | ||
Proceeds from sales of shares | 1,892,966 | 652,377 |
Reinvestment of distributions | 5,930 | – |
Cost of shares redeemed | (58,023) | (9,217) |
Net increase (decrease) in net assets resulting from share transactions | 1,840,873 | 643,160 |
Total increase (decrease) in net assets | 1,907,554 | 710,922 |
Net Assets | ||
Beginning of period | 710,922 | – |
End of period | $2,618,476 | $710,922 |
Other Information | ||
Undistributed net investment income end of period | $5,067 | $5,271 |
Shares | ||
Sold | 162,230 | 64,021 |
Issued in reinvestment of distributions | 527 | – |
Redeemed | (4,940) | (853) |
Net increase (decrease) | 157,817 | 63,168 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Mid Cap Growth Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |
2018 | 2017 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.25 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .06 | .10C |
Net realized and unrealized gain (loss) | .63 | 1.15 |
Total from investment operations | .69 | 1.25 |
Distributions from net investment income | (.09) | – |
Net asset value, end of period | $11.85 | $11.25 |
Total ReturnD | 6.18% | 12.50% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductionsG,H | -% | -% |
Expenses net of fee waivers, if any G,H | -% | -% |
Expenses net of all reductionsG,H | -% | -% |
Net investment income (loss)G | 1.09% | 1.29%C |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $2,618 | $711 |
Portfolio turnover rate G,I | 28% | 38% |
A For the period March 8, 2017 (commencement of operations) to November 30, 2017.
B Calculated based on average shares outstanding during the period.
C Net Investment income per share reflects a large, non-recurring dividends which amounted to $.02 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.14%.
D Total returns for periods of less than one year are not annualized.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
1. Organization.
Fidelity Flex Mid Cap Growth Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $171,344 |
Gross unrealized depreciation | (34,912) |
Net unrealized appreciation (depreciation) | $136,432 |
Tax cost | $2,512,674 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(9,482) |
Total capital loss carryforward | $(9,482) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,994,637 and $151,421, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $7 for the period.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of 23% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Actual | - %-C | $1,000.00 | $1,061.80 | $--D |
Hypothetical-E | $1,000.00 | $1,024.93 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
ZDG-SANN-0718
1.9881578.101
Fidelity® Growth Strategies K6 Fund Semi-Annual Report May 31, 2018 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Total System Services, Inc. | 2.9 |
VeriSign, Inc. | 2.6 |
Wyndham Worldwide Corp. | 2.4 |
ON Semiconductor Corp. | 2.3 |
Citrix Systems, Inc. | 2.1 |
Huntington Ingalls Industries, Inc. | 2.1 |
Aptiv PLC | 2.0 |
Analog Devices, Inc. | 1.9 |
Fiserv, Inc. | 1.9 |
Roper Technologies, Inc. | 1.8 |
22.0 |
Top Five Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 32.3 |
Consumer Discretionary | 16.2 |
Health Care | 15.9 |
Industrials | 14.8 |
Financials | 10.4 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018* | ||
Stocks | 98.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2% |
* Foreign investments - 6.2%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 16.2% | |||
Auto Components - 3.7% | |||
Aptiv PLC | 28,500 | $2,778,750 | |
Lear Corp. | 5,400 | 1,069,200 | |
Visteon Corp. (a) | 11,100 | 1,387,056 | |
5,235,006 | |||
Distributors - 0.8% | |||
Pool Corp. | 7,500 | 1,071,900 | |
Diversified Consumer Services - 1.0% | |||
Service Corp. International | 40,700 | 1,493,283 | |
Hotels, Restaurants & Leisure - 3.7% | |||
Domino's Pizza, Inc. | 4,300 | 1,081,364 | |
Hilton Grand Vacations, Inc. (a) | 17,300 | 687,848 | |
Wyndham Worldwide Corp. | 31,800 | 3,448,392 | |
5,217,604 | |||
Household Durables - 1.1% | |||
NVR, Inc. (a) | 510 | 1,525,175 | |
Internet & Direct Marketing Retail - 0.6% | |||
TripAdvisor, Inc. (a) | 16,300 | 849,882 | |
Media - 0.8% | |||
Live Nation Entertainment, Inc. (a) | 27,600 | 1,176,588 | |
Multiline Retail - 2.0% | |||
Dollar General Corp. | 15,100 | 1,320,948 | |
Dollar Tree, Inc. (a) | 17,700 | 1,461,843 | |
2,782,791 | |||
Specialty Retail - 1.4% | |||
Ross Stores, Inc. | 25,800 | 2,035,104 | |
Textiles, Apparel & Luxury Goods - 1.1% | |||
Carter's, Inc. | 8,700 | 948,387 | |
VF Corp. | 8,337 | 676,631 | |
1,625,018 | |||
TOTAL CONSUMER DISCRETIONARY | 23,012,351 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 2.1% | |||
Brown-Forman Corp. Class B (non-vtg.) | 24,275 | 1,372,994 | |
Dr. Pepper Snapple Group, Inc. | 10,000 | 1,193,000 | |
Monster Beverage Corp. (a) | 8,800 | 450,208 | |
3,016,202 | |||
Food Products - 1.0% | |||
The Hershey Co. | 16,000 | 1,440,640 | |
Personal Products - 1.1% | |||
Estee Lauder Companies, Inc. Class A | 4,900 | 732,256 | |
Herbalife Nutrition Ltd. (a) | 15,200 | 771,704 | |
1,503,960 | |||
TOTAL CONSUMER STAPLES | 5,960,802 | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Andeavor | 6,100 | 881,023 | |
FINANCIALS - 10.4% | |||
Banks - 2.4% | |||
Citizens Financial Group, Inc. | 62,400 | 2,549,040 | |
Huntington Bancshares, Inc. | 59,100 | 878,817 | |
3,427,857 | |||
Capital Markets - 5.8% | |||
Ameriprise Financial, Inc. | 14,700 | 2,037,861 | |
E*TRADE Financial Corp. (a) | 11,000 | 696,850 | |
MarketAxess Holdings, Inc. | 2,200 | 470,030 | |
Moody's Corp. | 14,700 | 2,507,379 | |
MSCI, Inc. | 8,100 | 1,316,817 | |
S&P Global, Inc. | 6,000 | 1,185,000 | |
8,213,937 | |||
Insurance - 2.2% | |||
Aon PLC | 4,400 | 615,428 | |
Progressive Corp. | 39,500 | 2,452,555 | |
3,067,983 | |||
TOTAL FINANCIALS | 14,709,777 | ||
HEALTH CARE - 15.9% | |||
Health Care Equipment & Supplies - 3.6% | |||
Edwards Lifesciences Corp. (a) | 13,100 | 1,798,761 | |
Intuitive Surgical, Inc. (a) | 1,900 | 873,373 | |
ResMed, Inc. | 24,000 | 2,467,440 | |
5,139,574 | |||
Health Care Providers & Services - 3.3% | |||
AmerisourceBergen Corp. | 6,600 | 542,124 | |
Laboratory Corp. of America Holdings (a) | 5,700 | 1,029,363 | |
MEDNAX, Inc. (a) | 11,200 | 513,520 | |
Wellcare Health Plans, Inc. (a) | 11,400 | 2,527,038 | |
4,612,045 | |||
Health Care Technology - 1.4% | |||
Cerner Corp. (a) | 32,700 | 1,951,536 | |
Life Sciences Tools & Services - 5.2% | |||
Charles River Laboratories International, Inc. (a) | 16,200 | 1,741,824 | |
Illumina, Inc. (a) | 7,600 | 2,070,544 | |
Mettler-Toledo International, Inc. (a) | 3,100 | 1,707,294 | |
Waters Corp. (a) | 9,800 | 1,887,676 | |
7,407,338 | |||
Pharmaceuticals - 2.4% | |||
Jazz Pharmaceuticals PLC (a) | 6,092 | 1,029,548 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 27,700 | 595,550 | |
Zoetis, Inc. Class A | 22,000 | 1,841,400 | |
3,466,498 | |||
TOTAL HEALTH CARE | 22,576,991 | ||
INDUSTRIALS - 14.8% | |||
Aerospace & Defense - 3.1% | |||
Huntington Ingalls Industries, Inc. | 13,200 | 2,918,124 | |
TransDigm Group, Inc. | 4,300 | 1,436,673 | |
4,354,797 | |||
Airlines - 0.4% | |||
Alaska Air Group, Inc. | 8,500 | 516,885 | |
Building Products - 0.5% | |||
Masco Corp. | 21,000 | 782,670 | |
Commercial Services & Supplies - 0.8% | |||
KAR Auction Services, Inc. | 20,800 | 1,097,616 | |
Electrical Equipment - 2.0% | |||
AMETEK, Inc. | 14,900 | 1,088,147 | |
Fortive Corp. | 23,900 | 1,737,291 | |
2,825,438 | |||
Industrial Conglomerates - 2.3% | |||
ITT, Inc. | 14,100 | 727,842 | |
Roper Technologies, Inc. | 9,300 | 2,564,847 | |
3,292,689 | |||
Machinery - 3.6% | |||
Cummins, Inc. | 11,000 | 1,566,290 | |
IDEX Corp. | 10,500 | 1,456,140 | |
Parker Hannifin Corp. | 6,400 | 1,093,760 | |
Toro Co. | 17,600 | 1,020,800 | |
5,136,990 | |||
Professional Services - 1.4% | |||
Dun & Bradstreet Corp. | 3,300 | 405,273 | |
Equifax, Inc. | 13,500 | 1,538,460 | |
1,943,733 | |||
Trading Companies & Distributors - 0.7% | |||
United Rentals, Inc. (a) | 6,200 | 989,334 | |
TOTAL INDUSTRIALS | 20,940,152 | ||
INFORMATION TECHNOLOGY - 32.3% | |||
Communications Equipment - 1.4% | |||
F5 Networks, Inc. (a) | 11,500 | 1,990,765 | |
Electronic Equipment & Components - 1.3% | |||
Amphenol Corp. Class A | 21,175 | 1,840,743 | |
Internet Software & Services - 4.4% | |||
Akamai Technologies, Inc. (a) | 19,400 | 1,462,372 | |
LogMeIn, Inc. | 11,100 | 1,197,690 | |
VeriSign, Inc. (a) | 27,900 | 3,639,276 | |
6,299,338 | |||
IT Services - 8.2% | |||
Amdocs Ltd. | 17,000 | 1,146,820 | |
DXC Technology Co. | 6,935 | 638,783 | |
Fiserv, Inc. (a) | 36,300 | 2,635,380 | |
FleetCor Technologies, Inc. (a) | 4,300 | 857,205 | |
Genpact Ltd. | 13,956 | 419,099 | |
Global Payments, Inc. | 12,700 | 1,411,732 | |
Paychex, Inc. | 5,391 | 353,542 | |
Total System Services, Inc. | 48,600 | 4,140,233 | |
11,602,794 | |||
Semiconductors & Semiconductor Equipment - 10.2% | |||
Analog Devices, Inc. | 28,199 | 2,740,379 | |
Applied Materials, Inc. | 10,200 | 517,956 | |
Broadcom, Inc. | 2,000 | 504,140 | |
KLA-Tencor Corp. | 15,500 | 1,755,065 | |
Lam Research Corp. | 7,800 | 1,545,804 | |
Microchip Technology, Inc. | 22,800 | 2,220,264 | |
ON Semiconductor Corp. (a) | 129,300 | 3,249,309 | |
Skyworks Solutions, Inc. | 19,100 | 1,883,451 | |
14,416,368 | |||
Software - 6.8% | |||
Adobe Systems, Inc. (a) | 3,800 | 947,264 | |
Check Point Software Technologies Ltd. (a) | 12,600 | 1,226,736 | |
Citrix Systems, Inc. (a) | 28,700 | 3,031,294 | |
Electronic Arts, Inc. (a) | 7,900 | 1,034,189 | |
Intuit, Inc. | 3,300 | 665,280 | |
Parametric Technology Corp. (a) | 8,200 | 707,168 | |
Take-Two Interactive Software, Inc. (a) | 18,300 | 2,051,064 | |
9,662,995 | |||
TOTAL INFORMATION TECHNOLOGY | 45,813,003 | ||
MATERIALS - 2.0% | |||
Chemicals - 2.0% | |||
Eastman Chemical Co. | 4,000 | 417,240 | |
Sherwin-Williams Co. | 1,800 | 682,650 | |
The Chemours Co. LLC | 23,000 | 1,126,770 | |
The Scotts Miracle-Gro Co. Class A | 7,800 | 664,014 | |
2,890,674 | |||
REAL ESTATE - 2.4% | |||
Equity Real Estate Investment Trusts (REITs) - 2.4% | |||
CoreSite Realty Corp. | 12,900 | 1,369,464 | |
Equity Lifestyle Properties, Inc. | 13,600 | 1,236,240 | |
Extra Space Storage, Inc. | 8,300 | 798,875 | |
3,404,579 | |||
TOTAL COMMON STOCKS | |||
(Cost $129,259,003) | 140,189,352 | ||
Money Market Funds - 0.8% | |||
Fidelity Cash Central Fund, 1.76% (b) | |||
(Cost $1,187,994) | 1,187,757 | 1,187,994 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $130,446,997) | 141,377,346 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 556,716 | ||
NET ASSETS - 100% | $141,934,062 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $10,145 |
Fidelity Securities Lending Cash Central Fund | 1,392 |
Total | $11,537 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $129,259,003) | $140,189,352 | |
Fidelity Central Funds (cost $1,187,994) | 1,187,994 | |
Total Investment in Securities (cost $130,446,997) | $141,377,346 | |
Receivable for investments sold | 741,792 | |
Receivable for fund shares sold | 13,177 | |
Dividends receivable | 123,355 | |
Distributions receivable from Fidelity Central Funds | 2,185 | |
Other receivables | 690 | |
Total assets | 142,258,545 | |
Liabilities | ||
Payable for investments purchased | $114,682 | |
Payable for fund shares redeemed | 156,398 | |
Accrued management fee | 53,403 | |
Total liabilities | 324,483 | |
Net Assets | $141,934,062 | |
Net Assets consist of: | ||
Paid in capital | $131,776,208 | |
Undistributed net investment income | 257,185 | |
Accumulated undistributed net realized gain (loss) on investments | (1,029,680) | |
Net unrealized appreciation (depreciation) on investments | 10,930,349 | |
Net Assets, for 12,391,858 shares outstanding | $141,934,062 | |
Net Asset Value, offering price and redemption price per share ($141,934,062 ÷ 12,391,858 shares) | $11.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2018 (Unaudited) | ||
Investment Income | ||
Dividends | $529,782 | |
Income from Fidelity Central Funds | 11,537 | |
Total income | 541,319 | |
Expenses | ||
Management fee | $242,209 | |
Independent trustees' fees and expenses | 213 | |
Miscellaneous | 21 | |
Total expenses before reductions | 242,443 | |
Expense reductions | (1,115) | |
Total expenses after reductions | 241,328 | |
Net investment income (loss) | 299,991 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (500,888) | |
Fidelity Central Funds | 164 | |
Total net realized gain (loss) | (500,724) | |
Change in net unrealized appreciation (depreciation) on investment securities | 4,943,790 | |
Net gain (loss) | 4,443,066 | |
Net increase (decrease) in net assets resulting from operations | $4,743,057 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2018 (Unaudited) | For the period May 25, 2017 (commencement of operations) to November 30, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $299,991 | $192,445 |
Net realized gain (loss) | (500,724) | (523,829) |
Change in net unrealized appreciation (depreciation) | 4,943,790 | 5,986,559 |
Net increase (decrease) in net assets resulting from operations | 4,743,057 | 5,655,175 |
Distributions to shareholders from net investment income | (240,378) | – |
Share transactions | ||
Proceeds from sales of shares | 65,332,314 | 81,896,163 |
Reinvestment of distributions | 240,378 | – |
Cost of shares redeemed | (8,652,899) | (7,039,748) |
Net increase (decrease) in net assets resulting from share transactions | 56,919,793 | 74,856,415 |
Total increase (decrease) in net assets | 61,422,472 | 80,511,590 |
Net Assets | ||
Beginning of period | 80,511,590 | – |
End of period | $141,934,062 | $80,511,590 |
Other Information | ||
Undistributed net investment income end of period | $257,185 | $197,572 |
Shares | ||
Sold | 5,779,398 | 8,041,900 |
Issued in reinvestment of distributions | 21,833 | – |
Redeemed | (762,600) | (688,673) |
Net increase (decrease) | 5,038,631 | 7,353,227 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Growth Strategies K6 Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |
2018 | 2017 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $10.95 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .03 | .04 |
Net realized and unrealized gain (loss) | .50 | .91 |
Total from investment operations | .53 | .95 |
Distributions from net investment income | (.03) | – |
Total distributions | (.03) | – |
Net asset value, end of period | $11.45 | $10.95 |
Total ReturnC,D | 4.88% | 9.50% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .45%G | .45%G |
Expenses net of fee waivers, if any | .45%G | .45%G |
Expenses net of all reductions | .45%G | .45%G |
Net investment income (loss) | .55%G | .81%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $141,934 | $80,512 |
Portfolio turnover rateH,I | 38%G | 56%G |
A For the period May 25, 2017 (commencement of operations) to November 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
1. Organization.
Fidelity Growth Strategies K6 Fund (the Fund) is a fund of Fidelity Mt. Vernon Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $14,035,857 |
Gross unrealized depreciation | (3,139,050) |
Net unrealized appreciation (depreciation) | $10,896,807 |
Tax cost | $130,480,539 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(524,457) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $25,812,398 and $19,064,699, respectively.
Exchanges In-Kind. Investments and cash received in-kind through subscriptions totaled $49,866,907 in exchange for 4,391,663 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $321 for the period.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $77,806,295 in exchange for 7,648,188 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $21 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,392. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,094 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $21.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Actual | .45% | $1,000.00 | $1,048.80 | $2.30 |
Hypothetical-C | $1,000.00 | $1,022.69 | $2.27 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
FEGK6-SANN-0718
1.9883994.101
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Mt. Vernon Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trust’s (the “Trust”) disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
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 Mt. Vernon Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 24, 2018 |
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: | July 24, 2018 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | July 24, 2018 |